Mortgage C.A.F.E.- Credit And Finance Expert

Subprime: At least 45% of subprime loans originated in the previous two years (2006,2007) are projected to end up in default. (WSJ)

By the Decade: The Cost of Living index in the USA increased 24% in the decade of the 50s, 28% in the 60s, and 103% in the 70s, 64% in the 80s, 33% in the 90s.  For the first 8 years of the current decade the COLI nationwide increased 25%.

OIL: In the past month oil has dropped 22% to Friday's close of $115.20, and the S&P has gained almost 5% to last week's close of 1296 (BTN Research)

That's right, I finally got myself in bold print.  Too bad it was doomsaying that got me into it.  I basically knocked legislation for the complete dismissal of seller-funded down payment assistance programs.  The woman mentioned in last week's article in the Houston Chronicle business section is actually my client that will be closing this Thur using THAT program.  This program allowed a seller to get out from under a home before it went to auction, and a buyer to get into a home and still afford her college student's tuition. 

Once again the reality was mentioned in today's Chronicle ABOUT the tuition these kids will be facing, ALONE!  Basically, by next year there's going to be higher credit standards, and lack of ability for college students to get loans from lenders.  This will make the schools have to jump in which will turn our education system into a welfare system which will eventually need backing by...can you say it...the government.  How many things will our government need to jump in and save before we get outselves out of this mess.  Your guess is as good as mine.  This will be a deepening rubber road that we're treading on, and I can only hope and pray that we get through it in Texas the way we have over this past year from the rest of the country.  Thankfully we've become the new melting pot for America.  "Where is there cheap housing?"  Come on ya'll!  Come to Texas!  We got the housing and you don't have to be in boons to live nicely here.