FHFA has placed Fannie Mae and Freddie Mac into Conservatorship

As you know, in a truly historic event yesterday, Treasury Secretary Paulson and Federal Housing Finance Agency Director Lockhart announced that “FHFA has placed Fannie Mae and Freddie Mac into conservatorship.” The government (FHFA) will now be managing Fannie Mae and Freddie Mac for the foreseeable future.

Below are some thoughts on this historic event…..

Overview

To stabilize and to stimulate the housing and financial markets, the Federal Government is taking the following key steps.

· The GSEs will be allowed to increase their MBS portfolios through the end of 2009
· Treasury will be initiating a program to purchase GSE mortgage-backed securities (through December 31, 2009)
· Treasury has established a new secured lending credit facility which will be available to Fannie Mae, Freddie Mac and the Federal Home Loan Banks

We believe that Treasury Secretary Paulson and the Bush Administration determined Fannie Mae and Freddie Mac were unable to perform their housing missions at a time when they were most needed because the GSEs were trying (unsuccessfully) to address safety and soundness issues associated with raising capital. As a result of this plan, Treasury has indicated that the GSEs will now not be under any pressure to sell assets.

In the short-term, we expect mortgage liquidity should improve. Rates should decline as the risk spreads built into the GSE pricing (due, in part, to fear of potential GSE failure) should be reduced if not eliminated. The extent of the decline will depend on what happens to Treasury yields in the coming days.

Without capital constraints in the near term and based on Secretary Paulson’s comments (see below) , we believe the new Fannie and Freddie will likely rollback at least some of their price increases and loosen underwriting requirements to some extent. It will be curious to see the MI reaction to this government intervention as their tightening of guidelines will now be “front and center” in the effort to expand mortgage financing availability.

We also believe Secretary Paulson’s call to examine the guaranty fee structure could lower those fees across-the-board. It will be interesting to see if the government-controlled GSEs will implement a Ginnie Mae-type flat fee structure and at what level.

On a longer term basis, there will be a “heavyweight” debate next year and beyond about the future size and structure of the GSEs (e.g. public or private entities). That debate will not occur until the new Congress and Administration take office next year.

Why did Treasury/FHFA take this action?

It appears to us that Treasury/FHFA lost confidence in Fannie Mae and Freddie’s Mac’s ability to support the housing recovery while, at the same time, addressing their safety and soundness responsibilities by preserving and raising capital. Below are some of Secretary Paulson and Director Lockhart’s remarks which lead us to this conclusion.

Director Lockhart said:

“Their market share of all new mortgages reached over 80 percent earlier this year, but it is now falling. During the turmoil last year, they (the GSEs) played a very important role in providing liquidity to the conforming mortgage market. That has required a very careful and delicate balance of mission and safety and soundness. A key component of this balance has been their ability to raise and maintain capital. Given recent market conditions, the balance has been lost. Unfortunately, as house prices, earnings and capital have continued to deteriorate, their ability to fulfill their mission has deteriorated. In particular, the capacity of their capital to absorb further losses while supporting new business activity is in doubt. Today’s action addresses safety and soundness concerns. … The result has been that they have been unable to provide needed stability to the market. They also find themselves unable to meet their affordable housing mission. Rather than letting these conditions fester and worsen and put our markets in jeopardy, FHFA, after painstaking review, has decided to take action now. “

Secretary Paulson said:

“I attribute the need for today’s action primarily to the inherent conflict and the flawed business model imbedded in the GSE structure and the ongoing housing correction”. He added that he has “long said, the housing correction poses the biggest risk to the economy”.

“Our economy and our markets will not recover until the bulk of this housing correction is behind us. Fannie Mae and Freddie Mac are critical to turning the corner” and that “the primary mission of these enterprises will now be to proactively work to increase the availability of mortgage finance including by examining the guaranty fee structure with an eye toward mortgage affordability”.

Comment

We have all seen the steps that Fannie Mae and Freddie Mac have taken to preserve and raise capital throughout this year. These measures have included raising prices on mortgages and tightening underwriting guidelines. As everyone is also aware, they have been aggressively trying to put back loans to seller-servicers who, in turn, are going back to originators.

Secretary Paulson in particular appeared to conclude that GSEs cannot serve two masters (i.e. its housing mission and its shareholders) during the housing crisis.

What does this mean?

To state the obvious, we are in uncharted waters. This plan is not a “silver bullet” that will address the underlying problems (i.e. record mortgage delinquency and foreclosures) that caused the need for this unprecedented action. MBA’s National Delinquency Survey last week indicated that over 9% of all mortgages are either delinquent or in the foreclosure process. While the new GSE approach to mortgage availability will increase the number of potentially eligible borrowers, it will likely not have any significant impact on affordability (borrowers must still qualify and make downpayments) in those markets where house prices increased the most during the “housing bubble” until house prices and borrower incomes are in line. With this as a caveat, below are our immediate thoughts.

· Short term goals

Two of the immediate goals of this action are: 1) “to increase the availability of mortgage finance” as Secretary Paulson said and 2) to lower mortgage interest rates through the Government guarantee of GSE debt.

· Long term objectives

On a longer term basis, the Government’s action yesterday raises the fundamental question about the government’s role in housing going forward. Secretary Paulson deferred the discussion of this question and the “flawed GSE business model” ( i.e. serving two masters ---public and private objectives) to the next Administration and Congress.

In this update, we will focus on short-term impact since the debate about the GSEs’ future structure and size will depend on who wins the election and the make-up of the Congress.

Short term Impact

For the housing industry, the short-term impact of the Government takeover appears to be positive.

· Mortgage rates should decline
· Liquidity should be increased
o GSEs should loosen standards (somewhat)
o GSEs should reduce fees including guaranty fees
· Some housing experts feel house price may stabilize sooner and the level of further house price decline will be moderated as a result

Potential Impact

· There could be a mini-refinance boom if the rate decline materializes.
o Hedging of servicing portfolios and pipeline problems will have to be addressed

There are many questions to be answered in the coming days and weeks:
(Here is a couple)

· How will the MIs react?
o Their underwriting and pricing policies will be “front and center” if the GSEs take the actions we expect
· What will the new Fannie/Freddie management’s policy be on buybacks? Will they be more reasonable? If so, credit policies may relax!
· On g-fees, will the GSEs pursue the Ginnie Mae approach (uniform g-fees across the board)?
· What will be the new GSEs do with respect to lender relationships (preferential pricing, etc.)?

Jillian Sorensen
Account Executive
Franklin American Mortgage Company

Fed cuts rates as economy slumps, hoping to stop recession

WASHINGTON - Scrambling to shore up the faltering economy, the Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday as the nation teetered on the edge of recession.

Wall Street rallied at first but then pulled back, concerned that the reduction might be the last for a while.

In fact, the Fed's trim was smaller than those of recent months amid indications the central bank might pause to see if months of powerful rate-cutting medicine and billions of dollars in stimulus checks will be enough to lift the country out of its slump.

Chairman Ben Bernanke led a divided Fed, in an 8-2 vote, in slicing its key rate by one-quarter percentage point to 2 percent.

In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since late 2004.

The Federal Reserve, which has been dropping rates since last September, turned much more forceful early this year when housing, credit and financial problems worsened. Rate reductions in January and March alone marked the most aggressive intervention in a quarter-century in an effort to re-energize consumers and businesses.

Enthusiastic Wall Street investors drove the Dow Jones industrial average up more than 178 points — lifting it above 13,000 for the first time since early January — right after the Fed action. Then traders' caution returned, and the index ended the day 11.81 points below where it started.

Although the Fed didn't take another reduction off the table, a growing number of economists believe the central bank is winding down its rate-cutting campaign. Barring another hit to economic growth, they believe rates probably will stay where they are — perhaps through the rest of this year — in part because the Federal Reserve is concerned that further cuts could join with galloping energy and food prices and spread inflation dangerously higher.
By all accounts, the country's economic health is fragile.

The economy crawled ahead at a pace of just 0.6 percent from January through March as housing and credit problems forced people and businesses to hunker down, the Commerce Department reported hours before the Fed's action. Growth had been just as feeble in the prior quarter.

Job losses for the first three months of the year neared the staggering quarter-million mark, and a government report on Friday is expected to show that employers shed jobs again in April. The unemployment rate, now at 5.1 percent, also could creep higher in April and hit 6 percent early next year, analysts say.

"Recent information indicates that economic activity remains weak," the Fed said. "Household and business spending has been subdued, and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters."
Two members — Charles Plosser, president of the Federal Reserve Bank of Philadelphia, and Richard Fisher, president of the Federal Reserve Bank of Dallas — opposed cutting rates Wednesday, a crack in the usually unified front the Fed often shows the public.

Both men have a reputation for being especially vigilant about fighting inflation. At the Fed's previous meeting in March, they opposed cutting rates by a whopping three-quarters point and preferred a smaller reduction.

"The Fed didn't completely shut the door on rate cuts but they closed it part way," said Mark Zandi, chief economist at Moody's Economy.com. "I think the overall message was they've done a lot already to help the economy and think this will be enough. But they stand ready to do more if that is needed."

Source: www.yahoo.com , April 30, 2008, Associated Press

Scripture for Today

VERSE: And do not grieve the Holy Spirit of God, with whom you weresealed for the day of redemption. Get rid of all bitterness, rageand anger, brawling and slander, along with every form of malice. -- Ephesians 4:30-31 http://www.SearchGodsWord.org/desk/?query=Ephesians+4:30-31

THOUGHT: Don't make God's Spirit sad! But how do we do that? By harboringbitterness, unleashing anger driven rage, fighting with others andslandering their name while plotting to harm them. These things arethe exact opposite of the qualities the Spirit is seeking toproduce in our lives (Galatians 5:22-23). No wonder it makes himsad!

PRAYER: Almighty Father, please make me more like Jesus by the power ofyour Holy Spirit. In Jesus' name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080430

5 Easy Ways to Sell Your Home Faster

You don’t have to take on a full-fledged renovation to get prospective buyers interested in your house—in fact, that may even turn some people away in a challenging market. After all, every penny that you’ve sunk into an obvious upgrade is money that the seller is mentally adding up as a factor in the price—and may represent an aesthetic choice the buyer would not have made. (Cancel that appointment at the Sub-Zero showroom, STAT.) There are simple ways, however, to make your home seem infinitely more appealing with very little investment—and very little effort.

1. If you do only two things before showing your house, clean, and clean some more. “People want to come into a space and visualize themselves living there,” says Manhattan-based Corcoran Group sales broker Jeanine Schlifer. “If there are spills on the table, toys on the floor, and dog mess everywhere, people can’t focus on the space.” It’s worth it to hire a professional to come in for a deep-clean, as they may find dirt in places you can easily overlook, like scuffs on walls and smudged light switch plates.

2. Accentuate the positive, camouflage the negative. If you have large windows or a great view, hang long, simple curtains to accentuate them. (Hanging curtains from just above and outside the window frame will also make ceilings feel higher and windows more impressive.) If you have spacious rooms, remove any too-bulky furniture or unnecessary pieces that would make the space feel cramped. Geller suggests looking at furniture catalogs to get ideas for pleasing furniture proportions, arrangements, and an idea of how many pieces to keep in a room. If your closets are tiny, pull out some of the clothes and store them elsewhere.

3. Appeal to the widest possible audience. If you have a hot-pink accent wall, paint over it with a more neutral shade that matches the other walls. Pack away that collection of Star Wars figurines. Stash kids’ toys or dog toys in another room. “Remember that you’re selling your home, not your personality,” Schlifer says. And a prospective buyer who hates dogs could get hung up on your giant training crate and pile of rawhide bones. (Be sure to also take pets to a friend’s house or a kennel and vacuum well before any showings—a sneezing, fur-allergic buyer is not a happy one.)

4. Create a welcoming environment. “You want buyers to make an emotional connection to your home,” Schlifer says, and you can go a long way toward achieving that by making the space feel warm, bright, and fresh. Replace dim light bulbs with new ones and make sure there is a pleasant, but not overpowering, smell in the house. (Try baking cookies or setting out a scented-oil diffuser.) Place fresh guest soaps in the bathroom, hang a new shower curtain and neatly fold matching bath towels.

5. Develop a quick-clean plan for last-minute showings. You never know when a realtor may have an interested client, so it’s important to have a speedy cleaning plan for spontaneous appointments. Invest in a nice-looking storage trunk for stashing day-to-day clutter in a hurry and make a habit of kicking up your regular cleaning routine a notch so there’s less to do before a visit.

Source: www.yahoo.com Valerie Rains, Shine staff, on Sun Apr 20, 2008 .

Scripture for Today

VERSE: He [Jesus] was delivered over to death for our sins and was raised to life for our justification. -- Romans 4:25 http://www.SearchGodsWord.org/desk/?query=Romans+4:25

THOUGHT: Why are the Cross and the Empty Tomb so important? Because everything important and truly lasting in life depends upon them!

PRAYER: Thank you, dear Father, for paying such an awful price forcleansing me of my sins. Thank you, precious Savior, for sacrificing everything to save me. Thank you, Holy Spirit, forcleansing me and living inside me to conform me to Christ. In hisname, Jesus of Nazareth, I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080425

New home sales plunge to lowest level in 16 1/2 years

New home sales plunge to lowest level in 16 1/2 years, prices drop by largest amount in 38 years

WASHINGTON (AP) -- Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season.

The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades.

The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.

The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.

The dismal news on new home sales followed earlier reports showing sales of existing homes fell by 2 percent in March. Housing, which boomed for five years, has been in a prolonged slump for the past two years with sales and home prices falling at especially sharp rates in formerly boom areas of the country.

For March, sales were down in all regions of the country, dropping the most in the Northeast, a decline of 19.4 percent. Sales fell by 12.9 percent in the West, 12.5 percent in the Midwest and 4.6 percent in the South.

In other economic news, orders to factories for big-ticket manufactured goods fell for a third straight month in March, the longest string of declines since the 2001 recession, while applications for unemployment benefits fell by 33,000 to 342,000.

The Commerce Department said demand for durable goods dropped by 0.3 percent last month, a worse-than-expected performance that underscored the problems manufacturers are facing from a severe economic slowdown. The last time orders fell for three consecutive months was from February to April of 2001, when the country was sliding into the last recession.

The weakness in manufacturing orders was led by a 4.6 percent drop in orders for autos, a sector hard hit by soaring gasoline prices, and the weakening economy, which have cut sharply into car sales. Orders in the category that includes home appliances fell by 6.6 percent. This industry has been hurt by the two-year slump in home sales.

President Bush said Tuesday that the economy was not in a recession but a period of slower growth. However, economists who believe the country has fallen into a recession pointed to the string of declines in manufacturing orders to support their view.

"The broad swath of data in the March (orders) report is indicative of a mixed set of conditions in a factory sector that is, overall, in a mild recession," said Cliff Waldman, economist for the Manufacturers Alliance/MAPI.

The Labor Department reported that claims for unemployment benefits fell by 33,000 last week to 342,000. Economists had been expecting claims to rise by 3,000. The four-week moving average for claims fell by 7,250 to 369,500.

Even with the improvements, analysts said the weak economy is still putting greater pressures on the labor market. The unemployment rate climbed to 5.1 percent in March as businesses laid off the largest number of workers in five years.

Economic growth slowed to a near-standstill at the end of last year as the economy was battered by the prolonged slump in housing and a severe credit crunch that has resulted in billions of dollars of losses at many of the nation's largest financial institutions and has made it harder for consumers and businesses to get loans.

Consumer sentiment, meanwhile, has plunged to recessionary lows as Americans have also watched gasoline soar to an average price above $3.50 per gallon nationally.

The 0.3 percent drop in orders for durable goods, items expected to last at least three years, followed even bigger declines of 0.9 percent in February and 4.4 percent in January.

Orders for all transportation products fell by 4.6 percent, reflecting the big drop in demand for autos. Orders for commercial aircraft actually rose by 5.5 percent while demand for defense aircraft surged by 29.4 percent. Many defense industries have seen big increases reflecting the wars in Iraq and Afghanistan.

A key category viewed as a proxy for business investment plans showed no increase in March after a big 2 percent drop in February. Businesses have cut back on plans to expand and modernize as the economy has softened.

SOURCE: www.yahoo.com Thursday April 24, 11:13 am ET By Martin Crutsinger, AP Economics Writer

Scripture for Today

April 24, 2008
VERSE: "Consider carefully what you hear," he continued. "With the measure you use, it will be measured to you -- and even more.Whoever has will be given more; whoever does not have, even what hehas will be taken from him." -- Mark 4:24-25 http://www.SearchGodsWord.org/desk/?query=Mark+4:24-25

THOUGHT: "O be careful little ears what you hear ... for the Father upabove is looking down in love, so be careful little ears what youhear." God doesn't want to just be heard aloud; he wants his Wordto enter our systems and change our lives. The more we receive theblessing of God's words, the more it should change us. If itdoesn't, the problem isn't with the message but with the listener!PRAYER: Please open my eyes, my ears, my heart, and my mind, dearFather, so that I can appropriate your message into my life. Blessme, please, dear Father, so that what I hear in your word is seenin my life. In Jesus' precious name I pray.
Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080424

HOUSTON PROPERTY SALES CONTINUE TO SLIDE IN FEBRUARY

Sixth consecutive monthly decline is tempered by notable increases in average and median single-family home prices

HOUSTON — (March 18, 2008) — Property sales across greater Houston slid for the sixth consecutive month in February, but the decline was not as steep as January’s. While February sales of single-family homes dipped, the prices of those homes rose, according to statistics released by the Houston Association of REALTORS(HAR).

Total property sales for February 2008 registered 5,266, which represents a 13.1 percent drop compared to February 2007; it’s an improvement over last month’s 17.2 percent fall. Properties sold during the month totaled just over $1 billion compared to $1.1 billion in sales one year earlier, a 7.9 percent decline. The average price of a single-family home rose 5.6 percent last month from February 2007 to $206,140, representing the biggest increase since last August. The median price of a single-family home increased 3.1 percent to $151,430.

“Houston continues to feel the ripple effects of the national mortgage crisis,” said Michael Levitin, HAR Chairman and principal of HTownRealty.com. “However, many area Realtors are actually reporting brisk sales, which supports our contention that real estate is local, meaning some parts of town are doing well and others not so well. For Sale signs have gone up in many neighborhoods in recent weeks and sales of luxury homes remain high, so we’re hopeful that the overall numbers will soon show signs of improvement. With interest rates at historic lows, pricing that’s affordable and a good selection of inventory, this is still an excellent time for home buyers to invest.”

February Monthly Market ComparisonAll listing categories combined, Houston’s overall housing market in February saw mixed results. Both average and median single-family home sales prices rose on a year-over-year basis while total property sales and total dollar volume fell.

The number of available homes (active listings) at the end of February was 51,308 properties, a 12.8 percent increase over February 2007. The figure was up 599 properties from January 2008, reflecting the sales slowdown, but only about half the increase observed between December 2007 and January 2008.

Month-end pending sales – those listings expected to close within the next 30 days – reached 4,323, which was down 10.1 percent from last year and signals another likely decline in sales next month, based on volatility in sales figures. The month’s inventory of single-family homes for February came in at 6.1 months, a slight increase from January’s 6.0-month figure. This compares to the February 2007 single-family homes inventory of 5.1 months.

Single-Family Homes UpdateThe average sales price for single-family homes was $206,140 in February, up 5.6 percent versus the same period last year when it was $195,148. The overall median price of single-family homes in February was $151,430 compared to the national single-family median price of $201,100, according to statistics released by the National Association of REALTORS®. These data continue to illustrate the higher value and lower cost of living found in the Houston market.

Additionally, total sales of single-family homes in Houston in February came in at 4,431, which was 10.2 percent lower than February 2007 but a slight improvement over last month’s 12 percent decline.

Improved year-over-year sales activity continued to be observed in Houston’s low- and high-end single-family home markets, with increases of 11.1 percent among homes priced below $80,000 and 11.0 percent among homes priced above $500,000.

HAR also reports existing home statistics for the single-family home segment of the real estate market. In February 2008, existing single-family home sales totaled 3,646, which was a 10.0 percent drop from February 2007. At $141,500, the median sales price for existing homes in the Houston area was up 1.8 percent compared to the same period last year. The average sales price of $190,553 for the month represented an increase of 5.0 percent from last year’s level.

The Days on Market statistic for February remained unchanged from 92 a month earlier but in excess of the 84 days recorded in February 2007.

Source: har.com

Scripture for Today

April 2, 2008

VERSE: Be completely humble and gentle; be patient, bearing with oneanother in love. Make every effort to keep the unity of the Spiritthrough the bond of peace. -- Ephesians 4:2-3 http://www.SearchGodsWord.org/desk/?query=Ephesians+4:2-3

THOUGHT: Effort, sweat, and dedication seem to have become the profanity of western Christianity. To our age of grace-abusers, the HolySpirit reaches out with his truth and reminds us that relationships on earth, even those in Jesus' Church, are going to require a lot of effort, gritty love, personal sacrifice, and rigorous determination. If we read Jesus' prayer for unity in John 17, how could we not make every effort to keep his Body unified and ourrelationship with his people loving and patient? Since oursalvation was purchased at the cost of Jesus' sweat and blood, howcan we balk when our best efforts are required to preserve theunity of his family?PRAYER: Dear Heavenly Father, forgive my impatience with others and lack of forgiveness for them. Stir your Spirit within me to curb my tongue, soften my heart, and extend more of an effort to others whoneed your blessing. Please use me to be a peacemaker in yourKingdom, O Lord. In Jesus' name I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080402Today's Verse is also available in:PORTUGUESE - http://www.iluminalma.com.br/dph/3/0402.htmlSPANISH - http://www.laluzdelalma.com/vdh/3/0402.html

Fed cuts rates by 3/4 percentage point

WASHINGTON - The Federal Reserve on Tuesday slashed a key interest rate by three-fourths of a percentage point, moving aggressively to contain a credit crisis threatening to push the country into a severe recession.

The latest action brought the federal funds rate — the interest that banks charge each other — down to 2.25 percent, the lowest point since late 2004. It marked the second cut of three-fourths of a percentage point this year. The first occurred at an emergency meeting on Jan. 22 and was followed by a half-point cut at a regular meeting on Jan. 30.

Fed Chairman Ben Bernanke and his colleagues have now cut the funds rate six times since last September, with the reductions becoming more aggressive since January as the central bank has faced growing turmoil in global financial markets.

However, there has been opposition inside the Fed to the aggressive moves. The latest rate cut came on an 8-2 vote with two members of the Federal Open Market Committee dissenting. Both Richard Fisher, president of the Dallas regional Fed bank, and Charles Plosser, president of the Philadelphia regional Fed bank, voted against the rate cut, arguing they would have preferred less aggressive action.

In explaining its actions, the Fed said that it was having to navigate a difficult policy environment that included sluggish economic activity and rising inflation pressures.

The Fed statement said that "the outlook for economic activity has weakened further" but that "inflation has been elevated" with some signs that expectations of future inflation pressures are rising, a dangerous sign for the Fed.

But the Fed signaled that it stood ready to cut rates further if necessary, saying that "downside risks to growth remain." Bernanke and other Fed officials have said in recent comments that they view the threat of economic weakness as a bigger risk at the moment than inflation given the risks to financial markets.

"Financial markets remain under considerable stress and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters," the Fed said in its statement.

In Jacksonville, Fla., Tuesday, President Bush said the government will take further action — if necessary — to help the sagging economy.

The rate cut Tuesday caps an unprecedented period of Fed actions aimed at trying to stabilize financial markets and ward off a recession or at least keep it from being too severe. While the cut was larger than the Fed's normal quarter-point moves, investors were initially disappointed that the central bank did not cut rates by a full percentage point.

The Dow Jones industrial average fell 100 points within two minutes of the Fed's mid-afternoon announcement but it then resumed climbing and was up nearly 200 points within the first half-hour after the announcement. It had been up 286 points just before the announcement as stocks had posted a strong rally after Lehman Brothers and Goldman Sachs reported better-than-expected results for the first quarter. That came as welcome news following the collapse over the weekend of Bear Stearns, which was forced into a fire-sale to JP Morgan Chase & Co.

The reduction in the funds rate was designed to lower borrowing costs and boost spending by consumers and businesses and thus increase economic activity. Economic growth slowed to a near standstill in the final three months of this year as the economy was hit by a series of blows including the credit crunch, a prolonged housing slump, rising unemployment and surging energy prices.

The funds rate cut quickly triggered announcements from commercial banks that they were cutting their prime lending rate to 5.25 percent from 6 percent, where it was before the Fed meeting. This rate is the benchmark for millions of business and consumer loans.

The spectacular fall of Bear Stearns, which had been the nation's fifth largest investment bank, has raised concerns about what other banks might fail as a result of multibillion-dollar losses that began last year with rising defaults on subprime mortgages, loans made to borrowers with weak credit histories.

The purchase of Bear Stearns by JPMorgan Chase & Co. was helped by a pledge from the Fed that it would supply a $30 billion line of credit to back up Bear Stearns' assets. That offer was the latest in a number of unconventional moves the central bank has made, including employing Depression-era procedures to pump cash into the financial system.

In addition to providing support for the Bear Stearns sale, the Fed also announced Sunday one of the broadest expansions of its lending authority since the 1930s, saying it would allow securities dealers for at least the next six months to borrow directly from the Fed. That privilege had been confined to commercial banks.

In other moves, the Fed last week announced that it would lend up to $200 billion of Treasury securities that it owns to investment banks starting March 27 for a period of up to 28 days in return for a like amount of the investment banks' shunned mortgage-backed securities. The Fed also announced recently that it was boosting the size of special loans it has been making since December to commercial banks.

By MARTIN CRUTSINGER, AP Economics Writer

Scripture for Today

VERSE: And we, who with unveiled faces all [contemplate and] reflect the Lord's glory, are being transformed into his likeness with ever-increasing glory, which comes from the Lord, who is the Spirit. -- 2 Corinthians 3:18 http://www.SearchGodsWord.org/desk/?query=2+Corinthians+3:18

THOUGHT: "Transformed ... with ever-increasing glory." In other words, it's an ongoing process, but with the continual help of the Spirit,we're going to arrive at our goal -- to be like Jesus! The point is not to give up on our journey. Let's keep looking to Jesus and keep trusting that the Holy Spirit is doing God's work in us, making us more and more like Jesus each day.

PRAYER: Father, please forgive me for the times when I've let my faith grow complacent and I've lost my focus on Jesus. Please bless me as I try to be more intentional in my plans, especially my spiritual maturity. Please make me more like Jesus each day. In Jesus' name Ipray. Amen. http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080318

The political 'Texas two-step' isn't all bad

Anyone who experienced the kookiness of a Texas Democratic caucus last week may have at some point looked around at the crammed, confused crowd and wondered what the folks who thought up this gem of a Democratic process were thinking. Or smoking.

On some level, I was asking the same questions as I watched people yelling over each other and pledging their support for presidential candidates on random sheets of notebook paper. I can understand the caucus critics, such as state Rep. Sylvester Turner, D-Houston, who are itching to ditch parts of the system that seemed to fail those who left frustrated.

Texas Democratic Chairman Boyd Richie has said Democrats will hash out the issue and discuss several proposed changes to the 20-year-old delegate-selection system, nicknamed the " Texas two-step," at this year's state convention in June. As if, with Hillary Rodham Clinton and Barack Obama still duking it out, Democrats needed more reasons to feud.

Misunderstood
But before anybody condemns Texas ' hybrid primary-caucus process to the scrap pile of hare-brained ideas, it's important to grasp the intentions of the folks who designed it in the '80s.
The process isn't evil. It's just misunderstood.

Other states pick their Democratic presidential nominee in one of two ways: Let the party-faithful do it in a caucus or leave it up to "the people," the regular voters, in a one-person, one-vote primary election.

Texas Democrats — out of indecisiveness or an over-achieving spirit of compromise — tried to do both. Kind of an Iowafornia approach.

The system lets "the people" at the polls choose two-thirds of the pledged delegates who will pick a presidential candidate at the convention level. And it lets the folks who show up at election night caucuses, also known as precinct conventions, pick the remaining one-third.

The chance to pick pledged delegates at the caucuses was intended to encourage grass-roots party involvement and attendance at conventions, where other important issues, such as the party's stance on issues, are decided.

I'm not sure how well that incentive worked in the past since many precinct chairs tell me that, usually, they're lucky if they get five people to show up to caucus.

This concept is also what riles people like Turner, who doesn't like the party faithful having any more say in picking a presidential candidate than the mother of five who can't get off her night job to join the local caucus club.

"It is a process that is skewed more favorably toward some," says Turner. "As someone who recognizes a time when people had to jump through hurdles in order to vote, like poll tax and paying $1.50 and $1.75 to register, I'm just very sensitive to any other hurdles we put in people's way."

Turner says he never liked Texas ' bifurcated system, even before a strange turn of events shoved it into the spotlight this year. Others caution a knee-jerk reaction to dump a system that has run smoothly for the past two decades. "It works wonderfully, as long as it doesn't matter," says Gerry Birnberg, chair of the Harris County Democratic Party.

Since Texas usually plays no role in picking the Democratic presidential nominee, the caucusing amounted to nothing more than a few harmless "attaboys" for the party faithful, Birnberg said.
But this year, with the Super-duper Tuesday states tripping over themselves to get noticed in the presidential election, only to find they canceled each other out, usually irrelevant Texas Democrats found themselves the recipients of overflowing affection from both candidates.
Obama and Clinton were left with seemingly bottomless troves of cash with which to compel Texans not only to vote in what could have been a decisive race, but to partake in the grueling caucus process.

There's a strong possibility that the stars will never align quite like that again.

There's also the argument that, considering the unprecedented turnout of newcomers at last week's caucuses, something about the system had to have worked.

While about 3,000 Harris County voters showed up to caucus in 2004, Birnberg estimates at least 150,000 showed up last week.

"If we just had a primary, we'd have seen a lot of rallies and TV ads, but would we have seen this level of grass-roots organization?" says Ed Martin, Democratic strategist and former state party executive director.

He has a point. At the caucuses I attended, I saw people sign up to be delegates who, a few hours earlier, couldn't have told me what the word meant. Several voters, observing the disorganization, vowed to start volunteering with the party because, as one woman put it, "these people need help."

Martin and others urge patience, saying that lawsuits, sudden changes and intense bickering over party rules may scare off some of the first-time caucus-goers who were compelled to get involved.

Changes may be needed. But no need to be hasty. The Democrats have at least four more years to figure it out.

By LISA FALKENBERG Copyright 2008 Houston Chronicle, March 11, 2008, 6:29PM

Scripture for Today

VERSE: Join with others in following my example, brothers, and take note of those who live according to the pattern we gave you. -- Philippians 3:17 http://www.SearchGodsWord.org/desk/?query=Philippians+3:17

THOUGHT: "I would rather see a sermon any day, than hear one." I'm not distressed because people want to "see a sermon," but because somany of us don't "practice what we preach." As leaders -- whether as friends, parents, or in positions of authority -- our primarytool of influence is our life of character (or lack of it). Do you practice what you "preach"? All of us who seek to influence others redemptively, MUST! Why? Because most folks need to both hear and see the message before it becomes a part of them.

PRAYER: Lord God Almighty, please forgive me, equip me, and make me fit for your service. Please help me, dear Father, as I try to live a life worth imitating and to lead others to Jesus. I know I can't doeither of those without your power and grace transforming my life.In Jesus' name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080317

Investment Opportunities

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For more information, Email me at Lsells@swbell.net.

Scripture for Today

VERSE: He appointed twelve -- designating them apostles -- that they might be with Him and that He might send them out to preach and authority to drive out demons. -- Mark 3:14 http://www.SearchGodsWord.org/desk/?query=Mark+3:14

THOUGHT: While there are many intriguing and fascinating thoughts in this short sentence, the one phrase that touches my heart is this one:"... that they might be with him ...." This reminds me of that great passage in Acts 4:13: "They recognized that they had been with Jesus." Now I know that we can't "be with" Jesus in the same way the twelve apostles were. But, we do have the four Gospels that tell His story. When was the last time you sat down and read one straight through? When was the last time you read a Gospel and asked Jesus to make Himself and His will known you? Why not spend some time being with Jesus this week!

PRAYER: Holy Father, thank you for the Scriptures. Thank you especiallyfor the Gospels that tell the story of your Son. Please forgive mefor not spending more time getting to know him better. As Irecommit myself to seek after your Son, please bless me with agenuine sense of his presence and a clearer knowledge of his will.In Jesus' holy name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080314

Scripture for Today

VERSE: As the body without the spirit is dead, so faith without deeds is dead. -- James 2:26 http://www.SearchGodsWord.org/desk/?query=James+2:26T

HOUGHT: By this definition, a whole lot of people claiming to bebelievers are really spiritual corpses. For faith to be real, itmust express itself in service. Faith not only moves mountains; it moves believers to act in ways that honor God and bless others, demonstrating their thankfulness for God's incredible grace.

PRAYER: Holy and Faithful Father, please forgive me for the times I'vebeen lazy in my spiritual walk. Help me see the many opportunitiesfor service you give to me each day, and then empower me to act inthose opportunities in ways that bless others. In Jesus' holy nameI pray. Amen. http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080226

Scripture for Today

VERSE: Jesus would not entrust Himself to them, for He knew all men. He did not need man's testimony about man, for He knew what was in aman. -- John 2:24-25 http://www.SearchGodsWord.org/desk/?query=John+2:24-25

THOUGHT: If we've spent a bunch of time reading the Gospels (Matthew, Mark, Luke, & John in the New Testament), we probably have alreadycome to the conclusion stated in our verses. So, if we want to knowhow to better live as a person, the place to start is Jesus. We need to follow his example and follow his teachings. It is not aneasy path, but it is an authentic and transformational journey. As we learn that we can trust him because he knows us, we see ourlives take on a greater depth and richer meaning.

PRAYER: Thank you, Father, for sending your Son to show me how to liveand to teach me your truth. In the name of your precious Son,Jesus, I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080225

Scripture for Today

February 20, 2008

VERSE: I have been crucified with Christ and I no longer live, but Christ lives in me. The life I live in the body, I live by faith in the Son of God, who loved me and gave Himself for me. -- Galatians 2:20 http://www.SearchGodsWord.org/desk/?query=Galatians+2:20

THOUGHT: We are dead, but more alive than ever before. We are crucified and humiliated, yet glorified as never before. You see, Christ lives in us. He works through us to bless others. So the life we live now in our limited bodies is not limited -- it is the work of Christ. The life we live now is lived by faith in the one and only Savior, who has shown his love by giving himself to redeem us.

PRAYER: Almighty and Holy God, thank you for sharing your life and powerwith me and through me. Thank you for joining my life to Christ. Thank you for joining Christ to my life! May his love, grace, andpower be seen in my actions and character. In Jesus' name I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080220

Scripture for Today

VERSE: I will betroth you to me forever; I will betroth you in righteousness and justice, in love and compassion. I will betroth you in faithfulness, and you will acknowledge the LORD.

THOUGHT: God longed for Israel to be faithful to him. Despite the unfaithfulness in the past, God offered his people forgiveness and hope that they could be restored to relationship with him again. If God was willing to pay such an incredibly high price to do this, shouldn't we do the same with each other? But, let's go one step further; let's be faithful to each other and to God in the first place!

PRAYER: Dear Heavenly Father, God of compassion, please give me a more forgiving and sensitive heart. In addition, dear Father, please give me a faithful heart that will not stray from the pledges and vows I have made to you and to others. In Jesus' name I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture for Today

February 13, 2008

VERSE: Rend your heart and not your garments. Return to the LORD yourGod, for he is gracious and compassionate, slow to anger andabounding in love, and he relents from sending calamity. -- Joel 2:13 http://www.SearchGodsWord.org/desk/?query=Joel+2:13

THOUGHT: One of the most amazing things about our God is that he is so gracious and compassionate. This is true even when we've "blown it big time." In fact, when we sin, He longs to forgive and cleanse,not condemn and punish. His grace rushes to greet our genuineheartbreak and heart-change with forgiveness, cleansing, andredemption

PRAYER: Dear Father, when I sin, please help me see my sin as you do. Help my heart break over my sin when I've rebelled against you. Idon't want to ever become callused or cold to your grace. I want toalways appreciate the great cost you paid to redeem, to forgive,and to cleanse me with you grace. In Jesus' name I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080213

Scripture for Today

VERSE: Be appalled at this, O heavens, and shudder with great horror," declares the LORD. "My people have committed two sins: They have forsaken me, the spring of living water, and have dug their own cisterns, broken cisterns that cannot hold water."
Jeremiah 2:12-13, New International Version

THOUGHT: Where do you turn to have the thirst of your soul slaked? I firmly believe that many addictive habits and sins are the result of pursuing things to satisfy this thirst in our soul by some means other than seeking God. He is the only source of true and lasting refreshment, satisfaction, and fulfillment. Let's pursue God, knowing that only he can satisfy the desire of our souls.

PRAYER: Thank you, O God, that you care that my soul thirsts with superhuman thirst. Thank you for providing your Living Water through the Holy Spirit to satisfy this longing deep within my soul. Help me see the deceptiveness of every false source of satisfaction so that I can find my thirst properly and fully satisfied in you. In Jesus' name I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi

Duplex for Sale - $230,000

This totally remodeled duplex located in the prestigious 3rd Ward area of Houston has been been totally remodeled with slate floorng, mock fireplace, ceiling fans throughout, central air and heat. Located close to colleges, downtown, museum district, and much more more!!! Email me at Lsells@swbell.net for a tour or call me directly at 832.428.4686.

Scripture for Today

VERSE: Discretion will protect you, and understanding will guard you.
Proverbs 2:11

THOUGHT: My greatest mistakes have been made in haste, when I didn't allow a little prayer time to consider what I was going to do or say. While discretion and understanding are acquired through learning and experience, they are also a gift from God. But this gift doesn't come on demand. It comes from patiently seeking, trusting, and waiting on the Lord's guidance and from longing to live for him as a person of character.

PRAYER: Forgive me Father, for I fear that I am more often a "character" than I am a person of character. Forgive my selfish desire to play to the crowd. I confess that I sometimes try to be witty and popular, rather than being a person of discretion, understanding, and integrity. Help me please, dear LORD, to see through the temptation of haste and find your path to integrity. In Jesus' name I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture for Today

VERSE: For it is by grace you have been saved, through faith -- and this not from yourselves, it is the gift of God -- not by works, so that no one can boast.
Ephesians 2:8-9, New International Version

THOUGHT: For it is by grace you have been saved, through faith -- and this not from yourselves, it is the gift of God -- not by works, so that no one can boast.
Ephesians 2:8-9, New International Version

PRAYER: For it is by grace you have been saved, through faith -- and this not from yourselves, it is the gift of God -- not by works, so that no one can boast.
Ephesians 2:8-9, New International Version

http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture for Today

February 7, 2008
VERSE: ... the LORD God formed the man from the dust of the ground andbreathed into His nostrils the breath of life, and the man became aliving being. -- Genesis 2:7 http://www.SearchGodsWord.org/desk/?query=Genesis+2:7

THOUGHT: We are God's creation. He fashioned and formed our predecessorsout of the dust of the ground. He molded each of us and createdeach of us in our mother's womb (Psalm 139:13-16). Like Adam, Godfills us with his breath and blesses us with life. We are hisworkmanship, his artistry, made to experience life in all itsfullness (John 10:10) and created to do his work in our world(Ephesians 2:10).

PRAYER: Thank you for my life, dear God. Please don't let anyone, oranything, distract my heart from honoring you. Please do not letthe evil one distort my sense of being your creation. In Jesus'name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080207

Scripture for Today

February 5, 2008

VERSE: Your attitude should be the same as that of Christ Jesus: Who,being in very nature God, did not consider equality with Godsomething to be grasped... -- Philippians 2:5-6 http://www.SearchGodsWord.org/desk/?query=Philippians+2:5-6

THOUGHT: What a glorious thought! What a lofty aspiration! What anincredible challenge! I am to have the same attitude as Jesus had.It's almost unthinkable. But just almost! You see, God calls us tothis glorious, lofty, and unthinkable height because he calls ushis children.

PRAYER: Almighty and Eternal Father, thank you for your unfathomablegrace displayed in Jesus. Help his attitude of service, obedience,and sacrifice to pervade my soul and to influence my daily life. Inthe name of Jesus, Lord of lords I pray. Amen.

http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080205

Scripture for Today

Monday, February 4, 2008

VERSE: But because of His great love for us, God, who is rich in mercy,made us alive with Christ even when we were dead in transgressions-- it is by grace you have been saved. -- Ephesians 2:4-5 http://www.SearchGodsWord.org/desk/?query=Ephesians+2:4-5

THOUGHT: We have no claim to bring to God! We have no right to demand salvation! We have no power within us that can hold on to life! Only God's love can bring us life, hope, and grace. Only God'smercy can bring us salvation. Only God's gift of Christ can awakenus from the death-slumber of sin.

PRAYER: Your love, mercy, and grace have saved me, dear Father. What can I do to praise you? You have shown your might, holiness, andmajesty in redeeming me, dear God. What can I do to repay your grace? Your patience, perseverance, and faithfulness have touched my heart and brought me life. How can I ever find the words to say how much I love you? Thank you, dear Father, thank you for all you have done for me. In Jesus' name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080204

Scripture for Today

February 1, 2008

VERSE: My dear children, I write this to you so that you will not sin.But if anybody does sin, we have one who speaks to the Father inour defense -- Jesus Christ, the Righteous One. He is the atoningsacrifice for our sins, and not only for ours but also for the sinsof the whole world. -- 1 John 2:1-2 http://www.SearchGodsWord.org/desk/?query=1+John+2:1-2

THOUGHT: John wants to prevent even one sinful event in the lives ofthose he loves. He is concerned because he knows that even onesinful event can be used by Satan to discourage and defeat us. Weneed to know that we have a Savior and a defender. He paid theprice to redeem us, he sent his Spirit to help us overcome sin'spower, and he will speak to the Father and claim that right toforgive us.

PRAYER: Father, I'm embarrassed by my weakness and vulnerability when Isin. Even in those moments of shame, I'm thankful that Jesusprovided me the way back into your holy presence. Jesus, I thankyou for coming to my rescue and my defense. I will not let Satandiscourage me when I fall. Instead, I re-commit myself to live withyour character and for your glory. In the name of Jesus, my Lordand my defender, I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080201

Scripture for Today

VERSE: Since they hated knowledge and did not choose to fear the LORD.. they will eat the fruit of their ways and be filled with thefruit of their schemes. -- Proverbs 1:29,31
http://www.SearchGodsWord.org/desk/?query=Proverbs+1:29,31

THOUGHT: Sometimes the natural consequence of rebellion is its ownjustice. Rebellion ultimately produces bad fruit, and wickedness isoften its own worst punishment. In the face of such a generous Godas we focused upon yesterday, how could we choose to follow anyother path but his? It may seem harder in the short run, but in thelong run there is simply no option that compares!

PRAYER: Father of justice and mercy, thank you for saving me by yourgrace. Thank you for promising to judge the world with grace,mercy, and justice. In you, and you alone, do I find my sense ofwhat is right and fair. I cry out to you, O God, for justice anddeliverance for your people who are oppressed, ridiculed, andpersecuted. In Jesus' name. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080131

Best and Worst Places to Buy a House

Whether you're looking for an investment property or a place to live, here's a look at the cities you should seek out and avoid in 2008.

The housing crunch and the excessive inventory -- exceeding 10 months on resale homes -- continues to take its toll on housing prices. But over the long term, housing is still a good investment. In fact, it's more than an investment; it's a home. Plus, you're not really saving anything by renting, as the costs of renting and owning are about equal (well, owning may be a little more). The tax benefits of home ownership far outweigh renting, too. With good housing prices in many great areas, this may indeed be the time to buy.

So now that I've convinced you this is a good time to buy a home, the next question is, Where do you buy one? No matter where you look, you should check out some basic economic fundamentals before buying. Is job growth stable in the area? Is income keeping up with inflation? Is crime above the national average? Is there a higher-than-average rate of foreclosures? These issues and others play a factor when deciding where to buy a house.

As a real estate investor and analyst, it's my job to provide buyers with qualified information on where to buy -- and where to stay away from. Here are my thoughts for 2008 based on the indicators noted above.

The Top Places to Buy
Whether you're an investor like me or you're looking to purchase that next move up, here are my picks for the best areas to buy a home:

*Killeen, Round Rock, Austin, Texas: Killeen has the lowest average home price in any market in the nation while still maintaining quality. Round Rock and Austin have seen incredible job growth and very stable home prices despite the downturn nationwide. Jobs continue to grow here -- a factor for keeping inventory low and prices stable.

*Mission Viejo, California: Mission Viejo has the lowest crime statistics in the nation. With no murders in 2007 and a low rate of violent crime, this is a good place to raise a family. Prices are relatively stable, and the job market in the nearby cities of Irvine and San Diego means there is consistent demand from job seekers.

*Palm Beach, Florida: I'm taking a risk here because this area has been pummeled by foreclosures in 2007. But there are also a lot of boomers retiring, and Palm Beach is looking mighty attractive. If you don't like this high of a risk (which translates to great prices), check out Tampa or Clearwater in the same state.

*Las Vegas, Nevada: Yes, Las Vegas has been hit hard by incoming investors, who watched their home values disappear and then left those homes empty. Las Vegas comes in quite high on the national foreclosure list, almost always within the top three metro areas. But there's an upside -- a very strong job market. In 2007, Las Vegas experienced a 12 percent increase in population, partly driven by retirees looking for Sunbelt states to move to. Coupled with low prices, we could see inventories reduced here, which would also stabilize prices. Be careful what you buy, but I like it.

Places to Avoid
And now for the places you definitely want to avoid:
*Detroit, Michigan: The job market is in chaos. People are getting laid off left and right. National statistics seem to point to a significant problem with job loss and job income not keeping up with inflation. As a result, many nice neighborhoods are now abandoned due to people leaving their homes. Inventories exceed one year (under six months is what we want to see), and the foreclosure problem hit Detroit hard. With fewer jobs to support home purchases, I don't see Detroit turning around anytime soon.

*Miami, Florida: Palm Beach is different than Miami, which sits in its gorgeous aqua water with half-built and abandoned condos, a shrinking job market, a tough time getting insurance against hurricanes and a job problem. Yes, you can get a good deal, but do this only if you don't need the appreciation from the home in the next decade.

*Riverside/San Bernardino, California: Even those lucky homeowners that bought before the boom are feeling it now. Riverside and San Bernardino counties in Southern California consistently lead California in foreclosures and rank in the top three metro areas nationally. The prices have plummeted, and jobs in the area are scarce. People moved there due to lack of affordability in Orange and Los Angeles counties (where their jobs were), so it's a commuter's area. Now that prices in the two counties have dropped, people can live close to their jobs. Although I grew up in Riverside County, I could never recommend it to anyone looking to buy a home.

SOURCE: by Danielle BabbThursday, January 24, 2008 Provided by Entrepreneur.com

Scripture for Today

VERSE: Then I said to you, "Do not be terrified; do not be afraid of them. The LORD your God, who is going before you, will fight for you, as he did for you in Egypt, before your very eyes."
Deuteronomy 1:29-30, New International Version

THOUGHT: Moses began his farewell message to Israel with a reminder of their parents' refusal to obey God's word to enter the Promised Land. With his death, these Israelites will have to follow a leader other than Moses for the first time in their lives. Moses wants them to know that their real Leader hasn't changed. God had done mighty things for them in Moses' day. Now God will do mighty things in their day through Joshua. They will have more than second hand deliverance stories to tell their grandchildren. They will be eyewitnesses of God's power and faithfulness. But they would have to obey this same command their parents ignored and own a faith that their ancestors did not have!

PRAYER: Almighty and Sovereign LORD, all glory and honor goes to you for your mighty acts to redeem, to save, to fulfill, and to bless your people throughout the ages. I ask, dear LORD, please bless your people today with faith to expect your power, hearts to obey your Word, and eyes to see that your great work is not yet done. In Jesus' name I pray. Amen.

SOURCE: http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture for Today

VERSE: We proclaim him [Christ], admonishing and teaching everyone with all wisdom, so that we may present everyone perfect in Christ. Colossians 1:28, New International Version

THOUGHT: The life of Jesus is transformational. The resurrection of Jesus is transformational. The Gospel of Jesus is transformational. Jesus' gift of the Spirit is transformational. The proclamation of Jesus is transformational. The work of Jesus is transformational. In other words, Jesus is the key, the center, the hub, and the heart of what we do and why we do it. Paul also reminds us that Jesus Christ is our goal.

PRAYER: Father, please forgive me. I confess that in my zeal to help others, I have sometimes lost sight of Jesus' power to change their lives and relied on my own meager resources. As I seek to know Christ more perfectly and as I seek to be more like Christ in my daily character, please use me to lead others to him and to be like him. In the name of the Lord Jesus Christ, the name above all names, I pray. Amen.

SOURCE: http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture for Today

VERSE: The grace of the Lord Jesus Christ be with your spirit.
Philemon 1:25, New International Version

THOUGHT: Have you noticed how words of blessing are in such short supply? There is something about our fallen state that makes sarcasm and ridicule easier to use than blessing. But, in God's family, words are always to be used for the benefit and blessing of others. What simpler or kinder words do we need to use to bless others than these words Paul sent to Philemon? Let's find a way to say them ... and say them again ... and again ...

PRAYER: Loving Father, you have blessed me so much with your grace. Please use me to be a blessing to everyone I meet today. In Jesus' name I pray. Amen.

SOURCE: http://www.heartlight.org/cgi-shl/todaysverse.cgi

Judge Hilary Green's Campaign Kick-Off Tonight

Judge Hillary Green's Campaign Kick-off and Fundraising Reception is tonight, Thursday, January 24, 2008 from 5:30 - 7:30 pm at the Hermann Park Golf Course, 2155 North MacGregor. Judge Hilary Green is the current Jp Judge for Precinct 7. She received her undergraduate degree from University of Houston. While at University of Houston, she pledged the first African American Greek Sorority, Alpha Kappa Alpha Sorority, Inc.

City Weighs Selling Hilton Move Could Result in Second Hotel near Convention Center

The city of Houston is considering selling its 1,200-room Hilton Americas-Houston convention center hotel.

The sale would allow the city to pay off bonds used to finance the property and create more financial flexibility to undertake another project, such as a second convention hotel downtown.

That's according to Richard Campo, chairman of the Houston Convention Center Hotel Corp., the nonprofit created by the city to develop and own the hotel.

City leaders have been talking about bringing another large hotel to a site next to the George R. Brown Convention Center and across the Discovery Green park from the Hilton Americas, Mayor Bill White said Monday.

For a sale to occur, however, the city would first have to clear up hotel-related obligations tied to its employee pension fund.

The City Council approved a proposal in 2004 to use the Hilton Americas as collateral to cover $300 million of a $2 billion shortfall in the Houston Municipal Employees' Pension System.
Instead of issuing a bond, the city worked out an arrangement with the pension system allowing it until 2033 to pay off the obligation. In exchange, if the city defaulted, it would have to turn over ownership of the hotel.

But as soon as next week, the city plans to seek council approval to issue pension obligation bonds that would pay off the note to the pension fund, said Judy Gray Johnson, the city's director of finance and administration. The city owes the pension fund about $360 million, including interest.

David Long, the pension system's executive director, said the Hilton Americas must be doing well if the city is considering selling it. "That means the need for that second hotel is very good," he said. With the pension system out of the picture, it lifts the city's collateral obligation, allowing the hotel corporation to sell it. Approximately $280 million is owed on the property, which White estimates could be worth "substantially more than $350 million."

"The sale of the existing hotel could help in the financial flexibility of the city to help it make a new hotel possible," Campo said. "When you can reduce debt and free up cash flow, that's a good thing. Those involved said the idea of a second hotel is still very much in the embryonic stage.

Land has not been acquired nor have terms been set. While city officials said they would like to see a new hotel financed privately, one of the alternatives is selling the Hilton Americas in conjunction with building a new hotel. But the two are not mutually exclusive, Campo said.

City officials contend another hotel would make Houston more competitive for big conventions.
They said Houston loses out because of a lack of hotel rooms close to the convention center.

Downtown has less than 5,000 rooms. For conference attendees that can't find room near the convention center, traveling from the Galleria area can be an inconvenience.

Houston also competes with other cities in amenities. Places like Houston and Dallas that lack mountains, lakes and other natural features must have man-made attractions to compensate, said Doug Ducate, president and CEO of the Center for Exhibition Industry Research in Dallas.

Such cities "need to have some really attractive benefits in order to attract business," he said.

Moreover, midrange convention center hotels are having a hard time competing for business, as more individual travelers tend to stay at either budget or luxury properties, Ducate said
.
"People are going up or down," he said. Convention center hotels "are more and more reliant on meeting and convention business." To that end, hotel developers are more likely to risk capital on properties like Courtyard by Marriott on the lower end or Ritz-Carlton on the high end.

And that could prove challenging for the city, which would like the private sector to build another convention hotel.

Outside of New York, Orlando and Las Vegas, there hasn't been a major convention center hotel built without some public subsidy for more than 15 years, Ducate said.
By NANCY SARNOFF and CAROLYN FEIBELCopyright 2008 Houston Chronicle TOOLSnancy.sarnoff@chron.com

Scripture For Today

VERSE: To him who is able to keep you from falling and to present you before his glorious presence without fault and with great joy -- to the only God our Savior be glory, majesty, power and authority, through Jesus Christ our Lord, before all ages, now and forevermore! Amen.
Jude 1:24-25, New International Version

THOUGHT: What a great cluster of truths are found in this one prayer of blessing. Our eyes are first drawn to what God can do for us -- prevent us from falling and present us before his glorious presence in joyful perfection. But on closer inspection, our hearts are drawn to the description of our incredible God: the one who is able, the only God, our Savior, the one who lives in glory and majesty and power and authority, the one who has communicated to us through Jesus our Lord, and the one who exists before all ages and who is alive now and who will be forevermore. Our blessings as God's children are incredible, but the reason why they are is that our God is beyond incredible, awesome, and wonderful. Our words cannot do him justice. Our brightest insights cannot comprehend the glory he has. Yet despite his grandeur, he loves you and me in our finite mortality!

PRAYER: Awesome and Holy Lord Most High, thank you for not only being God, but for loving me and showing yourself to me in the face of Jesus. I look forward to standing in your presence, enjoying your shared perfection, and praising your glory with the angels. Please accept my limited and human praise until the day my words are unchained from their mortality and my imperfections are swallowed up in your glory. In Jesus' name. Amen.

SOURCE: http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture For Today

VERSE: Once you were alienated from God ... but now he has reconciled you by Christ's physical body through death to present you holy in his sight, without blemish and free from accusation.
Colossians 1:22, New International Version

THOUGHT: "Christians aren't perfect, just forgiven!" You've probably seen this bumper sticker or something similar. In one sense this is absolutely true. But, from God's point of view, Christians ARE perfect. That's the incredible message Paul gives the Colossians. Because of Jesus' sacrifice, God does not see our imperfections. He sees us through Christ's perfection. Look at these concepts and marvel! Look at how God views you and give thanks! Be humbled by God's grace to us in Jesus and rejoice! Holy, without blemish, and free from accusation -- there's nothing left to say but "Hallelujah!"

PRAYER: Father, thank you for providing the sacrifice that makes me clean. Thank you for seeing my worth through the perfection of Jesus and his sacrifice. Thank you, Lord Jesus, for paying off my debt to sin and for sharing your perfection with me. May my life today, and everyday, more closely resemble the perfection you have given me by your grace. In the name of my Savior Jesus, I pray. Amen.

SOURCE: http://www.heartlight.org

Black Heritage Martin Luther King Parade Led by the Sells' Ladies

Although the weather was cold and the sky was cloudy, The Black Heritage Martin Luther King Jr. Parade was a huge success. There were over 200 entries. The parade began promptly today at 10:oo am. Derek King, the nephew of Martin Luther King, Jr. served as Grand Marshall. LaTricia, Moriah, Charity and Laurryn Sells; Mike Sanchez and Malik Sanchez led with parade by caring the torch.

Among the many participants that I saw were: Mayor Bill White, who walked the entire distance of the parade. He chose not to ride in a car; Constable May Walker; Quanell X, Judge Hillary Green, Wheeler Avenue Baptist Church Cub Scouts and Boy Scouts; Jack Yates Marching Band; Booker T Washington Band and University of Houston Band were among the many partipants.

Scripture For Today

VERSE: See, the LORD your God has given you the land. Go up and take possession of it as the LORD, the God of your fathers, told you. Do not be afraid; do not be discouraged. Deuteronomy 1:21, New International Version

THOUGHT: A word of encouragement is indispensable at the start of a new journey, especially when the journey demands your leadership. Joshua is no longer second chair. He is no longer the backup to all-pro Moses. Now it is his turn to lead. The people he leads have only known the leadership of the incomparable Moses. How will he lead? He will lead trusting the promises of God and without fear or discouragement! How is this possible? Because the real leader of God's people hasn't really changed! God is still God. His word is still true. His promises are still trustworthy. His might is still all-powerful.

PRAYER: O God, as I face increasing responsibilities and greater challenges, remind me of your promises, allay my fears, strengthen my resolve, and lead me by your will. May the victories in which I participate always bring glory and honor to you. In the name of the Lord Jesus Christ I pray. Amen.

SOURCE: http://www.heartlight.org

Scripture For Today

VERSE: For you know that it was not with perishable things such as silver or gold that you were redeemed from the empty way of life handed down to you from your forefathers, but with the precious blood of Christ, a lamb without blemish or defect.
1 Peter 1:18-19

THOUGHT: A: "How much did it cost?" B: "What? This old thing? This sack of bones and blood and brain? This heart and mind and soul that live inside?" A: "Yeah! How much did it cost?" B: "It cost the greatest gift of heaven to redeem it and make me whole. That's how much God thinks of me. Incredible, isn't it?!"

SCRIPTURE: Father, I am bewildered, humbled, and thrilled to know that you value me so highly. Forgive me for cheapening myself with sin, for dwelling on things that are petty, and for chasing after things that are worthless. Thank you for loving me so. By your Spirit, please help me live up to the value you see in me and aspire to the lofty life you call me to live. In Jesus' name I pray. Amen.

SOURCE: http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture For Today

VERSE: Learn to do right! Seek justice, encourage the oppressed. Defendthe cause of the fatherless, plead the case of the widow. -- Isaiah 1:17 http://www.SearchGodsWord.org/desk/?query=Isaiah+1:17

THOUGHT: "A man's got to take care of himself!" Yeah, we do have to beresponsible folks. But, part of being responsible, part of beingblessed -- at least as God sees it -- is to care for others, tostick up for the disadvantaged, and to intervene when someone elseis being exploited. After all, we are our "brother's and sister'skeeper!"

PRAYER: Remove the heart of selfishness, O God, that keeps me fromcaring for the downtrodden, abused, forgotten, and broken. Give meyour eyes of concern and Jesus' heart of compassion to see them andminister to them. In his name, the Lord Jesus Christ, I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080117

Scripture for the Day

VERSE: Ruth replied, "Don't urge me to leave you or to turn back from you. Where you go I will go, and where you stay I will stay. Your people will be my people and your God my God."
Ruth 1:16, New International Version

THOUGHT: This beautiful statement of loyalty makes its way into thousands of weddings each year. Incredibly, this wasn't originally a pledge of a bride or groom. Instead, it was the pledge of Ruth to her mother-in-law -- some would call her an ex-mother-in-law since Ruth's husband, Naomi's son, had died, but Ruth never treats Naomi as an "ex" of any kind. God loves loyalty and bestows his blessing and favor when we are loyal to others. In an era where people are thrown away as readily as paper plates and napkins, let's remember that loyalty is a quality that God not only loves, but it is also a quality that he defines for us in Jesus. So let's see loyalty to friends, to family, and to other followers of Jesus as a crucial commitment.

PRAYER: Almighty and faithful God, thank you for your loyalty to your covenant promises to Israel. Thank you for not giving up on your people or your promises despite the fickleness and unfaithfulness of your people. Bless us today as we seek to be a loyal and honorable people, your true children in a turbulent and treacherous world. May the light of faithfulness that is seen through us beckon others to find stability and hope in your grace and in your people. In Jesus' name I pray. Amen.

SOURCE: http://www.heartlight.org/cgi-shl/todaysverse.cgi

Scripture for Today

VERSE: To the pure, all things are pure, but to those who are corrupted and do not believe, nothing is pure. In fact, both their minds and consciences are corrupted. -- Titus 1:15 http://www.SearchGodsWord.org/desk/?query=Titus+1:15

THOUGHT: Rust stains, grass stains, blood stains, chocolate stains --ARGH! Those stains are real nightmares in the laundry room. Theydon't just leave a stain on the surface of the fabric, but theyalso leave a residue that infiltrates the fibers of our clothes.Evil is that way. We must not kid ourselves. Evil corrupts andleaves a residue that corrupts everything it touches, including thehearts of otherwise decent people. That's why we are urged to stayfar away from evil and avoid its very appearance. That's also whyJesus died: to not only overcome the Evil One, but to also cleanaway the stain and its residue.

PRAYER: Father, guard my path and give me good Christian friends whowill help guard my life from evil. In addition, dear Father, pleasehelp me as I seek to share the cleansing and liberating power ofChrist with those around me who are caught in evil's destructiveand deceptive grasp. In Jesus' name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080115

Scripture for the Day

VERSE: [You were marked in Him with a seal, the promised Holy Spirit,] who is a deposit guaranteeing our inheritance until the redemption of those who are God's possession -- to the praise of his glory. Ephesians 1:14, New International Version

THOUGHT: God is true to his word. He keeps His promises. But, that was not enough for Him. He gave us a down payment, a deposit, so we could be sure of our inheritance and look forward to the full realization of our salvation. He gave us the Holy Spirit. When God buys us out of slavery to our mortal bodies and redeems us into our eternal home with bodies that will not grow old or decay, we won't need the deposit; we will have the full inheritance. But until then, until we go to Him, isn't it amazing that He makes His home within us.

PRAYER: Transcendent and yet ever-near God, thank you for not making me wait to experience your presence. Thank you for giving me "a foretaste of glory divine." Thank you for sending your blessed and promised Spirit to live in me and remind me where my home truly is. Until the day I see you face-to-face, I want to honor your presence in my mortal body by living a life that is pure, holy, and a blessing to others. In Jesus name I pray. Amen

It's Official -- I am on the Ballot for Precinct Chair

Yes... My name, LaTricia Sells, will appear on the March 4, 2008 Primary ballot for Precinct 434 as Democratic Candidate for Precinct Chair. I attended the Harris County Democratic Party Meeting last night. During that meeting, all contested position candidates for the Democratic party from the national to local level pulled for ballot positions for the Primary ballot on March 4th. Contested means that there are other Democrats running for that same position.

Let me give you more information on the requirements, duties and responsibilities of a Precinct Chair. The Harris County Precinct website states that the Precinct Chairs are the most important officials of the Democratic Party. Precinct Chairs represent their home precincts on the County Executive Committee (CEC). The CEC is The County Executive Committee (CEC) is the governing body of the Democratic Party in Harris County and conducts all official party business. The CEC usually meets three times a year, sometimes more in election years.

If you are interested in becoming a Precinct Chair you must be a Democrat, 18 years of age or older, a qualified (registered) voter in Harris County, reside in the precinct you wish to represent, and vote in the Democratic Primary election. Precinct Chairs cannot be a candidate for nor holder of elected office of the federal, state or local government.

Qualified candidates are elected every two years to serve a two-year term by voters in their precinct in the Democratic Primary Election. Qualifications are set by the Texas Democratic Party Rules (http://www.txdemocrats.org/files/Rules2006.pdf).

In addition to serving as a voting member of the CEC, the Precinct Chair serves as the contact person for the Democratic Party in their neighborhood. The Precinct Chair should communicate with Democrats in their precinct and promote Democratic candidates and events. This includes phone banking your voters, organizing block walks (going door to door) to distribute campaign materials, and encouraging their neighbors to vote in upcoming primary and general elections. The HCDP can provide voter information to all Precinct Chairs.

SOURCE: http://www.hcdp.org/PrecinctchairFAQs.doc

Scripture for the Day

VERSE: And a voice came from heaven: "You are my Son, whom I love; with you I am well pleased." Mark 1:11, New International Version

THOUGHT: Shortly after Jesus' baptism, he went to face Satan in a grueling 40 days of temptation. Remember what Satan's opening words were? "If you are the Son of God..." Wasn't it great that God had already reassured him of his relationship before it was questioned? What do those you love need to hear from you today? You don't know when their time of trial will come; you just know it will, so go ahead and reassure them before it's necessary.

PRAYER: Almighty and loving Father, please help me to say the right words of love and affection to those whom I love so that when temptation comes, or when others try to draw them away from me, they will not doubt my love for them. In Jesus' name I pray. Amen.

SOURCE: http://www.heartlight.org

Scripture for the Day

VERSE: My son, if sinners entice you, do not give in to them. Proverbs 1:10, New International Version

THOUGHT: The real issue isn't "if" but "when"! Our children face tremendous peer pressure. We do, too! We must help them resist the enticements of this pressure. Also, we must never tire in resisting them ourselves

PRAYER: O God, I do face temptations and enticements. Please guard my heart, my life, and my example. Help me be a person of character and integrity. In addition, please enable me to lead, protect, guard, and warn my children -- both those who are my children in the flesh and those in the faith. In Jesus' name I pray. Amen.

SOURCE: http://www.heartlight.org

Scripture for the Day

VERSE: Since the day we heard about you, we have not stopped praying for you and asking God to fill you with the knowledge of His will through all spiritual wisdom and understanding.
Colossians 1:9.

THOUGHT: Paul wrote these words to the Christians at Colossae, but he had never been there. Despite his lack of "in person" knowledge, he ministered effectively to the Colossians. He prayed specifically for them to better know God and his will for them. What a great idea! Let's find a mission church (inner city, overseas, hostile environment) and start praying consistently for that congregation, asking God to help them know him and his will more perfectly.

PRAYER: Holy and all powerful God, bless my church family with a deeper knowledge and appreciation of your nature, character, and grace. In addition, please bless ___ (add your mission church of choice) with growth, health, and most of all, knowledge of you. In Jesus' name I pray. Amen.

SOURCE: www.heartlight.org

100 Black Men of America Launches 2008 Speaker Series

FOR IMMEDIATE RELEASE

100 Black Men of America Launches 2008 Speaker Series with Dr. Bernard A. Harris, Jr. M.D HOUSTON, TX – Jan 9, 2007 – The Metropolitan Houston Chapter of 100 Black Men of America having recently relaunched it’s flagship mentoring program, is embarking on a remarkable speakers series that will bring world class African American Success stories to Houston for an intimate series of speaking engagements.

The speaker’s series will be held in conjunction with their mentoring sessions on the second and fourth Saturday of each month at the Texas Southern University’s Physical Education Arena in Houston’s historical Third Ward. The 100 is proud to announce that the 1st speaker of the series, appearing on Saturday, January 12th, will be Dr. Bernard A. Harris Jr, M.D., who is an accomplished NASA astronaut, physician, and businessman. Mr. Harris a “dreamer who believes nothing is impossible”! He currently serves as president of The Harris Foundation, Inc., a non-profit organization he founded in 1998 to develop math/science education and crime prevention programs for America ’s youth. Because he credits his personal achievements to self-empowerment and self-determination, he uses this foundation to inspire young people that they can do anything, if they only set their mind to it.

Harris himself has accomplished many feats throughout his life. In 1990, he was selected as a NASA astronaut and flew his first mission three years later. A payload commander of STS-63, the first flight of the joint Russian-American space program, Harris accomplished his childhood dream by completing a walk in space, becoming the “First African American to walk in Space”. At the time of his retirement from NASA in 1996, he had logged more than 438 hours in space and traveled over 7.2 million miles.

Equally as impressive as his space career, Harris has developed a broad range of business talents. He served as Vice President of SPACEHAB, Inc., where he was involved in business development and marketing of the company’s space-based products and services. He also was Vice President of Business Development for Space Media, Inc., establishing an international space education program for students. In addition, he is a member of the board of some of the leading technology companies in the world.

Collectively, Harris has 37 years of total experience in research, management and hardware/product development. He continues to author numerous scientific publications. A native Texan born in 1956, Harris earned a bachelor’s degree in biology from the University of Houston and later obtained a doctorate of medicine from Texas Tech University School of Medicine. A trained aerospace flight surgeon, he completed his residency at the Mayo Clinic and fellowship at the NASA Ames Research Center.

Other degrees include a Master of Medical Science from the University of Texas Medical Branch at Galveston, a Master of Business Administration from the University of Houston Clear Lake and two Honorary Doctorate of Science degrees from Morehouse School of Medicine and Stony Brook University (SUNY). He holds several faculty appointments including, Associate Professor in internal medicine at the University of Texas Medical Branch and Assistant Professor at Baylor College of Medicine. Harris serves on several federal, state and corporate boards. He is also a licensed private pilot.

Throughout his life, Harris has received numerous awards and recognition, including election as Fellow of the American College of Physicians, NASA Space Flight Medal, NASA Award of Merit, a fellow of the American College of Physicians, and was the recipient of the 2000 Horatio Alger Award. Married with one child, Harris resides in Texas with his family.

The event will take place on Saturday, January, 12, 2008 at 11:00 a.m . The address for the Physical Education Arena at Texas Southern is 3100 Cleburne, near Ennis & Wheeler.

ABOUT 100 BLACK MEN OF AMERICA METROPOLITAN HOUSTON, INC.: The mission of the 100 Black Men Of America Metropolitan Houston, Inc., is to improve the quality of life for African-Americans and other minorities by nurturing creativity, emphasizing academic achievement and reinforcing social responsibility. The organization works to empower young people through mentoring, education, health and wellness, and economic development programs. There are 101 chapters of The 100 Black Men, with more than 10,000 members throughout the United States, Europe, Africa and the Caribbean who have served their respective communities by providing programs for more than 100,000 youth globally.

ABOUT THE HARRIS FOUNDATION: Founded in 1998, The Harris Foundation, Inc. (THF) is a 501 (c) (3), non-profit organization based in Houston , Texas , whose mission is to invest in community-based initiatives to support education, health and wealth. THF supports programs that empower individuals, in particular minorities and other economically and/or socially disadvantaged, to recognize their potential and pursue their dreams.

http://www.theharrisfoundation.org/
SUMMARY: What: Launch of 2008 Speaker Series-100 Black Men of America, Inc. Houston Chapter
Who: Dr. Bernard A. Harris, Jr., M.D.
When: Saturday, January 12, 2008 at 11:00a.m.
Where: Texas Southern University (TSU)3100 Cleburne St.(H & PE Building; near Ennis & Wheeler)
Why: To empower young people through mentoring & education, while nurturing their creativity, emphasizing academic achievement and reinforcing social responsibility through positive images of successful African American men.
E-mail: info@100blackmenhou.org
Web: 100BlackMen of Houston