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OT - Puntang
No, that's just it. Many foreign mortgages aren't front-end interest loaded like they are here in America. Americans let the banks screw them over and over because they don't understand how compound interest works and amortization schedules. The banks tell you to be focused on the interest rate because they would rather you not focus on interest paid. Well interest rates are cyclical for the most part. Over a five year period, there usually is a 1% point swing for more than 50% of the mortgages out there. So the bank tells you the "rule of thumb" is to refinance after a 1% drop in interest rate. Surprise, surprise...you pay almost pure interest (more than you would on an interest-only loan) in the first five years. The banks here get folks to basically just pay interest over and over. We smile and are happy because we see the "equity" growing in our home because of market appreciation and think nothing of it. This is the same thing the government does by giving us a "Tax Refund" after April 15...gets our eyes off the amount of tax we really pay and makes us think we are coming out ahead (see FairTax.org).
Do yourself a favor...take your current mortgage payment and multiply it by the number of months in the term...usually 360. Then subtract that number from the price you paid for your house. The difference is interest and it should scare the hell out of you. Hopefully it will help you be creative in finding ways to pay down your principle.
For example:
Purchase Price - $350,000
Interest Rate - 6.5% fixed
Term - 30 Years (360 payments)
Monthly Payment (P.I.) - $2,212.24
Total Amount of Payments - $796,405.71
Amount of Interest Paid - $446,405.71
Foreigners pay their houses off faster because they understand that an adjustable 7.5% open-end mortgage is better than a fixed, fully amortized 30-year 6% closed-end mortgage. Of course, the open-end mortgage is not better if you can't control your spending habits (see the USA's negative savings rate).
Okay, enough numbers. Football on the telly...
Yep...Good luck College Football fans. Should be the first decent week. Would love to see USC get snuck up on by Nebraska...
Go Gators...
OT - How could I argue? After all, the root meaning of mortgage in Latin is "death pledge." How about that for a career choice? "Um...hey daddy, what do you do for a living? Well honey, basically I put people in a debt so large they usually die with it. That's great daddy..."
BTW EVERYONE here who has a) discretionary income and b) can truly live a disciplined financial life should look into Macquarie Mortgage products. Awesome and fundamentally different from front-end loaded interest American mortgages. This product is most Australians and many Europeans pay their primary home off in 9-11 years. It's all about interest paid vs. interest rate. Just discovered them and am going to put myself, my parents and some of my high financial discipline clients in them. Great tool for debt reduction or asset growth, and no I don't sell them (yet).
Have a great weekend everyone...(GO GATORS!)
Ren
BURLINGTON, ON, Sep 14, 2007 (MARKET WIRE via COMTEX) -- Alternate Energy Corp.
(OTCBB: ARGY), an emerging leader in the commercialization of economically viable and environmentally responsible hydrogen solutions, announced today that it would be filing an "Amended" Form 10-QSB for the second quarter of 2007 by the end of next week, September 21st. The "E" that was appended to its trading symbol will then be removed.
The original Form 10-QSB filing was made on a timely basis, but was determined to be incomplete due to the lack of the auditor's review. This situation is now being remedied, such that the amended 10-QSB is expected to be filed by the end of next week, well within the grace period provided.
About Alternate Energy Corporation (AEC; www.cleanwatts.com)
Alternate Energy Corporation (AEC) is the emerging leader in the commercialization of economically viable and environmentally responsible hydrogen solutions. AEC's patent pending hydrogen production process cleverly produces pure hydrogen alongside premium commercial chemicals, all of which enjoy established global markets. The company's on-site solution offers affordable bulk hydrogen to its customers as a reliable alternative to delivered (tube trailer) hydrogen, at a significantly reduced price. AEC's patent pending process sets itself apart from all other traditional forms of hydrogen production by avoiding the use of fossil fuels, therefore not contributing to harmful greenhouse gas emissions. AEC believes its novel technology and pioneering business model can have a revolutionary impact on a wide range of global industries.
Forward-Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in AEC's filings with the Securities and Exchange Commission, including Forms SB-2, 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward looking statements.
Contact:
Mike Mulshine
Osprey Partners
(732) 292-0982
osprey57@optonline.net
SOURCE: ALTERNATE ENERGY CORPORATON
CONTACT: mailto:osprey57@optonline.net
Copyright 2007 Market Wire, All rights reserved.
It feels like the 11th hour but there's still time for redemption. As I just told someone in a PM...time will tell but this has always been a gamble based on the information, or I should say, lack of information available.
I think we beat 'em by 10. You guys beat them by 3. Of course Ark was all beat up after that tough SEC schedule. :) Arkansas was just too tired to put it in the end zone and frankly felt a little sorry for ya'll being left out of the BSC. Scary that you guys beat them with what, like 200 yards total offense...
Badgers look great for the most part. I was a little disappointed with the way they played UNLV though. They don't really get their first test until they meet Joey Pa. Okay, maybe the Hawkeyes...but certainly not Citadel. I do think they might beat my Gators though as our defense is suspect to say the least (but don't tell my friends or family okay).
One other thing on Best Aero...
Considering how many locations they service it would not be uncommon for them to have some fulfillment issues at certain locations. It could be restructuring, it could be technical, it could be financial. Everyone has assumed financial but we don't know for certain.
Be upset because you don't know but don't be upset at what you don't know and so assume you know. Wow...that's a Yogi Bera...
Okay, I REALLY need to get back to work. See you all tomorrow.
Ren
PS Attacks on Jam will be deleted by me as I know he has set himself up for such. Not because he's positive but because attacks on posters are TOS. Attack the message not the messenger.
Just keep in mind Jam that it's easier for you to have "full faith in PBLS" because you have access to information that others on this board do not. Not saying that I disagree with you about folks always assuming that PBLS is up to no good gets old, but we do have a collection of folks that got burned by "faith" in other companies recently.
Ren
Can't you just call it incidental and give me 5 yards? I didn't mean to hold on to that face mask so long anyway...
You mean like your starting stud QB coming in 20lbs heavier and playing like crap. Yep, that will do it. Of course, we have to play high caliber teams pretty much all season so we stay in shape, and then, oh yeah, there's that SEC Championship Game to live up to. It's surprising SEC ever win a National Championship under the BSC...we're too busy beating the crap out of each other all season. (Bet you've never heard that line before, huh?)
Wonder what would happen if a decent Irish team joined the Big 10 to make 12 teams and gave you guys a play-off. I think it's helped the SEC.
Anyway, I'll stick to my picks...
Colorado over FSU
Ark over Alabama
I'll just route for UK. I also don't think they have the firepower to keep up with Louisville, but I will be screaming at the little man in the TV at 3:30pm (UF vs. TN) and 7:30pm (UK vs. UL).
Ren
BIG EAST = DEFENSE....WAIT A MINUTE...DOES NOT COMPUTE...
Sorry to be picking fights, but this is college football after all.
7 I believe...its hard for me not to pull for UK. Johnny Williams was in my youth group a few years back...if he hadn't hurt his knee in High School, he would play so much faster than he does...
http://www.ukathletics.com/index.php?s=&url_channel_id=39&change_well_id=2&url_article_i....
I do admit that them Buckeyes ran all over us Gators last year...
:)
Nice. Michigan is awful but this might be the first time I can remember Notre Dame starting 0-8. I could see Navy beating the Irish this year.
Either way, being an SEC nut, I love watching all the weakness in the Big Ten (which having 11 teams makes it the dumbest conference name in college football by the way). Also, this is the first year as an SEC nut that I will slightly begin to admit that the Pac10 looks like it's more than USC and UCLA...I bet the Irish wish that they hadn't fired Willingham.
Ren
You're taking Michigan even with Henne out? As it's at home, I like the pick. Notre Dame is awful.
I want to pick UK as my upset of the week, but my two upsets killed me last week.
I'll take UCol to win over FSU.
I'll also take Ark to win over Alabama.
(I'll take UK to upset Louisville...but don't tell anyone)
So far, 2 for 4 on my picks for the season.
Could, except that FSU lacks in the depth department at defense. If Colorado can control the ball, they will wear them out at the high altitude...
I think my Gators will win, but with this being Timmy's first big game, no one knows for sure how they will respond. Should be high scoring either way. Should be...
If Colorado is turning it around, I definitely would take them over FSU. FSU has problems everywhere...personnel, coaching etc.
What do you guys think about the FSU/Col game? I don't follow Colorado much, but FSU really sucks and I see that they are the favorite for this "mile high" away game by 4. Just doing the math, I've got to go with Colorado, unless someone sees something I don't.
Hi everyone,
I've been getting a lot of PMs about where I am at lately, and where I am is working my tail off in the real world. If you've been watching the mortgage market lately, well since August, it's been the good, the bad, and the ugly.
Either way, I am still looking at the board daily, but barely have enough time right now to read all the posts, much less respond. I personally haven't sold any more shares lately. I don't think I have sold any since maybe May? I am looking to sell the last of my .006s to help trade my way to being almost to free shares. Then it will be a hold for bust or a home run.
I have no time to dig right now and appreciate those that are. Those that are selling and/or negative, I certainly don't blame you. Why these yahoos would be late on the divy payment when they are supposedly trying to entice common shareholders to exchange for preferreds is ludicrous. There is no good explanation for it that I can come up with. I also personally think that the KOMEX contract is a real opportunity, but probably nothing of the magnitude they imply by the PR. I think that O'Reilly and Promuto are working with PBLS and hopefully will replace Ron, Paul and Carolyn.
I don't look at the chart much. Don't lose sleep if the pps goes down, but my attitude and strategy in playing pennies is much different than many who post here. I would encourage people to think objectively, avoid letting emotion take over, and for heaven's sake don't buy more than your family can afford for you to lose. Lastly, do yourself a favor and scrutinize the posters that sold long ago and yet show up here, or post on other boards about PBLS, trying to save the innocent masses. Their M.O. has been to do so and then to turn around a month later and brag about how they bought sub-penny while the masses sold.
I'll be lurking and trying to post. Frankly, I play pennies because its an enjoyable card game. To me, this game is boring right now so I look elsewhere for entertainment (like college football and family time).
Good luck everyone. A hurricane is blowing through LA, and I think Jambam probably got a head's up to "not watch" over the next 60 days, looks like for good reason based on the pps...
Ren
Who said I was losing money in the SE? If I still have money to lose on penny stocks, I'm still making money somewhere else...;)
Time of Day...
Best advice I can give you is to find a good real estate agent who has good experience in buying short sales. Sorry to pass the buck, but do yourself a favor and learn the process from them. If they are experienced they will know, BOA will take $.87 on the $1, Wachovia will take ______ etc etc. they will also know who to call that is the decision maker at the banks. If you call the bank and say, "Hey I want to buy a short sale," you will always get a rude reply.
If you can't find a good agent, look for a good local real estate attorney or even a real estate investor group, like a REIA, to suggest help you. You also need to talk to your CPA about tax ramifications for buying a short sale. Either way, if its listed on MLS as a short sale and the listing agent is clueless, the sellers agent could mess up the transaction. That's what typically happens.
Essentially to buy a short sale, the seller has to have authorization from their lender to make a short sale. The owner of the home will need to be in default and not currently making any payments whatsoever. If they have a 2nd on the house, you have to start the negotiating process with the 2nd lender. Either way, beware of the seller enticing you to give them money to work with you on a short sale. That's fraud and is simply not worth it IMO.
Anyway, best advice, find an agent or someone locally with experience. Short sales are complicated but worth it if the sun, moon and stars align and you can pull it off. However in this market you might have just as much success with low-balling...at least we are.
GLTY
Ren
21.8M traded...half way to volumes similar to June 15th...please let it be good news. Maybe if I click my heels together three times...
2,368,533,890 O/S from the TA.
Are you negotiating a short sell or you are trying to pick up one already in foreclosure?
If you don't know about short sells, they are a great way to pick up a house going into foreclosure. The bank avoids all the legal expense and typically will sell at .80-.90 on the dollar of the payoff amount, not the appraised amount.
Two ways to look at it...
You can wait 2 years for the market to turn and then buy when prices aren't so soft. Or you can buy today at "two years from now" price by not falling in love with one particular house, and making 20-30% below asking price offers on several houses.
I don't know if we have 5 years worth of inventory in N. Florida...more like twice the inventory that we need for today. I do know that South Florida, especially S. West Florida is one of the nastiest markets in the country.
Ren
I don't expect you to lose on the TN game this weekend if you go with the gators that is...what's the expected "total points" for that game? I can't find it. I see UF is picked to win by 8.5...
Well I was 1 for 3. That's what I get for picking 2 upsets. Did WVA cover? I thought Marshall was going to pull it off there for a bit...
That's the difference between a guy that bets his picks and a guy that routes for his picks...
I'm in Jax, like the Leftwich cut and even I don't know about taking that pick. I know we will run all over them, but if it's a shoot out, the Jags just can't score fast enough...
I'll probably be at the game though. All depends on if the surf cleans up or not...
Like 'em except for that Va Tech pick. We'll see in a few hours...either way, I hope you're right as you probably have money on it. I just want LSU to be undefeated going into the UF game...
I'M TAKING:
LSU TO COVER
VANDERBILT TO UPSET
I'LL LEAVE NFL GAMES TO YOU PRO'S. I'LL ALWAYS PREFER A LOUISVILLE/MIDDLE TN GAME OVER THE BEST THAT THE PRO'S HAS TO OFFER (CASE IN POINT - LAST NIGHT'S INDY/NO GAME)
GOOD LUCK JAKE.
REN
PS PLEASE BRIBE COY TO GIVE ME A LITTLE CREDIT TOO WITH THE CAL/TN PICK FROM LAST WEEK, OKAY?
That's what I am thinking based on Bernake's track record so far. Either way, mortgage rates are trending down as the bond market improves on the negative job report.
Jobs report came in weaker than expected. It was anticipated the numbers would miss, but not by this much. Fed will definitely cut Fed Funds mid-Sept now. I don't see them doing it early as I expect they want to maintain their "downplay the crisis" mentality.
I can't remember where I read it (maybe the Economist), but I think the National Savings Rate is -6% right now. It's been negative for at least a decade and a half now. Crazy and can't last forever...
I hope they cut rates a bit, but I don't believe it will help much. Housing prices will continue to fall in some areas of the country (CA & FL primarily) and consumer spending will be directly decreased because of it. It also doesn't help that regardless of rates, more than 50% of the loans that were written last year represent loan products that either a) no longer exist or b) have pricing unrelated to the Fed Funds rate (and therefore very high, say 9.5% plus).
I'm personally glad the Fed will act, but see it for what it is. More political posturing of "help" than anything IMO.
Housing prices are going to have to fall in order to clean out all of this inventory. Hopefully, younger Americans will learn through all of this to do what their parents did well for the most part. Spend what you can truly afford to spend. Spend based on their paycheck not the so called "equity" in their house. In other words, live within your means.
BTW There are finally some really good cash flow deals out there as prices come down. I helped an investor buy a property yesterday that is a fully rented quad, needed no repair, total debt servive inc. taxes and insurance around $1200 a month with rents at $600 per unit.
The Yankees are going to win the pennant?
I actually found some of the transcripts in particular to be very enlightening but most of it is just standard legal crud.
The judge is funny though. You'll catch his sarcasm in the transcipts, especially towards the Mitchell & Furr attorney that pulled the shenanigans with the illegal eviction notice last year.
I also believe that John Burge is gone and the Pro-gas is either gone or gone "soon." As for Mitchell and Furr...they are the plaintiffs/defendents on the Murphy case. I got so bored reading the court docs (it was obvious to me that we would win the case) that I didn't renew my premium membership. If you take the time to read through them, we'd all appreciate news on what is happening on that legal front.
Ren
O/S is 2,368,533,890.
T-minus 131,466,110 shares to go...