Money Making Secrets

Investing legend Paul Merriman, shares the lessons learned and secrets discovered over more than 40 years as one of the world’s leading investment professionals.

John Nyaradi:

Hi, everyone, I’m John Nyaradi, publisher of Wall Street Sector Selector, a financial media site specializing in exchange traded funds and global financial and economic analysis. Today, I’m pleased to welcome our special guest, Paul Merriman. Paul, welcome to Wall Street Sector Selector.

Paul Merriman:

Thanks John, it’s great to be with you.

John Nyaradi:

Paul is one of the true giants of the investing and financial management business. He is founder of Merriman Incorporated, an investment advisory firm based in Seattle, Washington, that manages approximately $1.6 billion for thousands of families across the country.

Paul is a widely respected expert on mutual fund investing. He’s editor of the FundAdvice.com website and his podcast, “Sound Investing,” was named the best podcast in 2008 by Money Magazine. He’s author of a highly acclaimed book, “Live it Up Without Outliving Your Money: Getting the Most from Your Investments in Retirement,” by John Wiley and Sons and is widely quoted in major financial magazines and media.

Paul, let’s start out with your company’s motto, “Invest wisely and live fully.” I like that a lot. Can you give us a sense of what you mean by that, “Invest wisely and live fully?” How do you do that for people?

Paul Merriman:

My view of investing wisely is simply to do the smart, savvy things with our money to maximize our return without getting greedy. And I think one of the wisest things we can do is to invest within our risk limits. Investing wisely also means minimizing expenses and taxes. We believe in massive diversification. We believe that the more stocks you have in the portfolio, the better you will do, not the more average you will be.

The live fully aspect means that not only do you have enough money but that you are also able to enjoy it. Too many people have way more money than they need but find it difficult to enjoy it.

I just spoke with a client who’s down in Mexico. He’s been a client for over 20 years, and I know he’s got more money than he needs. He wants to buy a second house in Mexico. He must have talked to me five times about whether the purchase makes sense. And every time I spoke with him, his burning question was, “Now Paul, are you sure we have enough?” We convinced him, yes, he does have enough…and he’s making the offer, closing the deal, and that is what we think living fully is. Not just having enough, but feeling secure so you can spend it and enjoy it.

John Nyaradi:

That’s got to be a rewarding work especially in today’s environment after the post crash environment we’re in and the pain everybody went through.

Paul Merriman:

John, would you mind if I comment on what you just said?

John Nyaradi:

Please, go ahead.

Paul Merriman:

A lot of people complain about the emotional and financial pain of the 2007-2009 bear market. I think the problem was compounded by going through two big bear markets in 10 years, each of them about the same as the 73-74 decline. That much pain without an extended bull market in between is hard for people to digest and build confidence in the market. It has been one hell of a 10 year period.

John Nyaradi:

Yes, it really has been…you’re a unique animal, Paul, I think, because people tend to be either buy-and-hold people or market timing people, but you do both in your portfolios. I’ve read about what you call “the ultimate buy and hold strategy,” could you give us a little insight into that?

Paul Merriman:

Well, “the ultimate buy and hold strategy” is the title of one of my favorite articles to help people build a better buy and hold portfolio. The term “ultimate,” sounds like a big promise, but it simply means it’s the best I’ve been able to find.

As you know there are thousands of ways to build a portfolio using different asset classes. What we’re looking for are asset classes that have an absolute record of success, and a record of high units of return per unit of risk.

Now, obviously, I can’t know, nor do I try to predict, the future. But what I do have is 80 plus years of evidence that these asset classes have produced great returns. Sure, they don’t go up all the time, but not a one of them has ever failed. Not one has declared bankruptcy. Not one has ever experienced a permanent bear market.

John Nyaradi:

Right.

Paul Merriman:

All of these asset classes qualify as being survivors on a long term basis. So once we determine which asset classes qualify to be in the portfolio we have to decide how much we should invest in each one. I have tried to make that easy by giving people exact percentages in each asset class and funds that offer those asset classes.

John Nyaradi:

I think you said at one point that the choice of those assets is responsible for 95% of your return. How do you fine tune these allocations?

Paul Merriman:

For over 15 years we have recommended a very simple equity allocation. Half U.S., half international, half large, half small, half value and half growth. The equity part also includes REITS and emerging market asset classes.

Then it’s simply a matter of finding the right balance of fixed income to go along with exposure to the equity asset classes. I find most investors are unwilling to accept the risk of an all equity portfolio so we need to find the right balance of fixed income that produces the needed return within the risk limits of each investor. I am always looking for the combination that will produce peace of mind with a reasonable piece of the action.

John Nyaradi:

Sure.

Paul Merriman:

I’ve tried to help investors by building a tabIe of many combinations of fixed income and equity asset classes. The table is in, “Fine Tuning Your Asset Allocation,” at Fundadvice.com. And John, all my work comes with a guarantee. I guarantee if you follow my advice, you will lose money. That’s not the guarantee investors want to hear, but it’s the reality of any risk oriented investment.

John Nyaradi:

Sure.

Paul Merriman:

We should all know what level of risk we’re taking. And I don’t mean some generic risk that is indefinable. I’m looking for a number. The table covers over 40 years of data. It gives an investor a real time relationship between risk and return. If you’re willing to lose 5% to 50% of your money the table shows the likely return you will get over the long run.

John Nyaradi:

Could you talk a little about the market timing in your portfolios?

Paul Merriman:

To start with, I want to make sure that your audience understands that I’m not advocating timing over buy and hold. I know buy-and-hold is a lot easier emotionally. And it’s also a lot more tax efficient.

But there are a lot of people who will simply not accept the idea of holding equities without an exit strategy. Some advisors will tell investors, “You’ve got 50% of your money in bonds so why should you worry about stocks going down? They always come back.” And the investor’s response is, “Hey listen. This is my money, buddy, and I don’t want to sit and watch it decline without some way of protecting it.”

It’s really the catastrophic decline that most people are worried about, and so we use timing with almost the same view philosophically as we use for buy-and-hold. We market time funds in dozens of asset classes. We market time equity funds as well as bond funds. Each account is built to the same risk tolerance test as the buy and hold investors.

Most of the timing we do uses traditional trend following strategies. We never predict where the market is going, only follow the trends. A lot of timing critics think market timers are trying to predict the future. We believe there are trends and they stay in place one way or the other for long periods of time. Those trends can make you decent money on the upside but the most important work is protecting against some terrible losses on the downside.

John Nyaradi:

I hear the word “risk” over and over in our conversation. In your list of 18 mistakes people make, I thought it was really interesting that mistake number 3 is taking too much risk, and mistake number 4 is taking too little risk. That sounds like a conflict.

Paul Merriman:

Well, too much risk is normally a challenge for people who are over confident and think they have more control over their investments than they do. Also, people who take too much risk are not aware how much risk they need to take. If you found out that you could achieve all your financial goals with half as much risk as you’re taking right now, I’d have to challenge you to why are you taking all of that risk?

John Nyaradi:

Sure.

Paul Merriman:

For some the higher risk comes because the investor thinks their friend appears to doing better than they are. By the way, I’ve yet to find an honest amateur investor when it comes to reporting returns. And so we have to be so careful what our benchmark is and how we measure our success.

But then people can also be scared to death of almost any risk. I’ve met people with 10% of their portfolio in stocks, and when they’re down during a bad bear market, they jump to the conclusion that it’s happening to their whole portfolio.

I know it doesn’t sound reasonable to feel that way, but that’s the way a lot of peoples’ minds work. They hate losing money. The fascinating part is if we can just get those people to commit 20 or 30% of their money to stocks, they can literally double their return in retirement. Just a little bit of additional risk. They don’t have to go 50% or 60%. Just to get up to 20%, or 30% can make a huge, huge difference.

John Nyaradi:

Paul, we’re taking in July, 2011, and looking ahead over the next few months, what do you see is the biggest dangers for us as retail investors and the biggest opportunities?

Paul Merriman:

Well, it looks to me like the last 45 years. I have been a chicken for as long as I’ve been in the investment business. I call myself an aggressive chicken, but a chicken nonetheless.

But the fact is there’s always list A, the good news and there’s always list B, the bad news. Both of those lists exist at all times. I have always tended to look at the bad list and to be cautious, so I’ve probably been more defensive as an investor than I needed to be. But what I really worry about is not about me because I have found 100% peace of mind with my investments. I’ve saved enough that I can quit working anytime and have plenty of income in retirement. So that worry is behind me.

John Nyaradi:

Sure.

Paul Merriman:

But here’s what I worry about. I worry that people who have learned the right things, the smart things, the wise things about investing will somehow get spooked by the market and either jump to some ultra safe situation, and as you know, typically at the wrong time, they’ll be enticed into putting their money into something like a guaranteed equity index annuity or some other terrible security that will cost a fortune in fees and be difficult or expensive to liquidate.

John Nyaradi:

Well, folks, it has been a real honor today to have been talking with one of the real giants of the industry, Paul Merriman, founder of Merriman Incorporated in Seattle, Washington and editor of FundAdvice.com. To learn more about Paul and his work, just follow the link at the end of this interview, and that will take you to his website, Merriman.com.

Paul, thanks so much for joining us and we’re all looking forward to talking with you again soon.

Paul Merriman:

Thank you, John, very, very much.

Visit Merriman Incorporated.

 

(This interview edited for length and clarity)

The latest revelation from Wikileaks is not a cable that uncovers a country’s well hidden secrets, but is rather a cleverly put together ad parodying the infamous MasterCard commercials, called “What Does it Cost to Change the World?”

In it, the price of Julian Assange’s legal battles, the price incurred by his house arrest, and the amount of money in lost donations are all pitted against the priceless act of “watching the world change as a result of your work.”

The video is, needless to say, impeccably put together, and both the concept and message are strong. The ad, despite having been available online for over a week, has only just caused some ripples in the Egyptian blogosphere

The imagery used in the video is one of the most gruesome and fatal battles that took place between protesters and the Egyptian riot police, on Kasr al Nil Bridge, where many people were brutally run down or shot.

The use of this scene has struck a nerve both with Egyptian activists and with their supporters, questioning Wikileaks decision to take a certain amount of credit for an uprising that was long in the making, pushed forward by an inordinate amount of people who may have possibly never even heard of Wikileaks.

Jillian York, the Director of International Freedom of Expression at the Electronic Frontier Foundation, says on Twitter:

I would like the Wikileaks ad a lot more if it didn’t seem like Assange was taking credit for the Arab Spring…

On the flip side, it could be said that the use of imagery from the Egyptian uprising is simply symbolic of the kind of effect Wikileaks has had on the world, and no one can deny that it has had an effect. Asma S asks on Twitter,

Is Wikileaks taking credit for the revolution in Egypt? or is everyone just exaggerating?

The video is open to interpretation – are they implying that Wikileaks caused the Egyptian uprising? Or are they simply using it as an image that represents what Wikileaks is capable of doing, because it is so easily identifiable in people’s minds? Watch the video below and let us know what you think.

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A couple of organizations have started criminal search services on-line where it's feasible to perform a background search on a person. The internet pages that offer you record checks buy and compile public data. You can effortlessly then look through these databases and uncover details on anyone.

In the time you submit the name with the individual you're performing research on, the information will be displayed right in your display display. It's really exceptionally convenient . There are generally plenty of files to look at, and you are provided a login and password so that you can go back and have a appear at them whenever in the future.

This kind of background checks normally price roughly 20 dollars every, but it is feasible to shell out about forty five bucks and this offers you unrestricted background examine searches while you are a member.

If you are about to operate a background record examine on a person, try the following trick to see in the event you possibly can get a maintain of the info at no price.

From time to time you'll discover information about the man or lady just by running a search in Google, although of course it isn't as thorough and you may just discover information about a various person with the exact same exact name. There's no hurt in running a research inside a research motor. Whether or not it does not display you anything, it is entirely free of cost.

You are able to also put the person's name into the search engine together with quotation marks about the name. This fairly frequently helps to retrieve much more centered information, even though bear in thoughts that there's most likely not any background info concerning the individual that is published on the web site.

The web has made figuring out any type of info a lot easier and track record document checks are really a ideal example. So when you are interested about someone's tale, try out an internet track record examine.

Different Methods to Get Car Insurance Quotes

As contemporary customers, individuals have become trained to comparison price frequently for services people pay cash for. Financial services for example mortgages, insurance coverage, also banking are a few of most likely the most competitively priced solutions that battle for company. 1 of these, automobile insurance coverage is most likely the most competitive. You will find many companies that promote car insurance to get a broad range of costs and in fact is essential that you have an knowing with the differences amongst the businesses and why you'll find such a large range of prices.

Companies that consist of online car insurance can be often classified into two courses: on-line and complete support. There are several fundamental dissimilarity among both of these company types that has an excellent impact on costs and service.

On-line insurance coverage is extremely well-liked for people who are definitely pc experienced and comfortable with doing company on-line. This demographic is growing, but happens to become more youthful and busier and views the ability to search online and quote, obtain and print insurance documents by on their own with out worrying concerning the advantage for speaking with an insurance agent as being a convenience and not as a danger. Those that are structured to focus on this demographic are actually established to be the price leader because they truly do not have the accessible funds invested in a major facilities and in an agent power and can provide a price reduction but nonetheless keep on being productive.

Full service companies are designed under a different business viewpoint. They market their policies via a network of area agents who maintain an actual workplace. They have got advertising techniques and methods which core about being in a position to grant personalized one on 1 service. Moreover, complete car insurance support companies will usually handle to package deal deal policies in addition provide package deal deal reduced costs for buyers who've house and existence policies that is in particular cases are more aggressive compared to selling cost the internet based policies provide for your car on your own.

An additional factor to think about whenever you evaluate web primarily based businesses to real service companies is the support when dealing with statements. Typically, the internet primarily based policies won't be able to deal with a declare as quickly or resourcefully because the full company will be able to.

The on-line policies will generally use a 3rd party contract insurance coverage adjuster who usually has a big backlog of claims to appear more than. But, full support policy that will have accessibility to many in-house claims adjusters who'll go and consider care of the claim instantly.

Credit score Range: Determines a Potential Borrowers

More and much more loan companies, employers, landlords and insurance coverage businesses are checking your FICO score as part of their procedure of approving your loan, landing a job, having your own house to reside, or good rates offered for just about any kind of insurance coverage that you may have utilized for. To attain all of those things that you are dreaming of accomplishing developing a good instant credit report background is the first factor which you have to do if in situation you got 1 having a bad history.

Credit scores begin from a reduced 300 to the cream of the crop 850. A normal consumer includes a credit assortment of 600 to 700 but some may have more than this. A FICO score will be the foundation of most lenders and credit score bureaus of computing your creditworthiness. A good credit score score falls on an average of 720 and over. Exactly where does 1 obtain the information on their respective credit scores? By law this is given for free as soon as a yr coming in the 3 main credit score bureaus: Equifax, Experian and TransUnion. Your scores and credit score history shows your current and closed accounts as well as your payment background.

Loan companies do generally have a appear on your online credit report history as the basis on whether they will grant your loan at a great interest rate or deny this altogether. If right now you're interested on applying to get a home loan that necessitates a high credit score then it would be best to apply for FICO score monitoring which generally gives you an update on your scores on the weekly basis. Subscribing to this on-line support alerts you when you have attain your high score goal as long as you setup a threshold for it. Some would go so far as sending you an sms to inform you whenever your scores have alter for your much better or for the worst.

To assist you build a better credit score score and background listed here are some simple recommendations to follow:

Request a copy of one's credit report as required if not wait around for it as soon as a year but do keep track of your background for just about any mistakes. If you see discrepancies then you are able to dispute them by going via your reports completely.

Pay your expenses on time. Add some more on the minimal amount which you generally spend because this would trigger your credit score score to rise and could be obvious for most lenders which you are a good borrower simply because you pay on time and is sincere in settling your expenses.Avoid maxing out in your credit score restrict. This may surely cause your credit score scores to drop that quick. Cancel credit cards which you aren't using or don't need and spend promptly for your credit card bills.

Hoodia - The Incredible Organic Weight reduction Method

Hoodia is just the product which is really a fat reducing supplement that has all the effects that are important to support in sustainable weight reduction. This bodyweight decreasing supplement is produced of the most effective normal appetite suppressants obtainable. These are available in capsules and all you've to complete is to consume them to get the results. These Hoodia gordonii capsules make you really feel full and your appetite is suppressed foremost to decreased weight.

The impact of the hoodia gordonii on the individual is optimum, and provides efficient weight reduction simply because in the substantial potency with the item. This weight lowering supplement is pure and organic. You can find also a number of antioxidants that are readily available in this natural product that prevents many different other illnesses from happening. The lack of side effects and in addition the reality the bodyweight decrease is sustainable are a few of the major benefits of utilizing hoodia is really a cactus plant indigenous to the South African desert. Whilst the Kalahari tribesmen have employed Hoodia Gordonni for centuries-as an appetite suppressant during famine, or above the program of lengthy journeys-the weight reduction business is only just beginning to harness Hoodia Gordonni like a diet supplement.

House Hemorrhoid Reduction - All-natural Remedies and Prevention Methods

People with hemorrhoids often ask common concerns like are what the causes of hemorrhoid and the way can the discomfort be kept under manage.

Hemorrhoid cure are intestinal tissues in the anal area. When a person places too much stress on it whilst defecating, the veins will swell, causing hemorrhoids to type within or outside the anal canal. These circumstances are more commonly recognized as internal and exterior hemorrhoids, respectively.

There are two methods of hemorrhoid remedies - the medical way and also the all-natural way. Because the name implies, the medical way involves various surgical functions like rubber band litigation, and hemorrhoidectomy for much more severe circumstances. Although they're effective in obtaining hemorrhoids below manage, they are able to be quite expensive and may take time for you to heal. Pain can also be unavoidable throughout the healing time period. In cases where the root cause was not addressed, recurrence with the hemorrhoid can be expected.

The natural method, on the other hand, is favored by vast majority of people struggling with hemorrhoid because of the reality that there are extremely few side effects. This is apart from the reality that the all-natural technique tends to become less expensive. This will be the reason why there are dozens of all-natural hemorrhoid treatments that are accessible within the market these days. A number of these remedies work, but a few are but rip-offs. In order for you to get the right 1, you need to be familiar using the various all-natural techniques and what they can do. Right here are seven quick and natural hemorrhoid treatments to ease the discomfort and stop your hemorrhoid from bleeding.

If you would like long-term relief from hemorrhoids, the very first factor you should do would be to preserve a wholesome diet. You are able to do that by consuming lots of fluids and eating meals substantial in fiber like bananas, potatoes, carrots, and cauliflower. Cereals, whole wheat bread, and pastas also as beans and nuts will also be fiber-rich meals. These food types will assist you in getting a easy bowel movement because they make your stool softer. This indicates that you do not require to exert too much effort and pressure in defecating.

Additionally, avoid meals which are rich in caffeine also as those that will trigger indigestion. Fast foods and processed meals should also be avoided because they trigger stool to turn out to be tougher.

Apart from sustaining a wholesome diet plan, you need to also maintain a healthy lifestyle. Working out is a great way of decreasing pressure inside your program. Running, brisk strolling, and swimming are a few of the activities that you can do to prevent hemorrhoid cure.

Software of witch hazel and aloe vera around the impacted region will even help. These hemorrhoid treatments can assist ease the discomfort and decrease the swelling of the hemorrhoids. It also pays to have a warm bath also as being a sitz bath, a kind of warm bath that's utilized to wash your anus. The warm h2o that arrives out through the nozzle will unwind the hemorrhoids and can assist maintain the symptoms from coming back again.

Also, when you have got to go, you've got to go. Defecate only when essential and do not invest a lengthy time in defecating. Finally, breathe when you are defecating. Individuals who hold their breath are more prone to having hemorrhoids simply because they put much more stress and pressure on the veins of the rectum.

These seven hemorrhoid treatments will certainly help in easing away the discomfort and quit the bleeding. Similarly it will also assist you reside a comfortable life and quit the embarrassment that you feel because of your situation.

A Nearer Look at Therapy and Leads to of Genital Warts

With regards to using a genital warts there are a few different choices. You are able to select to have them surgically eliminated or you are able to use a item called Wartrol. This is a gential wart cream which you rub around the region. When this therapy is applied straight towards the area it will give you instant reduction. When they are surgically eliminated they're generally frozen with liquid nitrogen or laser therapy.


Whilst getting genital warts treatment is no enjoyable there's an easy method to repair it. In the event you catch it early you can use a genital warts treatment like Wartrol to obtain rid of them. So if you believe you've genital warts then it's best if you consider action now, simply because the earlier you deal with this the faster and easier they will go away. Also, get a genital wart cream that uses FDA approved ingredients because that indicates it's safe to make use of and that the item actually operates. Occasionally less expensive isin't usually better!

By boosting your immune program you can fight back in opposition to genital herpes. Great homeopathic cures are accessible to assist the body battle this. These kind of treatments might be much less effective but it is another option that you have.

Genital warts are each irritating and embarrassing. But, it becomes much more embarrassing when you are at the Doctors office and there is someone inspecting them near up. By using a product at house you are able to avoid the embarrassment. Wartrol is the 1 item that can be ordered online.

This way you'll be in the privacy of your personal home as well as the shipping and billing is discreet. The item utilizes the best all-natural components which have been shown to become a very efficient genital warts treatment. Attempt it these days and you won't be disappointed.

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Once you take into account advertising your enterprise on golf courses, there are various points to become regarded prior to acquiring signs. The primary purpose is excellent from the signs. Make sure that the indicators that display your brand are created working with supplies which will withstand the toughest of environments and don’t require a lot upkeep.

Go for a wide selection of materials - aluminum, bronze, granite, redwood, sandstone Kingstone or Rinowood to search out the sign that suits for your small business requirement. There are some trustworthy firms that provide wonderful turnaround time that would make certain your satisfaction from their service. A trusted firm that provides good service is Bench Craft Company. You'll be able to contact such an advertising firm straight and get a quote. You want your signs to look appealing and stylish.

Golf cart is an additional helpful way of reaching golfers. You'll have your ads in direct sight from the golfers once they ride the cart. An normal round of golf lasts for 5 hours, which implies numerous time to obtain enough impression. Billboards are the principal advertising merchandise on golf courses. It has double sides, which helps in displaying ads on both sides. It might be set up amid the support poles on the front or rear side from the cart. The best size for billboards is 4x36 inches and, it can differ as outlined by the course. And, you may remain assured that it might deliver you 300 to 400 impressions in a round.

A pin seeker banner is another efficient way of branding on the golf course. Together with the important details about the course, you are able to also display your brand or logo on pin seeker banners. This really is installed amid the support poles on the front and rear side in the golf cart. They also have an ideal size of 4x36 inches, which can hold varying as outlined by the course. Comparable for the billboards, they're able to also help your messages obtain as a lot of as 300 impressions in a round.

The GPS around the golf cart also can be applied like a excellent advertising medium. The important distance data is usually checked by golfers, and you can get your advertisements displayed beside the display. The GPS units are mainly installed around the dashboard or on the windshield. And, the benefit of advertising on digital technology is that you'll be able to update your advertisements whenever you need.
Marketing firms like Bench Craft Company offer you thorough sponsorship and marketing options that enable your brand to achieve matchless exposure towards the high-end golf players and audience. Using the substantial marketing possibilities, you can get your brand messages displayed on golf courses for prolonged intervals of time.

The advantage of advertising on golf courses is that it gives you far more than 90% reach to golfers and audience, and there is no other medium that presents so much good results rate. Due to the fact your brand gets an extended period of exposure, golfers will be in a position to view your advertisements from 1 to six hours around the basis in the placement. And, this suggests that you acquire beneficial recognition for the brand as golfers will link it with enjoyment. And, after you are functioning with qualified advertising firms, you may stay assured that there's no cluttering as every placement will carry separate brands.
One more effective marketing medium will be the golfer’s bag. Golfers drive across the course with their bags or they just leave it at the bag drop, nonetheless it can always get a minimum of 30 impressions within a round.

Another advertising medium to reach a wide spectrum of golfers is as a result of driving ranges. The average session can final from 30 to 45 minutes, and also you can get exclusive impressions for the brands and goods.

Driving range displays assist you to reach golfers of different ranges. You receive top logo positioning in specific hitting bay. Advertising firms styles driving ranges, customized to suit the present assortment configuration of every course. This contains pop-out banners, A-frames and materials for mesh banner.

Qualified advertising firms make certain extensive flexibility so as to produce certain that your company gets connected together with your audience inside a manner it tends to make sense.

Most of the respected golf course advertising firms permit you to pick inventory on the golf course or for golf occasions. And, given that the campaigns could be customized, they are going to always match into for your spending budget. The length of one's advertising campaign can range over golf seasons or more than months.

And, each of the functions from the campaign are facilitated by the advertising firm. This consists of style, placement, reporting and upkeep. And, the approval from the golf course, for the creative materials, can also be the responsibility of the marketing firm. Should you be thinking about exploring golf course advertising to market your online business, you then really should surely have a look at http://benchcraftcompany.net

foreclosure statistics

Have you ever heard the story of a homeowner foreclosing on a bank?

If you are one of the angry Americans who is struggling hard to make ends meet, or have lost your home to your mortgagor, or your unemployment check had run out long ago and you are not even counted in the government’s unemployed statistics, you will relish this story: One Florida couple foreclosing on Bank of America .

Maurenn Nyergers and her husband had bought their house in Collier County with cash, therefore, when they were served with a foreclosure notice from Bank of America, they were shocked. For months the couple suffered the agony of fighting legal battle with a giant. A Collier County Judge finally agreed with the couple that the bank wrongfully tried to foreclose on the couple’s house, and ordered the Bank of America branch to pay the legal fees to the homeowners.

What normally happens in a case such as this, where, one party is Goliath—they hardly bother to pay attention to David. Five months had passed and the bank had not paid the legal fees, when the homeowner's attorney, Todd Allen did exactly what the bank does in similar circumstances—he moved the motion to foreclose on the bank.

Accompanied by Sheriff's deputies, and movers, attorney Todd Allen went to the branch and instructed the movers to remove bank furniture. After being locked out of the bank for an hour, the bank manager handed the attorney a check for the legal fees.

Finally, a sweet revenge on a bank that is sure to warm hearts of many homeowners who are under the weather!

An article at the New York Times, “Backlog of Cases Gives a Reprieve on Foreclosures,” is more than a little frustrating in that it takes some high level factoids about the mortgage mess and fails to draw the right inferences from them.

The premise of the piece is that in some states, the average time to foreclosure has become so attenuated that it would take decades at current rates to clear the backlog. Consider these dramatic-sounding statistics:

In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.

Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.

In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books.

The convention in writing is to list the most important cause first. Thus by giving “the foreclosure system is bogged down by the volume of cases” pride of place implies that the “foreclosure system” being overloaded is the biggest cause.

But this level of abstraction is misleading. There is no “foreclosure system”; that turn of phase implies a single overarching set of procedures. As the mere mention of judicial versus non-judicial states indicates, each state has its own laws and case history as to what is proper practice. Referring to a “system” when there is none is also likely to lead many readers to think in term of the system that is involved in the foreclosure process, the judicial system, and to incorrectly infer that courts being overloaded is a major culprit. The vagueness of the expression, in other words, has the effect of directing attention away from the fact that it is the banks’ own machinery that is the most gunked up.

Indeed, the failure of the banks’ own processes and procedures is very much underplayed in the story. There is virtually no mention of the fact that the banks cut corners so badly both in how they handled the process of transferring notes to trusts and in their use of the mortgage registry MERS, and then in the foreclosure process itself, that much of the delay is the result of their efforts to remedy major operational shortcomings. Passing references to “documentation crisis” and robosinging are inadequate to describe the scope of the problem and support the mortgage industrial complex’s narrative that this is a mere paperwork problem (the reliably sanctimonious Wells has the temerity to blame its problem on “changes in state laws governing foreclosure”).

The poster child that calls the implicit thesis of this article into question (as to what caused the slowdown) is Florida. Readers may recall that the state had such a bad backlog that it created special courts just to handle foreclosures, the so-called rocket docket. It quickly came under attack, since some of the newly-appointed judges appeared to give reducing the overhang higher priority than administering justice.

But after the robosigning scandal broke, banks halted or very much slowed foreclosures to get their procedures in order. Remember, a basic requirement of evidence is that affidavits are used to stand in the place of testimony, and the person providing the testimony has to have personal knowledge of the matter. Thus dispatching with robosigners, who didn’t even read what they were signing, much the less have any direct knowledge, meant at a bare minimum rebuilding substantial sections of what had been a highly streamlined process. That takes time and also means longer ongoing throughput time.

But even that charitable assumes that the banks’ depiction of the robosigning mess was to be taken at face value, that it was a mere “paperwork” problem. Adam Levitin reminded us last week that the real implications of the scandal were ignored by the media:

We’ve already seen pretty shocking evidence of documentation fraud in foreclosures. Remember that the robosigning scandal was the by-product of depositions that aimed to show backdating of assignments to trusts. The shame of the robosigning press coverage was that it focused on some shmucks signing 10,000 assignments in a month–which didn’t necessarily produce any harm itself, just carpal tunnel syndrome–and overlooked the really quite serious criminal problem of the backdating of assignments. The depositions showed pretty clearly that there was backdating–the notarizations were by notaries who didn’t have their commissions until a couple of years subsequent or were done on Christmas Day, etc.

What are the implications? Well, foreclosures that depended on fraudulent procedures are far less likely to be put forward in judicial foreclosure states (ones where the proceeding takes place through the court system), particularly ones where at least some of the judges are paying attention.

Thus what the article depicts as “backlog” (remember, LPS is including “severe defaults”, meaning deliquencies that have not yet resulted in foreclosure) is far more likely to be the result of foreclosures that either will not be initiated or have been abandoned. In other words, the samples all include a mix of foreclosures that are moving forward to resolution which should be parsed out and analyzed separately to see what the real time to foreclosure is, versus ones that the banks have dropped and/or are not initiating (and I don’t mean dropped by virtue of being contested, I mean left in limbo by the bank).

As we suggested earlier, the Florida example strongly suggests that bank inaction is a major reason for the rising backlog. As Florida attorney Mark Stopa wrote in March:

The hearing was brief but very interesting. With very little argument, the judge [Parsons] apologized for entering the Order ex parte, noting that such matters are often uncontested and he did not realize this one was contested. Quickly, the issue became whether the motion to correct the alleged scrivener’s error should be heard right then or at a future hearing [The bank’s lawyer had admitted the securitized trust that filed the lawsuit, sought summary judgment, and filed an affidavit in support did not exist].

The bank’s lawyer asked it to be heard right then, arguing the case had been delayed. The judge interjected, saying something to the effect of:

The bank is complaining about delay? I find that ironic. In October, I was handling 40-50 foreclosure cases at a time. Nowadays, I can’t get a bank to come have a hearing. The banks all shut down in October, stopped prosecuting these cases. I don’t see how the bank is now in a position to complain about delay.

And it is not accident that the apparent longest time to foreclose is in New York. Judges here have become particularly bloody minded about adhering to the law; the notorious curmudgeon Judge Schack now has plenty of company, with other judges issuing rulings that have gotten attention nationally (I particularly enjoyed the MERS smackdown that basically said, “I don’t really care if you have 62 million mortgages, rules are rules”). The article points out some of the procedures New York has implemented:

And many foreclosure lawyers seem unable to meet a requirement, made last October by the New York Chief Judge Jonathan Lippman, to affirm the accuracy of their documentation.

“The affirmation has had a pretty chilling effect,” said Ann Pfau, New York’s chief administrative judge. “The attorneys for the banks tell us they can’t get through to the right people at their clients who can verify the information.”

This is a stunning admission. Note that the New York procedure did not impose a new legal standard per se; lawyers are supposed to verify the accuracy of filings that as a matter of course. But it increased the consequence of casual violations. As a reader noted:

Judge Lippman’s recent rule has several lauditory benefits. First, the onus falls on counsel to affirmatively confirm compliance. Ordinarily, the duty to ensure the accuracy of the contents of any civil pleading or motion paper filed in a federal court, for example, is not self-actuating. In other words, when opposing counsel suspects that his or her counterpart has knowingly filed a pleading that is not well grounded in fact, or in law, or both, then the aggrieved counsel may choose to proceed by way of Rule 11 to seek sanctions, after giving the alleged offender the opportunity to cure. A Rule 11 motion is very much a last resort rather than a first one. The attorney who files such a motion may well find himself or herself facing a retalitory Rule 11 motion in response.

Also, from my own 20 years of experience in various courts, I can say with some confidence that judges internally groan when presented with such motions as they are considered to be satellite litigation that is disruptive of the orderly flow of the underlying claims. A Rule 11 motion is considered the equivalent of a declaration of war and the possibility of future cooperation or even civility between counsel vanishes with the filing of such a motion. Judge Lippman’s approach avoids all of these problems while placing plaintiff’s counsel on notice of the court’s decidely dim view of a party materially misrepresenting any significant aspects of its claims.

Finally, the N.Y. Judge’s approach also raises the prospect of a perjury prosecution for those who knowingly violate the rule, which otherwise would be a extraordinarily remote prospect absent the new rule. On the whole, the approach is logical, cost efficient, self-executing and extraordinarily timely. Let’s hope other state courts act in such a timely fashion.

Now in fairness, New York has imposed a new requirement, that banks and borrowers need to meet to “discuss terms”; this is allegedly leading to lots of conversations and considerable delay (I’d very much like to get informed reader input as to whether this is a burden to banks, which is the subtext).

Finally, the fact that state attorney general Eric Schneiderman is turning over lots of rocks also has to be leading to a good deal of caution on the part of banks and servicers.

The article suggests that some borrowers are gaming the system; it points to a remark by the same Florida attorney, Mark Stopa, that 1/3 of his current cases are strategic defaulters, some of whom are renting out foreclosed homes. The fact that they are renting them is consistent with what I have heard from other attorneys: that strategic default is a less common phenomenon than the media would have you believe, and occurs almost entirely in second homes (or investment properties that were improperly financed as primary residences). But it also points out that many borrowers are not benefitting from the attenuated process; they’d like to see if they can get a mod, and they instead are in an anxious limbo. Readers have also written about considerable delays in getting resolution on short sale offers.

Given how mortgage market and foreclosure practices vary by state, making generalizations is always going to be a bit fraught. Nevertheless, it is remarkable to see a story of this sort give such short shrift to the banks’ self-inflicted wounds and fraudulent behavior.

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Have you ever heard the story of a homeowner foreclosing on a bank?

If you are one of the angry Americans who is struggling hard to make ends meet, or have lost your home to your mortgagor, or your unemployment check had run out long ago and you are not even counted in the government’s unemployed statistics, you will relish this story: One Florida couple foreclosing on Bank of America .

Maurenn Nyergers and her husband had bought their house in Collier County with cash, therefore, when they were served with a foreclosure notice from Bank of America, they were shocked. For months the couple suffered the agony of fighting legal battle with a giant. A Collier County Judge finally agreed with the couple that the bank wrongfully tried to foreclose on the couple’s house, and ordered the Bank of America branch to pay the legal fees to the homeowners.

What normally happens in a case such as this, where, one party is Goliath—they hardly bother to pay attention to David. Five months had passed and the bank had not paid the legal fees, when the homeowner's attorney, Todd Allen did exactly what the bank does in similar circumstances—he moved the motion to foreclose on the bank.

Accompanied by Sheriff's deputies, and movers, attorney Todd Allen went to the branch and instructed the movers to remove bank furniture. After being locked out of the bank for an hour, the bank manager handed the attorney a check for the legal fees.

Finally, a sweet revenge on a bank that is sure to warm hearts of many homeowners who are under the weather!

An article at the New York Times, “Backlog of Cases Gives a Reprieve on Foreclosures,” is more than a little frustrating in that it takes some high level factoids about the mortgage mess and fails to draw the right inferences from them.

The premise of the piece is that in some states, the average time to foreclosure has become so attenuated that it would take decades at current rates to clear the backlog. Consider these dramatic-sounding statistics:

In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.

Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.

In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books.

The convention in writing is to list the most important cause first. Thus by giving “the foreclosure system is bogged down by the volume of cases” pride of place implies that the “foreclosure system” being overloaded is the biggest cause.

But this level of abstraction is misleading. There is no “foreclosure system”; that turn of phase implies a single overarching set of procedures. As the mere mention of judicial versus non-judicial states indicates, each state has its own laws and case history as to what is proper practice. Referring to a “system” when there is none is also likely to lead many readers to think in term of the system that is involved in the foreclosure process, the judicial system, and to incorrectly infer that courts being overloaded is a major culprit. The vagueness of the expression, in other words, has the effect of directing attention away from the fact that it is the banks’ own machinery that is the most gunked up.

Indeed, the failure of the banks’ own processes and procedures is very much underplayed in the story. There is virtually no mention of the fact that the banks cut corners so badly both in how they handled the process of transferring notes to trusts and in their use of the mortgage registry MERS, and then in the foreclosure process itself, that much of the delay is the result of their efforts to remedy major operational shortcomings. Passing references to “documentation crisis” and robosinging are inadequate to describe the scope of the problem and support the mortgage industrial complex’s narrative that this is a mere paperwork problem (the reliably sanctimonious Wells has the temerity to blame its problem on “changes in state laws governing foreclosure”).

The poster child that calls the implicit thesis of this article into question (as to what caused the slowdown) is Florida. Readers may recall that the state had such a bad backlog that it created special courts just to handle foreclosures, the so-called rocket docket. It quickly came under attack, since some of the newly-appointed judges appeared to give reducing the overhang higher priority than administering justice.

But after the robosigning scandal broke, banks halted or very much slowed foreclosures to get their procedures in order. Remember, a basic requirement of evidence is that affidavits are used to stand in the place of testimony, and the person providing the testimony has to have personal knowledge of the matter. Thus dispatching with robosigners, who didn’t even read what they were signing, much the less have any direct knowledge, meant at a bare minimum rebuilding substantial sections of what had been a highly streamlined process. That takes time and also means longer ongoing throughput time.

But even that charitable assumes that the banks’ depiction of the robosigning mess was to be taken at face value, that it was a mere “paperwork” problem. Adam Levitin reminded us last week that the real implications of the scandal were ignored by the media:

We’ve already seen pretty shocking evidence of documentation fraud in foreclosures. Remember that the robosigning scandal was the by-product of depositions that aimed to show backdating of assignments to trusts. The shame of the robosigning press coverage was that it focused on some shmucks signing 10,000 assignments in a month–which didn’t necessarily produce any harm itself, just carpal tunnel syndrome–and overlooked the really quite serious criminal problem of the backdating of assignments. The depositions showed pretty clearly that there was backdating–the notarizations were by notaries who didn’t have their commissions until a couple of years subsequent or were done on Christmas Day, etc.

What are the implications? Well, foreclosures that depended on fraudulent procedures are far less likely to be put forward in judicial foreclosure states (ones where the proceeding takes place through the court system), particularly ones where at least some of the judges are paying attention.

Thus what the article depicts as “backlog” (remember, LPS is including “severe defaults”, meaning deliquencies that have not yet resulted in foreclosure) is far more likely to be the result of foreclosures that either will not be initiated or have been abandoned. In other words, the samples all include a mix of foreclosures that are moving forward to resolution which should be parsed out and analyzed separately to see what the real time to foreclosure is, versus ones that the banks have dropped and/or are not initiating (and I don’t mean dropped by virtue of being contested, I mean left in limbo by the bank).

As we suggested earlier, the Florida example strongly suggests that bank inaction is a major reason for the rising backlog. As Florida attorney Mark Stopa wrote in March:

The hearing was brief but very interesting. With very little argument, the judge [Parsons] apologized for entering the Order ex parte, noting that such matters are often uncontested and he did not realize this one was contested. Quickly, the issue became whether the motion to correct the alleged scrivener’s error should be heard right then or at a future hearing [The bank’s lawyer had admitted the securitized trust that filed the lawsuit, sought summary judgment, and filed an affidavit in support did not exist].

The bank’s lawyer asked it to be heard right then, arguing the case had been delayed. The judge interjected, saying something to the effect of:

The bank is complaining about delay? I find that ironic. In October, I was handling 40-50 foreclosure cases at a time. Nowadays, I can’t get a bank to come have a hearing. The banks all shut down in October, stopped prosecuting these cases. I don’t see how the bank is now in a position to complain about delay.

And it is not accident that the apparent longest time to foreclose is in New York. Judges here have become particularly bloody minded about adhering to the law; the notorious curmudgeon Judge Schack now has plenty of company, with other judges issuing rulings that have gotten attention nationally (I particularly enjoyed the MERS smackdown that basically said, “I don’t really care if you have 62 million mortgages, rules are rules”). The article points out some of the procedures New York has implemented:

And many foreclosure lawyers seem unable to meet a requirement, made last October by the New York Chief Judge Jonathan Lippman, to affirm the accuracy of their documentation.

“The affirmation has had a pretty chilling effect,” said Ann Pfau, New York’s chief administrative judge. “The attorneys for the banks tell us they can’t get through to the right people at their clients who can verify the information.”

This is a stunning admission. Note that the New York procedure did not impose a new legal standard per se; lawyers are supposed to verify the accuracy of filings that as a matter of course. But it increased the consequence of casual violations. As a reader noted:

Judge Lippman’s recent rule has several lauditory benefits. First, the onus falls on counsel to affirmatively confirm compliance. Ordinarily, the duty to ensure the accuracy of the contents of any civil pleading or motion paper filed in a federal court, for example, is not self-actuating. In other words, when opposing counsel suspects that his or her counterpart has knowingly filed a pleading that is not well grounded in fact, or in law, or both, then the aggrieved counsel may choose to proceed by way of Rule 11 to seek sanctions, after giving the alleged offender the opportunity to cure. A Rule 11 motion is very much a last resort rather than a first one. The attorney who files such a motion may well find himself or herself facing a retalitory Rule 11 motion in response.

Also, from my own 20 years of experience in various courts, I can say with some confidence that judges internally groan when presented with such motions as they are considered to be satellite litigation that is disruptive of the orderly flow of the underlying claims. A Rule 11 motion is considered the equivalent of a declaration of war and the possibility of future cooperation or even civility between counsel vanishes with the filing of such a motion. Judge Lippman’s approach avoids all of these problems while placing plaintiff’s counsel on notice of the court’s decidely dim view of a party materially misrepresenting any significant aspects of its claims.

Finally, the N.Y. Judge’s approach also raises the prospect of a perjury prosecution for those who knowingly violate the rule, which otherwise would be a extraordinarily remote prospect absent the new rule. On the whole, the approach is logical, cost efficient, self-executing and extraordinarily timely. Let’s hope other state courts act in such a timely fashion.

Now in fairness, New York has imposed a new requirement, that banks and borrowers need to meet to “discuss terms”; this is allegedly leading to lots of conversations and considerable delay (I’d very much like to get informed reader input as to whether this is a burden to banks, which is the subtext).

Finally, the fact that state attorney general Eric Schneiderman is turning over lots of rocks also has to be leading to a good deal of caution on the part of banks and servicers.

The article suggests that some borrowers are gaming the system; it points to a remark by the same Florida attorney, Mark Stopa, that 1/3 of his current cases are strategic defaulters, some of whom are renting out foreclosed homes. The fact that they are renting them is consistent with what I have heard from other attorneys: that strategic default is a less common phenomenon than the media would have you believe, and occurs almost entirely in second homes (or investment properties that were improperly financed as primary residences). But it also points out that many borrowers are not benefitting from the attenuated process; they’d like to see if they can get a mod, and they instead are in an anxious limbo. Readers have also written about considerable delays in getting resolution on short sale offers.

Given how mortgage market and foreclosure practices vary by state, making generalizations is always going to be a bit fraught. Nevertheless, it is remarkable to see a story of this sort give such short shrift to the banks’ self-inflicted wounds and fraudulent behavior.

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