Gentle Readers, perhaps Diane and I are gluttons for punishment, but we’re going to attempt another introduction of a representative from the mortgage industry (as they say, three’s a charm). Jeff Peterson is a Sr. Advisor with BWC Mortgage and has submitted the following post for your examination. Jeff has been forewarned of the potential for receiving some rather contentious (borderline hostile) feedback. He didn’t seem to flinch. So without further adieu, we present Jeff Peterson…
After Diane and Guy invited me to post, I read the last two posts by mortgage loan officers and the ensuing comments and realized that I had better be game on if I was going to attempt to contribute to this blog. Well I’m going to step up, take a swing and see if I can make contact with the ball…or crack myself in the head! (When I played baseball I was a crappy hitter…but I threw a nasty curve-ball)
I have been reading/watching my industry melt before my very eyes and I’m going to attempt to begin to explain why. First I want to give a peek into the man behind the curtain in this whole debacle and see if it’s helpful to this community…if so, I’ll rant on in another post and tell the story of the historic drama of the last month that will change the face of mortgage lending. If I’m preaching to the choir and telling you what you already know…then I’ll shut up and move on to something else…So I swing – as hard as I can – like I did in baseball and still do in golf!
This whole thing started when Uncle Alan (Greenspan) saw the potential for two unprecedented events (the dot com crash and 9/11) to bring the American economy to its knees. (I personally feel that this was the terrorists’ primary agenda anyway). So he lowered the overnight rate to 1.0% over a short period of time. Obviously, this stimulation of the economy worked. Both the corporate and private sectors were able to borrow money at all time lows, creating movement after the polarizing effect of 9/11. This is known in the financial community as the Greenspan Put. As we all know, this caused real estate to boom…money was ridiculously accessible, renters could become homeowners (with little to no cash out of their pockets), everyone could refi out of their spending sprees, the mail man was a real estate investor, my wife had to find a new nail lady because she was now a realtor and the cop that pulled you over attached his moonlight mortgage broker card to the ticket…because HE had the best rate and wanted to show you the dynamics of how the network marketing structure of his company could make you a millionaire!
Let me take a moment to attempt to explain the man behind the curtain in this crazy business I’m in:
There are 4 major categories of loans (probably more, but for the sake of the conversation, we’ll use 4).
1) FHA/VA & Fannie Mae/Freddie Mac – either government backed, subsidized or receive massive government incentives.
2) Jumbo
3) Alta – A
4) Sub prime…or what’s left of it
Category #1 of this list are the no brainers…they are underwritten by a uniform criteria, they are usually full doc, etc. = Fastballs down the middle in terms of risk – always sale-able.
All the other categories of loans are sold on Wall Street to large funds/Hedge funds who buy large portfolios ($100’s of millions) of similar genre of loans.
The food chain of a mortgage loan is the opposite a of consumer good, in that manufacturers of a consumer product respond to the demand of the consumer…if the consumer wants it, they produce more and try to keep up with demand, which usually makes the product less available…hence they charge more for it. (This is the reason I have to check the website before I show up @ 9:00am @ the Apple Store just to see if I’m one of the lucky ones who gets to spend $600 on an I-Phone). The dynamics of the mortgage business is the exact opposite – if the buyers on Wall Street want it, they make it readily available to the consumer and charge LESS for it. Also, the whole appetite of the Wall Street buyers is based on how the different categories of loans perform. Their performance rating is determined by the likes of Moody’s and Standard & Poor’s.
So the loan food chain goes something like this:
Homeowner – Originating Mortgage Company (sells/brokers to) Large Mortgage Bank (Wells, B of A, C-Wide etc…sells in bulk to) – Investor funds/Hedge Funds on Wall Street (the funds that have our 401K’s and IRA’s among other things)
The reason that the buyers on the secondary market (Wall Street) were willing to buy portfolios of loans that included bad-credit low doc loans was because during the days of the Greenspan Put – THEY WERE PERFORMING! People were either making good on the payments (usually a 2 yr. teaser rate that explode into a bad adjustable) …or the dynamics of the housing market allowed them to refi out of trouble – appreciation covers a multitude of sins. The Fund managers looked like geniuses to their bosses and all of us were happy when the growth fund in our 401K was kicking butt!!
(Note: I will comment in a future post on why I can still admit to all four of my kids that I’m a mortgage loan officer and that Daddy can still live with himself knowing he put people into 100%, 2/28 sub prime loans!!)
So Uncle Alan saw that his "Put" had done its job (maybe even saved the modern economy). He saw that if he didn’t start raising rates, he could have a major inflation problem on his hands. So he set up his successor (Uncle Ben) by taking the heat of raising the overnight rate in consecutive meetings all the way to up to 5.25%
In the meantime…The greed got thick and logic got thrown out the window. (I tell all my clients that Lending and Logic are mutually exclusive terms). Why guys smart enough run a hedge fund couldn’t deduct that housing couldn’t sustain 20%/yr appreciation and that why they thought that the person that didn’t pay their bills before they became a homeowner, would suddenly morph unto fiscal responsibility just because they got a tax break on their housing expense is WAY beyond me!! (I think they either got blinded by great returns, or they were shorting New Century Stock across the hall…or both!)
I know this may sound like a bit of a history lesson but it sets up what I really want to discuss in my next post: WHY ALL THE BUYERS ON WALL STREET WENT HOME and how that led to the meltdown of New Century Mortgage, America Home Mortgage and the mortgage lending industry as we have known it; and what’s next!
Reno Ignoramus
Welcome Jeff. Thanks for the history lesson. I don’t think you said anything we don’t already know. We shall await your explanation of how the nothing down, I/O, no doc, 2/28 liar loan ARM was beneficial. This is your chance to explain why you were not a Voodoo witchdoctor.
NAS
I wouldn’t be swinging the baseball bat too heavily toward Greenspan’s knees.
Go to WSJ 8/15/07 “How Rating Firms’ Calls Fueled Subprime Mess”
Goes like this(I paraphrase): Standard and Poor’s made a decision in 2000 that said a type of mortgage “piggyback” (taking out a second for down payment) was no more likely to default than a standard mortgage! Unnoticed outside the mortgage world, piggybacks were part of a movement transforming America’s home-loan industry resulting in an explosion of subprime mortgages. Six years later, the S&P reversed its view & decided the subprime market was far greater to default. By then, subprimes and a whole lot more of newfangled loans were key elements in a massive 1.1 TRILLION mortgage market. Underwriters and rating companies are part of the mess that has infiltrated to our economy and global markets.
There is much more to this than Alan Greenspan and a low interest rate.
So Jeff, you seem like a nice guy. Let me ask you- When the sorry-sucker of a buyer stumbled in with their sorry-sucker agent and asked where to put the “X”, did you sell him your highest commission loan (no doc/prepayment/ARM) or ask him
to come back with at least 10% down and a documented income to support P.I.T.I ?
Lindie
I know somebody who got a loan from BWC in 2005. Her “make it” income was about $45,000 a year. Her “state it” income was about $105,000. Apparently the going rate was for the state it to be about 2.5x the make it. She bought a house in Spanish Springs. The purchase price was about 4x her state it number, but about 8.5x her real income. The value of the house is now about 75% of what she bought it for. Her rate adjusts in March of next year. She believes the rate will increase.
Since she put nothing down, she owes about 25% more than her house is currently worth. I do not believe that you were her broker, Jeff, but since it was your company, I am wondering what mortgage planning advice you might have for her. I am sure she will be soothed to hear that her decision to get into a nothing down interest only loan that will explode on her in March was wise mortgage planning. I, too, await your wisdom.
SkrapGuy
Hey Jeff,
I see from your website that BWC offers neg am option ARMs. I sure would be interested in hearing from you as to what percentage of loans your company made in 2004-2006 that were option ARMs and why you would recommend such a loan to a prospective borrower.
Thanks.
Grand Wazoo
What exactly are the licensing requirements, if any, to be a mortgage broker or mortgage loan officer? Are we talking about the ability to fog a mirror, or do you have to actually know something and pass a state or federal exam?
BanteringBear
Thank you captain obvious, but you’re preaching to the choir here. That’s all old news. Maybe you can provide some details as to how somebody without a job can close on a $500k home. Or, how easy it is to slam a senior citizen into a 2/28 exploding ARM with an unholy prepayment penalty.
smarten
Well I disagree with your analysis Jeff. The culprit is NOT Greenspan. It’s you [maybe not you personally, but absolutely your industry].
Sure Greenspan was instrumental in dropping the federal overnight funds rate to 1%. But when he started cutting interest rates, there were maybe a half a dozen or less mortgage products out there. Now I’m not in the mortgage industry, but a couple of years ago I heard there were more than 450 such programs! Greenspan had NOTHING to do with the explosion of “creative lending,” and its disingenuous for you or anyone else to be making the case he did.
If a Fannie Mae conforming loan prior to Greenspan required less than a certain maximum loan amount; at least a 20% cushion of equity in the loan’s security; full documentation; no secondary financing; owner occupancy; etc., etc., it required the SAME matters after Greenspan.
The ONLY thing lower interest rates accomplished [at least insofar as mortgage lending was concerned] was allowing a borrower to qualify for a higher loan amount because now the interest cost was lower.
We didn’t have 4/10, interest only, 50 year amortization, 80%-10%-10%, HELOC upon HELOC, make up your own income loans, broker kick backs, seller kick backs, etc., etc., etc. The reason we have the mess we do is because of your industry and the persons [formerly] in it. Your industry came up with creative products to entice people into buying property they couldn’t afford with the expectation they could flip their purchases for profits before it came time to pay the piper. Simply stated, your industry created a vehicle for people to become property owners when they never should have.
We also had a whole lot of borrowers who were sold a bill of goods by unqualified loan consultants. Hey don’t worry; when the teaser rate expires, you’ll either be long gone from your purchase or just refinance with teaser terms for another couple of years! Of course many of these borrowers were predisposed to be sold a bill of goods because of the lure of big dollars in short periods of time. It was nothing different than an old fashion pyramid scheme – the people first in made a killing. The people at the end lost everything.
Now I was one of those existing landowners who took advantage of the drop in interest rates to reduce my mortgage costs, increase my positive cash flow, and spend the savings on consumables which fueled the economy – just as Greenspan intended. But I didn’t lie about my income. I didn’t try to refinance a loan against a property with phantom equity. I didn’t buy into adjustable or teaser rates. I didn’t pull out extra equity I really couldn’t afford to repay. I qualified for my refinance the same way I qualified for my original loan. People like me have in no way contributed to the mortgage mess we’re seeing. It’s those who could never qualify [as well as those who aided and abetted] who have.
People in your industry used the opportunity of easy money to create a whole slew of new creative financing programs which anyone with a right mind who could understand what was really being offered would never buy into. The problem: the vast majority of borrowers had no idea what they were buying into and relied upon misleading loan “consultants” to sell them fraudulent loan packages. And whatever it took to qualify for these packages [and by the way, it didn’t take much], these consultants “packaged” their applicants so they would qualify.
And now reality is starting to sink in and people like you are pointing the finger at Greenspan. I say point the finger at your colleages; they created this mess and they’re now about to pay the price [at least the few still in your industry].
Sure; creative new loan products and hedge funds that readily offered to buy them in the secondary market may have made more money available. But that doesn’t explain why people who really couldn’t afford them [and really, had no intention of paying for them in the long run] were allowed to become mortgagors.
It’s really just like the stock market crash of 1929 [are you listenting Derrick?]. Lots of easy money; lots of margin borrowing; lots of people being encouraged to buy real estate they had no business buying and with no intent of holding onto for the long term; more people chasing less properties and in the process artificially driving up prices.
The Feds HAVEN’T reduced the flow of money to the mortgage market. All it’s done is make the cost of money more expensive than it was 1-1/2 years ago. But because the cost has increased, those easy flips aren’t so easy anymore. And because they’re not so easy, demand has slipped. And because demand has dropped, there is an excess supply of housing. And because there is an excess supply, prices are dropping. And now all the speculators who never intended to weather the storm for the long haul can’t afford to pay because their houses of cards are falling.
And because they can’t pay, originators like Countrywide and WaMu are being asked to buy back their bad loans. And that requires lots of liquidity and they don’t have it. Which means mortgage bankers are going out of business.
We need to let this mess play itself out. We need to get back to reality. We need to learn that we don’t make loans to people who really can’t afford them [or have no intention of paying the moneys back]. We need to get back to maybe half a dozen or so mortgage products that require archaic things like the ability to repay; real cushions of equity; etc.
If and when your industry takes responsibility for what it has done; and rectifies the wrongs it has allowed to take place; and we still have a real estate depression; you can talk to me about Greenspan’s role in all of this. But not until then and you and your colleagues have a long, long way to go!
RGJ
Wait – Wait – Wait…
What ever happened to personal responsibility. Greed made everyone a real estate ‘investor’ and a ‘Realtor’. Those were the days of easy appreciation – all you needed to do was leverage as much money as possible for as much house as you can buy. No risk, as everything will continue to appreciate and you can just cash in your fortune before the adjustment period or maybe the rates would continue to fall!
We wouldn’t even hear all of this banter about the poor borrower if it weren’t for the collapse of the real estate and mortgage market….it should have been obvious that the appreciation and cheap money could not continue at that pace for long.
I’m just saying that there are many people responsible….the mortgage industry wouldn’t offer these loans if there was no demand for them.
Casa de Dolor
Jeff, thank you for your post; I look forward to your post explaining the benefits of a 2/28 ARM. These insidious products put unrealistic buyer power in the hands of financial fools while the responsible 30-year-fixed-buyers could not compete; where is the benefit?
Casa
Jeff Peterson
In a twisted way – I feel very welcomed, loved and accepted…I am going to address these comments in my next post when I can give it the proper time…I’m just encouraged by the fact all your comments were well thought out…and you didn’t blow me off!!
Jeff
Jeff Peterson
Also…let me say this – remember, I did say that “I was probably preaching to the choir”…this post is just an intro to the real dynamics of the last week – if I had included all of this in my first post – I would have gone from “Captain Obvious” to “Lieutenant Longwinded” and booted out on my first try. Jeff.
Jessica
Not that you need anyone to come to your rescue, Jeff, but I’d just like to offer that as a result of lowered interest rates and 100% financing I was able to purchase my first house at the age of 24. I took my time and found a run-down house in a solid neighborhood. The difference that I saved in payment with my interest only ARM went towards a total remodel on the house (elbow-grease anyone) which increased the value and appeal of the home. Even though the market has dropped I still have equity and now that the house is finished I diligently save the difference (as my mortgage broker advised) so that I can use it to invest in my future.
All too often people are quick to pass the buck and say things like, “nobody told me it would be like this”. I’m pretty sure I remember signing two stacks of paper that were no less than two inches thick which if memory serves me explained the fact that my loan will adjust – they even told me the exact date to plan for the adjustment. I made the decision knowing full well and I take responsibility for it. AND I wouldn’t have done it differently it worked for my situation at the time.
Perry
Jeff,
I think the majority of this problem can be attributed to an industry that saw its customer base shrinking as home prices were rising so it set out to generate new customers. This was accomplished by allowing people into loans that they had no business being in. Further by encouraging people to take loans that they might otherwise have not chosen.
Over the past few years my wife and I have had some experiences with various mortgage companies, both for our own homes as well as some rental property. I have to say that every time we were both encouraged and pressured to take on a loan product that was something we didn’t ask for. We would specifically say 30 year fixed every time and the loan officer would try to talk us out of it. We were made to feel unintelligent for not taking the smart money as it was often put. We were told, you move a lot you should save money by getting the cheaper rate or you’ll probably sell this rental in five to seven. We told them we move because we can but what happens when the market turns and we can no longer move or sell the property? We need to buy each house with the forever stuck with it attitude to which we were told the market is fine blah blah blah. We told them our crystal ball was cracked and we’d take the safe money thank you.
I don’t know you Jeff so I won’t make generalizations about what types of loan products you’ve recommended over the past few years. I have to say though from our experience mortgage counselors, mortgage advisers or what ever they chose to call them selves were anything but. Unfortunately, as we’ve seen in other commission driven fields the client’s best interest are not looked after by the sales person.
BanteringBear
Jessica:
Give up the Kool-Aid, it’s bad for your health. Interest only loans are a good idea for RICH people in times of cheap money, who have the ability pay off the house when rates go up. For someone who can’t even come up with a down payment, they’re horrible. You’re probably a sweet young lady, but you’ve been sold a bill of goods. You’re already upside down, you just don’t know it. Because of this, no bank will be willing to refinance your home before the loan recasts. Unless you can bring cash to the table, you’ll be forced to pay the new rate, or negotiate a short sale, or lose the home to foreclosure. Never take financial advice from a mortgage “professional”. They’re not the least bit qualified.
MikeZ
RE: “You’re already upside down, you just don’t know it.”
Impossible! My realtor told me it’s worth $ fill-in-the-blank.
MikeZ
PS: Welcome, Jeff Peterson!
It’s a tough crowd but I think you’ll do fine.
smarten
Jeff –
I quote from page 16A of today’s San Jose Mercury News:
“In 2000 the stock markets plummeted. Over the next 18 months, the fallout dragged the economy to a standstill. Enter the Federal Reserve. As the economy sputtered, the Fed cut interest rates to 40-year record lows. That cheap money spurred a housing boom.”
So far we’re on the same page. Although you can rightly point the finger at Greenspan for spurring a housing boom, this in no way explains the mortgage mess we’re in.
So continuing with the article,
“But no boom lasts forever. And eventually, to keep this one going, THE MORTGAGE INDUSTRY began pitching EXOTIC LOANS TO BORROWERS WITH SHAKY FINANCES. These loans…were funded by Wall Street investors hungry for higher returns. By STRETCHING UNDERWRITING STANDARDS…these exotic loans enabled millions of new borrowers to buy homes. And that easy money ALLOWED PEOPLE WITH MEAGER MEANS TO BUY HOMES THEY ONCE COULD ONLY DREAM ABOUT. As long as all, or almost all, of these new homeowners made all their payments; as long as the rate of defaults stayed low; as long as housing prices kept going up; everything would be fine. The system was flawless.
Until it wasn’t…It took some time, but mortgage rates crept higher. As adjustable-rate mortgages reset at higher rates, borrowers watched their monthly mortgage payments balloon. An alarming number of borrowers – some of whom did not have enough equity in their houses to be able to refinance or even sell – began to default. Problems cascaded for the mortgage industry. Dozens of lenders went out of business. Home sales slowed. Housing prices fell in some places, flattened in others…Lenders…pulled back on mortgage loans to all but the safest borrowers and clamped down on a range of risker loans.”
This article doesn’t talk about the flippers [as opposed to “homeowners”] who armed with easy money could invest in real estate THEY ONCE COULD ONLY DREAM ABOUT. And it doesn’t talk about real estate developers who built and built as if there were no tomorrow in order to satisfy the insatiable demand for housing.
The common denominator insofar as all of these elements are concerned is NOT the drop in interest rates per se but rather, the creation and marketing of EXOTIC LOANS TO BORROWERS WITH SHAKY FINANCES and “STRETCHING” UNDERWRITING STANDARDS.
Stated differently, the mortgage industry itself.
2sleepy
It was not only ‘borrowers with shaky finances’ who were offered these loans, my son and his wife bought a house in late 2003 and were told they were stupid by several mortgage brokers for not getting an ARM with a teaser rate. These were well qualified buyers with a FICO of 790 and a substantial downpayment, their housepayment on a fixed 30 year loan ended up being about 20% of their income. they finally went directly to their bank rather than to one of the realtor recommended mortgage brokers.. why did they have to work so hard to get the loan product they should have been offered in the first place? That, in my opinion, is disgusting
Lindie
Commissions, 2sleepy, commissions. Mortgage brokers make a whole lot more money selling toxic loans than conservative ones. In fact, the more toxic the loan, the higher the commission. The commission on a 2/28 Suicide Special with a deadly prepayment penalty is substantially more than on a 30 year fixed. Substantially more.
Maybe Jeff will be willing to share with us the difference in commission when he explains to us the social and individual benefits of the 2/28.
Lindie
Commissions, 2sleepy, commissions. Mortgage brokers make a whole lot more money selling toxic loans than conservative ones. In fact, the more toxic the loan, the higher the commission. The commission on a 2/28 Suicide Special with a deadly prepayment penalty is substantially more than on a 30 year fixed. Substantially more.
Maybe Jeff will be willing to share with us the difference in commission when he explains to us the social and individual benefits of the 2/28.
QSKristin
This is a technical but important discussion. There are some writers here who really know their stuff. I work for a company that’s looking for paid mortgage writers, preferably professionals in the field. Please drop me a line at kmarino@quinstreet.com for more information or if you might be interested.
Jeff Peterson
I’ve decided to address the community in comments and post about the dynamics later this week…so here goes –
Let me go on record as to say I do NOT point the blame gun @ Alan Greenspan for the mess we are in – in fact I think he saved the modern economy by the steps he took! The guy is a freakin’ genius! In fact – in times like these it’s human nature to look for SOMEONE…ANYONE to blame – Alan, the rating firms, mortgage banks, mortgage originators, real estate agents or the consumer themselves…the fact is all have played a role and my point in citing the Greenspan Put was to show the ECONOMIC DYNAMIC that led to the lending/real estate orgy!…and now we have a bad case of loan STDS!…on to greener pastures (bad pun)
2/28’s – a popular subject – here’s my take (for you Reno Ignoramus, NAS, Bantering Bear, Casa de Dolor, Lindie and the likes)
The “toxic”, irresponsible and viral 2/28 (sarcasm) was exclusively a SUBPRIME loan…those with weaknesses in standard underwriting criteria’s (poor credit scores, poor credit profiles, recent BK, low cash reserves)…these folks couldn’t have even gotten in the game in years past – to the skeptic (which it’s easy to be in retrospect),,,they are eternal renters and low performing homeowners that had no business buying homes in the first place…to the optimist these loans were tools for those who could never dream of homeownership to “get in the game”. To me they are high risk (by BOTH the investor and the borrower) loans that can serve as a type of “bridge loan”. Most of the borrowers I placed in them were shown that they were taking a “CALCULATED RISK” at home ownership or they were able to have a “second chance” after a BK or a few mortgage lates. I’ve even seen the credit profile where good people had bad stuff (usually marital or medical issues) happen and seen a 2/28 serve as a great tool to bridge them to credit repair. I’ve also seen it fund a new homeowner that probably had NO BUSINESS buying a home but actually got a chance to TRY – let me elaborate:
Taking personal business risks is a huge part of this thing we call CAPITALISM and the system where only the established get ahead and everyone else is protected, so that all can be treated on a level risk scale is a failed experiment called COMMUNISM (what a generalization…but it sounds good!) Let me make my point with 2 examples:
1) The guy/gal who is renting a house in Reno, NV for $1,000/mo and has the chance in 2004/2005 to get into an 80/20 SUBPRIME loan – 2/28 first and 30 year 2nd – THEY TAKE THE 2 year prepay because THEY WANT THE LOWER RATE AND THE LOWER CLOSING COSTS (let me say that I present the borrower with both options…and would NEVER put a borrower in a higher risk product for the sake of a higher commission…I’ll address the commission bashers later) –
So if they got a rate of 6.75 interest only on the first and 9.99% on the 2nd (remember they only are designed to keep the loan for 2 years – so the amount of principle pay down is very minimal on a P&I payment and they are making full payments on their 2nd)…this was a common scenario in late 04/05. So on a $225,000 house (remember 2004 prices) they would pay under $1600/ mo for 1st/2nd/taxes/ins. Keep in mind that they now have a potential (depends on situation) $1500-ish top line tax write off that they never had before! I’m not a tax guy…but assuming an 18% tax rate – they have a cash tax benefit of about $227/mo…Bottom line is that for an extra $373 per month they can take the personal business risk to own vs. rent…If they do it in 02/03 they make as much as $100K for $9K extra our of their pockets…and no one sends their mortgage broker dividend checks!! BUT…if they do it in late 2005 they lose $9000 and their loan is 20% more than the value of their house…they are subject to a TERRIBLE adjustable – remember that’s their share of the risk that they took with the bank who risked giving them the loan in the 1st place…they can’t afford their new $1,900 house payment and they give the keys back to CountryWide or whomever.
I am going to go way cynic on you here – the person who bought in 2005 – JUST GOES BACK TO WHERE THEY WERE BEFORE THEY TOOK THE RISK…A RENTER. Now let’s say I advised the 2nd buyer to “be a responsible homebuyer and bury 10% of their POST TAX HARD EARNED SAVINGS into their home purchase – I WOULD BE GUILTY OF COSTING THEM $22,500 – BECAUSE THEY WOULD STILL BE 10% UNDER WATER AND COULDN’T REFI OUT ANYWAY!!
The 2/28 was a tool – just like any other loan…and not for everyone…just like any other loan – a risky tool – that is costing our whole economy (and other parts of the world) right now. Why did lenders offer it? Why did originators put people in them? Why did high-risk borrowers sign on the dotted line for them? (You know, I never forced one of my clients to sign a note or a deed!) Why does a 40 yr old MLB pitcher take HGH so he can start every 3rd day instead of 4th?…BECAUSE THEY CAN – does it make it “right”, “reasonable” or “responsible” – not always, but every good tool know to mankind gets abused – especially if it’s too good!!
I’m tired and ranted out – and a 9 yr old boy is calling me to kiss him goodnight…Jeff
Faust
So, can I buy a house now?