What the heck is going on IN PLAIN ENGLISH???!!!!
WHY did this happen?
FANNIE MAE was established in 1938 during the Depression to expand the flow of mortgage funds in all communities. In 1968, Fannie mae was re-chartered by Congress as a shareholder-owned company, funded solely with private capital raised from investors on Wall Street and around the world. FREDDIE MAC was established in 1968 and its functions and terms of business were pretty much identical to those of Fannie Mae.
These two organizations operate in the secondary mortgage market. The secondary mortgage market is a market "for sale of securities or bonds collaterized by the value of mortgage loans. The mortgage lender, commercial banks, or specialized firm will group together many loans and sell grouped loans as securites called "collaterized mortgage obligations (CMOs)."
"A RECENT INVESTIGATION BY THE JUSTICE DEPARTMENT AND THE SEC INTO THE ACCOUNTING PRACTICES AT FREDDIE MAC REVEALED ACCOUNTING ERRORS IN THE AMOUNT OF 4.5 TO 4.7 BILLION DOLLARS AND RESULTED IN THE TERMINATION OF THE THREE OF THE COMPANY'S TOP EXECUTIVES."
HOW did this happen?
It really begins with the mortgage brokers. Many mortgage brokers were not thoroughly verifying the customers income and falsifying documentation to submit to banks so that the banks would approve the loans. Certain insurance companies grade the mortgage loans based on a risk factor. Insurance companies were grading these loans off of false information and handing the CMOs over to investment brokers to sell to investors with inaccurate grades. When it came time for payout to investors, there were no liquid funds. There were no liquid funds because the consumers/customers who were granted these loans could not make their loan payments. Banks began to catch on to the mortgage broker's schemes too little too late. Mortgage companies began to close as banks became much more cautious about what mortgage companies they would accept applicants from. Loans became much harder to obtain for the average consumer. People who had already been granted these loans had minimal options and many homes have gone into foreclosure for that reason.
Serious debts were created on all ends and this then caused "THE BUBBLE TO BURST". Sallie Mae and Freddie Mac failed to do their job correctly and for this reason, the government has decided to take over in attempt to bring back stability to the housing market.
-TO the readers: Please understand that this is my attempt to simplify the terms of the situation so that the average consumer can better understand what is happening. Surely the last short paragraph is too short to even really cover it all, but feel free to add.
Wednesday, September 17, 2008
Thursday, August 28, 2008
ABOUT ME
(Spanish translation on second page)
“How can I help you?!” That is Gisselle’s favorite phrase of the day. With extensive experience in personal assistance and customer service, Gisselle has always looked forward to helping others with just about anything! Her personal satisfaction comes from providing exceptional customer service by always going above and beyond the norm.
One client writes:
“I want to thank you for all your help during these past few weeks. You have been great. I was impressed with your service, especially your thoughtfulness and willingness in providing additional information for your customer (e.g., renovation info, set-up web link, finding good deals). I really appreciate that.”
Gisselle first took an interest in the Real Estate industry approximately 5 years ago. As a favor to her investment-savvy mother, she began researching market trends in different areas of the United States, such as Florida and North Carolina. As she began to understand how one can profit off of property sales, her passion grew deeper and her research much more intense. Although she attended SUNY Farmingdale State College with a focus in Biology, fine-tuning her real estate knowledge quickly became one of her favorite hobbies. Craving more exposure to real business and negotiation, she accepted a position as a personal assistant to a prominent financier and is truly grateful for all she has learned from him. The valuable knowledge and negotiating skills she gained within that position gave her the confidence to obtain her real estate license. A master of adapting, Gisselle realized that the analytical skill she developed throughout her college career in Biology would serve as an advantage in understanding the trends of this market. Gisselle’s attention to detail stems from her administrative experience. As an agent, she keeps her clients organized and focused throughout the process of buying or selling a home. Her ultimate goal is not only to have her clients feel satisfied with her service, but also, to ensure that her clients feel satisfied with their own decisions as well.
Favorite quote: " All our dreams can come true if we have the courage to pursue them."
Favorite motto: ‘Where there's a will there's a way.’
HAPPY HOUSE HUNTING! J
Si prefieres leer lo en espanol por favor sigues a la segunda pagina
IN SPANISH:
¡¿"Cómo puedo ayudarle?!” Es la frase favorita de Gisselle. ¡Con la experiencia extensa en ayuda personal y servicio de cliente, Gisselle siempre tenía ganas de ayudar a otros con aproximadamente algo! Su satisfacción personal viene de proporcionar el servicio de cliente excepcional por siempre ir encima y más allá de la norma.
Un cliente escribe:
“Quiero agradecerle por toda su ayuda durante estas pocas semanas pasadas. Usted ha sido grande. Fui impresionado por su servicio, sobre todo su seriedad y buena voluntad en el suministro de la información adicional para su cliente (p.ej, información de renovación, eslabón de web de sistema, encontrando tratos buenos). Realmente aprecio esto.”
Gisselle primero tomó un interés a la industria de Real Estate hace aproximadamente 5 años. Como un favor a su madre inteligente de inversión, ella comenzó a investigar tendencias de mercado en áreas diferentes de los Estados Unidos, como Florida y Carolina del Norte. Cuando ella comenzó a entender como uno puede sacar ganancia lejos de ventas de propiedad, su pasión se puso más profunda y su investigación mucho más intensa. Aunque ella asistiera SUNY Farmingdale State College con un foco en la Biología, poniendo a punto su conocimiento de ventas de propiedad rápidamente se hizo una de sus aficiones favoritas.
Ansiando más exposición a verdadero negocio y negociación, ella aceptó una posición como un ayudante personal a un financiero prominente y está realmente agradecida por todo que ella ha aprendido de él. El conocimiento valioso y la habilidad de negociar que ella ganó dentro de aquella posición le dieron la confianza para obtener su licencia de Real Estate.
Maestra de adaptación, Gisselle realizó que la habilidad analítica que ella desarrolló en todas partes de su carrera de colegio en la Biología serviría como una ventaja en el entendimiento de las tendencias de este mercado. Su atención a detalles viene de su experiencia administrativa.
Como un agente, ella asegura que sus clientes se quedan organizados y enfocados en todas partes del proceso de compra o venta de una casa. Su objetivo último no solamente es para satasfica sus clientes con su servicio, sino también, asegurar que sus clientes estan feliz por con sus propias decisiones también.
“How can I help you?!” That is Gisselle’s favorite phrase of the day. With extensive experience in personal assistance and customer service, Gisselle has always looked forward to helping others with just about anything! Her personal satisfaction comes from providing exceptional customer service by always going above and beyond the norm.
One client writes:
“I want to thank you for all your help during these past few weeks. You have been great. I was impressed with your service, especially your thoughtfulness and willingness in providing additional information for your customer (e.g., renovation info, set-up web link, finding good deals). I really appreciate that.”
Gisselle first took an interest in the Real Estate industry approximately 5 years ago. As a favor to her investment-savvy mother, she began researching market trends in different areas of the United States, such as Florida and North Carolina. As she began to understand how one can profit off of property sales, her passion grew deeper and her research much more intense. Although she attended SUNY Farmingdale State College with a focus in Biology, fine-tuning her real estate knowledge quickly became one of her favorite hobbies. Craving more exposure to real business and negotiation, she accepted a position as a personal assistant to a prominent financier and is truly grateful for all she has learned from him. The valuable knowledge and negotiating skills she gained within that position gave her the confidence to obtain her real estate license. A master of adapting, Gisselle realized that the analytical skill she developed throughout her college career in Biology would serve as an advantage in understanding the trends of this market. Gisselle’s attention to detail stems from her administrative experience. As an agent, she keeps her clients organized and focused throughout the process of buying or selling a home. Her ultimate goal is not only to have her clients feel satisfied with her service, but also, to ensure that her clients feel satisfied with their own decisions as well.
Favorite quote: " All our dreams can come true if we have the courage to pursue them."
Favorite motto: ‘Where there's a will there's a way.’
HAPPY HOUSE HUNTING! J
Si prefieres leer lo en espanol por favor sigues a la segunda pagina
IN SPANISH:
¡¿"Cómo puedo ayudarle?!” Es la frase favorita de Gisselle. ¡Con la experiencia extensa en ayuda personal y servicio de cliente, Gisselle siempre tenía ganas de ayudar a otros con aproximadamente algo! Su satisfacción personal viene de proporcionar el servicio de cliente excepcional por siempre ir encima y más allá de la norma.
Un cliente escribe:
“Quiero agradecerle por toda su ayuda durante estas pocas semanas pasadas. Usted ha sido grande. Fui impresionado por su servicio, sobre todo su seriedad y buena voluntad en el suministro de la información adicional para su cliente (p.ej, información de renovación, eslabón de web de sistema, encontrando tratos buenos). Realmente aprecio esto.”
Gisselle primero tomó un interés a la industria de Real Estate hace aproximadamente 5 años. Como un favor a su madre inteligente de inversión, ella comenzó a investigar tendencias de mercado en áreas diferentes de los Estados Unidos, como Florida y Carolina del Norte. Cuando ella comenzó a entender como uno puede sacar ganancia lejos de ventas de propiedad, su pasión se puso más profunda y su investigación mucho más intensa. Aunque ella asistiera SUNY Farmingdale State College con un foco en la Biología, poniendo a punto su conocimiento de ventas de propiedad rápidamente se hizo una de sus aficiones favoritas.
Ansiando más exposición a verdadero negocio y negociación, ella aceptó una posición como un ayudante personal a un financiero prominente y está realmente agradecida por todo que ella ha aprendido de él. El conocimiento valioso y la habilidad de negociar que ella ganó dentro de aquella posición le dieron la confianza para obtener su licencia de Real Estate.
Maestra de adaptación, Gisselle realizó que la habilidad analítica que ella desarrolló en todas partes de su carrera de colegio en la Biología serviría como una ventaja en el entendimiento de las tendencias de este mercado. Su atención a detalles viene de su experiencia administrativa.
Como un agente, ella asegura que sus clientes se quedan organizados y enfocados en todas partes del proceso de compra o venta de una casa. Su objetivo último no solamente es para satasfica sus clientes con su servicio, sino también, asegurar que sus clientes estan feliz por con sus propias decisiones también.
Tuesday, April 22, 2008
Excerpt from article link at bottom of blog
"Housing prices in Battery Park City have increased 318 percent over the past decade, according to the most recent figures from real-estate appraisal firm Miller Samuel. That's much better than the rest of the Manhattan market; the price of condos Manhattan-wide rose only 153 percent during that same time period. The Trade Center redevelopment "The Freedom Tower" will only add value. Prices in Batter Park are slightly lower than comparable condos in other Manhattan Neighborhoods. The common charges and "PILOT" are taken in to consideration."
Sunday, April 20, 2008
CORRECTION ON PRICE RANGE
Studio $680K-800K
1 BDRM $830K-$1.0 million
2 BDRM $1.3million-$2.5 million
3 BDRM $1.9million-$3.0 million
1 BDRM $830K-$1.0 million
2 BDRM $1.3million-$2.5 million
3 BDRM $1.9million-$3.0 million
Thursday, April 17, 2008
CAREA-Chinese American Real Estate Association
As a Prudential Douglas Elliman real estate agent--Whoo! long title, I've registered for some interesting networking organzations. Last night I attended a networking event for CAREA in Battery Park, NYC. I arrived in the area about an hour early because I enjoy roaming around areas and I must say I was quite surprised that such a quiet serene place could exist in NYC. There were many new developments, luxury apartments up for rent.(Starting from 350K up to about 1.2million) Not far from the West Side highway and an awesome view of the Statue of Liberty. I saw many young/new parents with their strollers, toddlers and dogs (it was a nice day), but the layout of that land, I feel is what makes it feel almost like a residential/suburban community. I have yet to do my research on what is expected in terms of the real estate market in that area...but what I found intriguing about the new developments is that they are "Green" buildings-developed with Environmental safety in mind.
Will keep you posted on my findings. If you are interested in touring the apartments/buildings or just on learning more about it. Feel free to email me at
gisselle.nunez@prudentialelliman.com
Related blog:
http://activerain.com/blogsview/38615/Manhattan-Neighborhood-Market-Report
Will keep you posted on my findings. If you are interested in touring the apartments/buildings or just on learning more about it. Feel free to email me at
gisselle.nunez@prudentialelliman.com
Related blog:
http://activerain.com/blogsview/38615/Manhattan-Neighborhood-Market-Report
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