President's stimulus plan

Will the President's stimulus plan help you?

From reading about yesterdays announcements it appears there are two types of people they are trying to help. If you fit into one of these two groups the stimulus plan may help. 

As I understand the Presidents program the two parts of the program are:  1 -- loan modification and  2 -- loan refinancing. 

As I understand what has been proposed the loan modification is aimed at folks that are in deep mortgage financial trouble. Their monthly mortgage payment far exceeds 31 percent of their pre-tax monthly income. This program is to provide government subsidies and incentives to financial institutions so they can cut their interest rate and possibly lower their principal, and  stretch out the mortgage to bring the monthly payment down to 31 percent of their pre-tax income. This sounds good. My questions are: Will the Mortgage Financial Institutions agree to this and then actually do it. And then will there be some oversight to make sure the Mortgage industry follows the new rules?

The other group that is about to be helped are all of us who are going under water -- We are already slowly drowning.  This group of homeowners are current on their payment. Their monthly payment is 31 percent or less of their pre-tax income. They'd like to refinance to take advantage of a 5 percent interest rate, but they can't because the value of their home is at or slightly below what their mortgage is. So, the mortgage might be 105 percent of the value of the home and shrinking. They'd like to refinance, but can't because their current mortgage is more than what their home is valued at. 

So, when will we be able to get a piece of paper and fill something out and be able to make this work for us? According to the fact sheet released by the White House yesterday, the details of this program will be announced on March 4th, next month, and we are going to be able to call our lender and say, 'Am I eligible for a loan refinance or modification?' In the meantime, we need to get all the financial documents in order and get ready to call our lender.

Will any of this help? Let's hope so but only time will tell.

Having a Bad Day?

Everyone has a bad day. How can you help but feeling down once in a while with all the bad news - layoffs everywhere, stock market down, housing market way down, the economy is a total mess and headed for a depression (if we are not already there). We all need to laugh once in a while. They say that if one smiles and laughs often the body creates good chemical that keep us going. 

The following pictures were taken and sent to me by Frank Ayers (who has the copyright on the images) and  Paul Reynolds who took the first picture of the series. The pictures were taken at some fish pens of a commercial fish farm on the Columbia River. 

When I read the email with the pictures I could not stop smiling and laughing. That night I showed the email to my wife and I thought she was going to have a heart attack because she was laughing so hard it took her breath away. 

If you are having a bad day I hope this brings 

a smile to your day. You could be like this "poor burd."

"Ain't I a Purdy Burd . ."

"You didn't think that I was hang'n around the fish pens just to have my picture take'n, did ya . . ."

Oh oh,  Water Landing . . .       Not Good ! . . . .     Do I look like a duck . . .

"This is embarrassing . . . "

Have a great day and Keep Smiling :)

Only in Seattle - Enjoying the Sun

I had to go to the Post Office earlier today and two things struck me as being very Seattle. It is partly sunny and in the temperature is in the low 50's. This in itself is a welcome change although it is what this brings out of the woodwork that seems to bring smiles to our faces.  

The first was two teenage girls sitting in lawn chairs on their front lawn. The two girls were reading and watching people and traffic go by. They were bundled up in blankets and had winter coats and hats on. Yes, when the sun comes out this is one way to enjoy the nice weather in the North West. 

A few blocks later I came to a stop at a red light by a Mazda Miata Sports car with the top down and the radio playing loud music. The driver was bundled up in warm clothes and was smiling as he drove down the road. 

On the way home I had another car - I 1966 GTO Convertible - pass me going the opposite direction. Again, the top was down and the driver was smiling from ear to ear as he drove down the road with the GTO's exhaust sounding of "muscle power" that only a 1060's muscle car can do. 

This phenomenon is not unique to this area as Americans love of their car has been well documented. With the cost of gas on the increase the type of cars we drive will change although our love for the Muscle Car will always remain. 

Graffiti

A few years ago my wife and I spent two weeks in Germany. One of the things that really caught my eye (you couldn't miss it) was the Graffiti. It was everywhere - the train stations, bus stops, most of the walls. It was quite the contrast to the country as a whole which was basically litter and junk free. It was a shame to see such vandalism to a beautiful country. 

OK, what does that have to do with Puget Sound living. Well, the City of Renton has decided to "Wipe out Graffiti" within its boundaries. Yes, Graffiti is now against the law and even parents can be held liable for what their kids do. What a new concept - being responsible for your kids. Oh well. 

I wrote the following for the "UPDATE" which is the Monthly newspaper for the Rental Housing Association of Puget Sound. By the way, if you own rental property you need to belong to this organization. They can be reached at www.rha-ps.com.

Here is Renton's new ordinance. I hope it works.

City of Renton launches “Wipe Out Graffiti” Campaign

Graffiti, we all have seen it on a building walls, fences, underpass walls, and signs. Some of us have even been victims of it. The City of Renton officials have determined they are going to wipe out Graffiti and reduce damages inflicted on property owners.

The cities new Graffiti Control Ordinance is aimed at doing just that. The cities goal is to make people think twice before committing an act of vandalism by making them pay. Here’s how.

The Graffiti Control ordinance for the City of Renton:

Makes it illegal to possess graffiti paraphernalia with the intention of using it to deface public or private property.

Allows the court to order those convicted of graffiti vandalism to pay damages to the victim, including the City of Renton.

Allows public funds to be used for graffiti removal.

Allows the city to assign up to a $5,000 liability to the parents of a minor who commits graffiti vandalism.Authorizes the city to offer up to a $300 reward for information leading to the identification and apprehension of any person who commits graffiti vandalism.

People are encouraged to call 911 immediately if they see “tagging” in progress.

The City has hired a part time graffiti abatement coordinator to manage the program and is recruiting volunteers, partnering with local businesses and community members, providing graffiti removal kits to graffiti victims with limited resources, and launching a comprehensive education campaign.

The City has established a graffiti hotline where people can report existing graffiti. The number to report existing graffiti is: 425-430-7373. If you would like to volunteer to help in the city’s program, or would like to donate supplies for the graffiti removal kits call 425-430-6624.