JP Patches Statue Update

December 23, 2007 by 1 Comment

I just received this email from Urban Sparks.  If you’re a reader of this blog, you Thumb_meandjp know JP Patches is my childhood hero.   I was fortunate to have him surprise me on my birthday this year when he showed up at my home.   Fundraising is still actively taking place for the statue to honor JP and Gertrude in Fremont.  It was recently announced that JP is fighting blood cancer.  He still managed to show up at the Seattle Aqaurium to the delight of locals and do a fundraiser a few weeks ago for Channel 9 (our public television station).

I have added a link on the left side of Mortgage Porter so you can easily donate anyJpstat  amount you would like or purchase a Patches Paver.  This link featuring this handsome clown will remain until we have enough funds raised to complete JP and Gertrude’s statue.  Still looking for last minute Christmas Gifts?  A Patches Paver is the perfect present for Patches Pals!   

View photos from when the statue model was unveiled at Fremont earlier this year.

Hi Patches Pals,

Let’s boost JP’s and Gertrude’s spirits for the Holidays.  They still boost spirits all year round and they’ve done it for 50 years!  Think of the joy they’ve brought you.

Let’s give them a boost for the holidays; let’s finish the statue fundraising now, before the end of the year, so they can dance around it in early 2008.

J.P. and Gertrude still give to community by making increasingly-rare public appearances that touch kids of all ages.  And they do it with clown makeup.  As sweet as Gertrude is and as dedicated as she is to winning J.P.’s heart, she’s pretty tired of putting her face on and washing it off again before bedtime. 

This year, J.P. and Gertrude have worked extra hard with a team of “youngsters” at NATAS-NW and Urban Sparks to support the gift of the statue to generations of grownup kids and to generations of kids that they hope will get to grow up after spending time at Children’s Hospital. 

They know that they can live long beyond their mortal lives as role models of humor, kindness, and generosity and they know that the donations that the ICU2TV will collect for years to come will help Children’s Hospital serve kids who need more than a good laugh.  So they’re ignoring their advanced ages and pushing on to support this effort – not for ego but for their love of kids. 

Depending on whether you were 7 years old in 1958 or 1981, J.P. and Gertrude are 23 to 46 years older than you.  Think about that for a moment.  Let’s cut ‘em some slack….

Chris Wedes and Bob Newman and say “Thank you from all of the kids who teamed up to honor J.P. Patches and Gertrude.  Together we made bronze.  You can relax now and stand forever.”

…If we go beyond bronze and raise extra money, that extra money will go to J.P.’s favorite charity – Children’s Hospital.  So we can’t go wrong.  No need to pull your pie!  Donate here

Please help push this fundraising effort over the top right now so we can finish the statue and give J.P. and Gertrude the recognition they so richly deserve.  Then join them at the unveiling in 2008.

Thanks so much. Your Patches Pals at:

NATAS Northwest and Urban Sparks

P.S.  Here is a recent article on J.P.

http://seattlepi.nwsource.com/local/338485_patches06.html

See the Mayor of the City Dump get honored by

Seattle’s Mayor and City Council:

(Fast forward to 10 minutes.)

http://www.seattlechannel.org/videos/video.asp?ID=2020745

Filed Under: Just for Fun, People, Seattle

Does Santa qualify for a Reverse Mortgage?

December 22, 2007 by 3 Comments

Santahouse

If Santa and the Mrs. would like to add a steady tax-free income each month while he’s volunteering, making toys and traveling around the world, he may want to consider how a Reverse Mortgage could benefit their lives.

Reverse mortgages can be a financial tool for Seniors who would like to have access to additional funds.   A reverse mortgage is essentially a loan against home equity for borrowers who are at least 62 years old.

Unlike a traditional mortgage where you make monthly payments, a reverse mortgage pays from your equity.   Instead of paying down your balance every month, your loan is actually growing as it provides tax free income to the Senior.  The mortgage is paid off when the last senior leaves the home.  Here is a calculator to see how much cash you may qualify for utilizing a reverse mortgage.

Reverse mortgages are easy to qualify for as long as their is enough equity in the property:

  • Youngest borrower must be 62 years of age or older.
  • No income or credit score requirements.
  • Counseling is required from a HUD approved agency (no cost to the borrower).
  • Property must be the primary residence.  (It does not need to be mortgage free).

In addition, reverse mortgages are non-recourse (the borrower can never owe more than the appraised value).

Santa and Mrs. Claus can use a reverse mortgage to:

  • receive a lump sum of money (with no payments due until the last borrower leaves the home).
  • receive a monthly tax free payment.
  • purchase a primary residence.

The money can be used for anything they wish from bridging the financial gap between what they planned for retirement and the reality of retirement to vacationing or what’s on their Christmas list.

I’m pleased to be able to offer Reverse Mortgages and the Family Opportunity Mortgage programs both designed to help Seniors. Questions?  Please contact me or your local Mortgage Professional.

Filed Under: Reverse Mortgage Tagged With:

Festive Friday: Alki’s Blue Glass House

December 21, 2007 by Leave a Comment

This home is a treat to walk by just south of Alki’s sandy beach.  The locals know this as "The Blue Glass House". 

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Img_4752 This time of year, blue Christmas lights adorn their decked out yard.   

Filed Under: Just for Fun

Mortgage Master will be closing early tomorrow

December 20, 2007 by 3 Comments

Dasanta1_2 Tis the Season for office holiday parties.   Mortgage Master will be closing at 3:00 p.m.  tomorrow, Friday, December 21, 2007 to celebrate Christmas and this year being (almost) OVER! 

We will re-open for business on Monday, December 24, 2007.   As this is Christmas Eve, you can expect a light staff and that we will be closing early (once fundings are complete…so no exact time as of yet).

We will re-open for business on Wednesday, December 26, 2007.

Where is the mistletoe?

Filed Under: Current Affairs

My Take on the Fed’s Proposal to Amend Reg Z

December 19, 2007 by Leave a Comment

You can read the official press release here.   This following is from the highlights.  I’ve added my opinions (if any) in italic.

The proposal would establish a new category of “higher-priced mortgages” that should include virtually all subprime loans. The proposal would, for these loans:

  • Prohibit a lender from engaging in a pattern or practice of lending without considering borrowers’ ability to repay the loans from sources other than the home’s value.  Fine.
  • Prohibit a lender from making a loan by relying on income or assets that it does not verify.   Fine. I have never been a fan of "over" stated income when the income is not there.  I have done just a few stated income loans in my mortgage career where the income was there, but hard to document.  This will impact those borrowers.
  • Restrict prepayment penalties only to loans that meet certain conditions, including the condition that the penalty expire at least sixty days before any possible payment increase.   Fine.  I’ve never liked prepayment penalties.  Life happens and sometimes people don’t stay in a home or mortgage as long as they originally intended.
  • Require that the lender establish an escrow account for the payment of property taxes and homeowners’ insurance.  Fine.  The lender may only offer the borrower the opportunity to opt out of the escrow account after one year. All subprime (or non-prime, same thing–just sounds better these days) should have reserve accounts. 

The proposal would, for these and most other mortgages (prime aka a-paper):

  • Prohibit lenders from paying mortgage brokers “yield spread premiums” that exceed the amount the consumer had agreed in advance the broker would receive.    A yield spread premium is the fee paid by a lender to a broker for higher-rate loans.    Fine…IF…the borrower accepts and understands that the broker is going to be compensated a total of x% which includes YSP plus the origination if any.  For example, the broker would disclose upfront to the borrower that he/she is going to make 1.25% (just for example sake) to the borrower.  If the borrower is paying 1% if origination points and the lender is paying 0.30% in YSP; the loan originator will credit the borrower 0.05% of the YSP to the consumer.   However, if the reverse happens, and the YSP winds up being 0.20%, shouldn’t the Loan Originator be allowed to increase their origination by 0.05% to meet the 1.25% agreed compensation?  It needs to work both ways. 
  • Prohibit certain servicing practices, such as failing to credit a payment to a consumer’s account when the servicer receives it, failing to provide a payoff statement within a reasonable period of time, and “pyramiding” late fees.  This must be on the servicing side (and it’s fine with me).
  • Prohibit a creditor or broker from coercing or encouraging an appraiser to misrepresent the value of a home.  Fine…absolutely fine!
  • Prohibit seven misleading or deceptive advertising practices for closed-end loans; for example, using the term “fixed” to describe a rate that is not truly fixed.  It would also require that all applicable rates or payments be disclosed in advertisements with equal prominence as advertised introductory or “teaser” rates.   Fine.  I have called 5 year ARMs, ARMs that are fixed for five years and adjust annually afterward.  I don’t see that as misleading.  Consumers should know what the "worse case" payment may be on their ARM or any mortgage.
  • Require truth-in-lending disclosures to borrowers early enough to use while shopping for a mortgage. Lenders could not charge fees until after the consumer receives the disclosures, except a fee to obtain a credit report.  Fine.  I do not provide rate quotes (except for those I post on Fridays with all of my disclaimers) without sending a Good Faith Estimate with the Federal Truth in Lending. 

I am not seeing a huge issue with the Fed’s proposal.  In fact, as you can see, for the most part, I agree with it…it’s fine! 

NOTE:  If you bought a home using over-stated income and have an ARM adjusting, you may need to find a co-signer to help you obtain your next mortgage.  There will not be many (if any) stated or no-income verified products available for you.  This is your government in action.

Filed Under: Current Affairs, Legislation, Mortgage, Subprime Lending

My email from Congressman Dave Reichert on HR 3915

December 18, 2007 by Leave a Comment

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Dear Mrs. Porter,

Thank you for contacting me to share your views on legislation to address predatory mortgage lending. I appreciate your thoughts on this matter and welcome the opportunity to respond.

As you know, Representative Brad Miller (D-NC) introduced the Mortgage Refomr and Anti-Predatory Lending Act (H.R. 3915) on October 22, 2007, to create a nationwide licensing system for mortgage brokers similar to our existing system of federal banking regulation. I supported this legislation when it came to the House floor for a vote because I am concerned that if predatory lending continues to lead to foreclosures and decimate the market, it might reduce the value of homes across the 8th District and our nation. It is estimated that families not facing foreclosure could see the value of their homes decline by $265 billion because of the ripple effect 2.2 million foreclosures would have in diminishing process of surrounding homes. The measure passed the House by an overwhelming bipartisan vote of 291-127, and has been sent to the Senate for review.

When H.R. 3915 was originally presented to the House, it contained some flawed provisions. That’s why I supported amendments to clarify and narrow its scope to ensure that it targets predatory lenders and does not have unintended consequences for mortgage brokers who responsibly extend credit to homebuyers. I also sought to exempt prime loans from the bill and reduce the potential for frivolous lawsuits and borrowers alike.

Rest assured that I will continue to closely monitor the crisis in our mortgage markets and its impact on our economy. The crisis will require public and private sector effects to help those affected, and I will support measures that provide necessary assistance without sacrificing free market principles.

Once again, thank you for taking the time to get in touch with me. Your interest and input are valued and I hope to hear from you in the future regarding other matters of importance. I encourage you to visit my website and sign up for my monthly e-newsletter at http://www.house.gov/reichert/ to learn more about other issues impacting the 8th Congressional District and our nation.

Sincerely,

David G. Reichert
Member of Congress

Filed Under: Legislation

What to do when your husband starts a DIY project before Christmas?

December 18, 2007 by Leave a Comment

Decorate…of course!

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This is how this is how this nice hole in the wall started.

Filed Under: Just for Fun

Michelle Brown’s Memorial Service

December 14, 2007 by Leave a Comment

Update:  Michelle’s obituary and guest book.

Here is a memo from Christine, one of my co-workers at Mortgage Master.  She did a  wonderful job composing this regarding Michelle Brown’s Memorial on Monday, December 17.    Mortgage Master will be open with a light staff on Monday.  I will not be working on that day.   Please contact my Processor, Dina should you need anything on a transaction in progress.

To The Friends of Michelle Brown~

As most of the you are aware, on the afternoon of December 12th,  our dear friend Michelle passed away.  Below is information that her family has asked me to pass on.
Michelle’s memorial service will be held at the Kent Senior Activity Center at 2:00pm, Monday, December 17th.  There will be a celebration of Michelle’s life immediately following the memorial service at Henry’s Switch at Lake Wilderness Golf Course. There will also be an open viewing at Marlatt’s Funeral Home on Monday morning from 9:00 am to 11:00 am.
In lieu of flowers, donations may be made in memory of Michelle to Seattle Cancer Care Alliance, or The family of Michelle Brown Memorial Fund.  If you would like to send flowers, the family’s preferred flower vendor is Covington Buds & Blooms.
As her friend, I know the family would want me to extend their gratitude to each and every one of you for your love, friendship, support and generosity.  We have all been truly blessed to have had such a wonderful person touch our lives and live forever in our hearts.Michelle
Warmest regards,
Christine
I am scouring through my photos trying to find more of Michelle.   This is a goofy one where we are dressing up like Marilyn Porter (the lady in the red hat who is my sister in law and our "boss") celebrating Marilyn’s milestone birthday.   Michelle enjoyed life and was never without a smile.   
Important information for Michelle’s Memorial:

Kent Senior Activity Center

600 East Smith Street

Kent, WA  98031

Henry’s Switch at Lake Wilderness Golf Course
25400 Witte Road SE
Maple Valley, WA  98038
Marlatt’s Funeral Home
713 Central Avenue North
Kent, WA 
Seattle Cancer Care Alliance
PO BOX 19023
Seattle, WA  98109
Mention In Memory of Michelle Brown on memo line or with operator
206-667-6121 (phone donations)
Online payment options are not available at this time
The Family of Michelle Brown Memorial Fund
Executor – Dave Tredo
Washington Mutual Bank – Donations accepted at any branch
Covington Buds and Blooms
15220 SE 272nd
Kent, WA  98042
800-334-8046

Filed Under: People
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