A very special thank you to Shawn Watkins and Angel Bronsgeest for helping us with I Survived Real Estate for the second year! You are a very important partner in the process and we so appreciate your willingness to take the time and energy to help make this such a successful event. Shawn Watkins runs a not-for-profit real estate investment club in Orange County, California. Investors Workshop is known for its no-nonsense approach to education and club culture. We find their group to be very advanced and wonderful for meeting and networking with investors that are actually WORKING. This is largely do to the leadership of Shawn and partner Angel who also run a real estate investment club in Utah.
For more information on Investors Workshops, see their website: www.InvestorsWorkshops.com
Investors Workshop:
Meetings: Last Wednesday Monthly Networking: 6:30pm Meeting: Until 10pm
Meeting Location: DoubleTree Hotel 100 The City Drive Orange, CA. 92868
President: Shawn Watkins Phone: (801)678-1901 Email: investorsworkshops@comcast.net
Website: www.investorsworkshops.com
Information:
Investors Workshops allows real estate investors the chance to learn with other creative people. Each month, they present a speaker covering a different topic relating to real estate investment and the creation of wealth through real estate.
We welcome real estate investors of all experience levels. Whether you’re new to real estate or looking for a great networking resource, I think you owe it to yourself to check out a meeting.
Do you like to learn in an environment with like minded people? If you’re like me the answer is a resounding “yes!”. I have created Investors Workshops to allow real estate investors the chance to learn with other creative people. Each month, we will present a speaker covering a different topic relating to real estate investment and the creation of wealth through real estate.
We now have TWO meeting locations. We meet the LAST WEDNESDAY of each month in Orange County,California and we meet the SECOND Tuesday of each month in Davis County, Utah.
We welcome real estate investors of all experience levels. Whether you’re new to real estate or looking for a great networking resource, I think you owe it to yourself to check out a meeting.
www.InvestorsWorkshops.com
A Powerhouse Lineup of Eight Top Industry Experts Presents the Insiderb€™s Edge on The State of Real Estate 2009
The Norris Groupb€™s award-winning event returns September 11, 2009 to the Nixon Library in Yorba Linda, California. In this critical, final quarter, web€™ve assembled a Gold Star panel of accomplished industry specialists to discuss the impact of seismic economic shifts, head-scratching regulations, challenging legislation, micro and macro industry reforms, and the accelerated pace of opportunities emerging for real estate professionals.
Welcome to I Survived Real Estate 2009
New guidelines affect every sector of our industry, from novice investors to veteran builders to REO Realtors. In a climate ripe for both miscalculation and profitable advances, how are our colleagues and partners navigating an industry in transition? This timely symposium gathers a Whob€™s Who Round Table Including:
Bruce Norris David Kittle Pat Vredevoogd John Young
President 2009 Chairman Combs Vice President
The Norris Group Mortgage Brokers 2007 President California Builders
Association National Association Industry Association
of Realtors
Tommy Williams Christopher Joseph Rick Sharga
2008 President Thornberg Magdziarz Senior Vice President
National Association Principle Vice President RealtyTrac
Last year we covered the dramatic shifts in store for the real estate community in 2009. The response was enormous, beyond our expectations. Now web€™re here, living through the forecasts and predictions, in the midst of an evolving market primed for motivated professionals to thrive.
100% of the proceeds benefit the Susan G. Komen for the Cure of Orange County. The Norris Group is currently seeking Platinum and Gold Sponsors for the event. Sponsors will be positioned in premium advertising spots, including radio, video, signage, mailers, the event program, and website. See back for more details. To find out more, please contact Diana Barlet at 951-780-5856 today.
Please join us for what we hope will, again, be an educating, stimulating, and inspiring presentation.
See www.ISurvived2009.com for more details.
We extend a HUGE THANK YOU to all of the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors
Gold Sponsors
A very important thank you to Bill Tan and the San Diego Creative Real Estate Investors Association for playing such an important role in this event. SDCIA helped us with funding the event. If you haven’t been to SDCIA, it’s one of Southern California’s great real estate investor clubs and one of the only clubs with an investor library. More information on their website at: http://www.sdcia.com/
Information about SDCIA
SDCIA was formed to promote networking and learning between San Diego real estate investors. If you buy, sell, rent, flip, lease-option, loan, etc, this is your club! We welcome all levels of experience. We normally meet on the 2nd Wednesday of every month (but dates can vary) and feature an expert speaker at every meeting. Meetings: 2nd Tuesday Monthly Networking: 6:00pm Meeting: 7:00pm-9:00pm Meeting Location: Scottish Rite Center 1895 Camino del Rio South San Diego CA, 92108 President: Bill Tan Phone: (760) 634-0492 Website: http://www.sdcia.com/ Blog: http://www.sdcia.com/billtanblog.html Forum: http://www.websitetoolbox.com/mb/sdcia?forum=59897Resources: SDCIA is one of the only clubs with an extensive investor library. This is a not-for-profit investor club and the largest in the area.
http://www.sdcia.com/home.html
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A Powerhouse Lineup of Eight Top Industry Experts Presents the Insiderb€™s Edge on The State of Real Estate 2009
The Norris Groupb€™s award-winning event returns September 11, 2009 to the Nixon Library in Yorba Linda, California. In this critical, final quarter, web€™ve assembled a Gold Star panel of accomplished industry specialists to discuss the impact of seismic economic shifts, head-scratching regulations, challenging legislation, micro and macro industry reforms, and the accelerated pace of opportunities emerging for real estate professionals.
Welcome to I Survived Real Estate 2009
New guidelines affect every sector of our industry, from novice investors to veteran builders to REO Realtors. In a climate ripe for both miscalculation and profitable advances, how are our colleagues and partners navigating an industry in transition? This timely symposium gathers a Whob€™s Who Round Table Including:
Bruce Norris David Kittle Pat Vredevoogd John Young
President 2009 Chairman Combs Vice President
The Norris Group Mortgage Brokers 2007 President California Builders
Association National Association Industry Association
of Realtors
Tommy Williams Christopher Joseph Rick Sharga
2008 President Thornberg Magdziarz Senior Vice President
National Association Principle Vice President RealtyTrac
Last year we covered the dramatic shifts in store for the real estate community in 2009. The response was enormous, beyond our expectations. Now web€™re here, living through the forecasts and predictions, in the midst of an evolving market primed for motivated professionals to thrive.
100% of the proceeds benefit the Susan G. Komen for the Cure of Orange County. The Norris Group is currently seeking Platinum and Gold Sponsors for the event. Sponsors will be positioned in premium advertising spots, including radio, video, signage, mailers, the event program, and website. See back for more details. To find out more, please contact Diana Barlet at 951-780-5856 today.
Please join us for what we hope will, again, be an educating, stimulating, and inspiring presentation.
See www.ISurvived2009.com for more details.
We extend a HUGE THANK YOU to all of the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors
Gold Sponsors
A special thank you to the Business Press for helping us air I Survived Real Estate 2009live online for those that won’t be able to attend live. Because of the unique nature of this event and the national scope, this was really important and we’re so happy to work with our local business news provider to accomplish this. You can find out more about The Business Press at www.TheBizPress.com
About The Business Press
The Business Press is the community business hub for Inland Southern California.We’ve helped connect businesses and business people with the information they need in order to succeed in the marketplace since 1995. We’re the only entity in the market that brings together:
* news about the local economy, local agencies and local businesses
* reliable data and information about thousands of companies in the region
* a robust listing and database of local business events and networking opportunities.
Our weekly print edition tells stories about successful local businesses. We also publish columns from proven experts in the local business community with an emphasis on how to help owners of small and medium-sized businesses. Topics include how to utilize social networking or what to look for in a partnership. Professional services is the fastest-growing segment of business in our region, so these columns give the small and medium business owners important information for them to consider in how to address these specialized areas.
Our web site, www.thebizpress.com, features The Biz Minute, a fun, quirky video recap of the day’s business news, and the latest Inland business headlines gathered from news web sites around the region. It’s updated throughout each business day.
Our Book of Lists is the most comprehensive package of information about local companies. It’s great for market research, with robust data about thousands of local companies, networking with a who’s who listing for the region and names of executives listed for each company, and sales leads, with contact information for every company
You can also join follow us on twitter (www.twitter.com/thebizpress), where we engage in discussions about the local business scene, and facebook (the-business-press).
We’re a great tool for keeping up with local business news, networking and generating sales leads. You also can subscribe by calling 800-794-NEWS or through our online signup.
A Powerhouse Lineup of Eight Top Industry Experts Presents the Insiderb€™s Edge on The State of Real Estate 2009
The Norris Groupb€™s award-winning event returns September 11, 2009 to the Nixon Library in Yorba Linda, California. In this critical, final quarter, web€™ve assembled a Gold Star panel of accomplished industry specialists to discuss the impact of seismic economic shifts, head-scratching regulations, challenging legislation, micro and macro industry reforms, and the accelerated pace of opportunities emerging for real estate professionals.
Welcome to I Survived Real Estate 2009
New guidelines affect every sector of our industry, from novice investors to veteran builders to REO Realtors. In a climate ripe for both miscalculation and profitable advances, how are our colleagues and partners navigating an industry in transition? This timely symposium gathers a Whob€™s Who Round Table Including:
Bruce Norris David Kittle Pat Vredevoogd John Young
President 2009 Chairman Combs Vice President
The Norris Group Mortgage Brokers 2007 President California Builders
Association National Association Industry Association
of Realtors
Tommy Williams Christopher Joseph Rick Sharga
2008 President Thornberg Magdziarz Senior Vice President
National Association Principle Vice President RealtyTrac
Last year we covered the dramatic shifts in store for the real estate community in 2009. The response was enormous, beyond our expectations. Now web€™re here, living through the forecasts and predictions, in the midst of an evolving market primed for motivated professionals to thrive.
100% of the proceeds benefit the Susan G. Komen for the Cure of Orange County. The Norris Group is currently seeking Platinum and Gold Sponsors for the event. Sponsors will be positioned in premium advertising spots, including radio, video, signage, mailers, the event program, and website. See back for more details. To find out more, please contact Diana Barlet at 951-780-5856 today.
Please join us for what we hope will, again, be an educating, stimulating, and inspiring presentation.
See www.ISurvived2009.com for more details.
We extend a HUGE THANK YOU to all of the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors
Gold Sponsors
A very big thank you to Robert Frye, Nate Wiles, and the entire Frye l Wiles team for their contributions including the I Survived Real Estate 2009 logo, website, and look and feel concept for the event. Their work was a big part in helping The Norris Group win a Platinum Hermes Creative Award in the Events category. This is also the second year they have helped us with the event.
Frye l Wiles is not only web design geniuses, they are a complete creative team that specialize in making Inland Empire businesses thrive. From illustration to websites, to search engine marketing to product photography, from illustration to copyrighting; the Frye l Wiles team combines all their skills to create what businesses in the Inland Empire must have to stand out as professional outfits.
The Norris Group contacted the team after admiring from a distance their work on such projects as the Riverside Renaissance, the Riverside Arts Museum, and the Riverside Plaza. Their beautiful web layouts, creativity, and impressive design skills had us hoping we'd get a chance to work with them.
If you're in need of marketing assistance, web design, photography, search engine optimization, search engine marketing, branding, and anything else marketing related, please call Frye l Wiles first.
http://www.fryewiles.com/
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A Powerhouse Lineup of Eight Top Industry Experts Presents the Insiderb€™s Edge on The State of Real Estate 2009
The Norris Groupb€™s award-winning event returns September 11, 2009 to the Nixon Library in Yorba Linda, California. In this critical, final quarter, web€™ve assembled a Gold Star panel of accomplished industry specialists to discuss the impact of seismic economic shifts, head-scratching regulations, challenging legislation, micro and macro industry reforms, and the accelerated pace of opportunities emerging for real estate professionals.
Welcome to I Survived Real Estate 2009
New guidelines affect every sector of our industry, from novice investors to veteran builders to REO Realtors. In a climate ripe for both miscalculation and profitable advances, how are our colleagues and partners navigating an industry in transition? This timely symposium gathers a Whob€™s Who Round Table Including:
Bruce Norris David Kittle Pat Vredevoogd John Young
President 2009 Chairman Combs Vice President
The Norris Group Mortgage Brokers 2007 President California Builders
Association National Association Industry Association
of Realtors
Tommy Williams Christopher Joseph Rick Sharga
2008 President Thornberg Magdziarz Senior Vice President
National Association Principle Vice President RealtyTrac
Last year we covered the dramatic shifts in store for the real estate community in 2009. The response was enormous, beyond our expectations. Now web€™re here, living through the forecasts and predictions, in the midst of an evolving market primed for motivated professionals to thrive.
100% of the proceeds benefit the Susan G. Komen for the Cure of Orange County. The Norris Group is currently seeking Platinum and Gold Sponsors for the event. Sponsors will be positioned in premium advertising spots, including radio, video, signage, mailers, the event program, and website. See back for more details. To find out more, please contact Diana Barlet at 951-780-5856 today.
Please join us for what we hope will, again, be an educating, stimulating, and inspiring presentation.
See www.ISurvived2009.com for more details.
We extend a HUGE THANK YOU to all of the Platinum and Gold Sponsors for making this very special event possible. Without their help, none of this would be possible.
Platinum Sponsors
Gold Sponsors
Bruce begins by asking David if he chose a good time to sell his company and become the chairman of the MBA. David says that selling his company worked out well for him, and he does not wish that he had changed his plans. David feels that he has the opportunity to make a difference this year, and he is looking forward to it. Bruce agrees with David, and he feels that there are going to be a lot of important things occurring within the next 12 months, and it will be very significant to play a part in them.
4 Ways to Listen
- Click HERE on the player launch below to stream our shows as you surf the web.
- Visit our Radio Archives to download shows in mp3 format.
- TNG Real Estate Radio Show is now on iTunes! If you have iTunes installed click HERE or simply do a search for "The Norris Group" while in iTunes.
- If you use an RSS Reader: Click Here
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Bruce was watching Ben Bernanke being interviewed by the congressional staff, and he noticed that there were a lot of empty seats. Bruce asks David if it is common for there to be many empty congressional seats when he appears before congress. David says that it can be because they can be busy with other votes and opponents.
There are a lot of important political issues being dealt with right now, and it can be easy for real estate and the mortgage world to be ignored because of things like health care and cap and trade. Bruce asks David and the Mortgage Brokers Association keeps mortgage and real estate issues a priority to the government. The MBA has staff members for government affairs who work with committees like the financial services committee and the banking committee to make changes occur.
Bruce asks what the differences are between the Mortgage Improvement Regulations Act and HR 3915. MIRA is actually an example of the MBA calling in a strike on itself. The MBA is saying that there is need for more regulation. Net worth needs to be increased for the brokers and make sure there is increased net worth for the lenders. The difference between a broker and a lender is that brokers have no skin in the game, few education requirements, and they have different disclosure practices. Because brokers have no risk, and they do not lend their own money, they need to disclose the yield spread premium that they earn on a loan. Brokers claim that they have no responsibility to anyone in a loan. MIRA is working towards improving truth in lending, so that there are fewer opportunities for predatory lending. They want to improve trust in lending, good faith estimate, and make sure that matches the HUD-1 at closing. The other legislative options are more confusing than MIRA, and they require more paper work. David thinks this is a bad thing because we need legislation to be simple, so that customers can understand. Under the Bush administration an act was created to take a one page good faith estimate and turn it into a four page estimate. There needs to be less paperwork and more transparency.
Bruce recently filled out a loan application that was 12 inches deep, and he is worried about how large the loan documents are going to be. There are four lines on the loan application in which the applicant must say whether or not they will be occupying the property, and David feels that is over the top. Over a year and a half ago, the MBA presented HUD with a new GFE and a new HUD-1 in which every line matched. You cannot have predatory lending until you lend. If we have complete and understandable disclosure at the closing table then there is less chance for someone to be preyed upon.
In one way, Bruce looks at the process of legislation as very slow, but then it scares him when he sees people trying to pass legislation quickly, because they can do it without having a complete understanding of what they are supporting. Bruce asks if there is a chance that Congress might pass legislation that will not do what we want it to because they are in too much of a hurry. David believes that we have a system that helps prevent hurrying from being a big problem. Bills are first read by people who can explain them to Congress, then they are sent to the House of Representatives, and then they must also go to the Senate. Groups like the MBA help protect U.S. citizens from bad legislation because Congress knows that the MBA is truly there to protect consumers and support transparency.
Bruce asks how transparency failed in 2005 and 2006 when there were very different lending policies. David thinks that just about everyone involved in the industry can be blamed in some way for the failures that occurred in those years. Bruce and David both feel that even the borrowers can be blamed for the failures because they borrowed money knowing that they couldn’t make payments. We cannot just blame brokers or any one specific group of people.
Fraud is rampant, but we are getting better at detecting fraud. The MBA has been lobbying for a new regulator for Fannie Mae and Freddie Mac, and it took this crisis for people to realize that these changes need to occur. For the last 16 years, the MBA has been pushing for a new Fannie Mae and Freddie Mac regulator and it took this situation to finally get it through. Same goes for modernizing FHA which finally happened this year. Many of our current problems would not have occurred if we had gotten a new regulator and FHA reform.
In about 35-40% of the overall country, in some areas it’s higher, FHA is still using a computer system called Cobalt which was developed before DOS and Windows. It is ridiculous for FHA to have equipment that is that old.
Fraud is getting worse because of the difficulties in getting mortgages and refinances. The FBI says there are two types of fraud: fraud for property and fraud for profit. Unfortunately, they are only investigating one type and one they won’t. Individuals who had the stated income loan will not be pursued. Bruce feels like we’re teaching the consumer that it was all OK.
Right now there are a lot of loan modification occurring, but a report has shown that 70 percent of the loan modifications done in 2008 are either delinquent or they have been foreclosed on. Bruce asks David if he thinks loan modifications are an effective way to deal with these problems. David says that loan mods are just one way to fix these problems. There are other ways to solve these problems such as short sales and deeds in lieu of foreclosure. You cannot modify a loan for someone if they lose their job or can’t pay.
Bruce asks if David thinks that the U.S. is headed down the right path to create more jobs. David thinks the best way to get this economy started is to take the $8,000 dollar home buyers tax credit, and expand it so that it is worth $15,000 and everyone can use it. Taxing small business would be the wrong way to go.
Bruce asks if this tax credit should be given to investors as well. David thinks that the program should be limited to owner occupants, any income, and price. On every purchase, regardless of new home or existing home, the buyer goes out after the closing costs and spends an average of $7,500 dollars on their house purchasing things like furniture. That money goes right back into the economy.
The U.S. is currently having trouble with appraisals which is affecting Realtors and lenders who are trying to make refi loans and purchases. David says the HVCC is an issue. MBA is currently speaking out on this issue and there is legislation for a moratorium being pushed right now.
In the 1004MC (market conditions report) the appraiser is asked to tell which direction the value of real estate is going in that area and it also asks the appraiser to come up with the median value. Market value is the common number that appraisers usually come up with. Median valued houses in California are almost all vacant REOs and every time there is a sale that is higher than that median value they consider it to be an anomaly. This is making it difficult to resale properties.
Bruce asks David where he thinks the real estate market is headed in the next year. David thinks that we will recover next year. In multiple places like Oklahoma City and the state of Alaska, property values are going up right now. Things are more stable in places like California, Florida, Nevada, and Arizona. David hopes that people are not afraid to make purchases because energy costs and health care taxes are going to go up. David fears that certain political issues in Congress might slow down the real estate market.
David says the shadow banking system is currently in bad shape because people have no confidence in the rating agencies. We need to find a way to ensure that investments are producing quality loans. We need to set the bar higher for people entering the mortgage business.
In 2005-2006, Bruce had to change his hairstylist every few months because they would quit hairstyling and they would get into real estate. It seemed like everyone was getting a real estate license. Bruce asks Pat if this was true. Pat says that there were many people getting their license in California, Florida, and Nevada, but not in places like Michigan. The state you live in can greatly affect your perspective on real estate. In Michigan, real estate was in a down market while California and Florida were still booming.
4 Ways to Listen
- Click HERE on the player launch below to stream our shows as you surf the web.
- Visit our Radio Archives to download shows in mp3 format.
- TNG Real Estate Radio Show is now on iTunes! If you have iTunes installed click HERE or simply do a search for "The Norris Group" while in iTunes.
- If you use an RSS Reader: Click Here
*******************************************************************************************************
Bruce asks if people are confused by the messages of profit being sent out by the media. When you listen to national news it seems like all markets are the same, and when Realtors work with buyers, the buyers expect this to be true. In 2006, the NAR released a lot of positive information, but many of its members were going through tough times. The NAR had to be very careful about which ads they used in different areas, because each market is different. They were once able to send the same general message to every market, but within the last few years they have had to do a better job of looking at each market individually in order to decide which ads were appropriate.
In 2009, there are multiple states going through a disastrous real estate market, and they are in a severe recession. Bruce asks if there is a tendency for new legislation to be made, in these kinds of economic scenarios, in order to fix the problem. Pat says that this does occur on a national basis. People once said, “If you can breathe, you can get a loan.” Right now, this is not the case. There are some good buyers who are having difficulty getting loans today.
Bruce asks if Pat was surprised when lenders decided that these new strict lending policies were okay. Pat claims that she was surprised by this. NAR partnered with The Center for Responsible Lending to do research on this subject and when they looked at the results of their research they realized that these lending policies were going to cause trouble. Pat testified before Congress in 2006 and 2007, claiming that these policies were going to cause trouble.
There are many groups within real estate who do not look at other real estate groups as partners. Bruce and Pat think that if these groups would work together that these groups could get much more done for the industry. The NAR meets with companies like Mortgage Bankers Association, Habitat for Humanity, Fannie Mae, Freddie Mac. Bruce asks Pat if investors like himself might have something to contribute to these meetings. The Rental Property Association and other major national associations do come together to contribute to these meetings.
NAR just celebrated its 100th birthday, it has 1.3 million members around the United States, it has a staff of lobbyists in Washington, D.C., and it also has relationships with 64 countries. These factors contribute to their ability to be heard in Congress. Bruce thinks that the input NAR gives in congress is vital, because he doubts that many of the Congress members have the time to read through the bills they sign. NAR’s lobbyists are very well respected and well rated. NAR also has a great grassroots groups. There are Realtors involved in politics and they have the ability to influence members in Congress.
Bruce asks what NAR’s lobbyists do on a regular basis. NAR’s lobbyist help educate Congress. They can take a 400 page document and give Congress members a general idea of what it means and what effect it will have on the U.S. They really help educate.
Hastily created legislation can have unintended consequences. Bruce asks how the Home Valuation Code of Conduct has affected the market. Pat does not think that this legislation has really impacted the market yet. What Realtors are discovering is that all appraisals must go through a new agency that has been formed and this agency is using appraisers who are more desperate. These appraisers are doing appraisals for areas that they are not familiar with, and they are doing these jobs for very low pay.
Pat understands that this agency was formed because people wanted impartial appraisals, but you cannot do an impartial appraisal when you do not know the market. Pat has had trouble completing transactions because these foreign appraisers would appraise her homes at low prices while the sale was being processed. Bruce runs into this kind of problem every time he tries to sell a house. The appraisers are falsely comparing the value of his well fixed homes to vacant REOs. Bruce and Pat think that it would be best if HVCC was annulled. NAR members are meeting with people in Washington and New York to get this legislation changed.
Bruce asks how important the first time home buyer tax credit has been for business. Pat thinks that this tax credit has been fabulous, and she wishes that this tax credit was given to all buyers. In Michigan, first time buyers who were not previously interested in buying real estate are now occupying homes because of this tax credit. A lot of inventory is getting taken off the inventory. Now that those homes are being sold, the sellers are going to able to move themselves up in the market place. Pat also thinks that it would be good if the dollar amount of the tax credit was increased. This tax credit is different from the subprime deals, because people have to qualify for this credit and they must have a down payment. They can now use the $8,000 dollar credit as part of their closing costs, but it is troublesome to go through that process, and Pat has not seen many people doing that.
FHA is becoming more influential in the financing market. Bruce asks Pat if there are any changes she would like to see in that program. NAR is currently working to push the FHA’s maximum price limit increased. For years, no one in California could get an FHA loan because California’s real estate was too expensive. Pat and Bruce are using FHA on almost all of their sales. Bruce dislikes the program that restricts investors from quickly fixing houses so that they can be quickly resold. This program does not allow sellers to use FHA loans for 90 days after the house has been bought. There is a loan for owner occupants right now called the 203K. The 203K helps people buy homes that need fixing. Bruce asks if Pat has seen many of these loans take place in her market. Pat says that she has not. Right now, lenders do not seem to be even suggesting it.
Bruce asks Pat if she is afraid that Congress might try to take tax dollars from interest reductions. Pat is opposed to changing mortgage interest deductions. Every time Congress creates legislation to create money for one thing, they end up taking money away from something else. She knows that the current administration is interested in doing this, but she thinks that it would be a mistake to do that. This market needs as much help as it can get, and doing this might have a devastating effect on markets that are improving.
| Website: | http://www.thenorrisgroup.com |
| Phone: | 951-780-5856 |
| Fax: | 951-780-9827 |
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