On Monday February 13, 2012, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate 360 Live radio show on The Big Talker 1580 WHFS AM, hosted by Ryan Sloper.
Listen to the show.
Part 1 (14:38)
Ryan noted that Apple topped $500 a share and the passing of Whitney Houston. Ryan discusses the robo signing settlement with the banks. Louis notes that the banks now have to give back some of the money they received in the bailout.
Louis notes that the low Federal Reserve rates, the Community Reinvestment Act and policies of Freddie Mac and Fannie Mae encouraged excessive lending by the banks which caused the housing bubble. Louis notes that the settlement also involves more money being spent on the housing market. Louis notes that if banks lose money as a result of the foreclosure settlement, they will probably raise fees or interest rates. Louis notes that the onerous regulations that the banks are subject to keep competitors out.
Part 2 (13:25)
Louis and Ryan discuss the Fed’s pessimistic economic outlook. Ryan and Louis note that because the U.S. has a debt problem interest rates need to stay low so the U.S. can continue to service its debt. Ryan notes that the cost of home ownership is down 13% since last February. Louis notes that higher interest rates are inevitable but not imminent. Louis notes that if the dollar continues to be devalued and interest rates rise, locking in a long term low interest rate will keep your cost of shelter constant as rents and mortgage interest rates rise. Louis notes that there is some logic in believing that now may be a good time to buy a home. Louis notes the “buy as much home as you can” exhortations of mortgage brokers in the mid 2000′s should not be heeded.
Part 3 (12:53)
Ryan discusses Obama’s proposed $3.8 Trillion budget plan which includes taxes on the rich and the Buffet Rule. Ryan notes that the budget includes spending on highways, schools, jobs, bridges, student aid and higher taxes on corporations banks and oil and natural gas and oil companies.
Ryan notes that as a result of the reluctance to cut spending incentivizes people to invest in gold and silver. Ryan notes that the US is not much different than Greece except that the US can print money which is inflationary. Ryan asks who is going to step up and say we need to start cutting across the board Louis answers no one but Ron Paul.
Louis notes that the reason we have these economic problems is politicians do not view the budget as an economic exercise but rather a political exercise. Louis notes that politician accept deficit spending and the concept that debt doesn’t matter.Louis notes that the Keynesian argument still prevails-rates are low so even though we owe too much money we should take advantage of low rates and borrow more!
Louis notes that the President’s proposed budget was not criticized. Louis notes that people are out of work because we do not have a productive environment and because we have borrowed to much and our answer is to borrow more by keeping interest low as if people going shopping creates jobs and as if issuing welfare checks create jobs.
Louis notes that production and saving creates jobs not spending. Ryan notes that Congress is considering passing a law prohibiting money from welfare should not be spend on liquor stores and casinos. Louis argues facetiously that if you like spending and believe that spending creates jobs what difference does it make where the welfare recipients spend the money as long as they spend it? Ryan notes that rather than cut programs, the government takes the position that the rich should just pay more. Louis notes that the concept of fair share is not fair. Who determines what is fair?
This argument does not take into account that the rich may work harder or employ people and produce products that democratically more people want. Louis draws the distinction between rich people who create products people want and people who get rich because of government bailouts or subsidies. Louis asks what does fair mean? Is it fair for a renter not to get the tax benefits that mortgage holders get? Is it fair that 45-50% of people don’t pay any federal taxes?
Louis notes that the more people that you have that don’t pay taxes that vote, will vote to raise taxes on others. Ryan notes that companies that are growing and creating jobs should not be over taxed. Louis argues that if you don’t want people at Apple to be rich, don’t tax them, instead, don’t buy their products. Louis notes that many view “the rich” as those on Wall Street and don’t recognize the people that work hard and create jobs and come up with better products and services.
Louis notes that deficit reduction should not be a overarching goal if that goal is achieved by over taxation. Louis notes that problem with government spending is that most people don’t know where most of the money goes and if they did they would not support it!
Part 4 (13:18)
Ryan and Louis discusses credit reports. Louis discusses the services available on HomeGain.com.
Listen to the Buffett Rule on You Tube
Listen to other Real Estate Radio shows with Louis Cammarosano
Listen to the Real Estate Radio show of February 6, 2012
Listen to the Real Estate Radio show of January 30, 2012
Listen to the Real Estate Radio show of January 23, 2012
Listen to the Real Estate Radio show of January 9, 2012
Listen to the Real Estate Radio show of November 14, 2011
Listen to the Real Estate Radio show of November 7, 2011
Listen to the Real Estate Radio show of October 31, 2011
Listen to the Real Estate Radio show of October 24, 2011
Listen to the Real Estate Radio show of October 17, 2011
Listen to the Real Estate Radio show of October 10, 2011
Listen to the Real Estate Radio show of October 3, 2011
Listen to the Real Estate Radio show of September 26, 2011
Listen to the Real Estate Radio show of September 19, 2011
Listen to the Real Estate Radio show of August 29, 2011
Listen to the Real Estate Radio show of August 15, 2011
Listen to the Real Estate Radio show of August 8, 2011
Listen to the Real Estate Radio show of July 25, 2011
Listen to the Real Estate Radio show of July 11, 2011
Listen to the Real Estate Radio show of June 27, 2011
Listen to the Real Estate Radio show of June 20, 2011
Listen to the Real Estate Radio show of June 13, 2011
Listen to the Real Estate Radio show of June 6, 2011
Listen to the Real Estate Radio show of May 23, 2011
Listen to the Real Estate Radio show of May 16, 2011
Listen to the Real Estate Radio show of May 9, 2011
Listen to the Real Estate Radio show of May 2, 2011
Listen to the Real Estate Radio show of April 25, 2011
Listen to the Real Estate Radio show of April 18, 2011
Listen to the Real Estate Radio show of April 11, 2011
Listen to the Real Estate Radio show of March 21, 2011
Listen to the Real Estate Radio show of March 14, 2011
Listen to the Real Estate Radio show of February 28, 2011
Listen to the Real Estate Radio show of January 24, 2011
Listen to the Real Estate Radio show of November 29, 2010
Listen to the complete archive of Louis Cammarosano on Real Estate Radio shows
Real estate radio interviews also available on Youtube
About the Real Estate Radio Network
The Real Estate Radio Network® is a nationwide alliance of real estate related professionals with a common objective: delivering the timely truth about local Real Estate Markets over local radio stations.
The Real Estate Radio Network brings hard-working and ethical professionals in a community together. We provide the media and forum necessary for Consumers to learn the truth about important aspects of their financial life, which is mostly centered around their biggest investment, the home they live in. The Real Estate Radio Network® brings each radio program to the audience with a “live and local” show hosted by well-respected members in the local Real Estate and Financial community.
About Ryan Sloper
As a highly motivated mortgage consultant, with more than nine years of mortgage lending experience, Ryan Sloper has acquired a solid understanding of the local and national real estate markets. Ryan has been investing in residential and commercial real estate for the last 5 years, where he has first hand knowledge of what it takes to be a successful real estate investor. Ryan also hosts a weekly radio show, Real Estate Radio, which airs every Monday on 1580 AM in the Washington, DC Metro Area. Real Estate Radio also streams live nationally @ http://whfs.cbslocal.com/shows/real-estate-radio-with-ryan-sloper/
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