A Day Late and A Dollar Short…

… is about how I think a lot of people are going to see this move.  This mess should have been addressed WAY before now.  Allowing things to reach this point should never have happened.  But of course, the banks and other lenders have the whole thing tied up in a neat little package because I don’t believe that it matters to them one bit whether you pay a mortgage or default on it and they take the property and sell it to somebody else.

It’s also interesting to note that Mr Bush’s proposed plan is not going to do squat for people who don’t have great credit.  Once again those who need the help the most are the ones that are probably going to be denied it.

There’s something seriously wrong with this.


President Bush offered aid for strapped mortgage holders and outlined proposals to
help borrowers hard hit by credit problems and the housing slump. He also expressed
confidence that the U.S. economy can “weather any turbulence.”

Band-Aid Fix?

Y’know, it’s good that finally somebody’s actually planning to do something about the thing that’s been growing over mortgages…  The thing is, for many it’s going to be a case of too little too late.  There’s going to be a lot of people losing their homes over this fiasco because in their mad rush to worship at the altar of the almighty dollar a lot of lenders have actually made it too easy to get those mortgages.

Don’t get me wrong, as one of the millions that want to live the “American Dream” and buy a home, I want the mortgage financing to be really easy to get.  Except that if it means I can lose that home a few years down the road then maybe that mortgage shouldn’t be that easy.

Time was, getting any kind of loan involved being able to assure the lender that you can make repayment.  The problem with this mortgage thing going on now is that it looks very much like they’ve stopped bothering with that and made it a lot easier for people to get the financing… and then when somebody finds themselves unable to make payments that they really weren’t ready for in the first place, the lender comes in and forecloses the loan and takes the home.  The family in question loses everything they’ve put into it and the lender has a home that they can turn around and sell at a profit.  Not only that, but if they handle the financing on it for the new buyer they have a chance of pulling the same stunt with them.

Reforms making it harder for this kind of thing to go on should have been put in place a long time ago but of course politicians can’t put a fire out until the barn has burned to the ground.

Bush Proposes Subprime Mortgage Reforms

WASHINGTON — President Bush on Friday announced a set of modest proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks.

Housing analysts said it was highly likely the limited steps Bush outlined will be expanded in coming weeks by a Democrat-controlled Congress intent on responding to growing voter anxiety as up to 2 million homeowners worry about losing their homes.

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Finding The Right Car

If you’re looking for a car, be it new or used, autotropolis.com might be something you should check out.  It’s a website aimed at helping people find information to help in their car-buying decisions.

They have more than just lists of cars and dealers.  There are interactive tools available.  Like the Vehicle Selector Aid that can help you pick the right vehicle based on several considerations like is this going to be a family car or a towing or working vehicle? The kind of features and options you want and of course, the price range you are working with.

They have a Dealership locator that shows car dealerships in your area on an interactive google map.  There is also a car price blog and a forum where you can find news, comparisons, and buying advice.

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A Look at advancestart.com

At first glance advancestart.com looks like it might be a loan company
offering the usual spread of financial services. After a few seconds of
reading though it quickly becomes obvious that they’re not actually in
the loan business themselves. Instead what they do is connect people in
the UK with lenders offering Secured
Home Loans. This free service offers comparisons of over 250 Secured
Loans UK. All you need to do is fill out a form with details about
the loan you’re looking for and yourself.

I personally don’t care for the idea of a secured homeowner
loans because even though it’s possible to borrow up to 125% of the
value of your home, if you can’t make the payments and default on it
then you lose your home because IT is what’s securing the loan. This
would probably be the reason that the online quote form doesn’t ask any
questions about your income.

There’s one technical issues about their site that I don’t quite get.
One is a picture of a smiling girl used in the background of the main
part of every page on the site. There’s nothing I can think of that
connects her to the site. She doesn’t have a business like look that
might suggest a satisfied customer with a new Secured Loan.

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Mexico Vacations

Vacations.net, a site specializing in all-inclusive travel experiences,
has launched a redesigned website. It includes a resort book tool that
lets you find out about availability and prices of hotels. You can sort
by their pics (that’s the default setting) and by price, hotel name,
hotel class and city.

In addition to booking information, for each resort they also have
pictures and virtual tours of the resorts, information about local
customs and history. They’re focusing on ‘all inclusive’ packages where
the room, meals, drinks and activities are sold as a package for one up
front price. For example an all
inclusive mexico vacation at the Avalon Excalibur hotel in Acapulco
for five nights could go for an average cost of $236 or so.

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