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They succeeding in offloading some of their mortgages. From the EverBank Press Room:

EverBank Acquires $700 Million of NetBank Mortgage Assets
10/01/2007

Jacksonville, FL – EverBank®, one of the nation’s largest privately-held financial services firms, announced today that it has successfully acquired approximately $700 million of NetBank mortgage assets. This transaction will bring EverBank’s total assets to over $5.3 billion.

“This has been a great year of growth for us,” said Rob Clements, Chairman and CEO of EverBank. “We have seen an 11% increase in earnings for the first half of 2007, compared to the same timeframe in 2006, and a 20% increase in assets. This acquisition will increase our assets by another 15%.”

EverBank recorded earnings of $32.6 million for the year ending December 31, 2006, up 15% from 2005 earnings of $28.2 million. Total assets were $4.2 billion on December 31, 2006, a 14% increase from $3.7 billion a year ago. Return on equity for 2006 was 17%.

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They succeeding in offloading some of their mortgages. From the EverBank Press Room:

EverBank Acquires $700 Million of NetBank Mortgage Assets
10/01/2007

Jacksonville, FL – EverBank®, one of the nation’s largest privately-held financial services firms, announced today that it has successfully acquired approximately $700 million of NetBank mortgage assets. This transaction will bring EverBank’s total assets to over $5.3 billion.

“This has been a great year of growth for us,” said Rob Clements, Chairman and CEO of EverBank. “We have seen an 11% increase in earnings for the first half of 2007, compared to the same timeframe in 2006, and a 20% increase in assets. This acquisition will increase our assets by another 15%.”

EverBank recorded earnings of $32.6 million for the year ending December 31, 2006, up 15% from 2005 earnings of $28.2 million. Total assets were $4.2 billion on December 31, 2006, a 14% increase from $3.7 billion a year ago. Return on equity for 2006 was 17%.

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Okay I’ll bite. I admire this very profitable application of common sense. When originally posted I lacked the skill, knowledge, resources, and brass to follow this road. I’m a bit better off now (but no where near as well off as you!)

Therein lies my nibble – what’s the next move?

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Okay I’ll bite. I admire this very profitable application of common sense. When originally posted I lacked the skill, knowledge, resources, and brass to follow this road. I’m a bit better off now (but no where near as well off as you!)

Therein lies my nibble – what’s the next move?

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Okay I’ll bite. I admire this very profitable application of common sense. When originally posted I lacked the skill, knowledge, resources, and brass to follow this road. I’m a bit better off now (but no where near as well off as you!)

Therein lies my nibble – what’s the next move?

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“People without insurance actually pay 3 times more for the same service than people with insurance. The problem occurs when they walk and don’t pay but many do pay.”

Hmm… better fact check. There are two prices in healthcare: cash pay and insurance. Are you talking about the amount billed or out of pocket for the patient? The amount billed is much less for cash pay. Whether or not the provider gets paid is completely different. Hospitals generally do not turn away people in need; they provide the care, the docs write it off, and the hospital tries to make up the costs elsewhere (aka paying patients).

I’d incourage anyone interested in this (illegal immigration in regards to healthcare, welfare, work, etc.) to check out this article. Plenty of good discussion points in this true story.

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That’s what I’ve got on my calandar too. Thanks for the clarification 🙂

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don’t thank me, thank ocrenter 😉

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From ocrenter’s blog, posted today:

Tracking San Diego County

Population 2005: 3.06 million
Listing per population ratio 3/2004 1:1330
Listing per population ratio 2/2005 1:360
Listing per population ratio 7/29 1:216
Listing per population ratio 12/10 1:196

02/05: 8,500
07/05: 14,176 (4,765)___07/04: (5,658)
08/05: 15,240 (5,379)___08/04: (5,580)
09/05: 16,081 (4,935)___09/04: (5,177)
10/05: 16,490 (4,155)___10/04: (4,758)
11/05: 16,072 (3,937)___11/04: (4,350)
12/05: 14,591 (4,262)___12/04: (4,807)

2006
Listing per population ratio 1/1 1:220
Listing per population ratio 6/20 1:138
Listing per population ratio 6/30 1:135

1/30: 16,161 (2,763)___1/05: (3,324)
2/28: 17,262 (2,865)___2/05: (3,442)
3/31: 18,261 (4,146)___3/05: (5,018)
4/30: 19,480 (3,705)___4/05: (5,345)
5/31: 21,175 (4,217)___5/05: (5,141)
6/30: 22,588
7/04: 22,410
7/07: 22,574

All-time low inventory: 2,301 homes, March 2004.
Record high inventory: 19,250 homes, July 1995.
North County Times 4/12/06

Population 1995: 2.66 million
Listing per population ratio 7/1995: 1:138
Population adjusted record high inventory: 22,174 homes.

-ziprealty resale inventory includes SFR/Condo/MFR/Land Parcels
-(sales figure) includes new and resale homes from DataQuickNews

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Just found these MSN Money articles that are quite relevent:

4 steps to building great credit

9 ways to build a killer credit score

The articles contain much of what has been suggested here, but do have some additional detail. Key additions:

…the two most important factors in your score are:

* Whether you pay your bills on time.
* How much of your available credit you actually use.

* Apply for department store and gasoline cards. These are usually easier to get than major bank credit cards such as Visa or MasterCard.

* Once you’ve been approved for one card or loan, don’t rush out and apply for several more. Applying for too much credit will hurt, rather than help, your score. Most people need only one or two bank cards, a gasoline card and a department store card, acquired over a year or more, to start a solid credit history.

* Don’t max out your credit cards. In fact, don’t even come close. Try to avoid using more than 30% or so of the credit you have available to you — even less, if you can. Your credit score measures the difference between the credit available to you and what you’re actually using. The smaller that gap, the more it hurts your score. Lenders will worry that you’re becoming overextended and won’t be able to pay your bills if you charge too much.

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I don’t know anything about this guy, but I have a hard time calling Forbes a politician. Sure, he tried a run at the white house but he wasn’t exactly very good at it. I think we all agree that a bubble exists, at least in some areas, and certainly here in San Diego. I would suggest that not all areas of the country have been similarly overvalued. I don’t know whether or not the extreme hotspots like ours pull the national data enough to argue that a nationwide bubble exists. My thoughs are that our current situation was brought on by speculation and enabled by loose exotic lending. While the loose lending was availible nationally, speculation seems to be more regional, and therefore I feel the bubble is regional, not national.

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asianautica: Thank you for the suggestions & clarifications, they are much appreciated. I certainly want to cut back the interest paid, either by paying it off now or through a creative balance transfer as you suggest. This option has the benefit of allowing me to still invest the payoff amount, but need only to show a positive return to come out ahead.

I’m confused on how additional cards would make my credit history “longer”. Are they additive, i.e. one card for two years = two card for one year, or some variation there of? If so, additional cards make sense to play catch-up, but again this is counter intuitive to me.

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Thanks to all responders thusfar…

I do get 0% balance transfer offers in the mail every week, just threw a few out yesterday. I don’t know how the balance transfer would work with stafford loans. Also, the 0% balance transfer lasts 1 yr, then goes to somewhere around 11%, so it would just push my payoff out that additional distance. While it would save some interest if I don’t pay it off now, I don’t see how delaying the payoff 1yr helps my credit. Perhaps it does, but I don’t understand how that would work. I also wonder how truly “preapproved” I really am given my previous experience, and I don’t care to be denied credit or have unnecessary credit checks. It is my understanding that each credit check lowers your score 5 points. Oh, and my credit score was 690 when the credit card fun was going on… should be higher now after 9 mo of responsible plastic activity. I don’t understand how a clean report and 690 score = “risky”, but there you have it.

I’m hesitant to get any more credit cards… I have two now in addition to the check card (detailed previously), and I don’t see how lots of plastic could be interpreted as “responsible”. Obviously my gut instints on credit have not been 100% on, so if anyone could speak to credit reporting’s “ideal” plastic setup (# cards, total limit/income, balance/total limit, etc) that would be quite informative.

I’ve thought (briefly) about getting a small loan just to pay it off to build credit, however I’m not convinced the ROI is really there as I don’t need a loan for anything short of a home purchase. My vehicles were purchased with cash and I have no need nor much desire to increase my transportation costs. 😛

Perhaps the answer is to keep the 7.14% stafford, pay $100 for the Zeal monthly, and add the payoff amount to my investments! If my ROI w/ Zeal’s recommendation is above the loan rate, this makes sense. If not… oops. 🙂

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Would someone please detail equations on how a loan with a $2k monthly payment goes to $3k monthly if the rate goes from 4% to 6%? Using Bankrate.com’s mortgage calculator payments on a $420k 30yr loan goes from $2005.14 @ 4% to $2518.11 @ 6%. In order to hit $3k a month the rate would have to go to almost 8% ($2995 @ 7.7%). Looking at these three datapoints it seems that rate increase may be related to payment increase by a 2:1 ratio. Was this a generalized comment that exaggerated the rate increase effect or is there something I’m not catching?

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PS, Your understanding matches mine, aka the stuff I really wish I had learned 10 yrs ago 🙂

Part of the insult from the bank was how little they extended to me on this “first timers” card… the card limit is equivalent to about 5% of the funds I had AT THAT BANK at the time, and that ratio has been halved since. At least they didn’t make me secure it. Others, if you can believe it, were worse. All this with no dings on my credit report, just “no prior history with a credit card”, even though I’ve carried a VISA check card since the early 90’s. As it is the limit is so low that if I used it instead of always reaching for my check card I’d max it out and have to pay it off at least every other week.

I was offered an unusual alternate attack which I’m doing in addition to the hoop-jumping with the beginner card. A very dear friend offered to make me joint on their well-established, high limit, low balance, always-paid off platinum card. Yes this requires an incredible amount of trust and responsibility, which fortunately we have, as we are both 100% liable for the account usage. I would not suggest that anyone actively look to build credit this way, this just happened to be a good fit for us.

I feel I’ve got the credit card approach in good order. The joint account establishes good credit line, and I’m building personal history with my bank’s credit card. The beginner card will be transitioned into a higher limit, lower rate card in the not-to-distant future without sacrificing the history established. Hopefully a few folks out there with thought processes similar to mine read this and are better informed as a result.

I’m still curious to hear more thoughts on the student loan though. The current 7.14% rate is the national average for out-of-school stafford loans, and taking a quick look around it looks to be the going rate.

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