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Answer by Toni
Bankrate.com
The site has been around for a decade – you can trust it…

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An individual is considered as a risky borrower when he is having bad credit status. If you are holding many bad factors, lenders often denied your loan application to avoid the risk. Do not worry, if you are also having the same troubled credit status and finding difficulty in availing an external financial aid, loans high risk are for you. You still get the loan support even if you carry many bad factors like CCJ�s, IVA, arrears, default and bankruptcy.To entail quick financial aid at your difficult time, loans for high risk plays a vital role. These loans provide short term fiscal assistance to all the applicants irrespective of holding good credit scores or bad credit ratings. For the quicker and easier approach, online application method is the suitable route. It does not let you leave the comfort of your home or office. Completing a single online application loan form offers you the needed money direct in your checking account within the matter of hours.Placing collateral is not bounded as loans high risk comes in short term category. Thus, borrower can enjoy this loan aid without any collateral assessment and related paper work hassle. No need to fax any documents to the lender. All the loan proceedings can be done in the matter of minutes without any wastage of time and efforts. You can borrow up to 00 till flexible repayment duration of a month.Many unexpected expenses and desires can simply dispersed out in efficient manner using this loan amount such as …
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One of the biggest troubles in a persons life is living in a rented accommodation. If they come face to face with some financial trouble, they are not able to gather finance. The reason is that the lender refuses to give them finance terming them as risky borrowers. but now, tenants can apply for tenant loans, with the help of which they can fetch guaranteed finance without security. This facility service has been specially craved out for the people of UK who are living as renters. With the help of unsecured tenant loans, the borrower can get cash help that falls in the range of 1000 to 25000. This money can be settled in the time duration of 1 to 10 years. One can do things now that he couldnt have afforded to do anymore. Pay the rent of your house, pay pending household bills, meet the educational expenses, meet unexpected medical urgencies and much more. This financial aid is collateral free. The money lenders do not demand collateral such as car, jewellery, stock paper etc against the money that they are lending but they may charge a slightly higher rate of interest to lower the risk factor for him self. So just consider your repayment ability before applying Fill the online application form with your authentic personal details. If during the verification process, anything is found false or incorrect, you would no get the finance help. Within the least time possible, the credit gets transferred into the bank account.
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Marching for a moratorium in foreclosure


Image by Karga Fantasma
Foreclosed upon homes have reached an all time high. 8 to 9 million Americans are on the verge of losing their homes in the next four years, that represents one home being lost every 13 seconds. Soon the house of representatives is expected to vote on H.R. 200 (S.61 in the Senate), the Helping Families Save Their Homes in Bankruptcy Act of 2009. This bill would allow bankruptcy judges to modify loans on principal mortgages. ACORN calls on members of congress to support H.R. 200/S 6.1 when it comes to a vote. This legislation is vital because mortgage debt on a primary residence cannot currently be restructured, while vacation homes and yachts can be at the moment. Banks are not offering any true solutions to the foreclosure situation, this legislation could modify loans structurally and change the current dynamic.

American Mailbox (Wakulla County, Florida) .. Walk Away From Debt For a Better Future


Image by marsmet461
One time, my wife said to me, [imitating his wife] "Honey, the dryer is broken." [as himself] Did you check the lint trap? [imitating his wife with a clueless face] Sit down, honey, I’ll check it. [as his wife] "Was there anything in there?" [as himself] Just a quilt. …Ron White …a/k/a Tater Salad..
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…..item 1A)…..The Huffingtonpost…..HUFFPOST BUSINESS….Shifting the Focus From "Strategic Default" to "Prudent Walkaway"

Nicholas CarrollAuthor, "Walk Away From Debt for a Better Future"
Posted: March 24, 2011 07:38 PM

www.huffingtonpost.com/nicholas-carroll/shifting-the-focu…

A "strategic default" currently means walking away from an underwater home even though the owner could afford to pay the mortgage. However, this represents far less than half of walkaways. The vast majority of foreclosures happen to people who cannot afford to pay the mortgage.

Portrayals of strategic default in 2009 were typically of homeowners who "used their home as an ATM," or "deadbeats." Even news stories describing the positive side of default didn’t entirely shake those images. One of the earliest semi-positive stories was in the Wall St. Journal, titled "American Dream 2: Default, Then Rent." This article described a couple who had defaulted, cut their housing costs from nearly ,000/month to just over ,000/month, and were living in a bigger house with "a swimming pool with three waterfalls." Another strategic defaulter in the same article found the benefits of default-and-rent included the discretionary income to go out to dinner more often, and hang on to his series-6 BMW.

These are not the people I meet in the course of interviewing and writing about surviving tough times. The people I meet are laid off, or from two incomes down to one, or on their way to medical bankruptcy. They cannot imagine a swimming pool, much less a waterfall — they just have bills they can’t pay, one of which is the mortgage. Some are slow in adjusting to the "new normal," and still eat out regularly, but others have already cut back to eating out four times a year.

Their home may be underwater — or they may have equity. Often it doesn’t matter, when the bottom line is that they have to choose between the mortgage and medical insurance — because losing medical insurance in America is potentially lethal.

For this group, it is not a matter of cunningly defaulting to maintain a latte-sipping lifestyle. It is a matter of prudently walking away from the mortgage that is dragging their family and future under the waves.

The benefit for people who act both prudently and decisively can be startling. Taking a fairly typical example from people I’ve interviewed, this is the family’s financial situation:
Primary income of ,000 net per month is gone, with one laid off.

Secondary income of ,000 net is still coming in.

,000 in cash and savings, including the 401K.

,000 in credit card debt.

One car fully paid for.

Second car — ,000 owed.
They have done a careful financial projection. The total monthly expenses are ,000, right down to the last dime — which includes ,500/month on mortgage and credit card bills. That says that if the main breadwinner is not fully employed in 14 months, they will lose the home — and of course take a dip in their credit rating. And if the job doesn’t come until the 13th month, it had better be at the same salary as the previous job, or they’ll lose the home anyway.

Scenario A: Betting on a job, and continuing to pay the mortgage (a.k.a. "doing the right thing," according to the moralists). They guess that they will be fully employed again in time to save the home. They continue paying mortgage, car payments, and minimum monthly credit card payments. If their bet is wrong, their trajectory is shown by the red line below.

Scenario B: Prudently walking away. They decide that getting a job might require a career shift or relocation, with some time and money invested in re-education. They immediately stop paying the mortgage and credit card payments. In this scenario, they cut their expenses by ,500/month (which rises to ,500/month when they move out and start paying rent). If there is real equity in their financed car, they sell it and buy a used car to replace it.
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Betting on a Job – Prudent Walkaway….

images.huffingtonpost.com/2011-03-22-prudenthomewalkaway.jpg
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Worksheet online in MS Excel format or PDF

www.walkawayfromdebt.com/worksheets&charts.html
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The difference between A and B is incredible. If the family bets the primary bread-winner will be working within the year and is wrong, they could be leaving their home without enough money to rent a decent apartment in 14 months — exhausted, frightened, and possibly running on bald tires. (People who "do the right thing" tend to leave long before they actually get legal notice to move.)

The family that bets the primary bread-winner will not find a job in 13 months and stops paying the debts will be leaving their home with ,000 cash in hand, move to a rental (usually in the same school district, if need be), and will have three years for the primary bread-winner to find a job. And that’s their worst scenario — it’s quite likely they’ll be in the house for 18-24 months without making any mortgage payments.

Conclusion: when the writing is on the wall, the best plan is often a prudent walkaway — an escape to the future, equipped with enough cash to get there.
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…..item 1B)…..The Strategic Default Monitor….

www.strategicdefault.org/

Sunday, March 6, 2011

The 3 Must Send Debt Defense Letters

The 3 Must Send Letters

The following are the 3 "Must Send" Debt Defense letters. This means that at all times you must send any of these letters to any debt collection company or the original lender that contacts you

Read more »
Posted by Grinnin Skinny at 3:03 AM 2 comments
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Monday, January 24, 2011
Consider Using A Mortgage Calculator, Amortization Table And Property Value Data For A Strategic Default

Part of our job at strategicdefault.org is to review other viewpoints about strategic default. This current post is inspired by another post we found while researching the universe of articles on strategic defaults and foreclosures.

We found this post entitled : “Should I Do a Strategic Default on my Mortgage?” by JLP in his blog All Financial Matters posted December 2, 2010.

This question was posed by a reader of JLP’s blog. The question and answer are as follows:

"I bought my condo at precisely the wrong time. I didn’t, however, listen to everyone telling me I could afford to buy more. I did a straight 30 year fixed that I could afford in reality. Of course I am incredibly underwater on my mortgage now. It is depressing, needless to say, and even more so when I feel as if my taxes are helping people who didn’t “do things the right way” and some companies who seemed to have contributed greatly to the problem and are not being held responsible…I live in Illinois, western burbs of Chicago…I bought for 9,000, now owe 2,000 and the most recent sale was ,000…30 year, 6.75% (which was good then!) percent…When I bought I planned on staying 5 years or so and moving up (didn’t everyone?). I don’t *need* to move. I sure wish I could buy some of the houses on the market now though! For what I paid? I bring home (after taxes) about ,000 a year. My mortgage + PMI + escrow is almost ,100…I know there are people in much worse shape. If I lost my job this whine about underwater wouldn’t even exist, you know? Still – just the though of paying even MORE out when I feel like I am not getting any benefit is upsetting, depressing."

The writer, JLP answers as follows:

Read more »

Posted by Grinnin Skinny at 12:06 AM 5 comments
Labels: a diji, amortization, augustine a diji, augustine ademola diji, augustine diji, ken mcallion, ken mccallion, kenneth mccallion, mortgage calculator, property value, strategic default
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…..item 1C)…..The Strategic Default Monitor…The 3 Must Send Debt Defense Letters

Sunday, March 6, 2011

www.strategicdefault.org/2011/03/3-must-send-debt-defense…
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Steven F. Udvar-Hazy Center: South hangar panorama, including gangplank


Image by Chris Devers
Quoting Smithsonian National Air and Space Museum | Monocoupe 110 Special:

Air show pilot and aerobatic champion W. W. "Woody" Edmondson thrilled audiences with his Monocoupe 110 Special throughout the 1940s. Edmondson, who named the airplane Little Butch for its bulldog-like appearance, placed second to "Bevo" Howard and his Bücker Jungmeister in the 1946 and ’47 American Aerobatic Championships, but he won the first International Aerobatic Championship in 1948.

The Monocoupe 110 Special was a clipped-wing version of the 110, part of a line that began with Don Luscombe’s Mono 22 and continued with the 70, 90, and 110 models. The sport coupes of the 1930s, these fast and maneuverable aircraft were ideal for racers Phoebe Omlie and Johnny Livingston. Ken Hyde of Warrenton, Virginia, restored Little Butch prior to its donation to the Smithsonian.

Gift of John J. McCulloch

Manufacturer:
Monocoupe Airplane Co.

Date:
1941

Country of Origin:
United States of America

Dimensions:
Wingspan: 6.9 m (23 ft.)
Length: 6.2 m (20 ft. 4 in.)
Height: 2.1 m (6 ft. 11 in.)
Weight, empty: 449 kg (991 lbs.)
Weight, gross: 730 kg (1,611 lbs.)
Top speed: 313 km/h (195 mph)
Engine: Warner 185, 200 hp

Materials:
Fuselage: steel tube with fabric cover Physical Description:High-wing, 2-seat, 1940′s monoplane. Warner Super Scarab 185, 200hp engine. Red with white trim. Clipped wings

• • • • •

Quoting Smithsonian National Air and Space Museum | Boeing 367-80 Jet Transport:

On July 15, 1954, a graceful, swept-winged aircraft, bedecked in brown and yellow paint and powered by four revolutionary new engines first took to the sky above Seattle. Built by the Boeing Aircraft Company, the 367-80, better known as the Dash 80, would come to revolutionize commercial air transportation when its developed version entered service as the famous Boeing 707, America’s first jet airliner.

In the early 1950s, Boeing had begun to study the possibility of creating a jet-powered military transport and tanker to complement the new generation of Boeing jet bombers entering service with the U.S. Air Force. When the Air Force showed no interest, Boeing invested million of its own capital to build a prototype jet transport in a daring gamble that the airlines and the Air Force would buy it once the aircraft had flown and proven itself. As Boeing had done with the B-17, it risked the company on one roll of the dice and won.

Boeing engineers had initially based the jet transport on studies of improved designs of the Model 367, better known to the public as the C-97 piston-engined transport and aerial tanker. By the time Boeing progressed to the 80th iteration, the design bore no resemblance to the C-97 but, for security reasons, Boeing decided to let the jet project be known as the 367-80.

Work proceeded quickly after the formal start of the project on May 20, 1952. The 367-80 mated a large cabin based on the dimensions of the C-97 with the 35-degree swept-wing design based on the wings of the B-47 and B-52 but considerably stiffer and incorporating a pronounced dihedral. The wings were mounted low on the fuselage and incorporated high-speed and low-speed ailerons as well as a sophisticated flap and spoiler system. Four Pratt & Whitney JT3 turbojet engines, each producing 10,000 pounds of thrust, were mounted on struts beneath the wings.

Upon the Dash 80′s first flight on July 15, 1954, (the 34th anniversary of the founding of the Boeing Company) Boeing clearly had a winner. Flying 100 miles per hour faster than the de Havilland Comet and significantly larger, the new Boeing had a maximum range of more than 3,500 miles. As hoped, the Air Force bought 29 examples of the design as a tanker/transport after they convinced Boeing to widen the design by 12 inches. Satisfied, the Air Force designated it the KC-135A. A total of 732 KC-135s were built.

Quickly Boeing turned its attention to selling the airline industry on this new jet transport. Clearly the industry was impressed with the capabilities of the prototype 707 but never more so than at the Gold Cup hydroplane races held on Lake Washington in Seattle, in August 1955. During the festivities surrounding this event, Boeing had gathered many airline representatives to enjoy the competition and witness a fly past of the new Dash 80. To the audience’s intense delight and Boeing’s profound shock, test pilot Alvin "Tex" Johnston barrel-rolled the Dash 80 over the lake in full view of thousands of astonished spectators. Johnston vividly displayed the superior strength and performance of this new jet, readily convincing the airline industry to buy this new airliner.

In searching for a market, Boeing found a ready customer in Pan American Airway’s president Juan Trippe. Trippe had been spending much of his time searching for a suitable jet airliner to enable his pioneering company to maintain its leadership in international air travel. Working with Boeing, Trippe overcame Boeing’s resistance to widening the Dash-80 design, now known as the 707, to seat six passengers in each seat row rather than five. Trippe did so by placing an order with Boeing for 20 707s but also ordering 25 of Douglas’s competing DC-8, which had yet to fly but could accommodate six-abreast seating. At Pan Am’s insistence, the 707 was made four inches wider than the Dash 80 so that it could carry 160 passengers six-abreast. The wider fuselage developed for the 707 became the standard design for all of Boeing’s subsequent narrow-body airliners.

Although the British de Havilland D.H. 106 Comet and the Soviet Tupolev Tu-104 entered service earlier, the Boeing 707 and Douglas DC-8 were bigger, faster, had greater range, and were more profitable to fly. In October 1958 Pan American ushered the jet age into the United States when it opened international service with the Boeing 707 in October 1958. National Airlines inaugurated domestic jet service two months later using a 707-120 borrowed from Pan Am. American Airlines flew the first domestic 707 jet service with its own aircraft in January 1959. American set a new speed mark when it opened the first regularly-scheduled transcontinental jet service in 1959. Subsequent nonstop flights between New York and San Francisco took only 5 hours – 3 hours less than by the piston-engine DC-7. The one-way fare, including a surcharge for jet service, was 5.50, or 1 round trip. The flight was almost 40 percent faster and almost 25 percent cheaper than flying by piston-engine airliners. The consequent surge of traffic demand was substantial.

The 707 was originally designed for transcontinental or one-stop transatlantic range. But modified with extra fuel tanks and more efficient turbofan engines, the 707-300 Intercontinental series aircraft could fly nonstop across the Atlantic with full payload under any conditions. Boeing built 855 707s, of which 725 were bought by airlines worldwide.

Having launched the Boeing Company into the commercial jet age, the Dash 80 soldiered on as a highly successful experimental aircraft. Until its retirement in 1972, the Dash 80 tested numerous advanced systems, many of which were incorporated into later generations of jet transports. At one point, the Dash 80 carried three different engine types in its four nacelles. Serving as a test bed for the new 727, the Dash 80 was briefly equipped with a fifth engine mounted on the rear fuselage. Engineers also modified the wing in planform and contour to study the effects of different airfoil shapes. Numerous flap configurations were also fitted including a highly sophisticated system of "blown" flaps which redirected engine exhaust over the flaps to increase lift at low speeds. Fin height and horizontal stabilizer width was later increased and at one point, a special multiple wheel low pressure landing gear was fitted to test the feasibility of operating future heavy military transports from unprepared landing fields.

After a long and distinguished career, the Boeing 367-80 was finally retired and donated to the Smithsonian in 1972. At present, the aircraft is installated at the National Air and Space Museum’s new facility at Washington Dulles International Airport.

Gift of the Boeing Company

Manufacturer:
Boeing Aircraft Co.

Date:
1954

Country of Origin:
United States of America

Dimensions:
Height 19′ 2": Length 73′ 10": Wing Span 129′ 8": Weight 33,279 lbs.

Physical Description:
Prototype Boeing 707; yellow and brown.

Steven F. Udvar-Hazy Center: Boeing 367-80 (prototype 707, first jet airliner), and De Havilland Canada DHC-1A Chipmunk Pennzoil Special


Image by Chris Devers
Quoting Smithsonian National Air and Space Museum | De Havilland-Canada DHC-1A Chipmunk, Pennzoil Special:

De Havilland originally designed the Chipmunk after World War II as a primary trainer to replace the venerable Tiger Moth. Among the tens of thousands of pilots who trained in or flew the Chipmunk for pleasure was veteran aerobatic and movie pilot Art Scholl. He flew his Pennzoil Special at air shows throughout the 1970s and early ’80s, thrilling audiences with his skill and showmanship and proving that the design was a top-notch aerobatic aircraft.

Art Scholl purchased the DHC-1A in 1968. He modified it to a single-seat airplane with a shorter wingspan and larger vertical fin and rudder, and made other changes to improve its performance. Scholl was a three-time member of the U.S. Aerobatic Team, an air racer, and a movie and television stunt pilot. At air shows, he often flew with his dog Aileron on his shoulder or taxied with him standing on the wing.

Gift of the Estate of Arthur E. Scholl

Manufacturer:
De Havilland Canada Ltd.

Pilot:
Art Scholl

Date:
1946

Country of Origin:
United States of America

Dimensions:
Wingspan: 9.4 m (31 ft)
Length: 7.9 m (26 ft)
Height: 2.1 m (7 ft 1 in)
Weight, empty: 717 kg (1,583 lb)
Weight, gross: 906 kg (2,000 lb)
Top speed: 265 km/h (165 mph)
Engine: Lycoming GO-435, 260 hp

Materials:
Overall: Aluminum Monocoque Physical Description:Single-engine monoplane. Lycoming GO-435, 260 hp engine.

• • • • •

Quoting Smithsonian National Air and Space Museum | Boeing 367-80 Jet Transport:

On July 15, 1954, a graceful, swept-winged aircraft, bedecked in brown and yellow paint and powered by four revolutionary new engines first took to the sky above Seattle. Built by the Boeing Aircraft Company, the 367-80, better known as the Dash 80, would come to revolutionize commercial air transportation when its developed version entered service as the famous Boeing 707, America’s first jet airliner.

In the early 1950s, Boeing had begun to study the possibility of creating a jet-powered military transport and tanker to complement the new generation of Boeing jet bombers entering service with the U.S. Air Force. When the Air Force showed no interest, Boeing invested million of its own capital to build a prototype jet transport in a daring gamble that the airlines and the Air Force would buy it once the aircraft had flown and proven itself. As Boeing had done with the B-17, it risked the company on one roll of the dice and won.

Boeing engineers had initially based the jet transport on studies of improved designs of the Model 367, better known to the public as the C-97 piston-engined transport and aerial tanker. By the time Boeing progressed to the 80th iteration, the design bore no resemblance to the C-97 but, for security reasons, Boeing decided to let the jet project be known as the 367-80.

Work proceeded quickly after the formal start of the project on May 20, 1952. The 367-80 mated a large cabin based on the dimensions of the C-97 with the 35-degree swept-wing design based on the wings of the B-47 and B-52 but considerably stiffer and incorporating a pronounced dihedral. The wings were mounted low on the fuselage and incorporated high-speed and low-speed ailerons as well as a sophisticated flap and spoiler system. Four Pratt & Whitney JT3 turbojet engines, each producing 10,000 pounds of thrust, were mounted on struts beneath the wings.

Upon the Dash 80′s first flight on July 15, 1954, (the 34th anniversary of the founding of the Boeing Company) Boeing clearly had a winner. Flying 100 miles per hour faster than the de Havilland Comet and significantly larger, the new Boeing had a maximum range of more than 3,500 miles. As hoped, the Air Force bought 29 examples of the design as a tanker/transport after they convinced Boeing to widen the design by 12 inches. Satisfied, the Air Force designated it the KC-135A. A total of 732 KC-135s were built.

Quickly Boeing turned its attention to selling the airline industry on this new jet transport. Clearly the industry was impressed with the capabilities of the prototype 707 but never more so than at the Gold Cup hydroplane races held on Lake Washington in Seattle, in August 1955. During the festivities surrounding this event, Boeing had gathered many airline representatives to enjoy the competition and witness a fly past of the new Dash 80. To the audience’s intense delight and Boeing’s profound shock, test pilot Alvin "Tex" Johnston barrel-rolled the Dash 80 over the lake in full view of thousands of astonished spectators. Johnston vividly displayed the superior strength and performance of this new jet, readily convincing the airline industry to buy this new airliner.

In searching for a market, Boeing found a ready customer in Pan American Airway’s president Juan Trippe. Trippe had been spending much of his time searching for a suitable jet airliner to enable his pioneering company to maintain its leadership in international air travel. Working with Boeing, Trippe overcame Boeing’s resistance to widening the Dash-80 design, now known as the 707, to seat six passengers in each seat row rather than five. Trippe did so by placing an order with Boeing for 20 707s but also ordering 25 of Douglas’s competing DC-8, which had yet to fly but could accommodate six-abreast seating. At Pan Am’s insistence, the 707 was made four inches wider than the Dash 80 so that it could carry 160 passengers six-abreast. The wider fuselage developed for the 707 became the standard design for all of Boeing’s subsequent narrow-body airliners.

Although the British de Havilland D.H. 106 Comet and the Soviet Tupolev Tu-104 entered service earlier, the Boeing 707 and Douglas DC-8 were bigger, faster, had greater range, and were more profitable to fly. In October 1958 Pan American ushered the jet age into the United States when it opened international service with the Boeing 707 in October 1958. National Airlines inaugurated domestic jet service two months later using a 707-120 borrowed from Pan Am. American Airlines flew the first domestic 707 jet service with its own aircraft in January 1959. American set a new speed mark when it opened the first regularly-scheduled transcontinental jet service in 1959. Subsequent nonstop flights between New York and San Francisco took only 5 hours – 3 hours less than by the piston-engine DC-7. The one-way fare, including a surcharge for jet service, was 5.50, or 1 round trip. The flight was almost 40 percent faster and almost 25 percent cheaper than flying by piston-engine airliners. The consequent surge of traffic demand was substantial.

The 707 was originally designed for transcontinental or one-stop transatlantic range. But modified with extra fuel tanks and more efficient turbofan engines, the 707-300 Intercontinental series aircraft could fly nonstop across the Atlantic with full payload under any conditions. Boeing built 855 707s, of which 725 were bought by airlines worldwide.

Having launched the Boeing Company into the commercial jet age, the Dash 80 soldiered on as a highly successful experimental aircraft. Until its retirement in 1972, the Dash 80 tested numerous advanced systems, many of which were incorporated into later generations of jet transports. At one point, the Dash 80 carried three different engine types in its four nacelles. Serving as a test bed for the new 727, the Dash 80 was briefly equipped with a fifth engine mounted on the rear fuselage. Engineers also modified the wing in planform and contour to study the effects of different airfoil shapes. Numerous flap configurations were also fitted including a highly sophisticated system of "blown" flaps which redirected engine exhaust over the flaps to increase lift at low speeds. Fin height and horizontal stabilizer width was later increased and at one point, a special multiple wheel low pressure landing gear was fitted to test the feasibility of operating future heavy military transports from unprepared landing fields.

After a long and distinguished career, the Boeing 367-80 was finally retired and donated to the Smithsonian in 1972. At present, the aircraft is installated at the National Air and Space Museum’s new facility at Washington Dulles International Airport.

Gift of the Boeing Company

Manufacturer:
Boeing Aircraft Co.

Date:
1954

Country of Origin:
United States of America

Dimensions:
Height 19′ 2": Length 73′ 10": Wing Span 129′ 8": Weight 33,279 lbs.

Physical Description:
Prototype Boeing 707; yellow and brown.

minneapolismortgagebrokers.org For more information, call or visit our experienced brokers at Flagship Financial Mortgage Brokers 40 S 7th St Ste 212, Minneapolis, MN 55402 612-808-0712

wp.me FHA mortgage loans tend to be by far the most in-demand home mortgages offered. FHA means Federal Housing Administration and it is a federal government agency. These FHA mortgage loans are actually mortgages which are funded with a federally authorized loan provider, but they are insured…
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Defeat Foreclosure 25% Payout. This Book Really Helps People
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Gilmore M. Stratton


Image by jajacks62
Co. C, 2nd WI. Infantry
William Cutler wrote the following about this gentleman:
G. M. STRATTON, postmaster, was born in Salem, Columbiana County, Ohio, July 9, 1845. In 1848 his parents moved to Peru, Miami County, Ind., and 1854 from there to Grant County, Wis. January 5, 1864, he enlisted in Company C Second Wisconsin Volunteer Infantry, and served in that regiment in the army of the Potomac, following the explosion of the mine at Petersburgh (sic), Va., July 30, 1864, he received a bayonet wound in the knee. He was discharged from the service, July 29, 1865, at Madison, Wis. In March, 1870, he came to Clay County, Kan., and settled on a farm. In 1875, he moved to Clay Centre and engaged in mercantile business, carrying a stock of general merchandise, and afterwards was engaged in the furniture trade. He was appointed postmaster in May, 1878, and re-appointed in May 1882. He belongs to the Masonic Lodge, and, also, the Knights of Pythias. Mr. Stratton was married January 10, 1866, in Grant County, Wis., to Mary E. Snider. They have five children – Nellie, born December 20, 1868; Addie, born April 5, 1872; Allie, born November 27, 1874; Annie, born February 28, 1876; Lottie, born April 14, 1878.

The Dispatch-Republican, Thursday, July 17, 1924, Pg. 1
Vol. 31, No. 230

G. M. STRATTON

Funeral Was Held Today
With services, characterized by quiet dignity and impressive simplicity, the last rites were paid to the memory of G. M. Stratton at the home on Lane street this morning. Rev. Geo. Mead Hughes the pastor of the First M. E. church was in charge and the male quartette, composed of Messrs, Alfred Humfeld, Ray Rankin, Sumner Vincent and F. W. Parrott, sang, “Jesus, Lover of my Soul” and “Rock of Ages,” and at the close, Mrs Paul sang, “Crossing the Bar.”
The Masonic order then took charge of the exercises and conducted the remains to Greenwood cemetery where the ritual of the order was observed, in the presence of a large number friends and relatives.
Gilmore McGrath Stratton, who died in Denver, Colorado, July 14, 1924 of acute dilation of the heart, had been a resident of Clay Center since 1870, coming here from Grant County, Wisconsin, in a covered wagon and settling on a homestead six miles south of Clay Center.
Mr. Stratton was born at Salem, Ohio, July 9, 1845. His youth was spent in Peru, Indiana, and Lancaster, Wisconsin. He was educated in the public schools of Grant County, Wisconsin but enlisted in Company C, Second Wisconsin Infantry—a part of the “Iron Brigade”—in January, 1864, and was mustered out of the service in 1865.
At the conclusion of the war, Mr. Stratton went home and was married to Mary E. Snider. To this union five daughters were born: Nellie, Addie E., Allie T., Annie M. and Lottie V. He farmed in Wisconsin until 1870 when he came to Clay County, Kansas. Mrs. Mary E. Stratton died July23, 1916.
Mr. Stratton was a strong Republican in politics. He served as postmaster at Clay Center for eight years through the Hayes and Arthur administration starting in 1878.
Mr. Stratton entered the real estate business in 1885. He became deputy collector of Internal Revenue, District of Northern Kansas in 1890 and resigned in 1900 to manage the Triple Tie Benefit Association, remaining with the insurance company for ten years. In 1907 he organized and incorporated the Clay Center Telephone Company. He has been connected with the Peoples National Bank as a director. Mr. Stratton was a trustee of the Clay County High School and aided in the erection of the building.
Mr. Stratton belonged to the Knights Templar, and was a charter member of the Knights of Pythias. He has been a member and post commander of Phil Sheridan Post 88, and was instrumental in the erection of the soldier’s monument in the court house square.
On November 18th, 1918, Mr. Stratton was married to Miss Laura M. Anthony, who survives him.
A Word of Appreciation
The Board of Trustees of the Clay County Community High school mindful of the keen interest always manifested in its welfare and the loyal support always accorded to it by the late G. M. Stratton, and also having in mind the many years of faithful service given by him as a member of this board of trustees, having hereby expresses its warm appreciation of the consistent shown by him and the constant and unwavering purpose to advance its circle of service to the community.
In Mr. Stratton, the school has lost one of its most loyal adherents, and the board, the sympathy and support of one of its most loyal friends. In this, their hour of bereavement, the board wishes to tender to the sorrowing relatives its expression of sincere sympathy—W. C. Miles, Frank Oberg, Committee.

Gilmore McGrath Stratton.—A publication of this nature exercises its most important function when it takes cognizance of the life and labors of those citizens who have risen to prominence and prosperity through their own well directed efforts and who have been of material value in furthering the advancement of the commonwealth. A resident of Clay county since 1870, Mr. Stratton has, in his various activities, realized a substantial success. He has served in public offices with honor and distinction, first as postmaster at Clay Center and during the years of 1890 to 1900 as deputy collector of Internal Revenue for the Northern District of Kansas.

Gilmore McGrath Stratton is a native of Ohio, born at Salem, July 9, 1845, son of Hon. Stacy L. and Margaret (Grimmesey) Stratton. His paternal ancestors were Quakers and settled in America during the Colonial period. Stacy L. Stratton was born in New Jersey, Oct. 3, 1811, and in early life located in Salem, Ohio, where he became a carriage manufacturer. There he met and married in January, 1831, Margaret Grimmesey, a native of County Tyrone, Ireland, born in 1812, and who came with her parents to America in 1828. Mr. Stratton located in Peru, Ind., in 1848, and in 1856 in Lancaster, Wis. In each of these locations he continued in the manufacture of vehicles. In 1870 he came to Kansas and located on government land, six miles south of Clay Center. He became actively identified with the public life of the locality and was elected justice of the peace, serving six years. He was elected, on the Republican ticket, a member of the legislature, in 1873, and supported John J. Ingalls for the United States senate. In 1876 he left the farm and became a resident of Clay Center, resumed the manufacture of carriages and continued in this occupation until his death in 1891, his wife preceding him to the life eternal Sept. 9, 1890. They were the parents of eight children—four sons and four daughters. Albert and Lemon died in infancy; Alcinous L., a resident of Clay Center, died in 1900, aged sixty-three; Hannah, Adeline, and Mary have also passed away, and Gilmore McGrath and Annes, the widow of John W. Reed, of Medford, Okla., survive.

Pages 950-952 from volume III, part 2 of Kansas: a cyclopedia of state history, embracing events, institutions, industries, counties, cities, towns, prominent persons, etc. … / with a supplementary volume devoted to selected personal history and reminiscence. Standard Pub. Co. Chicago : 1912. 3 v. in 4. : front., ill., ports.; 28 cm. Vols. I-II edited by Frank W. Blackmar.

Gilmore McGrath Stratton acquired his education in the public schools of Grant county, Wisconsin, and was preparing to enter the University of Wisconsin when his love of country determined him to offer his services in her behalf. He enlisted in January, 1864, as a private in Company C, Second Wisconsin infantry, which formed a part of the "Iron Brigade" of the Army of the Potomac, and served until mustered out July 29, 1865. His regiment saw service in a number of the most important battles of the war. Mr. Stratton was wounded at the siege of Petersburg and was confined in the hospital about three months, but was on active duty at the surrender of Lee at Appomattox. On the conclusion of his military service he returned to his former home in Wisconsin and until 1870 was engaged in farming. In that year he accompanied his parents on their removal to Kansas, and located on a homestead adjoining his father’s, six miles south of Clay Center. In 1875 he became a resident of the city of Clay Center and established a general merchandise business, a venture in which he met with success. He had early developed a keen interest in questions affecting the public welfare and was an active worker in the ranks of the Republican party. He was appointed postmaster at Clay Center, in 1878, by President Hayes, and was reappointed by President Arthur, serving, in all, eight years. In 1885 he entered the real estate field and in connection conducted an extensive mortgage loan business. He was appointed, in 1890, by President Harrison, deputy collector of Internal Revenue for the district of Northern Kansas, and was reappointed by President McKinley. He filled this important position with credit to himself and to the entire satisfaction of the treasury department. He resigned on April 1, 1900, to accept the duties of secretary and manager of the Triple Tie Benefit Association, a fraternal insurance organization with headquarters in Clay Center. His services in this capacity resulted in the placing of the business of the order on a sound financial basis and in the building up of an extreme and healthy membership. He demonstrated conclusively the possession of high executive ability, sound financial sense, and that unflagging energy necessary to success in the development of a business of this character. In 1907 he promoted the organization and incorporation of the Clay Center Telephone Company, purchased a controlling interest in its stock, and was elected secretary and treasurer of the company. The properties of the Clay Center Telephone Company (a co-partnership), were purchased and more than ,000 was expended in improvements, giving the new owners a plant second to none in the state. Mr. Stratton has been the managing executive since its organization and the results obtained have been highly satisfactory, both to owners and patrons. He has important interests aside from his telephone property and is chairman of the executive committee of the board of directors of the People’s National Bank. He has served as a member of the common council of Clay Center and for a number of years on the board of education, having been president of the latter body. He has served eight years as a trustee of the Clay County High School and was elected secretary and treasurer of that body. He has attained the Knights Templar degree in Masonry and is a member of the Knights of Pythias. He is a member and past commander of Phil Sheridan Post, No. 88, Grand Army of the Republic, department of Kansas. The soldiers’ monument, erected by this post in the court house square at Clay Center and dedicated May 30, 1911, is largely the child of Mr. Stratton. He promoted in October, 1904, the organization of the Clay County Monument Association and was elected secretary. In 1910 he began an energetic campaign to secure the necessary funds to build it, and while many assisted in the work, he was the inspiration, the unflagging, active force which scored success.

Mr. Stratton married Jan. 10, 1867, Miss Mary E. Snider, born June 27, 1848, daughter of Jacob and Julia Snider, her father being a prosperous farmer of near Bloomington, Wis. Mr. and Mrs. Stratton are the parents of five children: Nellie, born Dec. 20, 1868, the wife of Edward A. Smies, a merchant of Clifton, Kan.; Addie E., born April 6, 1871, is the wife of Daniel J. Stratton, a farmer of Kingfisher, Okla.; Allie T., born Nov. 21, 1873, is residing with her parents; Anna M., born Feb. 27, 1875, is the wife of Henry E. Smies, a merchant of Clifton, Kan.; and Lottie V., born April 17, 1877, is the wife of Eugene W. Cross, a funeral director of Tonganoxie, Kan. Mrs. Stratton is a member of the Methodist church and is active in the charitable and social work of the congregation. The family is one of the most prominent socially in Clay county. Mr. Stratton is a high type of the conservative, unassuming American, diligent in his various duties and commercial affairs and conscientious in all things.

Dimitry Orlov Presentation


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Dimitry Orlov (at the podium) seen here with the host from The Long Now Foundation. His talk was called Best Practices for Collapse because, as he wryly pointed out, predictions are useless once they come true and he wants to offer something more useful from what others have already experienced. He opened his talk by cautioning that predictions, including his own should be given an error margin of half a decade or so, but so far he has been remarkably spot on.

Dimitry’s 2006 presentation on the collapse gap, in which he compares the demise of the USSR with what he predicted would be a similar collapse in the US, captured my imagination a couple of years ago and set me on my long study of the phenomena of civilizations collapsing. I had also read his book (and reviewed it). So I was thrilled to actually see Dimitry in person and introduce Catherine to his perspective.

Though not a charismatic speaker and reading from a prepared script, Dimitry peppered his talk with amusing concepts and references to popular notions ie: thinking outside of the box. He urged escaping from the box altogether.

Once collapse happens, he explained, what was the measure of our success before collapse is turned around post collapse. For instance having a high inventory is
considered bad business practice in this era of on demand supply, but after collapse, inventory is what will be needed once supply lines are down. And where once a lean staff was prudent, post collapse, a slow bureaucratic staff would save you. Customer service, now a mark of a good company, will turn out to have spoiled the population and rendered them unable to figure things out for themselves post collapse. He pointed out that all this economic activity was a burden on our ecology and what is crashing now is our life support system. So the governemnt should forget about stimulating it with growth and jobs and focus on food, shelter, transportation and security. He then proceeded to offer suggestions.

Food: Supermarkets will empty out in a matter of days, but fast food joints will be able to carry on a little longer given that they control their own supply lines, if you can call what they offer food. What we will need is for everyone to have access to 1,000 sq ft of fertile land near a water source with transportation for the seasonal migration needed for everyone to get out there to plant and to harvest. And as there will be fewer people driving, raised highways could be used for rainwater catchment.

Shelter: Office buildings, which will empty out post collapse, can be handily converted to dorms. They already have bathrooms and kitchens lacking only beds. He referred to the workers as office plankton which got a laugh. American colleges, are already a dubious endeavor given the burden of student loans. Post collapse few will be able to qualify, leaving campuses empty. This will provide us with housing opportunity. Said campuses already provided with lots of lawns, will also offer food growing opportunity. He slipped in a sly comment about how the American education system does not manage to do in 12 years what the Russians do in 8.

He commented on how the price of housing hangs on a huge assumption that a single family dwelling is required and it was still possible to see housing prices drop and become the liability of banks as they fight squatters. He suggested having the bank hire you to housesit and maintain these properties once they kick you out for not paying the mortgage owing to hyperinflation. He suggested that shelter can include mobile homes, teepees, shipping containers, etc.

Transportation: Since this sector hinges on fuel it’s best not to use any thus cargo bicycles and sailboats. He did think that there would still be cars and trucks and that it should be illegal not to pick up hitchikers. His suggestion that the sale of new cars be banned was met with applause as he described how this would use the embodied energy in cars already made, boost the locally based repair economy and result in fewer cars overall, disappearing altogether just as we run out of gas. There was no point in subsidizng the manufacture of more fuel efficient cars, he said, because you can make any existing pick-up truck ten to twenty times more efficient by packing 20 people standing up in the back and driving no faster than 25 mph. He mentioned that Mexico is already expert at this (and so is Thailand). Big laugh here. He also suggested that freight trains be required to have one empty boxcar for those wishing to ride the rails. But best of all were donkeys. Not horses—too neurotic. He told us about his uncle who fed his donkey his subscription of Pravda and commented that ours would do just as well on a daily diet of the Wall Street Journal. The audience loved that one.

Security: Here the going gets a bit nastier for there will be an increase in crime, but luckily there will be an increase in out of work police and soldiers who will wish to freelance for you to hire them or befriend them and offer them the use of your house while you and your family move into your garage. He pointed out that because force will be the means by which things are done legal or not, there would be no need for a legal system. Thus you can violate local building codes, homeowner rules and other local laws with impunity, installing wind turbines, have livestock in your garage and operate a home business in weaponry invention. His own preference in weaponry was an AK 47 because its easy to get bullets for it.

The point was to accept failure now and prepare. Those hanging on to the old system will suffer individual failure later. He does indeed live on a boat, with his wife, having made his decision to sell his Boston condo 2 1/2 years ago once he recognized that a US collapse was a likely possibility. He said the New Yorker got his number when they called him a bourgeois survivalist. He walks to work to an office building 15 minutes away. He declined to say how else he had prepared, but I left thinking of things I would want to stockpile. I was intrigued at what a normal San Francisco crowd this was and how accepting they were of his concepts. Their questions reflected this too. I was expecting more of an anarchistic, libertarian lot sporting tatoos and mohawks. Or at least the very lean peak oil sorts on bicycles (and there were some). This audience was rather more intellectual, middle aged and middle class which is what we are. Nor was it male dominated with quite a lot of women taking notes.

Economic Fears Reignite Market Slump


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OCTOBER 16, 2008 Economic Fears Reignite Market Slump
Stocks Post Biggest Drop Since 1987 Crash as Retail Sales Fall, Commodities Sink and Investors Worry About Hedge Funds
By SUDEEP REDDY, JENNIFER SARANOW and ANN

Fears of a deep recession sparked the worst drop in the Dow Jones Industrial Average in 21 years, as retail sales tumbled, demand for commodities sank and bank earnings fell.

Bloomberg News/Landov
SOMBER OUTLOOK: As markets fell Wednesday, Fed chief Ben Bernanke said stabilizing financial markets won’t spur a broad economic recovery overnight.
The latest data suggest the U.S. economy is poised to fall into its deepest recession since the early 1980s. That news, coupled with renewed signs of trouble in the all-important markets for credit, reignited the sell-off in stock markets, all but wiping out the huge gains that shares had made in Monday’s rally.
The Dow dropped 733.08 points, or 7.9%, to 8577.91 as recession fears and continuing doubts about the world financial system’s prospects shook investors. Wednesday’s decline marked the Dow’s largest percentage drop since October 1987 and the second-biggest point drop ever. The index is down 21% this month and almost 40% from its record close a year ago.
Other indexes plunged, too, including the Standard & Poor’s 500 stock index, which fell 9.03%. Overall, investors lost about .1 trillion in U.S. stock-market value on Wednesday, the second day in history that they have lost more than trillion in one day.
In another sign of economic weakness, demand for the most important raw materials continued to slide, with oil and copper prices falling sharply.
With the big drop in stocks, many investors fled into safe-haven instruments like the two-year Treasury bond, which rose in price, sending its yield down to 1.6%, while the 10-year bond price rose slightly to yield 4%.
The stock market was unnerved late in the day by new fears of instability in the financial system, this time in the hedge-fund industry. Traders heard talk that hedge fund Citadel Investment Group, whose funds are down between 26% and 30% for the year, was facing margin calls. The rumors fed an already anxious market, where investors have grown worried that some big, highly debt-dependent hedge funds could fail, causing more market declines. Citadel said its financial situation remained strong.
Adding to the somber mood, Federal Reserve Chairman Ben Bernanke in a speech at the Economic Club of New York warned the economy faced tough prospects despite the government’s 0 billion rescue plan aimed at bolstering the U.S. financial system.
"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Mr. Bernanke said. "Ultimately, the trajectory of economic activity beyond the next few quarters will depend greatly on the extent to which financial and credit markets return to more normal functioning."
Mr. Bernanke noted that the economy had been decelerating even before the September shock to financial markets. He ticked off a broadening list of troubles that now weigh on it: slower exports from a global slowdown, nagging declines in home prices, slower consumer spending and business investment, and the time that it will take for credit markets to unfreeze after the government’s dramatic steps this week.
Mr. Bernanke subtly left open the possibility of interest-rate cuts in the weeks or months ahead, noting inflation pressures have receded as a result of falling commodities prices.
But it’s far from clear how much effect further rate cuts would have. Investors have been demanding huge premiums — known on Wall Street as spreads — over benchmark interest rates to make loans to businesses and households. As long as these spreads remain large, the benefits of rate cuts are diminished. A big priority for now remains calming the fear that has swept through financial markets. That would make financial institutions more willing to lend at narrowed spreads.
Evidence is mounting that the U.S. is likely to experience a far worse downturn than the 2001 or 1990-91 recessions. Job losses started at the beginning of this year but started deepening last month, even before the worst of the credit crisis struck. The degree of the declines is sapping consumer incomes after a decade showing few earnings gains for most Americans.
In Seattle, 25-year-old Web developer Scott Krager is curtailing his spending — especially on eating out — and now rarely pays full price for anything. Recently, when he needed to purchase new khaki pants after his older ones were ruined in the dryer, Mr. Krager visited a Kohl’s department store for the first time and bought two pairs using a -off coupon.
"Overall, you can tell that it’s not 2003 or 2004 anymore," said Mr. Krager. "It’s the first time my generation has really felt the effect of any kind of pull back."
The Commerce Department said its broad gauge of retail sales dropped 1.2% last month, a much sharper decline than in July and August. The figures followed last week’s weak September sales reports by major retailers, and they confirmed that the economy was weakening before this month’s market turmoil, suggesting deeper declines in the coming months. Consumer spending, which accounts for more than 70% of the U.S. economy, is likely to record declines in the third and fourth quarters of this year.
Retail sales slipped in almost every sector. Auto sales fell 3.8%, while furniture, electronics, clothing and food stores also declined.
The troubles are weighing heavily on the global economy. Weak prospects around the world are pushing commodity prices sharply lower, a sign that strong demand — which led to huge price surges earlier this year — has abated with the economic turmoil. Crude-oil prices tumbled .09, or 5.2%, to .54 a barrel, its lowest settlement price this year.
Meanwhile, the continuing turmoil in credit markets is likely to hit the banking sector hard in the coming months. J.P. Morgan Chase & Co. and Wells Fargo & Co., two of the nation’s strongest banks, on Wednesday said their consumer operations are likely to worsen for months amid weaker performance of mortgages, credit cards and auto loans. J.P. Morgan, which is one of the nation’s largest credit-card issuers, said charge-offs — reflecting loans considered to be uncollectible — represented 5% of its card portfolio compared with 3.64% in the third quarter of 2007. That’s expected to grow to 6% in the beginning of next year and 7% by the end of 2009, the bank said.
The Federal Reserve’s latest "beige book” report, a summary of regional economic conditions, showed weakness across the nation into early October. Consumer spending declined, manufacturing activity dropped and several regions reported lower capital spending or reductions in capital spending plans "due to the high level of uncertainty about the economic outlook or concerns over the availability of credit." Among the few bright spots were agriculture and other natural resources, though drops in commodity prices since the reports were compiled could hurt those sectors.
Job losses, which started at the beginning of this year, are expected to worsen as businesses feel the credit pinch. The effects of the worsening economy were on display at retail outlets around the country.
After years of conspicuous consumption, many middle- and upper-income Americans are morphing into cautious shoppers. The change in mood could have a dramatic effect on consumer spending on everything from cars and travel to electronics, fashion and jewelry, especially heading toward the holiday season. That’s a radical change from the 2001 economic slowdown when many people shopped to feel better.
In Chicago, Fanchon Simons, an avid 60-year-old shopper, says she couldn’t bring herself to buy a 0 blouse that she tried on at a designer-clothing boutique last week. Ms. Simons says she hasn’t bought much for herself in the past couple weeks — and not because she can’t afford it. Buying "is not that important to me right now because of the climate," she says. "Maybe it’s a way to be in sympathy with the rest of the people…or maybe it’s that I don’t really need anything."
High-end consumers aren’t the only ones pinching pennies or turning to window-shopping. Synetha Chambers, a 31-year-old single parent from Cedar Hill, Texas, who makes an hour as a service representative for AT&T, says she has pared her grocery list to the necessities — milk is a must, but she no longer buys soda and chips. "And I will be honest with you, Christmas is no longer a necessity in my household," Ms. Chambers says.
Besides worrying about the economy, stock-market investors have two other immediate concerns. One is that credit markets may remain dysfunctional for weeks or even months, which would make the recession worse. The struggling credit market in particular is making it more difficult for many companies to raise the cash they need to run their operations.
In addition, investors are watching the earnings season, in particular what companies are saying about their outlook for the rest of the year. One test comes Thursday: Citigroup Inc. is reporting its latest quarterly results, and investors will be closely monitoring the health of its huge portfolios of consumer loans.
—Jon Hilsenrath, Miguel Bustillo and Robin Sidel contributed to this article.Write to Sudeep Reddy at sudeep.reddy@wsj.com, Jennifer Saranow at jennifer.saranow@wsj.com and Ann Zimmerman at ann.zimmerman@wsj.com

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realestatemarketingthisweek.com – Real Estate Marketing – New Fannie Mae Streamline Loan Modifications may do more harm than good – With Michael J Barnes and Dan Havey of Real Estate Marketing This Week Part 5 – We do realize that there are situations that people are in that they want to be out of and we want to move past. We have back in the studio, the author of Real Estates Future also the author of The Foreclosure Sharks white paper, a fantastic manual that he has put together that you can get for free. Dan Havey thank you very much for coming back. You can get a copy of the white paper The Foreclosure Sharks at http So Dan I know that you have brought the just recently released new Fannie Mae, Freddie Mac guidelines, with their streamlined modification process. This is the kind of thing where the consumer can go and do-it themselves, right? Yes, except that we would certainly advise against that. These are the guidelines that Fannie Mae came out with; they are effective as of a couple weeks ago now. But with Christmas and the holidays I dont think a whole lot of people have figured out what this is all about yet. So as we said in the last segment the guidelines that they have come out with here, and what I have is a print out but I dont know that this is the whole thing because I have heard some commentary on this that actually says that it is much worse then I am about to relay to everyone on the air. I am just going to pick out a couple points about this and then I …
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Citywide Mug


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This is my favorite coffee cup. I like the neoclassical architectural detail, which of course can still be seen at 3625 Canal Street. I believe Citywide Mortgage is defunct. A quick net search turns up the following…

For Immediate Release
April 20, 2009

United States Attorney’s Office
Eastern District of Louisiana
Contact: (504) 680-3000

President of Citywide Mortgage Michael O’Keefe, Jr. Pleads Guilty to Making False Statements During a HUD Transaction

NEW ORLEANS, LA—MICHAEL O’KEEFE, JR. age 49, a resident of New Orleans, Louisiana and President of Citywide Mortgage Company, pled guilty in federal court this morning before U.S. District Judge Ivan L.R. Lemelle to making false statements during a transaction with the U.S. Department of Housing and Urban Development (HUD), announced U. S. Attorney Jim Letten.

The charge to which O’KEEFE pled was contained in a superseding information that was filed this morning. According to the factual basis as well those filed in the prosecutions of CALVIN DAVIS and MICHELLE COCHRANE describes a “housing flipping” scheme at Citywide Mortgage Company. DAVIS purchased properties in the 9th Ward and Lower 9th Ward, obtained fraudulent appraisals and arranged for straw buyers to purchase them. DAVIS then sent the strawbuyers to Citywide Mortgage to obtain loans by using fraudulent employment and credit documents as well as false tax returns. These loans were approved by MICHELLE COCHRANE, a former underwriter at Citywide Mortgage knowing that the loans were fraudulent. After she approved the fraudulent loan applications, the loans were forwarded to the HUD offices in Denver, Colorado. Based on the fraudulent applications, HUD insured the loans, which were then sold to investors on the secondary market. Various properties eventually went into default and HUD became responsible for paying off those loans.

O’KEEFE was the president of Citywide Mortgage Company during the pendency of the scheme. O’KEEFE admitted today that he assisted the scheme by paying commissions to COCHRANE at CWM and hiding that fact from HUD during the insurance application process. Specifically, the defendant agreed to pay COCHRANE commissions for originating HUD/FHA loans. This was a violation of HUD regulations which prohibited an underwriter from receiving a commission for originating HUD loans. COCHRANE received these commission payments through at least August, 2002. This was accomplished by either listing the defendant as the loan originator or listing a ghost employee “B.C.,” as the loan originator. A check was issued to “B.C.”, endorsed by COCHRANE and deposited in her bank account. The checks were issued by Citywide Mortgage and signed by O’KEEFE. These false statements, that is, the false identity of the loan originator were included in the file submission to HUD.

The plea agreement requires O’KEEFE to pay 6,565.55 in restitution to HUD. He is required to pay 0,000.00 of that amount within 30 days of his plea of guilty. The remaining restitution is due prior to sentencing. The plea agreement also stipulates that the original indictment will be dismissed after sentencing. Sentencing is set for July 22, 2009 at 2:00 P.M. before Judge Lemelle.

O’KEEFE faces a maximum term of imprisonment of two (2) years imprisonment a fine of 0,000.00 and up to one (1) year of supervised release following any term of imprisonment.

O’KEEFE, JR. is the seventh person to plead guilty to charges stemming from this investigation. CALVIN DAVIS pled guilty to Conspiracy to Commit Mail Fraud, Income Tax Evasion and Making a False Statement in a HUD transaction and is awaiting sentencing. MICHELLE COCHRANE pled guilty to Conspiracy to Make False Statements in a HUD transaction and is awaiting sentencing. ROBERT GREEN pled guilty to an identical charge and admitted that he prepared the fraudulent tax returns. Three “straw buyers” TIMOTHY FALLS, DENNIS ADDISON and DENNIS LEBLANC have pled guilty to Making False Statements in HUD Transaction. GREEN, FALLS, ADDISON and LEBLANC have all been sentenced to probationary terms.

This case was investigated jointly by Special Agents of the Federal Bureau of Investigation, the Department of Housing and Urban Development, Office of Inspector General, the Internal Revenue Service, Criminal Investigation Division and the United States Postal Inspection Service.

This case is being prosecuted by the Chief of the Organized Crime Strike Force Unit, Mark A. Miller and Assistant United States Attorneys Michael M. Simpson and Kevin G. Boitmann.

Question by Lil M: what requirements do u need to have to get a fha loan to buy a house?
what requirements do u need to have to get a fha loan to buy a house

Best answer:

Answer by Mark M
There is a whole 300+ page book on the FHA guidelines. The best thing to do is just apply. If your Loan Consultant is good, they will tell you what to do if you don’t qualify right now.

Know better? Leave your own answer in the comments!

Question by ohmyitschelseaxo: Can you buy a mobile home with the 8000 first time home buyer credit?
I was wondering if you could buy a mobile home with the first time home buyer credit and what the steps are in order to do so? How do you find out if you qualify and how do you get the 8000 credit towards the home?

Best answer:

Answer by Ryan M
ONLY:
1) If the mobile home is OVER ,000. If not, then you will not receive the full k.
2) You MUST own the land that the mobile home is sitting on.

FYI..The k cannot be put “towards” the home. You will not get a penny of the money until 4 months AFTER you purchase it.

Know better? Leave your own answer in the comments!

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