Rescue Bill Passes to Protect Economy-Will it Work? , Protect Yourself from New Kind of ID Theft, Insurance Tip

It is a new week, the Economic Bill has passed and my hope for this week is good business and no negative news- how is that for being hopeful! My team and I did an exercise Friday that I would like to encourage you to do (maybe do it with another person/group for input). We discussed Reality, Hope, Decision and Actions. First we listed the Reality of our Industry right now (i..e, Guidelines are tighter, Buyers typically need money to purchase, etc.). Then we listed Hope (what we would like to see in our business in the next 3-12 months), followed by Decisions (what decisions we must make to be certain that we remain strong and that business keeps coming in) and then ACTIONS (if we do the same things and expect different results, that is insanity)- so what Actions should we keep, what Actions should we start, and what Actions should we stop. It was a great discussion and we are excited about the future as well as the present! When we can be of assistance to you and your buyers, please don’t hesitate to contact us at 972-278-3400. First Time Home Buyer Monies- We are anticipating some new Texas bond monies available within the next couple of weeks which can be used up to a household income of $53000. We will let you know as soon as those funds become available. Homeowners Insurance: Did you know . . . that the medical coverage in most standard insurance policies covers medical expenses should someone, other than the residents, who suffers a minor injury on your property. Typical coverage would be for certain minor medical costs incurred by the injured person. Examples include the cost of exams and X-rays. Generally, the coverage limits range from $1,000 to $5,000. Alan Jones - The VA Jones Group Market Report TO PASS OR NOT TO PASS? That was indeed the question of the week...and the final answer came on Friday, as the House of Representatives followed the Senate's lead and passed the $700 Billion rescue plan. Check out my blog at lindadavidsonmortgage.blogspot.com for an interesting John Mauldin’s report…. The bill was passed. Will it work? As you know, the week began with the House initially voting against the plan on Monday, causing Stocks to plunge in their final minutes of trading to their single worst loss in the 112-year history of the Dow Jones. However, on Wednesday, the Senate passed a revised rescue plan that included some tax breaks and an increase in FDIC protection from $100,000 to $250,000. This was the version the House subsequently passed and President Bush signed into law on Friday. So as we have talked about before….Why was it important for the plan to pass? Simply put, the plan frees up some of the frozen credit that consumers and small businesses across the country need to survive. As examples, even auto loans were becoming harder for consumers to qualify for...and on the business side, many retail operations have had difficulty in financing their inventory. Credit issues like these are not good for the economy, confidence, and consumer spending, and the rescue plan was passed to help matters. In other news from Friday, the Labor Department reported that 159,000 jobs were lost in September, which is much worse than the 105,000 lost jobs that economists were expecting. So far in 2008, we have lost 760,000 jobs. And while Bonds and home loan rates would have typically improved on this weak economic news (remember weak economic news usually causes money to flow from Stocks into Bonds, helping home loan rates improve), talk that the Fed and other Central Banks around the world may start cutting their benchmark rates kept Bonds and home loan rates from making a big improvement. Remember, a cut in the Fed Funds Rate is inflationary, and therefore bad for Bonds and home loan rates. When all was said, done and passed during this incredibly volatile and historic week, Bonds and home loan rates ended the week only slightly improved from where they began. I will continue to monitor this situation closely in the days and weeks ahead. JUST WHEN YOU THOUGHT YOU HAD A HANDLE ON PROTECTING YOUR IDENTITY...THERE'S A BRAND NEW KIND OF IDENTITY THEFT IN TOWN. THIS WEEK'S MARKET VIEW GIVES YOU THE SCOOP, AS WELL AS TIPS TO PROTECT YOURSELF - SO DON'T LET THIS OPPORTUNITY TO STAY SAFE PASS YOU BY! Forecast for the Week With a light schedule of economic reports on the calendar this week, the financial news and headlines will likely have the biggest impact on the markets this week - particularly as we see how the markets react to the newly signed rescue bill. In addition, late breaking news from last week that Wells Fargo will acquire Wachovia, undoing a prior deal that had Citigroup acquiring Wachovia, and that Citigroup may file a lawsuit, could impact the markets as well. Another big news item will be the Meeting Minutes of the September 16 Fed meeting, which will be released on Tuesday. If these Minutes give evidence that the Fed may cut rates at its next meeting on October 28-29, Bonds and home loan rates could worsen due to the inflationary implications. The Mortgage Market View... Medical Identity Theft With identity theft on the rise these days, most of us are already taking steps to protect ourselves. But did you know that there’s now a growing form of identity theft known as “medical identity theft” that can not only devastate victims’ finances, but also compromise their health, too. According to Joy Pritts, JD, author of Your Medical Record Rights, here’s what you need to know. What is Medical Identity Theft? Medical identity theft occurs when criminals access victims’ medical records. Since medical records contain a person’s social security number and credit card information (if bills have been paid via credit card), criminals can open accounts and make fraudulent charges. However, criminals also gain access to victims’ health insurance policy information and medical histories, and they can create forged health insurance cards to sell to people who are uninsured and need expensive medical treatment. A person who buys a fake health insurance ID card would then seek treatment using the victim’s name and policy number, and then disappear, leaving the victim with the bills to pay. Why Should You Be Concerned? Victims of medical identity theft not only have to repair their credit and convince credit agencies and service providers that bills are fraudulent, they also have to correct inaccurate medical information that becomes part of their health records. Victims could be denied life insurance or individual health insurance if their record shows treatments that they did not have. In addition, victims could receive treatments or medicines that could be harmful to them on the basis of inaccurate content in their medical records. Steps to Take if You Suspect a Medical Identity Theft Read all bills and “Explanation of Benefits” statements from your insurance company to verify they are for treatment you received. If a bill or statement refers to treatment you did not receive, contact the employee in charge of investigating fraud at your insurance company and at the medical facility involved and explain the situation. Follow up with a letter sent via registered mail with return receipt once again explaining the situation, asking for any bills to be voided, and asking that your medical record be amended to state that you did not have this health problem or receive this treatment. Report the identity theft to the police department and state’s attorney general’s office. Contact the health care providers you use, explain the situation, ask if the erroneous information has been added to the providers’ records, and if so, ask them to correct the records. Report the fraud to the major credit bureaus and set up fraud alerts. Also, request free copies of your credit reports to make sure no new fraudulent accounts have been opened. Review your medical records every few years to make sure there are no errors. To learn more about your medical record rights, visit http://ihcrp.georgetown.edu/privacy/records.html. Have a blessed week. Let us know when we can be of assistance to you and your buyers. We can be reached at 972-278-3400. Linda Linda Davidson, Senior Loan Officer, DE Underwriter Service First Mortgage 972-278-3400 office 972-497-6452 fax 1-866-963-3777 Toll Free www.davidsongroup.net Check out our blog: http://lindadavidsonmortgage.blogspot.com The Davidson Mortgage Group Ranking 6th Nationally in FHA/VA Purchase Units Closed! Ranking 33rd Team in the Nation in Total Purchase Units Closed! Ranking #69th Team in the Industry for Total Units! Voted #1 Area Mortgage Team For The Past 10 Years We ARE The Mortgage Experts! Your Lender for Purchase, Refinances, Reverse Mortgages and Commercial Lending!! P.S. The finest compliment that we can receive is a referral from you . We appreciate your trust! Linda