The Week In Review (August 6, 2007) : What To Watch For

In a week in which several high-profile mortgage lenders closed their doors, not all news was bad. 

Mortgages rates for home loans bought by the quasi-government groups Fannie Mae and Freddie Mac actually dropped a bit. 

If you only watched the news, or market commentary on CNBC, though, you likely have the wrong idea about what is really going on within mortgage markets.  According to the people paid to sell subscriptions and/or advertisements, this is the worst melt-down in the history of the bond market. 

According to more level-headed observers, however, corrections like this are a normal and regular event. 

Large hedge funds (like those from Bear Stearns making headlines) made bets on the economy and those bets are losers right now.  And, whenever large losses occur on Wall Street, other players try to limit their exposure to the same type of loss.

Yes, there are plenty of homeowners whose lives will be impacted by the snap-back in available credit, but many can get help before the proverbial hammer drops. 

If there is a lesson to learn here for the average person, it’s that “now” is always a smart time to reach out to your financial planner to create a savings plan and limit exposure to the whims of Wall Street trading.

This week, the only major announcement will come from the Federal Reserve and their Tuesday meeting.  The Fed is widely expected to leave the Fed Funds Rate at 5.250%.

Without economic news, expect markets to react to external factors such as oil prices, commodity prices, and Wall Street sentiment. 

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Tony Gallegos - Serving the mortgage needs of Kennesaw, Marietta, Roswell, Smyrna, Powder Springs, Dallas, Acworth, Woodstock, Douglasville, Hiram, Austell and Atlanta. Subscribe to The Mortgage Cicerone:

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2007 Kennesaw’s Pigs & Peaches BBQ Contest

On Friday & Saturday, August 10-11, 2007 the City of Kennesaw will be hosting live entertainment and showcasing mouth watering barbequed meats and other delicious treats during the annual Kennesaw Pigs & Peaches BBQ Contest.

The event will take place at the historic train Depot in downtown Kennesaw located at 2828 Cherokee Street.

Best of all – Admission is free.

On Friday evening, the festivities kick-off on with the “Anything Butt” cooking competition (individual category). Additionally, the Kennesaw Opry will provide entertainment playing Bluegrass music at 7pm.

On Saturday, the BBQ cooking and peach dessert contests (team categories) get underway with judging starting at 12pm. Cash prizes will be offered in five categories: chicken, pork ribs, pork, beef brisket and peach desserts.

Prizes are $1,100 for the Grand Champion (plus a Big Green Egg package worth over $1,000 courtesy of Big Green Egg), $650 for the Reserve Grand Champion, $350 for 1st place in each category, $200 for 2nd place in each category, and $100 for 3rd place in each category.

Select competitors will also be selling their smoke-cooked delicacies, so come hungry!

On Saturday at 8pm, broadBAND, a rockin’ country all-girls group from Nashville, Tennessee will take the stage for a free concert. While concertgoers can enjoy the concert from any number of vantage points, a limited number of tables located directly in front of the performance area are available for only $40 per table. Each six-foot table seats six persons (chairs are included). The broadBAND concert is the fourth of five featured performances in the City of Kennesaw’s Summer Concert Series. Click here for more information about the concert series, and to reserve a table online.

Kennesaw’s Pigs & Peaches BBQ Contest is presented by the City of Kennesaw Parks & Recreation Department, and is sanctioned by the Kansas City Barbeque Society (KCBS).

The Depot is located across the street from the Southern Museum of Civil War and Locomotive History in Downtown Kennesaw. Parking is available along Main Street, behind the Southern Museum (off Shirley drive), and off Sardis Street (near the intersection of Big Shanty Drive). Cherokee Street, from Main Street to Big Shanty Drive, will be closed during the event.

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Tony Gallegos - Serving the mortgage needs of Kennesaw, Marietta, Roswell, Smyrna, Powder Springs, Dallas, Acworth, Woodstock, Douglasville, Hiram, Austell and Atlanta. Subscribe to The Mortgage Cicerone:

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