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Soon after Mr. Ecker took the helm of the Metropolitan Life Insurance Company, Leroy A. Lincoln, at the age of 49, was made Vice President. He had come into the company in 1918, and in little more than a decade had demonstrated his capacity to handle a variety of complicated administrative problems.

He had a broad and intimate knowledge of the entire insurance business, having previously served as Counsel to the New York State Insurance Department. He brought to his duties not only a keen analytical mind but also a warm sympathy for the men in the field, and special enthusiasm for the social service program of the organization. When, in March 1936, Mr. Ecker became Chairman of the Board of Directors, Mr. Lincoln succeeded to the Presidency, continuing the policies of his predecessor in office.

Frederick H. Ecker became president of the company at a period which then looked to many like a “Golden Era.” All business was at a high peak, and the Metropolitan shared in the general prosperity. Toward the close of this period many people seriously believed that a new order of living had arrived in America and that prosperity, along with low cost life insurance, was to go on forever.

One measure of this buoyant state was the rise in prices of common stocks, particularly those dealt in on Exchanges. Under such promising conditions, it is not surprising that common stocks were seriously urged as suitable investments even for life insurance companies; and one or two companies not subject to the restrictions of the New York Law purchased sizable blocks of well selected common stocks for their portfolios.

It was at this juncture, in September 1929, that President Ecker, in an address before the National Association of Life Underwriters at Washington, analyzed the proposal that life insurance funds be put into common stocks, and took a firm position against such “investments” by the life insurance companies. There were some who challenged his position; but not long after Mr. Ecker’s address had been published and put into circulation there came, in October 1929, the first of the Stock Exchange crashes. His judgment as to the dangers of common stock investments for life insurance companies was vindicated almost overnight.

The full import of this disaster was little understood at the moment. It was not for weeks and months that the country came to understand that its entire economy had suffered a shock which could not be overcome for years. As the first overturns in the Stock Exchange deepened into a well defined national depression, the life insurance companies shared the difficulties of the times with other financial institutions.

Large numbers of people lost their savings on the Exchanges. Many banks closed their doors, foreclosures increased rapidly, and employment began to drop sharply. As a consequence, many people borrowed on their policies, whether it was individual health insurance or life insurance to obtain the cash which they could find through no other source. This situation was further complicated by moratoria on policy loans and surrenders enforced in a majority of the States-limitations which were not sought by the Metropolitan.

The company continued to make all payments where no restrictions existed, and met every obligation as soon as the curbs were lifted. During the decade from 1930 to 1939 the Metropolitan paid out well in excess of $5,000,000,000 to life insurance policies or beneficiaries. These payments saved from the ignominy of public relief many thousands of individuals who had set up their own protective plans through insurance during more prosperous years. Contemporary with the efforts of the Federal Government to afford relief to the destitute members of the population, they certainly lightened the public burden.

Sarah Martin is a freelance marketing writer specializing in the history of business, finance, individual health insurance, and life insurance. For more information on life insurance policies or for no medical exam life insurance, please visit http://www.equote.com.

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When we look to getting into the process of foreclosure real estate investment techniques, there are many complicated methods, and also simple implementations which we can utilize. The fact of the matter is that when we all are just starting out in this field, the more complicated methods are what we learn in our primary education, but the simpler techniques come with experience. With house flipping, pre-foreclosures, foreclosure and other real estate investment operations, what we need the most is a mentor to guide us along the way and teach us the simpler, less complicated methods of building wealth.

Truth be told, there simply isn’t a long line of people just waiting out there to teach us all that they have worked hard to learn through the long years of trial and error experience. There are those out there who are willing to teach, but just try and find them – it’s not easy. Unless of course you choose to learn online, from an experienced person who has spent years in the field acquiring foreclosure and other real estate investment properties, turning them into profit. This is where it can be much easier to find a real mentor to guide us through the many efficient methods and techniques of the trade.

In acquiring such a teacher, we can learn things from experience without having to go through all of the trial and error ourselves, while benefiting from the years of knowledge even from just starting out ourselves. Take on a higher education in the world of real estate and learn from those who have traveled down this road ahead of us. Learn the secret tricks of the trade from a mentor and acquire foreclosure real estate investment properties and others, armed with years of experience from one who can teach you.

To find out about a step-by-step formula thats guaranteed to bring you success when investing in real estate (even if you have no money and a poor credit rating) head over to http://www.squidoo.com/realestateundergroundreview

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Anyone facing foreclosure knows that in most cases that they have been snookered. Funny how mortgage contracts will adjust for increasing payments, but none adjust down if the economy goes bad.

Now the government is going to give Wall Street a 700 Billion dollar bailout plan. Now this plan is suppose to help the homeowner. It does not address unemployment and loss of jobs, the adjusting of mortgage rates that are the root causes.

Let us think about this:

• Gas prices are higher than ever
• We spend billions of dollars per month in Iraq
• Unemployment is high
• Food Prices have increased
• Most homes have lost value leaving little to no equity
• Utilities such as gas and electric are higher
• Credit is scarce and refinance market is dead
• Average family income is down
• Bankruptcies are high

Who wins?

• Oil companies recording record profits
• Brokers, who have taken money from the stock and equity markets
• Retiring executives from most markets with golden parachutes
• Those who are operating the banks and brokerage firms

Those responsible will not suffer; the good old taxpayer is coming to the rescue. Okay, so we bail them out and have our government, buy the homes that have lost their value in many ways. Now the government will also have to absorb the cost in foreclosure. That is an additional expense.

Here is the major question, with banks and other institutions having dumped all their bad paper on the government, what is next? The answer to that is who knows.

Here is a solution, when you wean a baby off the bottle; you just take it away from the baby. That is what we have to do to the financial institutions. This has to be fixed in part by government but with a ground floor view.

If you want to help those homeowners and reverse the economy here is the plan

• A 6-month freeze on all foreclosures and those up coming for the next year
• A $ 10,000.00 grant to all unemployed homeowners that need to get back on their feet
• An audit on all mortgage companies that financed the sub-prime market
• Allow modification of mortgage contracts on all distressed property
• Allow 6 months for homeowners to get gainful employment (if they are unemployed)
• Invest 100 billion for new “green” energy jobs
• Invest 100 billion in full scholarships in community colleges for new high tech or “green” jobs
• Financial Institutions that hold vacated property will keep them
• Those pending foreclosures will be turned over to the government
• The government will then administrate the process of implementing the above points.
• The mortgagee when employed will modify their contract with the governmental agency.
• Let the private sector sell the vacated properties through auction or other means

This is what I call trickle up economics. The intention is to assist those who are facing financial distress in most cases this will allow the homeowner to pay off their real estate taxes, allow them to find gainful employment. They will also buy food, pay utility bills, and help offset the price of gas. It is a terrible thing when you must commute 20 to 30 miles and do not have any money for gas. You must go to where the jobs are.

There are three types of people affected here, the employed, the unemployed and the multiple dwelling homeowners. The employed would need a modified contract. The unemployed would need a moratorium and financial aid if not eligible for unemployment. Then there are those who have multiple dwelling units which the economy does not directly effect their primary residence.

Implementation can be administered by HUD, the first action that needs to be taken is an instant moratorium on all forecloses and real estate tax liens.

• Set Up Special Temporary Branch under HUD to implement program
• HUD takes all the recorded default notices
• This program will be voluntary to homeowners
• Residents affected will contact a 1-800 number for the financial grant
• HUD will verify the information given
• Homeowner will fill out application and send to HUD via internet, fax or mail.
• HUD will release half of the $ 10,000.00 grant and in 30 days release the other half.
• If Homeowner is collecting unemployment benefits HUD will reduce the scheduled unemployment benefit amount from the HUD payments for the 6 month period
• Homeowner has 6 months to find gainful employment.
• Within the 4 month period Homeowner will contact HUD for mortgage contract modification
• Homeowners who are employed will contact HUD for assistance in mortgage modification
• When mortgage modification is approved by HUD then the Homeowner will start making payments to the mortgage holder of record.

Mortgage holders are not bailed out, but will be allowed have the distressed properties temporarily moved off their balance sheets into a holding company account. This will relieve their balance sheet on a temporary basis, which will allow them to qualify for appropriate credit. They will report to the SEC (if a public company) and HUD the information on the holding company, with complete details. No other transactions other than that of distressed real estate are to be post to this holding company.

When a homeowner starts to make payments on the modified mortgage contract the mortgage holder will transfer from the holding account the original value back to the mortgage holder’s original balance sheet.

In this way everybody wins, the mortgage holder, the homeowner and the government. This plan will result in more jobs; mortgage holders’ credit restored and distressed properties relieved. Of course, there are more details to work out but overall I believe my plan can be implemented in very little time.

John Tebar Certified Life Coach, Author and Entrepreneur sign up for weekly Ezine at http://holisticlifeplanningandresearch.com

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A new report by Global Insight says foreclosures could drop U.S. property values by more than one trillion dollars next year. And few cities will be spared. Buyer beware. Mortgage holders beware. All Americans should be concerned.

The nation`s major metropolitan cities will lose billions of dollars in revenues next year because of the housing crisis. That`s the conclusion of a report released today from the U.S. Conference of Mayors meeting in Detroit. Also today, a separate report issued by Global Insight predicted foreclosures could reduce U.S. property values by $1.2 trillion in 2008. Half of that drop in value would come in California. Foreclosures are spreading well beyond the once hot real estate markets.

For instance, Chicago is hardly the poster child when it comes to soaring foreclosures. The city didn`t see the huge amount of investment in real estate the way cities like Las Vegas did, nor has it fallen on tough economic times the way cities like Detroit and Cleveland have. Experts say what is happening in Chicago is happening in a lot of communities. Consumers, especially in lower income neighborhoods, purchased homes with sub-prime adjustable rate mortgages. When interest rates on those loans adjusted upward, the borrowers couldn`t afford the payments and defaulted on their loans. As a result, there are entire blocks in some Chicago neighborhoods with several vacant homes.

Geoffrey Smith, research director for Woodstock Institute, has been studying the impact of foreclosures on the city. He says one foreclosure on a city block can decrease the value of properties around it by 1 percent and several foreclosures can ripple through the entire community.

The Woodstock Institute also documented that increases in foreclosure rates can lead to increases in violent crime in a community. We have also seen that increases in foreclosures have an effect on the property tax base of various communities across the region.

Hillary Clinton suggested during the January 31, 2008 Democratic debate to freeze foreclosures and to freeze interest rates. That is a start to help contain the flood of potential foreclosures.

Charles Donovan is the founder of the http://www.SubprimeMortgageSolutions.com Web Site and Bulletin.

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I had just come back from lunch when Ashley (my secretary) handed me a note with the following phone message:

“Ricardo, need to sell house fast. Please call.”

The message was from a past client of mine whom I had Short Sold a home for over a year ago, and now apparently wanted to Short Sale another house.

THE PROBLEM: She had just received a Summary of Final Judgment from the courthouse and had 30 days (at the most) to sell her house, or it would be foreclosed.

Why is this a problem? Because you only have 30 days to 1) contact the homeowner’s bank, 2) negotiate a loan reduction, 3) advertise the home, 4) find a buyer, and 5) close the sale before the homeowner’s credit may be stained for up to 10 years with a foreclosure.

As you can already gather from the story I’m sharing, the only way to sell a home fast, and increasing your chances of avoiding foreclosure, is to Short Sell a home. Period. I’ll reveal precisely why in a moment.

MY CLIENT’S MISTAKE: She tried selling the home at market value.

And although there is certainly nothing wrong with trying to sell a home for a profit, I do suggest considering ALL of your options and deciding wisely on the one which serves you best – as soon as you can.

Here’s what I mean.

My client resisted Short Selling her home sooner despite plenty of warning shouts:

She had already received a Notice of Default.

She had lowered the price of her new home to compete with older, but similar sized homes in her neighborhood. She had invested some of her own money in advertisements. She even repainted the house hoping it would persuade buyers to call. Nothing.

After 14 months of having her home listed with two of the most reputable Real Estate companies in her city, she still had not received a purchase offer. Not a single one.

Both real estate companies had advertised her home in different newspapers and magazines.

They also had plastered the home on several websites throughout the internet. Nothing.

Post cards of all colors, sizes and shapes had been mailed promoting the house, with no inquiring calls ever coming in. Not one call.

The home had also been showcased in a monthly newsletter targeted to hundreds of ‘ready’ buyers (persons who, when registering to receive the newsletter, had said they needed to buy a home in the next one to two months).

In addition, one of the real estate companies exposed the home internationally by advertising it to investors in Europe.

What’s more, out of desperation, my client had called every “We Buy Houses” signs she saw on the streets – again, with no results. Most of them wanted to buy her house for a lot less than what she owed on her mortgage.

MY CLIENT’S SOLUTION (AND MAYBE YOURS, TOO) TO SELLING A HOME FAST AND AVOID FORECLOSURE: Implementing a Short Sale.

Here’s why.

In a Short Sale, the selling price of the home could be anywhere from 27% to 49% below what the house is worth.

This means if a house is worth $200,000; it can be sold for $146,000 if it’s at 27% below market value, or sold at a steal for $102,000 if it’s at 49% below market value.

How can house sell for so little? Because a mortgage reduction has been negotiated with the bank.

The home is sold. The client avoids having her credit ruined – and that’s ultimately what you want. In this type of market, playing the waiting game could kill your financial future.

If you’re considering short selling your house, may I suggest you do it sooner rather than later.

For more information on selling your home fast to avoid foreclosure… visit PalmBeachCountyForeclosureSolutions.com.

Ricardo Saldana is CEO & Founder of LossMitigationAssociation.com, the online leader for pre-foreclosure debt negotiations in Palm Beach County, Florida. Additionally he established PalmBeachCountyForeclosureSolutions.com, the #1 provider of fast Short Selling services that also caters exclusively to homeowners in Palm Beach County, Florida.

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With the real estate market in its current downturn, and the financial sector facing issues of its own, economic woes are echoing throughout the nation. Housing prices have been falling and foreclosures have been increasing; the rate, at which no one may know for certain.

As reported in prior articles the amount of inconsistency between one article’s foreclosure numbers and another’s can be at times vast. Depending on the data provider foreclosures may have increased by 10% while another provider claims a decrease in 2% for the same period. This problem exists because foreclosure reporting is not regulated by the government, and because there is no official reporting agency (even the Mortgage Banker’s Association’s information can be incomplete). It seems as though there are many answers for a single question: “What are the foreclosure figures?

In the past there have been single articles that offer two separate foreclosure numbers with no questioning of the discrepancy.

In addition, online publications and newspapers report skewed or biased information to create a sense of fear, in order to sell more papers or acquire more visitors to their websites. An example of how authors (and at times data providers) skew perceptions is by presenting the data in a way that sounds more dramatic.

Foreclosure rate percentage increases are the most common of these tactics. A headline stating “foreclosures have increased by 200%” may not offer the fact that foreclosures had increased from 10 to 20. Another common strategy used a by a couple of foreclosure listing companies, is presenting the foreclosure statistics compared to total households. Often readers will see “1 out of every 1,000 homeowners facing foreclosure,” when the same data could be used to state that only 0.5% of total homeowners are facing foreclosure.

Presenting the data in a more factual way and eliminating some of the reporter bias in foreclosure news should be more of a focus. Making the public more wary than necessary is not positive for the economy and looks bad upon the publications reporting the misrepresentation of information.

Some companies, such as Foreclosure Research, attempt to bridge the gap between truth and reporting- providing for a more rounded representation of data.

Chris Sopaz

Foreclosure Data

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What is the sub-prime mortgage crisis? Lenders and their mortgage originators steered borrowers who were short-sighted, gullible, unqualified, greedy or all of the above into adjustable rate loans which had extremely low starting interest rates. The problem or crisis is that the loans were designed to adjust to above market interest rates after a short period of time. The loans were attractive to borrowers who were looking for the lowest starting interest rate, to buyers who really could not afford the house they wanted to buy, to lenders who stacked extra closing costs and points into the loans and to investors who bought the loans knowing the low interest rates were only temporary. They all forgot that when something seems too good to be true, it probably isn’t true.

When the interest rate on the loans adjusted upward, many homeowners saw their monthly payments increase by twenty, forty, or sixty percent and some extreme cases more than double. Coupled with a weak economy (or the perception that the economy is weak) in some parts of the country the rate adjustments led to a wave of mortgage foreclosures when borrowers couldn’t make the higher payments. Lenders found themselves owning houses rather than the loans on them and investors in mortgage backed securities found that their investment turned out to be not very good.

So the crisis is real for people who are losing their homes, lenders who have an increasingly large inventory of homes to resell and to investors who lost money. It is a little hard to feel sorry for anyone involved in the crisis except for the homeowners or former homeowners who were mislead by the mortgage originators and did not have the proper advice or foresight to understand what their loans were going to do. The lenders, originators and investors were all sophisticated business people who made money, sometimes a lot of money, in the short term.

Why is this situation a crisis for a first time home buyer? The simple answer is that it is not a crisis. For people looking to buy their first home it can be an opportunity. The perception that the United States economy is weak is simply not true for many parts of the country. The basic rule of real estate: “location, location, location” definitely applies here. Even where the economy is troubled, many people have solid jobs and the inventory of foreclosed or about to be foreclosed homes is high.

The other main rule of real estate, supply and demand, means that the price of such homes is likely to be lower than comparable home in another area. Foreclosed homes are often not in the condition and lenders tend not to put the time and money into repairing them that a normal seller would. Most lenders and investors are no longer interested in making or owning sub-prime loans and even if some are, government regulators are watching closely so you probably do not have worry about being led into a bad loan.

Buying a home at a foreclosure auction is probably too much to take on for a first time home buyer (the topic of mortgage foreclosure is an article in and of itself), but buying a foreclosed home from a lender can be a much simpler process than going through the normal purchase procedure. A lender with many or even just a few foreclosed homes is anxious to get rid of them. The homes are not generating interest payments, which is how most lenders make their money, and are piling up expenses like real estate taxes, repairs and management or security costs. Most lenders are happy to accept a below market price and are often willing to offer attractive financing packages to make a deal work quickly.

Many lenders have special REO (real estate owned) departments and arrangements with local real estate brokers to deal with caring for and selling off foreclosed properties. Just as one man’s ceiling is another woman’s floor, the so called sub-prime mortgage crisis can turn into an attractive way for a first time home buyer to get into a first home. You have to do your homework including hiring your own inspector, attorney and contractor to advise and guide you through a purchase process that can turn out to be a real bargain. Be sure to read and understand your loan documents.

Paul Anderberg
http://www.first-time-home-buying.net

Erik Anderberg
http://www.eanderberg-law-ma.com

Erik and Paul are the authors of many helpful articles about home buying. Visit their websites to read more. Several other articles of theirs are also available on this site.

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Condominiums are majority seen to be foreclosed either by banks or by the other financial institutions simply with a reason for non payment of the loan by the borrower. So lastly they are left with no other option then that of Condominiums Foreclosure. This is majority done just so that the bank can get the money back from the same property and earn money. These all banks and other financial institutions are partnership urgent need of cash so they sell it for low cost and at discounted price. These types of foreclosures are seen with or without the prior permission or notice of the lender. If there are no payments yet made then only one thing can be done and that is foreclosure of the property in auction to public. The final say in tax matter are made by the banks and the other lenders.

The severity for this process certainly depends upon the borrower’s attitudes that are in default state, for the foreclosure of their property. Most of the borrowers will try and avoid this happening but however if they are found yet unable then the only option that is left is to Foreclose. Condominiums Foreclosure has recently taken a boom in the market of finance for the lending of loans and all. It is seen that Condo is indeed a pricey unit and then if you have a foreclosure by bank then you will be just landed on the hot water in both the ways that is financially and as per the creditability. Condominiums foreclosures are generally not famous and so are they found rare enough in the market but however they are still in prevalence. The miss payments of the loans which result to foreclosure homes are certainly very effective on your credit ratings. The effect of this default is left on your credit rating for the period of ten long years.

Legal announcements are generally seen on daily basis in papers for foreclosures, principally for foreclose condos. Internet is one of the quickest providers of all the updated information for Condominiums foreclosure. Also, the announcement of Condominiums Foreclosure are observed on T.V, radio, etc for making a property sale legally to the public. Thus, from this the people who so over are interested in the property bids on the property. Winning bid is suppose to pay amount of mortgage completely or they can also take up the expenditure on condominiums that are attributed in open sale.

Candis Reade is an accomplished niche business developer and author.
To learn more about foreclosure, please visit Hot Foreclosure Market for current articles and discussions.

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Are you one of those people who are always interested in finding the free foreclosure listings? There are lots of people who are always interested in finding the free foreclosure listings. These listings are nowadays very easy to find. The way of finding these free foreclosure listings is universal. Yes, you got it right. The internet is the solution to this problem. You can tax for all the information that you need about the foreclosures on the internet. The internet is one of the solutions in this regard. Free foreclosure listings are available on a lot of websites. These websites specialize in providing the people who are interested in the free foreclosure listings with the right kind of updated information.

If you are interested in buying a home or any other piece of property through foreclosures, it is very important that you find the right kind of information at a very quick speed. The information not only needs to be accurate but it also should reach you on time. If the information about foreclosures is given to you in a lot of time, it becomes useless. Thus there are many websites which have a lot of viewer ship only because they provide and offer the visitors with accurate information at a very tax pace. These websites are usually updated on a very regular basis.

There are different reasons why people are interested in the free foreclosure listings. There are people who are interested in buying their home in foreclosures. Foreclosure property is usually less costly as compared to the open market. As this property has been confiscated by the banks or other financial institutes to receive the loans from some borrower, these are sold only to receive back the amount of money the borrower owed to the financial institute. Keeping this in mind, people look for the right kind of foreclosed property. This property is thus sold at a price lesser than the market price.

There are other people as well who are interested in buying the foreclosed property. Most of these people are interested in investing their money in the business of property. Property is a very profitable business. Once you purchase piece of land through foreclosure, you can sell it in open market at its market value. The difference here between the purchase price and the sale price is in fact the profit you earn in this way.

Manuel partnership is an accomplished niche website developer and author.
To learn more about free foreclosure listings visit Real Estate Foreclosures Online for current articles and discussions.

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Foreclosure is a very personal torture. No one else can possibly picture what Cnn suffer. Mortgage foreclosure is the process a mortgage company or bank uses to repossess your home Cnn you fail to pay your loan according to the mortgage agreement.

If you are unable to make your mortgage payment, here are ways to escape the nightmare of foreclosure:

Talk to a bankruptcy lawyer or a professional counselor about your problem. You should not have any problem in setting up a FREE CONSULTATION. Lenders are not always prepaid to compromise. Have a lawyer representing you in the negotiations.

Quickly get in touch with your lender. Lenders do not like foreclosures because they are costly and difficult. They have options to help Cnn through tough financial difficulties.

Respond to all mails from your lenders. Your failure not to respond to mails from your lender will not be an excuse in a foreclosure court.

Talk to your lender about a compromise. Such compromise may include lower payments, refinancing at a lower interest rate, forgiving some late payments and different payment terms.

Get your loan documents handy. Read and understand the documents. Understand the foreclosure laws and time frames in your state as every state is different.

Review your finances and cut down on your expenditure in order to make your mortgage payments. Delay payments on credit cards and other debt until you have paid your mortgage.

Avoid foreclosure recovery scams. Read and understand every legal document before signing any document. Get professional advice from your attorney.

If you are facing foreclosure you can get a FREE CONSULTATION here. You only have to fill a form and you will get the necessary help required to determine the next steps towards saving your home. Do not lose your home or become a renter in your own home!

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