We Need More Like This

You know just when I think all hope is lost for people and there is no good left on this earth I read something like this. If only we had more people like the woman in this story there would be no need for an abused welfare system.

DALLAS — A Texas woman went to a housing auction distraught about the prospect of watching strangers bid on her foreclosed home.

Then one of those strangers bought it back for her.

Now Tracy Orr can return to her Pottsboro home, making payments to the woman who unexpectedly and impulsively bought it for her.

"It means so much to all of us," Orr told Dallas television station WFAA. "It's not just a house."

Marilyn Mock said she was acting on instinct on Saturday when she decided to buy a house she had never seen for a woman she had never met. Mock was at the foreclosure auction to help her 27-year-old son bid on a house when she struck up a conversation with Orr, who was crying about losing her home.

Orr had bought the house for $80,000 in 2004 but fell behind on the payments. She lost her job a month after taking out the loan, and earlier this year she lost the house. On the spot, Mock decided to buy it, eventually bidding $30,000.

"She didn't even know if I had a job or was a nut case," Orr said in a story for Wednesday's online edition of The Dallas Morning News. "She didn't even see a picture of the house."

Mock told a crying Orr she could stay in the house, making payments to her instead of a bank.

"She needed help. That was it," Mock told the newspaper. "I just happened to be there and anybody else would have done the same thing."

Orr said she hopes others will do as Mock did.

"More than my house, she gave me something inside, and that's more important than material or financial things," she said.

The two are waiting on final approval from Fannie Mae before visiting the home.

Mock's son also got a home at the auction.

The woman in this story saw something in the other person. You see I believe that you can tell when someone is trying to take you for a ride. The woman knew she needed to help and she did. You can tell when its not all smoke and mirrors. I hope everyone reads this story and will get something out of it!

"anybody else would have done the same thing."

And no that's the issue not just anyone would have done the same thing even if that had the money to do it!

I must be stupid......

Today Foxnews:

WASHINGTON — The Federal Reserve announced Tuesday a radical plan to buy massive amounts of short-term debts in a dramatic effort to break through a credit clog that is imperiling the U.S. economy.

The Federal Reserve will buy "commercial paper," a short-term financing mechanism that many companies rely on to finance their day-to-day operations, such as purchasing supplies or making payrolls.

Call me stupid and while its true I am not one to talk about managing money. The way I understand this is. Companies sometimes barrow money short term ie. as little as 24 hours up to weeks at a time to fund their day to day operations. And part of the issue with this credit mess is these options are not out there right now for the companies that run their operations this way. Thus the Fed. is taking steps to try and open those short term credit lines up to these companies again.

I liken this type of loan to what us private sector folk call a "Payday Loan" My boss is not only my boss he is a good friend of mine we were talking about this. We have been in business 5 years he is the sole owner of our company and NEVER once taken out a loan to pay payroll or buy day to day supplies. His response to companies taking out short term loans is "Well they are not managing their cash flow right in the first place!"

Now we did agree that there are just times when some companies depending on the industry they are in need a loan to fund their day to day operations. But as a rule we both think it is crazy that any company of any sizee would have to take out a loan for a term as short as 24 hours.

Most companies already have agreements with their venders that let them buy goods on what is call a "net 30" or "net 15" account ie. Companies have up to 30 or 15 days to pay for items they have bought from venders with out interest. So over that I am not sure what the need for these short term loans is. Who knows maybe its not that simple. But I think the goverment is putting their hands where they don't belong.