Articles for January 29th, 2009
So Whatever Happened To P.M.I???
Did PMI have PMS? I actually had a dream last night about P.M.I. — that is, private mortgage insurance. (The trillion dollar bail-out is so mind-boggling I am dreaming about it.) I recall when we bought our first house we had to buy P.M.I. which was a sort of default insurance that would pay off the mortgage loan in case we didn’t. The bigger our equity has become over the years, the less we have had to pay.
But what about people who bought with zero down? Didn’t they have to pay P.M.I? Or were they, instead, encouraged to get second mortgages so that instead of having an insurance policy on default, they would screw over two banks instead of one?
May I make a modest suggestion: whoever initiated the dumping of P.M.I. helped make a significant contribution to the mortgage crisis and current financial meltdown. Agree?
Green Building Increases In Dallas Exponentially
Just came from the Texas Green Home Summit–which had almost 700 attendees, blowing everyone’s estimates out of the water. Mayor Leppert reaffirmed the City of Dallas’s commitment to green building, both for the health of the universe and for the bottom line. Michelle Russo from McGraw Hill had some great data on how much green building has increased over the last couple of years and how much it’s expected to increase over time (basically becoming the only way to build), as well as what consumers are looking for. (Presentations are expected to be posted on the website.)
But the best news came from someone in the City building department, who told me that permits are UP over the same period last year. Now that’s some good news. Long may it continue.
Shocking News: I’ve Stopped Buying Pillows
My way of cutting back, and I am not alone. My favorite quote from this story on how the Wall Street/financial meltdown has trickled down to hurt the home furnishings industry:
“If you’ve got less in your pocket and you’re worried about putting food on the table, you’re not going to be buying new throw pillows just because Pottery Barn has a new color.”
Or new faucets, or even placemats. Thursday I’m having lunch with someone from our Design District to see what gives in the Dallas design world. Meantime, Gerald Peters is shuttering and Laura Kostelny reports that At My Table in Snider Plaza is calling it quits.
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