the economy is so bad... that I got a pre-declined credit card in the mail. The economy is so bad.... I ordered a burger at McDonalds and the kid behind the counter asked, "Can you afford fries with that?" The economy is so bad... that CEO's are now playing miniature golf. The economy is so bad... if the bank returns your check marked "Insufficient Funds," you call them and ask if they meant you or themselves. The economy is so bad.... Hot Wheels and Matchbox stocks are trading higher than GM. The economy is so bad... parents in Beverly Hills have to fire their nannies and learned their own children's names. The economy is so bad... a truckload of Americans was caught sneaking into Mexico . The economy is so bad... Dick Cheney took his stockbroker hunting. The economy is so bad... Mote... 11/16/2009

Is time running out on the long-running mortgage rates decline of 2009? While rates have been steady for a while,  the long-term outlook could look more and more like an inflationary one, which should trigger higher mortgage rates before too long. That means higher interest payments for mortgage customers. Opinions as to where our economy is headed for are conflicting and even contradictory. Some claim that deflation threatens our economy.  Some, on the other hand, believe that the real threat to the U.S. economy is inflation, even hyper-inflation. I tend to believe that once we are truly out of the current recession ("Main Street" recovery, not "Wall Street"), and unemployment is back to average historical level ( it may take a few years,) our economy will experience "contained" inflat... 11/02/2009

ANSWER: THIS IS OLD LAW.  IT NO LONGER APPLIES No rollover, no more over-55 rule. The rollover or once-in-a-lifetime options were replaced with the current per-sale exclusion amounts under the Taxpayer Relief Act of 1997. Before May 7, 1997, the only way you could avoid paying taxes on your home-sale profit was to use the money to buy another, more-expensive house within two years. Sellers age 55 or older had one other option. They could take a once-in-a-lifetime tax exemption of up to $125,000 in profits. And in all instances, there was tax paperwork (to fill out to show that you followed the rules. Now when you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, $500,000 if you're married, and not owe any capital gain taxes every time you sell ... 10/05/2009

Many of us, mortgage originators and Realtors are experiencing the negative impact of new appraisal rules.  The Home Valuation Code of Conduct, or HVCC, forced on the industry by State Attorney General Andrew M. Cuomo, are slowing down sales and mortgage process. The change came as a result of the mortgage and housing crisis.  Many decision makers blamed the crisis in part on inflated valuations.  The new rules are preventing mortgage lenders and brokers from ordering an appraisal directly to avoid influencing or pressuring the appraiser to come up at the desired valuation. Today most lenders are using independent, third-party appraisal management companies.  These companies are middlemen, taking requests from lenders and farming them out at random to individual appraisers. So now, unde... 09/27/2009