Diane's Diary-ah

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Posted by: DianeStJames    in: My entries

Modified on April 22, 2007 at 11:42 AM

we're in trouble...

I hear mortgage originators all over the web complain about how their pipelines have dried up. What this means is, the  mortgage loans that they have in process has diminished anywhere from having 20-30 loans in process, to a handful at best.  My thoughts are, if that is true, then the bulk of their business had been in mortgages for folks who quite possibly are now facing delinquencies and foreclosures. And while these loan originators may be feeling the pinch in their pockets, these poor folks that they talked into taking a mortgage now may face losing their home.

Did these originators educate their borrowers? Did they discuss with them their lifestyle and any events that may be income altering and talk about what they could really afford? Or was it like this, as long as the computer program they used told them the loan was approved, they told the borrowers not to worry about it because they wouldn't be approved if they couldn't afford it? WRONG.

I have seen loans where the debt to income ratios are so stretched that even if a family ate macaroni and cheese for the endurance of their mortgage, they were doomed to a forced sale or worse yet, foreclosure.

More later...

Okay, so I have not been a devoted blogger.  I have a great excuse!  Thanks to the s**t hitting the fan in the subprime mortgage world, I have been extremely busy with work!  I even worked Easter day except for dinner, thankfully my mom served it that day.  I am not complaining one bit because I need the money for income taxes due!  Today I am going to tweak the taxes.  The inventory for Wood Stock is a pain because some of it was purchased before and some of it was bought in a discounted 'lot' price, so I am estimating some of that or not counting the cost at all when I can't figure it out.  I'm glad most of the things for the gift shop part of the store were purchased last year.  I won't have as much to do for this years' taxes since I'm hardly buying anything now.  

Wish I hadn't bought all that kids safety products because none of it has sold and it was a waste.  The pet things I bought are sitting there too. Well, it wasn't my initial intent to have it stuck in the back of our store. I WAS going to have a partnered gift shop with someone else who turned out to be just a liar like most of the folks I've met around here. :( 

So live and learn.  The stuff is staying in our store until it is sold....

Wood Stock has officially started its 2nd year in business. This year has already started out much better than last. Folks are starting to finally recognize hub's artistic talent and he is actually getting some 'regulars' that come in and browse and BUY! :)  

Got some work to do this weekend, but not loaded down like last.  So there should be some spare time to relax, maybe watch a movie and Stac wants to drive again.  She did great last week driving around but needs to now get some experience on a road with other cars to stop behind and traffic lights.  I'm still nervous about it but she isn't going to learn otherwise. I thought her school offered a paid driver's ed course but apparently all the basics have to already be taught, so she'll pretty much have to know how to drive around with the exception of the highway...before she can even take it.  She is doing really well though, so I think she'll be a good driver--it is every one ELSE in this crazy state that I'm concerned about.

Well....off to do taxes or work....what a toss up!