Is the recession over?

It has been a while since I have blogged and I am sorry.   A lot of things have happened over the past several weeks and I think it is time to bring everyone up to date.

There are so many people saying the recession is over.  Last week, I had a financial advisor say to me, “this is going to be the biggest head fake we have ever seen” and I have to agree with him.

We are still in for some trouble and allow me to tell you why. We have all seen what the sub prime mess created.  What about the super jumbo loans?  It is next to impossible to get financing for a self employed borrower. What does this mean to you?   The remaining big banks have a ton of this on their books in short term arms, which are about to adjust.  Their values have come way down and have no hope of refinancing.  The big banks are about to have trouble again and nobody is talking about it.  Think about this, if they needed money from the government for the conforming subprime mess, how much money are they going to need for those million dollar plus mortgages they are about to be stuck with? Talk to your friends who are in commercial space, that isn’t even being discussed. Unemployment is not going down but going up.  Everybody is talking about green chutes. Where are these chutes going to be when all this hits? What is the solution? We need more products for the self employed. We need help Mr. President. In the past, the first time home buyer market was used to stimulate the second time and move up buyer. Those buyers are now renting because those homes are going into short sales or foreclosures. We need some programs! Mark my words, in six to twelve months from now, we will remember this blog and I called it.

I am confident that we, Samuel Scott Finacial Group, Mark Robertson and I will have programs to solve this.  We still have stated programs and solutions for you.  Before this goes from bad to worse, you should be calling us. We will be ahead of the game when these programs start coming back. We are the leaders, not the followers.  I love these guys who are working for the big banks, thinking that they are riding high on conforming and all they are doing is cleaning up the mess they created. It’s funny how the world keeps spinning.

Call us at Samuel Scott Financial Group, 858-259-6070 or email me , with any questions you may have. Mark and I are here to help you.