Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #65
Date: Mon, 28 Jul 1997 22:05:31 -0400 (EDT)
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persfin-digest Monday, July 28 1997 Volume 04 : Number 065
IN THIS ISSUE:
ADVERTISEMENT: LAN ACCESS TO MCI MAIL [Oppenheimer Software <Connect-Sal]
Re: How To Figure W4 Withholding [Allan <pecanpi@primenet.com>]
Re: On Track For Retirement? [JONESW@CCSUA.CTSTATEU.EDU]
Re: College Admission Policies [Drew Blaha <drew_blaha@gilbarco.com>]
Re: Money Market Fund Recommendations? Vanguard! [Rich Carreiro <rlcarr@a]
Re: Is 35 year old's Retirement Savings Plan On Target? [Rich Carreiro <r]
What to Do If Bumped from a Flight [BOB FORD <BOB_FORD@compuserve.com>]
Bank Reorg/IPO [Scott Barnett <sab@crisp.net>]
Stocks vs. Mutual Funds - Try Index Funds ["David J. Churchill" <churchil]
Discount Brokers and Money Market Funds and Individual Savings Rates [b]
Non-deductible IRA? ["Brian O'Rourke" <borourke@strategies-u.com>]
Re: Best Place to Retire [bbasden@orion.tstar.net]
re: Debit card fee [WRobinette@aol.com]
V4 #64-executors and bonds [elaine steward <esslady@ix.netcom.com>]
RE: Money Market Fund Recommendations? ["J. Pat Martinez" <martinej@ava.]
Re: Mutual Funds vs. Stocks - Remember the Tax Angles [Greg Panayoti <gre]
re: Zero Closing Costs? [BOB FORD <BOB_FORD@compuserve.com>]
Re: Buying gold coins [WDStancil@aol.com]
Re: Buying Gold Coins [ravi_sekhar@MENTORG.COM (Ravi Sekhar)]
Monsanto Co.? [Sreeni Tellakula <sreeni@isi.com>]
Funds On-hand To Get Visa to Vist US? [Roger Fischer <roger.fischer@medtr]
SAT bias - Basis for Class Action Suit? [BOB FORD <BOB_FORD@compuserve.co]
Don't blame the free market [BOB FORD <BOB_FORD@compuserve.com>]
Re: Debit Card vs. Credit Card Transaction Fee [colston@viagrafix.com (Ll]
credit questions [BOB FORD <BOB_FORD@compuserve.com>]
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Date: Mon, 28 Jul 1997 21:37:26 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
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------------------------------
Date: Mon, 28 Jul 1997 21:38:52 -0400 (EDT)
From: Allan <pecanpi@primenet.com>
Subject: Re: How To Figure W4 Withholding
Ganesh.Swaminathan@NA.KM.philips.com was asking about how to figure out
what to have withheld and how to put it on a W4. I found that the best
way for me is to do an estimated tax return to figure out approximately
what my year's tax will be. Then I divide that by my number of pay
periods. Then I use Publication 15 (Circular E, Employers Tax Guide) to
figure out what number of withholding allowances or extra withholding
would get me that result.
This is a bit of a task, but after doing it I found that the great
mystery of how much my employer withholds was no longer a mystery. I
believe it is a mystery for > 99% of taxpayers. You can get Pub 15 and
the other IRS Forms and Publication from their web site:
http://www.irs.gov/prod/forms_pubs/index.html
When you get the Pub 15, look at Page 32.
Good luck,
Allan Spring
------------------------------
Date: Mon, 28 Jul 1997 21:39:31 -0400 (EDT)
From: JONESW@CCSUA.CTSTATEU.EDU
Subject: Re: On Track For Retirement?
Steven Klein asked if he was on track to have $500,000 at retirement 25
to 30 years from now.
>From your assumptions, it appears you are. However, you should consider
that inflation will reduce the value of that $500,000 to around $200,000 or
less in today's dollars. That means an annual income of maybe $8,000 a
year in today's dollars if you want to keep up with inflation in retirement.
Maybe you should keep your retirement contributions at the higher rate
you have been using.
Bill Jones
------------------------------
Date: Mon, 28 Jul 1997 21:40:42 -0400 (EDT)
From: Drew Blaha <drew_blaha@gilbarco.com>
Subject: Re: College Admission Policies
>I propose that all 4 year state colleges in the state adopt the same
>admission systems as the 2 year community colleges. Anyone who wants to
>be admitted will be admitted. If you maintain passing grades, you can
>stay in college.
I think you will find the concept true at most state universities. I
have found that most state schools will allow you to transfer in once you
have taken two years at a community college and proven that you are able
to do the work.
You can also often get into a class or two by becoming a special status
student. Your not signed up as a degree seeking student, just taking a
class. You can then apply to the degree program and show your successful
completion of courses at the school, along with a recommendation from the
instructor to get in.
Drew
------------------------------
Date: Mon, 28 Jul 1997 21:41:29 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Money Market Fund Recommendations? Vanguard!
>I want a money market mutual fund, with checks, a higher rate, and
>hopefully very low fees.
How about Vanguard? Their total expense ratio on MMFs is around
0.25%, you can write unlimited, free checks against the account
(checks must be for at least $250), and the net return is around 5.4%
(and since that return already includes their fees, you won't have to
keep moving your account around as fee waivers expire). One catch is
that there's a $3,000 minimum.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Mon, 28 Jul 1997 21:42:08 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Is 35 year old's Retirement Savings Plan On Target?
>I am 35 years old. I now have $35,000 in my pension plan. I plan on
>retiring between age 60-65. The $35,000 is invested in the following
>classes of mutual funds: 50% growth, 30% cap. appreciation, 20%
>International. I would like to reitre with $500,000 from these funds.
>
>Is it fairly safe to assume the money should double every 7 years on
>average?
Well, doubling every 7 years implies an average annual total return of
10.4%. Historically the US market has had a 9% annual total return.
Obviously the last 10-15 years have run significantly higher than
this. On the other side, international stocks have underperformed
their historical averages for some time. In any case, I don't know
how "safe" a 10.4% assumption is, but I at least wouldn't call it
highly unreasonable..
>Right now I put $8000.00 a year in to these funds, If I drop the total down
>to $4000.00 year do you think I can still hit the $500,000.00 goal?
Well, with a return of 10.4% per annum, the $35,000 that's currently in
the account would grow to $415,000 in 25 years (age 60) and $681,000 in
30 years (age 65) without any further investments at all. So given that
return assumption, I'd say it's a safe bet you'll hit $500,000 by age 60
if you contribute $4,000 per year.
I would like to note, however, that if you assume an average inflation
rate of 4%, that $500,000 at age 60 is only worth $187,500 in today's
dollars and $500,000 at age 65 is only worth $154,000 in today's
dollars. If inflation runs 5% on average, those numbers drop to
$148,000 and $116,000 respectively.
Just something to think about...
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Mon, 28 Jul 1997 21:45:05 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: What to Do If Bumped from a Flight
Here a tip that might save people a lot of money and aggravation. At least
it worked for me.
On a recent flight from Orange County California to Springfield Missouri I
was almost bumped from the American Eagle flight from Dallas to
Springfield Missouri. The flight was on American Airlines from Orange
County to Dallas and on American Eagle from Dallas to Springfield
Missouri.
American Eagle wanted to bump me from their 2PM flight because I had paid
the lowest fare of anyone on the flight. They wanted to put me on their
8PM flight that arrived 6 hours later than my original flight. They had 2
flight to Springfield between the 2PM and the 8PM but they told me those
flights were full with higher paying passengers . They would give me $50
as denied boarding compensation.
I always carry a copy of (14 CFR 250) parts 1 thru 10 in my carry on
luggage. I got my copy by making a copy of these regulations at a local
law library. This is the federal regulations that govern what an airline
must do to bump you off a flight. These regulations are fairly
complicated and I doubt if any gate agent knows them by heart. I told the
gate agent that I had a copy of these federal regulations (I didn't show
them to him) and that he would have to comply with each of these
regulations if he bumped me and also pay compensation as required
by the regulations. I also told him that if he did not comply with every
regulation, the president of American Eagle would know him on a first name
basis very soon.
The gate agent thought about the situation for a short time and decided to
bump another passenger instead of me. It pays to know (or pretend to
know) the regulations as they relate to bumping passengers from a flight.
BOB FORD
BOB_FORD@COMPUSERVE.COM
------------------------------
Date: Mon, 28 Jul 1997 21:45:49 -0400 (EDT)
From: Scott Barnett <sab@crisp.net>
Subject: Bank Reorg/IPO
I recently received a prospectus from the bank where we
hold the mortgage on our home. Apparently, they have formed
a new company (Bayonne Bancshares, Inc) to take over all
the shares of stock in the Bank (First Savings Bank of NJ, SLA)
and its mutual holding company (Bayonne Bankshares, MHC). They
claim that this structure is similar to most other holding companies
of savings institutions, or any other business entity that uses
holding companies.
I am apparently eligible to vote since I have a mortgage at the
bank, but I own no stock in the existing vehicle. The prospectus
claims I get first right in buying shares in the new vehicle as
well. I have never heard of anything like this, but then again,
this is only the second mortgage I've ever had. Does this sound
reasonable to people? What's the business advantage in doing this?
Are there examples of other banks/holding companies doing this sort
of thing?
- --
Scott Barnett
sab@crisp.net
------------------------------
Date: Mon, 28 Jul 1997 21:46:41 -0400 (EDT)
From: "David J. Churchill" <churchilld@worldnet.att.net>
Subject: Stocks vs. Mutual Funds - Try Index Funds
The more separate equities one owns (all else being equal), the more
likely it is that one earns no better than the corresponding index. And
when one owns many different mutual funds, the chances are that the sum
total of these funds is a proxy for hundreds of different equities;
there is a very good chance that such a holding is making the person a
closet "indexer." Why not just buy into an index fund, which probably
has a much lower cost-of-doing-business? A well-chosen basket of 10
stocks has a very good chance on exceeding the return form an index.
The emphasis here is on "well-chosen."
Right now it is a statistical fact that greater than 50% of mutual funds
have not matched the return on the S&P 500 index.
Dave Churchill
churchilld@worldnet.att.net
------------------------------
Date: Mon, 28 Jul 1997 21:47:22 -0400 (EDT)
From: bbasden@orion.tstar.net
Subject: Discount Brokers and Money Market Funds and Individual Savings Rates
There's a lot of information to help those of you looking for a discount
broker at http://www.sonic.net/~donaldj/
Try Vanguard at http://www.vanguard.com for money market funds. Their
prime mmkt is paying over 5.3%. Vanguard is also great for couch potato
investing in index funds. They've got close to the lowest expense ratios
around.
My advice to anyone saving for retirement is not to worry too much about
what your savings might or might not earn. Just save like hell, invest
conservatively, and before you know it, your portfolio will take on a
life of its own. I speak from pleasant experience and kid you not.
Good luck.
Barry
------------------------------
Date: Mon, 28 Jul 1997 21:47:57 -0400 (EDT)
From: "Brian O'Rourke" <borourke@strategies-u.com>
Subject: Non-deductible IRA?
I have recently moved to a new job where there is no company pension,
401(k), etc. I need to make a contribution to an IRA. My wife and I earn
too much for me to deduct any portion of the contribution from our taxes.
In this situation, what are the rules regarding my contribution? Can I
contribute as much as I want, since I won't be taking an income tax
deduction? Is the IRA still allowed to grow tax-deferred?
Brian O'Rourke
------------------------------
Date: Mon, 28 Jul 1997 21:48:44 -0400 (EDT)
From: bbasden@orion.tstar.net
Subject: Re: Best Place to Retire
John -
You might want to wander over to news group soc.retirement and pose your
question.
I got a lot of sites on retirement in Mexico there. If you don't find
them there and are interested, let me know and I'll forward some to you.
Good luck.
Barry
------------------------------
Date: Mon, 28 Jul 1997 21:49:14 -0400 (EDT)
From: WRobinette@aol.com
Subject: re: Debit card fee
Louis Schwarz wrote in the last issue:
>>I just learned that if using a Debit Card, there will be a charge of 25
>>cents per entry while there is no charge for a Credit Card. Chevy Chase
>>Bank in State of Maryland recommends its customers to use their
>>"CheckCard" debit card via ATM's Credit Selection instead. Any Comment?
I tend to think this is a specific bank issue. USAA does not charge any fees
for its debit card or checking account. In fact, you get 10 debit card ATM
transactions/month free at non-USAA ATM's (although they have no control over
specific bank owned fees).
Jim Robinette
WRobinette@aol.com
------------------------------
Date: Mon, 28 Jul 1997 21:49:47 -0400 (EDT)
From: elaine steward <esslady@ix.netcom.com>
Subject: V4 #64-executors and bonds
Similiarly, when you make a family member the executor, it
> is common for the testator (the person writing the will) to waive any
> requirement that the executor post a bond.
My mother's will stated that my brother and I (executors) should not be
required to post bond, but the State of Maryland required us to post bond
anyway!
------------------------------
Date: Mon, 28 Jul 1997 21:50:54 -0400 (EDT)
From: "J. Pat Martinez" <martinej@ava.bcc.orst.edu>
Subject: RE: Money Market Fund Recommendations?
Consider University Bank's Now Account (1-800-do-try-us). It has the
following features:
- - No monthly or annual fee if you maintain an *average* monthly balance
of $1000 or more.
- - free unlimited (or at least 30 checks/month) check writing. And no
minimum $ amount required.
- - free ATM card
- - they accept direct deposit of paychecks
- - current APY: 4.87%.
I have no affiliation with Univ. Bank.
Pat M.
------------------------------
Date: Mon, 28 Jul 1997 21:52:26 -0400 (EDT)
From: Greg Panayoti <greg_panayoti@il.us.swissbank.com>
Subject: Re: Mutual Funds vs. Stocks - Remember the Tax Angles
>Date: Sun, 27 Jul 1997 21:34:22 -0400 (EDT)
>From: David Meyers <dmeyers@panix.com>
>Subject: Re: Mutual Funds are Better than Stocks for the Average Person
>
>Mutual funds offer huge advantages: easy diversification and professional
>management some of the biggest. I probably own shares in 200-300 companies
>
>If you are looking to effectively index the market, you can do it
>much more cheaply by simply buying one index fund rather than
>a dozen stock funds which roughly replicate it.
Basically, since we're talking about inidivual stocks vs. mutual funds,
let me throw a third twist into the mix:
I recently read "The Millionaire Next Door", which I'm sure many of you
have heard about, and it makes a strong (and I think convincing)
argument that both indiv. stocks AND regular mutual funds are not where
the bulk of your money should be.
Basically, the book says that the vast majority of millionaires and
people that are financially independent made their fortunes by investing
in things that at the same time reduce their tax rate. For example,
they invest heavily in their businesses and then only pull a small
amount out to live. (Their studies show the average millionaire lives on
only like $75,000/yr). They also invest in real estate that sits
there and accrues value for many years. Both these methods decrease
taxable income, grow through the years tax-free, and more importantly do
not add additional taxable income to your statement every year. (as
everyone knows, your returns on stocks and funds can be diminished
greatly by taxes. Funds can be worse because of the amount of turnover
- - these gains have to be given out every year and are taxable!). The
book shows that each of these people pays much less, as a percentage of
their total wealth, in taxes than you and I do.
For those of us who do not have our own business or real-estate,
tax-free investments are still in order. There funds that are
considered "Tax Friendly" and do not sell stock often .. therefore
decreasing taxable distributions. They hold stocks longer and will try
to sell a winner with a loser, to cancel out the gains. There are also
other non-taxable or tax-deferred investments that can work out. Their
gains are less on paper than regular funds, but when you look at the
after-tax number ... they become attractive.
Basically, I believe the only *real* way to get wealthy in investing
(besides luck), is to invest regularly *and* decrease your taxes on
those investments. This would mean largly eliminating regular funds
or individual stocks long term.
Greg P
------------------------------
Date: Mon, 28 Jul 1997 21:53:59 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: re: Zero Closing Costs?
>From: BILL.GRIFFIN@usoc.org (BILL GRIFFIN)
>What is the catch with the zero costs? The interest rate I am being
>offered is 7.375% which seems right in line with the current. Usually
>I have seen where it is higher to make up for no costs. I have read
>the fine print and see no hidden costs unless the loan fails due to me
>misrepresenting something and then I get hit with 1.5% penalty to make
> up for their costs. What am I missing and how can they afford to
>offer these deals? I am planning on refinancing to get 30K+ for
>adding on to my house. Thanks for any info.
BILL
Zero closing cost to refinance loans are common. As you guessed, there is
a catch as someone must pay the closing cost and that someone is YOU.
There are many ways you can pay these costs. The usual way is with a
higher interest rate. However it could be in high fees for the various
transactions in making a loan or some fees for nothing like a handling
fee. It also might mean larger caps on a variable rate mortgage or many
other ways.
A good rule of thumb is if you can get a no out of pocket cost mortgage at
a lower fixed rate than your current mortgage, you should do it.
(my usual warning)
READ AND UNDERSTAND EVERY DOCUMENT YOU SIGN. DO NOT SIGN ANY DOCUMENT YOU
CAN NOT TAKE HOME AND READ AT YOUR LEISURE.
GOOD LUCK
BOB FORD
------------------------------
Date: Mon, 28 Jul 1997 21:55:09 -0400 (EDT)
From: WDStancil@aol.com
Subject: Re: Buying gold coins
>I am looking for places to buy Gold Coins (American Eagle or Canadian
>Maple or other standard...). Criterion: Reliable, Cheap and Convenience.
>Mail order Companies or Web-based Companies will do fine.
Look in any recent Wall Street Journal - usually the inside front page has
companies offering coins. E.g. Blanchard (800-880-4653, ext. 175)
In the Money Rates/Cash Prices section you can get the
prices of common coins (Eagles, Krugerrands, Maple Leafs).
Of course, you'll be paying a small % commission over those prices.
As a side note: Maple Leafs are 24K pure gold and as a result are softer
(more easily damaged) than the Eagles or Krugerrands (which are alloyed
with copper).
>Checked out with US Mint. The difference in price between what appears
>in Newspaper and that quoted by US Mint is roughly $200! Any idea why
>that is so? Did I call the wrong deptartment?
They probably quoted you the price for the proof coin (limited quantities)
rather than the bullion coin (sell as many as possible).
------------------------------
Date: Mon, 28 Jul 1997 21:55:48 -0400 (EDT)
From: ravi_sekhar@MENTORG.COM (Ravi Sekhar)
Subject: Re: Buying Gold Coins
> am looking for places to buy Gold Coins (American Eagle or Canadian
>Maple or other standard...). Criterion: Reliable, Cheap and Convenience.
I have dealt with the following firm:
Affordable Jewelry and Precious Metals
304, SW Washington Street, Portland OR 97204
Ph : 1-800-690-4995
URL: http://www.ajpm.com
I have been happy with their service and prices. Their Web pages is
quite informative too.
I received the following dealer info from the Royal Canadian Mint:
Collectable Currency Exchange 1-888-312-2288
Dillon Gage 1-800-375-4653
International Financial Consultants 1-800-831-0007
In addition, you might want to check with local coin dealers, and
comparision shop.
------------------------------
Date: Mon, 28 Jul 1997 21:56:34 -0400 (EDT)
From: Sreeni Tellakula <sreeni@isi.com>
Subject: Monsanto Co.?
hi
i am following a company called Monsanto Co (MTC). This company is
going to spin-off some divisions into a new company in october.
This is a S&P 500 company. After spinning off, if the valuation
drops off, will it be removed from S&P 500.
If it is removed from S&P 500 and if all the index funds dump the
stock, will it have a depressing effect on the stock price?
(tidbit - vanguard index 500 has $13b in assetts at the beginning
of 1996. At the end of 96, it has grown to about $30b).
thanx in advance.
Sreeni Tellakula
------------------------------
Date: Mon, 28 Jul 1997 21:57:24 -0400 (EDT)
From: Roger Fischer <roger.fischer@medtronic.com>
Subject: Funds On-hand To Get Visa to Vist US?
Hope this isn't too far off the mark for the Persfin digest.
My wife would like to bring her niece over from Korea for a visit lasting
about 6-months. This is 2nd or 3rd hand, but it seems either the niece or
my wife and I as her sponsors must have $10,000 in a bank account to
guarantee she has funds for emergencies and her return to Korea.
I'm wondering about the following:
- Is there an address (snail mail or e-mail) for getting more information
on temporary visit visas for relatives of US citizens?
- Does the guarantee funds have to be money in a bank? For example, can
it be negotiable securities in a brokerage account?
- What kind of limitations have to be placed on the funds to insure they
aren't used for another purpose during the visit?
If any persfin'er has encountered and dealt with these issues, please
e-mail me direct if you don't believe this is an appropriate topic for the
list.
TIA,
Roger Fischer
roger.fischer@medtronic.com
------------------------------
Date: Mon, 28 Jul 1997 21:58:46 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: SAT bias - Basis for Class Action Suit?
>On the SAT only @ 2/3 of the questions are actually graded. The other 1/3
>are "trial" questions that are being given to check if they
>should be included as graded questions in LATER versions of the SAT.
>These trial questions aren't graded.
>You could theoretically only answer 2/3 of the questions on the SAT and
get
>a perfect score if you knew which 1/3 not to answer.
Thanks for this information Peter. You performed a public service by
providing this information. Please do not take what follows as an attack
on you personally. I realize you are just the messenger.
If 1/3 of the questions on the SAT are not graded, this is a CLEAR CUT
CASE FOR FRAUD in my mind. Is this information disclosed on each test and
to each test taker? Has the company that grades these tests stated in
writing that they only grade 2/3 of the questions on the test? If they
have, please tell me where I can get a copy of that statement. Is it on
the INTERNET any place? Do the schools that give the test know that only
2/3 of the questions are graded? If they do and do not tell the test
takers, the school district could be liable for damages.
Talk about an investment opportunity. Think of financing a class action
suit for everyone who has take the SAT test. This could be the largest
class action suit ever in the U.S.
BOB FORD
BOB_FORD@COMPUSERVE.COM
------------------------------
Date: Mon, 28 Jul 1997 21:59:51 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Don't blame the free market
>From: Susan Mangiero <mangiero@shu.sacredheart.edu>
>Subject: Don't blame the free market!
>Any kind of tax payer support is a subsidization of the product being sold
by the university.
>Dr. Susan M. Mangiero
This is true. However we totally subsidize 12 years of education (14 in
California) for several good reasons. We as a society are much better off
by having educated people. We are in a global economy and we must have
educated people to compete in that economy.
Also this subsidy REDUCES our taxes. The state recovers TEN times their
subsidy of a college education in higher taxes paid by the college graduate
in their lifetime. The federal government collects even more than the
state in higher taxes paid.
>(Editor's Comment - Many state universities admit anyone, but that doesn't
mean everyone >graduates.
That is the way is should be. There is NO FAIR WAY for a state college to
admit one person and not admit another person. If you do not graduate
from college, it is your own fault. At least you got the chance to try.
>They're very conscious of "retention rates", which may be as low as 20% in
some cases.
State colleges have no business being concerned about their retention
rates. They should be in the business of educating all people that want to
come.
> Private colleges are interested in it too because they lose revenue and
prestige if too many students flunk out. -IK)
That is fine for private colleges. They should be able to do what ever
they want to do.
BOB FORD
BOB_FORD@COMPUSERVE.COM
------------------------------
Date: Mon, 28 Jul 1997 22:00:54 -0400 (EDT)
From: colston@viagrafix.com (Lloyd Colston)
Subject: Re: Debit Card vs. Credit Card Transaction Fee
I just learned that if using a Debit Card, there will be a charge of 25
cents per entry while there is no charge for a Credit Card. Chevy Chase
Bank in State of Maryland recommends its customers to use their
"CheckCard" debit card via ATM's Credit Selection instead. Any Comment?
It sounds like an effort for the banks to recover some of the cost of
the money we are saving them by going paperless. :)
Lloyd Colston Success comes in cans, not can'ts
Pryor, OK USA social worker, writer, editor
Member: International Small Business Consortium
KC5FM Home page http://www.viagrafix.com/colston
------------------------------
Date: Mon, 28 Jul 1997 22:02:10 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: credit questions
>From: Harry Matthews <matthews@panix.com>
>Subject: Re: Effect of Capital Gains Tax Cut on the Market /Credit
Questions
>On another persfin issue, lending criteria....
>Racial attitudes are especially counter-productive. I am on the Board
>of Directors of a co-op in a racially mixed NYC neighborhood. Black
>applicants to buy apartments often report many problems with mortgage
>banks, even though they tend to be lawyers, investment bankers, and
>corporate executives with impressive financial credentials. On the
>other hands, freelance writers and film-producers who happen to be white
>face very little tsouris. In my position as a Director, I'm delighted
>to have all of these folks in our community -- but I can't help
>wondering what the banks are worried about.
There is only one word for loan officers that discriminate and that is
STUPID. Loan officers work on commission. Besides racial discrimination
being stupid, it is also illegal. If you know of people being
discriminated against by lending institutions, urge them to report this
discrimination to the proper authorities.
Any loan officer that does not understand that the more loans, he/she
makes, the more money they make is too dumb to be a loan officer. It is
in a loan officer's own best interest that every one that applies for a
loan gets it. That is how they get paid.
Thanks for your thoughts on college admission. I will pass them along to
John.
BOB FORD
------------------------------
End of persfin-digest V4 #65
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