778!

Wow. There's a number we'll never forget. The largest one day stock market drop in history courtesy of the U.S. House of Representatives.

Dum, Dum, Dum.....Another One Bites The Dust...

And another one gone and another one gone...

After the FDIC seized all of Washington Mutuals assets, JPMorgan Chase acquires WaMu's assets for $1.9 billion. Washington Mutual is, or should I say was, the nation's largest savings and loan. The demise of WaMu is the largest failure ever of a U.S. bank.

From FDIC Chairman (err, Chairwoman) Sheila Bair: "For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks. For bank customers, it will be a seamless transition. There will be no interruption in services, and bank customers should expect business as usual come Friday morning."

What EXACTLY is business as usual now-a-days anyway?

There's A Bailout Plan...

Wait, no there's not. Ok, yes there is. Oops, no there's not.

Congress Considers Bailout Plan

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson appeared before Congress today to advocate swift passage of the $700 billion bailout plan. 11 federally insured banks and thrifts have failed so far this year with another, Washington Mutual Inc., hanging by a thread.

Update 09/25/08: Bailout agreement reached.

The Strength To Be There?

The Federal Reserve is stepping in again. This time they're handing out $85 billion to A.I.G. Insurance Company. A.I.G., teetering on bankruptcy in recent days, is the biggest insurance company in the world. So much for being there.

Buy...Buy...Buy

They bought Countrywide. They bought LaSalle. Now Bank of America is buying struggling Merrill Lynch. B of A, with the most deposits of any U.S. bank, would acquire the world's largest brokerage.

Meanwhile, Lehman Brothers files for Chapter 11 bankruptcy.

To Seal Or Not To Seal

Stamp/Seal Requirements for all 50 states.

And A Two...

The next member to be added to the Michigan Notary Network is ....(drum roll).... Terri Seever. Terri is in Petoskey, Michigan and covers over 30 counties. Whew. Terri has been a Mobile Notary Signing Agent for three years and has performed over 1300 signings. Prior to that, Terri worked in a real estate office for four years conducting in-house closings as well as calculating closing numbers and drawing all documents. From my conversations with Terri, it's clear that she projects the professional and positive image necessary to succeed as a Notary Signing Agent.

Welcome Terri!

And A One...

I'm excited to report that we have our first addition to the Michigan Notary Network. Marilyn Pitts is joining the MNN. Marilyn is in the Flint, Michigan area and covers Genesee, Shiawasse, and Saginaw Counties. Marilyn spent 25 years in the banking industry prior to becoming a Notary Signing Agent. She started as a teller for four years, then became a loan officer, and eventually worked her way to branch manager. She's been an NSA since 2000 and has performed over 5000 signings. Marilyn's reputation precedes her. As a prior closing and funding manager for a wholesale lender, Renee Kovacs has seen Marilyn's work cross her desk on numerous occasions. Marilyn's work was impeccable.

Welcome Marilyn!

Fannie & Freddie Bailout Appears Imminent

The rumored government bailout (translation: paid for by taxpayers) for Fannie Mae and Freddie Mac appears to be set (see the July 11th post). An announcement is expected as early as this weekend. If so, it would be one of the biggest government bailouts in United States history. The takeover includes a plan to introduce captial on a quarterly basis in an attempt to minimize the cost.

Google Chrome

Google is taking aim at Microsoft and its Internet Explorer browser. Today they're releasing Google Chrome, a supposedly simpler and faster way to browse the Internet. We shall see. Google gets a lot of things right, so I'm excited to see how Chrome compares to I.E. & Firefox.

Download Google Chrome

Close To Bottom?

There's still a lot of grim news, but we may finally be seeing the first signs of bottoming out. Sales of new and existing homes are up, and though year to year data still shows steep drops in home prices, the rate of price drops from month to month appears to be slowing down.

Mmmmmmmm

One of the little perks of this job is that some people want to feed you. The Detroit area is ethnically diverse so sometimes you get offered some very unique munchies. I had a signing this week with borrowers who sold homemade Popsicles in their store. It was a hot day and after the signing was completed they offered me my choice of three Popsicle flavors: Pina Colada (not a coconut fan), chili flavored (chili flavored Popsicles?!), and butterscotch. Ok, butterscotch sounded interesting. Wow was it ever. It tasted exactly like the hard butterscotch candy grandma used to pull out of her purse. I felt like a kid again as I slurped it down on my way home. Best treat ever.

Pardon The Mess

Doing a little tweaking to the Detroit Notary site today (and probably tomorrow as well). If it acts a little hinky it's me, not you. The blog shouldn't be affected.

Michigan Notary Network - Website

The website is up for the Michigan Notary Network (along with the new logo). Membership requirements and an in-depth description of the professional standards we're trying to set are listed on the qualifications page. I know...it's a high bar. But in an industry that needs to regain its footing, anything less is inadequate.

Also, I've added a list of other state networks on the blog sidebar and on the Michigan Notary Network site. Much of what we're trying to accomplish and the network goals that we strive to meet come from standards already set by these other state networks. We've looked to these state networks for input in setting our standards and we consider them partners. If you're a title company, escrow company, mortgage company, or signing service looking for the best notary signing agents (NSAs) in Florida, California, Ohio, Texas, Wisconsin, and Virginia, look no further than members from these state networks. Like the MNN, these networks strive to be truly exceptional in the notary signing industry.

Next up - adding members! Renee and I have been in contact with several outstanding candidates across the state, and look forward to adding several members in the coming weeks.

Metro Detroit Home Inventory Drops

Finally going in the right direction? Inventory of unsold homes in Metro Detroit dropped by 12.5% from April to June with an unsold inventory of 12.3 months (above the national average of 11.1).

Surprise - Fidelity National Buys Mercury Companies

Oops, where did THAT come from? While rumors were flying about First American taking over former Mercury companies in Colorado, in swooped Fidelity National. The announced purchase covers Security Title, First American Heritage Title, Title America and United Title. Mercury spokeswoman Kate Miller confirmed with CNN Money that there were talks with First American but Fidelity National ultimately emerged as the buyer.

Wall Street Journal article

Improving Your Results In Local Searches

On May 17th I wrote about increasing local web visibility by getting listed on Google Maps, Yahoo Local, and other local searches. Go Get Notary was also kind enough to include my article on the subject in their last newsletter. If you've added your listing to various local map sites and want to do even more to increase your positioning or ranking within these listings, SEO (Search Engine Optimization) consultant David Mihm has compiled absolutely the most comprehensive discussion on local search factors. Mr. Mihm asked 20 experts from the Local Search Marketing community to participate in a study designed to identify factors involved in ranking well in the Google and Yahoo Local Search algorithms, as well as methods to avoid.

President Bush Signs The U.S. Housing Bill

The housing bill sets up a fund to aid troubled homeowners, offers tax breaks, adds support for Fannie Mae and Freddie Mac, and allows the U.S. government more power to take equity stakes in credit companies if needed. The bill comes at a time when mortgage applications hit their lowest level since 2000 and on a day when Mercury Company and all it's subsidiaries went belly up.

(Mercury subsidiaries include: American Heritage Title Agency, Arizona Title Agency, Financial Title Company, First American Heritage Title Company, Guardian Mortgage Documents, Investors Title Company, Lender's First Choice Agency dba Lenders Choice Title Company, All Reverse Title, Mercury Exchange, Mercury Settlement Services, Mercury Transaction Services, Security Title Guaranty, Title America, Title Guaranty Agency of Arizona, Title Guaranty Agency of Colorado, United Title Company, United Title of Texas, and USA Digital Solutions)