The following information is from CALHFA.
If you need down payment assistance or any other buyers assistance please contact us.
Temporary Suspension of CalHFA Programs
Effective immediately, CalHFA is suspending the following active CalHFA First Mortgage Fixed
Rate Loan Programs and Down Payment Assistance Programs:
• 30-Year Fixed Mortgage products, including:
Moderate Income
Low Income
Nonprofits & Affordable Housing Partnership Program (AHPP)
Extra Credit Teacher Program (ECTP)
• California Homebuyer’s Down Payment Assistance Program (CHDAP)
• Extra Credit Teacher Program (ECTP)
• School Facility Fee Down Payment Assistance Program (SFF)
These programs are being temporarily suspended as a result of the action taken by the Pooled
Money Investment Board (PMIB) on December 17, 2008. The PMIB loans money to state
agencies to advance program funds which will later be repaid through bond issuances. CalHFA
uses a PMIB loan to initially fund its Conventional 30-Year Fixed Mortgage and down payment
assistance programs. The recent PMIB action froze all such PMIB loans. It is anticipated that
this situation will continue until the State’s budget crisis is resolved.
The PMIB will meet again in early January, 2009. At that time, we may receive information as to
when these programs will be restored.
CalHFA will continue to accept reservations for loans under the Community Stabilization Home
Loan Program (CSHLP) and SMART Loan Program. However, please note that CHDAP funds
will not be available for use with these programs.
CalHFA’s Homeownership Division thanks you for your business and we look forward to
continuing to support your affordable housing loan needs. For questions about this bulletin,
contact CalHFA Homeownership Programs by phone 916.324.8088; by fax 916.324.6589; by
email at homeownership@
Monday, December 22, 2008
Tuesday, December 2, 2008
Another Bailout?
Okay,
I couldn't resist posting this. This is one of those emails that gets sent around so I don't know who the author is. However is so apropos for what is happening right now and any of us who have worked in business can surely relate to the possibilities of truth to this story as it is sadly humorous;
Toyota and Ford - Canoe Race on the Missouri River
A Japanese company (Toyota) and an American company (Ford Motors) decided to have a canoe race on the Missouri River both teams practiced long and hard to reach their peak performance before the race.
On the big day, the Japanese won by a mile.
The Americans, very discouraged and depressed, decided to investigate the reason for the crushing defeat. A management team made up of senior management was formed to investigate and recommend appropriate action.
Their conclusion was the Japanese had 8 people rowing and 1 person steering, while the American team had 7 people steering and 2 people rowing.
Feeling a deeper study was in order; American management hired a consulting company and paid them a large amount of money for a second opinion.
They advised, of course, that too many people were steering the boat, while not enough people were rowing.
Not sure of how to utilize that information, but wanting to prevent another loss to the Japanese, the rowing team’s management structure was totally reorganized to 4 steering supervisors, 2 area steering superintendents and 1 assistant superintendent steering manager.
They also implemented a new performance system that would give the 2 people rowing the boat greater incentive to work harder. It was called the ‘Rowing Team Quality First Program,’ with meetings, dinners and free pens for the rowers. There was discussion of getting new paddles, canoes and other equipment, extra vacation days for practices and bonuses. The pension program was trimmed to ‘equal the competition’ and some of the resultant savings were channeled into morale boosting programs and teamwork posters.
The next year the Japanese won by two miles.
Humiliated, the American management laid-off one rower, halted development of a new canoe, sold all the paddles, and canceled all capital investments for new equipment. The money saved was distributed to the Senior Executives as bonuses.
The next year, try as he might, the lone designated rower was unable to even finish the race (having no paddles,) so he was laid off for unacceptable performance, all canoe equipment was sold and the next year’s racing team was out-sourced to India.
Sadly, the End.
Here’s something else to think about: Ford has spent the last thirty years moving all its factories out of the US , claiming they can’t make money paying American wages.
TOYOTA has spent the last thirty years building more than a dozen plants inside the US. The last quarter’s results: TOYOTA makes 4 billion in profits while Ford racked up 9 billion in losses.
Ford folks are still scratching their heads, and collecting bonuses…and now wants the Government to ‘bail them out’.
I couldn't resist posting this. This is one of those emails that gets sent around so I don't know who the author is. However is so apropos for what is happening right now and any of us who have worked in business can surely relate to the possibilities of truth to this story as it is sadly humorous;
Toyota and Ford - Canoe Race on the Missouri River
A Japanese company (Toyota) and an American company (Ford Motors) decided to have a canoe race on the Missouri River both teams practiced long and hard to reach their peak performance before the race.
On the big day, the Japanese won by a mile.
The Americans, very discouraged and depressed, decided to investigate the reason for the crushing defeat. A management team made up of senior management was formed to investigate and recommend appropriate action.
Their conclusion was the Japanese had 8 people rowing and 1 person steering, while the American team had 7 people steering and 2 people rowing.
Feeling a deeper study was in order; American management hired a consulting company and paid them a large amount of money for a second opinion.
They advised, of course, that too many people were steering the boat, while not enough people were rowing.
Not sure of how to utilize that information, but wanting to prevent another loss to the Japanese, the rowing team’s management structure was totally reorganized to 4 steering supervisors, 2 area steering superintendents and 1 assistant superintendent steering manager.
They also implemented a new performance system that would give the 2 people rowing the boat greater incentive to work harder. It was called the ‘Rowing Team Quality First Program,’ with meetings, dinners and free pens for the rowers. There was discussion of getting new paddles, canoes and other equipment, extra vacation days for practices and bonuses. The pension program was trimmed to ‘equal the competition’ and some of the resultant savings were channeled into morale boosting programs and teamwork posters.
The next year the Japanese won by two miles.
Humiliated, the American management laid-off one rower, halted development of a new canoe, sold all the paddles, and canceled all capital investments for new equipment. The money saved was distributed to the Senior Executives as bonuses.
The next year, try as he might, the lone designated rower was unable to even finish the race (having no paddles,) so he was laid off for unacceptable performance, all canoe equipment was sold and the next year’s racing team was out-sourced to India.
Sadly, the End.
Here’s something else to think about: Ford has spent the last thirty years moving all its factories out of the US , claiming they can’t make money paying American wages.
TOYOTA has spent the last thirty years building more than a dozen plants inside the US. The last quarter’s results: TOYOTA makes 4 billion in profits while Ford racked up 9 billion in losses.
Ford folks are still scratching their heads, and collecting bonuses…and now wants the Government to ‘bail them out’.
Subscribe to:
Posts (Atom)
