Murphy's Law strikes PTRE 2.0 launch

Murphy's Law: "Whatever can possibly go wrong, will go wrong." This basic axiom of life and business holds true for my new website. Perfect. We've been in beta for four months; no problem. I've hosted my site at the same platform for 8 years. No problem. I launch and announce the release of PTRE.net 2.0 yesterday afternoon and the server has so many hits the entire network crashes, bring down hundreds of websites and associated POP and SMTPs. I blame Bob. He said he invented the Internet, and the question mark. So, hang tight, we'll be back after something else unimaginable happens. Some day I'll look back on this and laugh.

PTRE 2009 Goes Live Today

After ten years of my own hacking and crappy coding of my own website design and maintenance, the all new PTRE.net 2009 launches today. Built by Abigail Gorton Websites, my new site is cleaner, friendlier, and more about you and me. As a visitor, you'll have the typical ramblings that any website will tell you about their services, but at http://www.ptre.net/, I hope you feel at home, relaxed in my favorite place, Yosemite Valley. I'm taking the hype and hard sell out of my site, making it a peaceful, green site to do business with a professional broker who won't pressure you, set false expectations or give you the old "bait and switch." You'll get me, real guy, real service. Please take a moment to let me know what you think of the site, the feel and the functionality. Refer my site on to anyone considering a Purchase or Refinance, and when you're ready for a website make-over, please consider my referral partner, Abigail Gorton, "Building beautiful websites to showcase your business."

Any Press Is Good Press...

IBD: Investor's Business Daily reporter Kathleen Doler has again graced me with an interview on my thoughts on the market. Although slightly misquoted on my "Jumbo Rates," the article does cover the challenges and opportunities today and ahead. Today's online and print article entitled and linked at Lending Is Changing; Getting A Mortgage May Take Bank Visit doesn't really help the independent mortgage broker's plight, but, hey, at least I'm honest. Now, Back to the rates: Jumbos are in the mid 5%'s right now on 5 year fixed rates or the "ARMs" where the Jumbo 30-Year fixed is closer to 7 and 8 percent. So, Jumbos are still getting done, but you'll be more "liquid" on a monthly basis in the 5's on an Option ARM type loan where the payment is manageable on loans from $600,000 to $10,000,000. Every borrower is different, and it's is getting sticky; but give it time. This too shall pass and planning now is a smart move. Go with the honest broker: Pat Townsley. 415-485-1776. http://www.ptre.net/
Thanks Kathleen for your continued support and writing where others don't often tread.

test; Monday night

Test only

Layoff A Go-Go: Refuse to participate in the recession!

Sprint/Nextel just announced 8000 layoffs, Autodesk lays off 10%, Home Depot closing stores; There's nowhere to run, nowhere to hide; It's getting tougher and tougher. From Telecom to Dot-com to the kitchen sink, retailers, e-tailers, corporations to Ma & Pa shops are tightening or closing. There isn't a piece of good news out there. So, what's the solution? STOP LISTENING TO THE NEWS! We're all products of our peer groups, what we immerse ourselves in and then acting out our own self-fulfilling prophecies. So you sew, so you reap. May I recommend getting into a forward thinking Master Mind group; A group that focuses on solutions, ideas, support and accountability. I'm guilty of saying what loans I cannot do, how programs are being pulled away and that banking is becoming completely socialistic; Wrong approach. I'm focused on what I can do, what I can provide for you and your referrals, finding opportunity where others see only doom and failure. If you have interest in the Mastermind Group of Marin, please contact me. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/. PTRE 2.0 Launching soon! 3 days to release.

Prelaunch Test Blog

PTRE.net 2.0 launching soon.

Test Posting for RSS feed to Facebook

Good Lord; Attempting to set up my own RSS feeds is like being dragged through glass! Any great ideas? I'm working with NetBizExpert.com founder Ted Prodromou and his MeetUp seminar, but it's seeming more like I should leave the set up of RSS feed linking to the pros (like Ted) and i'll just ramble on and hope the feeds actually work. Linking in LinkedIn, Facebook, Blogger, PTRE.net, Twitter and Delicious is going to cause me to drink. more. I'll stick to my core; Providing financing solutions in a turbulent market. Let's talk, or link me into your RSS feeds on your social media sites. Thanks for your support and referrals! Announcing that PTRE.net 2.0 is Launching this week.

Lowering Your Standards

Many people are lowering their expectations based on today's economy, coming up with the obvious excuse that everything in the world is in a decline, and "we're not alone in this" so they rationalize that there is no way to achieve their 2009 goals. That's a decision. I offer a better solution: How about if you get clear and focused on what you must achieve to Increase your standards, life, health and income. Buck the trend and focus on where YOU want to be by the end of 2009, not "readjust to lower your expectations." Taking action and being held accountable to your objectives is critical. Don't talk yourself out of it through rationalization. Have a compelling "Why" (a really strong motivator) and make it a "Must." One of you needs might be a financial check up on your home mortgage or finding out how you can get into real estate while prices and rates are low (a winning combination for maximizing cash flow). Call or email me. I'll hold you accountable, and visa versa; A win-win. Take action. Call Pat Townsley, Mortgage Advisor. 415-485-1776. http://www.ptre.net/

Bumpy But Powerful Start for Obama

I've got a 1/2 ton 5.3L Chevy Avalanche. It's a powerhouse of a vehicle; it holds a lot as well as having the potential to go fast and power through any situation. However, the front left wheel has a shimmy to it. I can feel it most right in the beginning of my ride, and sometimes when I'm zipping along and the road gets rough. It could be the trans axle, loose bearings, out of alignment and require wheel balancing. It's probably bits of all these creating a sometimes bumpy ride, but I don't throw it out and laugh at it. Today, president elect Obama became President Obama with a few bumps starting with the oath as "the oaf" and a hang up within the brief reciting of the oath (I would have asked for a mulligan). Unfortunate as that moment was (and how many times will the media rehash that moment until we're sick of it) we still a very powerful engine with potential to go fast and power through any situation. Left, Right, Right, Wrong, Up, Down, the resulting message is clear: Lead, follow and get out of the way~! Let's get busy America. So say we all. http://www.ptre.net/

Money Is Cheap (if you can get to it!)

A friend just contacted me, said that he heard "money is cheap, gimme a call." Media hype and misleading advertising has the general population thinking that any loan should be at 4.5%. Then there are those who believe it will go lower. I talk to people daily who say they're simply holding out for 30-year fixed rates under 4%. The fact is, some money is cheap, however, the goal of a cheap payment or the mindset of under 4% might cloud the challenges to get that cheap money. As I replied; Getting cheap money may be like climbing a barb wire fence to go swimming in salt water (or maybe even lemon juice). While money is cheap, the cost to acquire that cheap money is not cheap, and that's what the majority of lenders fail to tell borrowers. Even with disclosure, the closing costs are higher than years gone by. So, get the facts before you storm the castle. Call me for real deal. Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/

Just When You Thought Things Would Get Better...

Look-out below! No time to rest on deck and take in the sun. If you have a Jumbo Loan that's set to adjust, Now would be a good time to get things going. As anticipated, banks are tightening up more as their values deteriorate on Wall Street. Getter' done now. For those of you with Conforming Loans, you're looking at the LOW 4% range for 30-year fixed rate loans. Don't get greedy; make the call now and let's get down to business. Pat Townsley, loan shark licensed by the state of California, Broker #01234350.

US Mortgage Crisis 2.0

Remember my posting and definition of "Dead Cat Bounce?" That bounce was the past few months, and now we're most likely beginning the next slide down the razorblade of life as US Banks go into crisis mode, lock-down and even failure. This will continue to erode US consumer confidence to an all-time new low and people will simply NOT make deposits into banks due to fear. If the banks don't get deposits, they can't loan. Any "US Bailout" money will continue to get hoarded by the banks and not passed on to the intended consumer. "The best laid plans..." "Time heals all..." "I could..." "...but I'd have to..." "How bad could it..." "You're not alone..." "We're all in this..." ...and other statements aren't going to help. Who's next to close either Jumbos or all financing? Likely players: Countrywide, ING, Union Bank, US Bank. Here's a familiar saying: Take Action! May I recommend not asking "How bad can it get." Ask and you receive. Ask better questions. Ask me for a new loan while you can lock it in, as the forecast calls for rain. Pat Townsley, mortgage forecaster. 415-485-1776. www.ptre.net

Chase this: Chase Closes Wholesale Lending

I'll put this in the list of the Top 10 crappy things going on in the world of real estate financing. A lot of people were just put out of work and a lot more people won't be getting loans at Chase announces that they're closing the doors to wholesale lending. That's TWO MAJOR BANKS with bad news for homeowners in the first two weeks of the new year. First Wells terminates all Jumbo loans, now JPMorgan Chase just going bye-bye. This is only the beginning. Could the debt of the Bear Stearns acquisition be a factor, or is it all a conspiracy theory, or just the next of 1000 papercuts on global financing? Brace yourselves by Locking In and Refinancing NOW before it's impossible. This lock-down could last years, and you might not. Let's talk. Pat Townsley, navigating the incoming shitstorm of 2009. http://www.ptre.net/

Winning the Lottery Takes Balls

I love studying probability and statistics. In the California Super Lotto, the "odds" are 1 to 3.12. Doesn't sound bad. These however are the "overall statistics" where it accounts for the number of $1 and $2 win tickets. The probability of correctly matching 5 randomly selected numbers plus an additional 6th mega ball are near impossible; 18,009,460 possible number combinations between the 6 balls. Remember: You can't lose if you don't play. Play responsibly. Your schools don't win either (they have their own probability model for distribution). Keep dreaming. Keep hoping the infinite probability drive will take you to the Restaurant at the end of the Universe. You can also dream that home mortgages will come down to 4% on super jumbos. For those who want better odds, jockey your loan for position now. The race is on and all the balls are in the air. Place your bets (lock in your loans) now before the window closes. Pat Townsley, mortgage broker. 415-485-1776

PTRE 2.0 and the Death of Jumbo Loans

Bringing a website up to date with static yet relevant content is time consuming. PTRE.net 2.0 will launch soon, not a second too late for the mad rush for refinancing the great conforming and high-balance conforming loans that are in the 4.0% range. My team is busy underwriting and funding daily. For those of you who had faith and rolled with my recommendations; congratulations. I heard that there is going to be a FREEZE on ALL JUMBO LOANS...as in: Nobody will be offering them. Two big players already made that announcement, so if you have been considering refinancing your loan which may be over $625,000... you'd better do it now before the shock wave runs through all the banks, conduits and resellers. Remember when I said "Quick, refinance before they pull Stated Income loans" or when I said "We'll be looking up from the pit of a Depression praying for a Recession"? OK then. I think you'd better cowboy-up if you're a Jumbo and adjusting or you're gonna get burned. Let's talk. Pat Townsley, mortgage broker. 415-485-1776. www.ptre.net

Find a Happy Place, Find a Happy Place...

Some things, money can't buy. In a busy world where we start to lose the good feelings of the holidays, money gets tight, stress gets high, there's always a moment for an escape. Sometimes a picture is worth a thousand words. When motivational quote-actions don't quite do it, demotivational posters (while hilarious) actually embrace your despair, sometimes a picture is what you need to help clear, zone-out, then prioritize and refocus your energy. Over the past year, I've found www.yosemiteblog.com to be a great daily resource, sending a moment of nirvana just at the right time every day. If you can't Hike Half Dome today, you can take a quick mental vacation. Then, rested, come back and let's do some business. Pat Townsley, using loan proceeds to fund annual trips to Yosemite and supporting YOSAR.
Picture from Yosemiteblog.com (photographer credit to be posted shortly)

New Appraisal Rules from Lenders in 2009

More flies in the ointment, clogs in the drain, crap in the gears for the real estate banking industry as lenders are cutting out third-party appraisers and using their own "in house" appraisers for property valuation. What this means is another disadvantage for the borrower. In house appraisers will take longer to get an appraisal done, will be "motivated" or "demotivated" and possibly "result guided" by there parent institute based on volume and desire to actually fund a loan. A property owner may apply for a loan and the bank may be too backed up with appraisals or over-charge and then possibly "influence" the value. Even if that's not the case, the real rub is lack of Flexibility. You're going to be forced to take whatever you get from the bank and the appraiser might no know your neighborhood or special regional attributes or specific "comps" that add true value. Also, if a client starts with "Bank A" and then decides to go with "Bank B," you'll probably have to get an additional appraisal from each bank; More cost, less opportunity to "shop" your loan to the best lender. Get it right the first time; http://www.ptre.net/

4% Rates: Rock Solid!

The Federal Reserve released implementation details on its previously announced program (dated November 25, 2008) to purchase mortgage-backed securities. This is a new step that the government has taken to demonstrate its resolution to keep mortgage rates low, help the housing market & distressed home owners. Only fixed-rate MBS securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae are eligible for purchase. Other products such as hybrid ARMs, jumbo loans, and structured bonds (CMOs, REMICs, Trust IO/POs, and other derivatives) are excluded. Purchases are expected to begin in early January 2009, and up to $500 billion will be bought, which is in addition to the Treasury’s agency MBS purchase program, which has been running at $20-25bn in recent months. The potential size of the Fed’s purchase program ($500bn) can take down most of the 2009 agency MBS net supply. Therefore, the program may drive conforming mortgage rates even lower, possibly solidly into the 4% range (compared with 5.25% which is about where they are now). Come get some! Pat Townsley, Senior Mortgage Broker, California Mortgage Advisors. http://www.ptre.net/ 415-485-1776