2008 October

Archive for October, 2008

Don’t Delay. 12 Easy Winterizing Tips!

October 23rd, 2008 Categories: Garden Valley Living, Garden Valley Real Estate

The temperatures are definitely dropping and the snow is not far behind ( I hope).

Follow these Home Winterizing Tips.

Everything and anything that is sitting outside must be stored away. Otherwise, make a map of it’s location in case you need to dig it out from under the snow.
Disconnect hoses from all hose bibs and bury hydrants.
Blow out sprinklers
Stack a weeks worth of firewood in close proximity to the house. Keep the bulk of your firewood away from the siding and out from under overhangs of your home. Stacked wood can attract insects and rodents.
Clean your chimney
Ask Marsha, at the Trading Post, when she expects her next order of grain scoops. They are the best shovels for our snow type. Buy one now before the rush.
Mount snow removal attachments on trucks and tractors or contract with a local snow removal service.
Reverse ceiling fans. They should rotate clockwise for winter.
Close foundation vents
Insulate any pipes that may be exposed or that are running through unheated spaces in the house.
Check batteries in smoke detectors.
Prune away any tree branches or shrubs that will get in the way of shoveling.

Bonus Tip!

Get out the snow shoes and the sunscreen!

Enjoy the beautiful garden valley winter.

See more on Winter Survival at the University of Idaho Extension Service

Stimulus Package Summary

October 4th, 2008 Categories: Garden Valley Real Estate

This Summary is a reprinted message from the National Association of Realtors
The Bill Will Help Homeowners and Borrowers

The Senate legislation responded to the criticisms that lenders have been slow and/or unwilling to work with homeowners and borrowers. It encouraged negotiation in short sales and consumer efforts to refinance or reconfigure existing mortgages:

When the Treasury (or other federal agency that holds mortgages) acquires troubled existing mortgages from financial institutions, agencies are required to work with lenders and mortgage servicers to find ways to avoid foreclosures.
All federal agencies are required to work with servicers to facilitate loan modifications that will consider the net present value of the mortgage.
Similar refinancing and foreclosure prevention requirements apply to mortgages involving owners of multi-family properties and owners of commercial properties. Policy goal is to assure that tenants don’t lose their residence or their place of business when an owner has problems with the mortgage.
Changes to existing mortgages can include (but are not limited to) revisions in principal, interest rate and period for repayment.

Tax Relief

The Senate added an extensive package of extensions of expired and expiring provisions that had passed previously on a vote of 93 - 2. Extended provisions include the 15-year life on leasehold improvements, brownfields clean-up deductions, deductions for mortgage insurance premiums and relief from the Alternative Minimum Tax.

The Bill Will Get Money into the Financial System Quickly

The credit markets are nearly frozen. Lenders can’t lend because they are receiving no payments on existing loans. The legislation allowed the government to buy troubled loans and mortgage securities. The funds that the institutions received when the government purchased the existing portfolios were to be available to issue new mortgages with more carefully specified and monitored lending standards. Provisions include:

Create a Troubled Asset Relief Program (TARP) to purchase and guarantee the troubled assets from the financial institutions that hold mortgages and/or mortgage-backed securities.
A new Office of Financial Stability within the Treasury to operate TARP, with input from the Federal Reserve, Federal Deposit Insurance Corp (FDIC - the agency that works with failed and failing financial institutions to insure and protect consumers), the Comptroller of the Currency (bank regulator), Office of Thrift Supervision (regulator of former savings and loan companies) and the Secretary of Housing and Urban Development.
Don’t give out all the money at one time. First release of funds to purchase troubled assets will be $250 Billion. Second release of up to $100 Billion must be authorized by the President. Final $350 Billion can be issued only on Congressional approval. Congress given 15 days to act.

Follow, Protect and Watch Over the Money

Congress will keep a tight rein on TARP. Congress will have the assistance of numerous agencies charged with specific tasks and reporting responsibilities:

TARP Oversight Board at Treasury — monthly activity reports to Congress.
Secretary of Treasury — detailed reports to Congress for each $50 Billion in transactions.
Government Accountability Office (Congress’s auditor) — financial reports about TARP activities every 60 days.
Judicial Review — Federal courts may issue injunctions when there is a finding that the Secretary of the Treasury has acted in a manner that is arbitrary, capricious or outside the law.
Create a new Inspector General (IG) for TARP. An IG might be viewed as the “cop on duty” who has authority to investigate TARP’s activities. IG will make quarterly reports to Congress.
Appoint a Congressional Oversight Panel - receive and process all these reports to keep Congress apprised of the state of financial markets, activities of the regulatory system and the use of TARP’s asset acquisition and disposition authority.
Federal Reserve — provide reports to Congress on utilization of the lending authority created earlier this year. That authority was intended to assist ailing financial institutions.

Put Brakes on the Bad Guys

Congress wanted to curtail “bad acts” of executives who gambled and lost.

Assure that skilled asset managers who buy and sell TARP assets have no conflicts of interest with prior employers or firms.
No golden parachute or severance payments to executives of companies that sell assets to TARP. An executive who receives a parachute payment will be required to pay a 20% excise tax on it.
No tax deductions allowed for any executive’s compensation of more than $500,000.
All financial regulatory agencies are required to cooperate with the FBI in its investigations of fraud, misrepresentation or malfeasance in the selling or advertising of financial products.

Give the Taxpayers a Stake in the Profits

Historically, when the government has intervened to shore up a company’s or government’s financial dealings (such as the loan guarantees made to Chrysler and the aid given to New York City during a fiscal crisis), the long-term effect has been that the government has made money back on the deal. The legislation provided an “upside” benefit for taxpayers:

Any profits generated when the government subsequently sells TARP assets would be used to pay down the national debt.
The government will receive warrants in the companies that participate in TARP. The warrants are similar to stock, but do not grant any voting authority to the government. If the participating company pays dividends at some future time, the warrants would allow the government to receive the dividend. Similarly, if the government sells its stake in the company, the warrants would entitle the government to any appreciation.

Safeguard Savings

Increase the amount of federal insurance on bank accounts from $100,000 to $250,000. This will be particularly helpful to smaller and local banks and small businesses.

Recoup What’s Still Owed

If, after five years from the date of enactment (the date the President signs a bill), the program has lost money, the sitting President will be required to present a plan to Congress for ways to recover the funds from the financial institutions that benefited from the TARP relief.

The Softer Side of Garden Valley

October 1st, 2008 Categories: City of Crouch, Garden Valley Business Scene, Garden Valley Events, Garden Valley Living, Garden Valley Real Estate

5th Annual Fiber Fabric Faire

Come to the Community Hall, in Crouch, on Saturday October 4th from 10:00 - 4:00. It’s the annual Fiber and Fabric Faire. Each year the Garden Valley Quilters sponsor this fun event. Here you’ll find, not only some great quilters, but knitters, weavers, spinners and fiber artists of all kinds.

Whether you want to learn about a fiber art, find a warm and fuzzy gift for someone special, watch a craft demonstration, or take a chance to win a hand made quilt, this is an event for you.

I look forward to the Fiber and Fabric Faire each year. The handmade items are truly works of art. The textures, colors and patterns are beautiful and unique. Last year I met several women who raise alpaca, spin the wool and knit the garments. It was great to learn about this homespun, traditional craft.

Aside from treating myself, visiting with neighbors and friends and finding some great gifts, I had a wonderful time.

Don’t forget that, by attending the Faire, you are also contributing to the community. Part of the raffle proceeds go the the Crouch Ambulance fund.