Bail Out was a BUST!

In light of all the recent turmoil regarding the failed bailout, I wish to share just a few points with you that were made in a rather lengthy email sent to us this morning from Bill Starkey, the owner of WR Starkey Mortgage:

• The initial plan has failed but that just means that our politicians must go back to the drawing board and draft a plan that is acceptable to all parties.
• Although we do not have a Bailout Plan in place, the US Government is still taking care of the issues on a case by case basis and they will continue to do just that.
• Until a Plan is reached, you are going to see ups and downs in the stock market as well as all financial sectors.
• Our industry has caused the majority of this mess in that Sub-Prime Mortgages sit at the center of it all.
• Hence, the Real Estate Industry and Mortgage Industry have seen a great amount of recent slowdown because a great amount of change is currently being initiated so that this does not ever happen again.
• Unfortunately many Banks as well as other major firms and individual investors have been put in financial hardship because of the investment in Sub-Prime Mortgages.
• Also remember that we have a Presidential Election in progress and this will definitely have an impact on the successful completion of a Bailout Plan.
  
  "I felt confident that the first run at a Bailout Plan would not be successful but I also feel certain that our Government will go back to the drawing board and put a more intelligent plan in place that will be more of a benefit to our economy in the long run. In other words, sometimes taking your time and getting something done in intelligent fashion is better than rushing out to put a plan in place that has a great number of snags. I have to be honest in telling you that the initial Bailout Plan was not very attractive and I think it will beneficial to go back to the drawing board and try again........."
  
  Mr. Starkey followed up in a second email by adding:
  
  "There are a few additional comments I would like to make regarding the current situation in the United States Economy. First and foremost, we have plenty of homes for sale in the current market and buyers are finding many opportunities to purchase homes at lower prices today because of the increased inventory. Hence, there is still a great demand for mortgage loans but that is also being countered by the fact that mortgage firms are not going to make loans to people just because they are breathing. The industry has tightened up and will go back to the traditional method of only approving people who can afford to buy a home. Furthermore, mortgage firms are and will continue to be going out of business left and right because their specialty was making loans that made no sense and taking advantage of the borrower by charging them ridiculous rates and points. Believe it or not, this provides an opportunity for firms like WR Starkey Mortgage because we focus on providing exceptional service to quality borrowers at a fair price. Hence, we fully intend to be one of the survivors of this economic downturn and grow strength as the market turns around over the next year or two. ...
  
  "In closing, I feel as if our company has a wonderful opportunity in a down market because we are filled with class and character which will allow us to further dominate our markets. Make no mistake about it.....there are homes being sold and home financing is still a necessity in this market......we simply need to continue focusing on those builders, Realtors and other referral sources to earn the business."