Mortgage Rates tumble to 7-month Low

The following is an article published recently by bankrate.com written by Polyana da Costa dated June 9, 2011 • I found it very informative specially if you are currently house or condo hunting. My question however is
" Are the banks lending mortgage money?" If you are in the mortgage business, I will appreciate an answer.

"Mortgage rates fell again this week as investors grew more concerned about slow economic growth.
The benchmark 30-year fixed-rate mortgage fell 4 basis points this week, to 4.65 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 4.88 percent; four weeks ago, it was 4.82 percent.

The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 3.79 percent. The benchmark 5/1 adjustable-rate mortgage fell 4 basis points, to 3.35 percent.

The 30-year fixed rate has declined for nine weeks in a row and has not been this low since November, according to Bankrate's survey.

Weekly national mortgage survey
Results of Bankrate.com's June 8, 2011, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:

30-year fixed 15-year fixed 5-year ARM
This week's rate: 4.65% 3.79% 3.35%
Change from last week: -0.04 -0.09 -0.04
Monthly payment: $850.80 $1,203.19 $727.18
Change from last week: -$3.96 -$7.40 -$3.65

Some mortgage experts had not expected another dip in rates this week, but their expectations quickly changed after Federal Reserve Chairman Ben Bernanke offered a gloomy assessment of the U.S. economy during a speech Tuesday.

Bernanke's speech
Bernanke acknowledged that U.S. economic growth is "frustratingly slow," adding the "jobs situation remains far from normal."

Most people already knew that based on recent economic reports. Still, Bernanke's speech immediately affected the mortgage market, causing stocks to fall as some investors pulled out of the stock market and sought safety by investing in U.S. bonds, says Michael Becker of Happy Mortgage in Lutherville, Md.

Early in the week, "it looked like rates were going to rise or stay the same," Becker says. "It's funny how much his words can move the market more than any type of report can."

"Low home prices and mortgage rates imply that housing is quite affordable by historical standards," he says. "Yet, with underwriting standards for home mortgages having tightened considerably, many potential homebuyers are unable to qualify for loans. Uncertainties about job prospects and the future course of house prices have also deterred potential buyers."

Volatile market

These gloomy economic outlooks, coupled with global economic uncertainty surrounding the debt issues in Europe, have caused mortgage rates to change more often than usual this week, says Dan Green of Waterstone Mortgage in Cincinnati.

"It's been a really bizarre week," he says. "On average, last month, rates changed every four hours and 19 minutes," Green says. "So far this month they are changing every three hours."

Unlike some mortgage experts who say rates will start rising again soon, Green expects rates will continue to decline "until there is explicit reason" to stop the fall. But he advises borrowers to take advantage of the low rates while they are available.

Holloway also says borrowers should lock.

"When they start shooting up they go up very quickly," Holloway says.

Teaching Fil-Am Teens Philippine Folk Dances in the US

The following video reminded me when our children were still in their elementary school days ( mid 1970's). My wife taught them a few Filipino folk dances including the world famous TINIKLING ( bamboo dance), The Pandanggo Sa Ilaw ( Dance of Lights) and other popular Folk dances of the Philippines. Unfortunately, not one of our six grand children had learned or are interested of this wonderful tradition from the Philippines.

Do not forget to view also the related videos in this set. Enjoy and Cheers!

Family-Based Immigrant Visa to US: Who Qualifies?

The following article is a reprint from Visapro.com I found this article very informative, thus I am reprinting it for your reading pleasure.

Family-Based Immigrant Visa: Who Qualifies? by VisaPro.com You and several of your friends, all of whom are foreign nationals, living and working in the US get together for dinner one night. Being from all over the world the conversation naturally turns to home and family. Jose, who is in the US on an H-1B visa, wants to bring his little sister to the US to take care of his children. Benjamin, a green card holder from Israel, talks fondly of his fiancé and wants to have her come to the US so they can get married. Puna, who just filed for naturalization, talks of bringing his aging mother and his sister to the US to live with him. Albert, from England who is in the US as a permanent resident wants to bring his wife over. And Kenji, who was naturalized just last week, talks of bringing his parents and cousins from Japan to the US.

The big question of course is which of these family members will qualify for a family-based immigrant visa. Each of you have heard so many stories of who you can and can't bring to the US, but none of you is sure what the law really is. Just about that time the doorbell rings and Dan, another friend, arrives. As you fill him in on the conversation you find out that his brother-in-law is an attorney who specializes in immigration law and that he can get some answers for you. Let's see what he found out. We present here a short overview of the law as it pertains to family-based immigration.

The US Congress, by conferring permanent residence eligibility upon certain family-based groups, has properly recognized the importance of family unification in American immigration law. The Immigration and Nationality Act (INA) provides for immigrant visas for certain foreign nationals based upon their relationship to a U.S. citizen or legal Permanent Resident. Family-based Immigration falls under two basic categories: Unlimited (Immediate relatives of U.S. Citizens) and Limited (the "preference" categories). Approximately 500,000 family-based immigrant visas are available each year.

Unlimited Family-Based Immigrant Visas or the Immediate Relatives of United States Citizens:

The first category of the Family-Based Immigrant Visa is for Immediate Relatives of the US Citizens. Within this group are spouses of US citizens, unmarried children under the age of 21 of a US citizen, and the parents of a US citizen who is over 21 years old.

a. Spouses: The spouse of a US citizen will qualify as an immediate relative. However it is very important that the marriage is legal in the country where the marriage took place, and it is not in contravention of US laws.

The actual ceremony, in the jurisdiction where it was performed, must be legally recognized. And all legal requirements, including registration of the marriage, must be met.

For example, a "common law" marriage must meet the legal requirement and be recognized in the country where the couple lives to qualify for immigration purposes. The simple fact that two people have been living together (no matter how long they have lived together) does not constitute a legal marriage.

If either the husband or wife has been previously married, a legally valid divorce must have taken place. This can be a problem in countries that do not recognize divorce.

b. Children: To qualify as a child for immediate relative status the child of a US citizen must be unmarried, and under the age of 21 years. Within the context of US immigration law "child" is very specifically defined. This definition includes children born both in and out of wedlock, but for those born out of wedlock the qualifications for immigration differ depending on which parent is sponsoring the child. For children born in wedlock, the relationship to either the father or the mother will be sufficient to qualify the child for an immigrant visa.

For children born out of wedlock, the relationship through the mother will always qualify because it can be easily proved. However, the relationship through the father will qualify in only two circumstances. The father must show that (1) evidence exists, such as the father financially supporting or living with the child, which clearly demonstrates a parent/child relationship, or (2) the father, while in legal custody of the child and before the child's 18th birthday, has "legitimized" the child in the manner prescribed by law in the country where the father and child were living.

Stepchildren, adopted children, and "eligible orphans" are also included in the definition of "child." Stepchildren are treated like a child of the petitioner as long as the stepchild relationship was created before the child’s eighteenth birthday. Adopted children are considered children for immigration purposes as long as they were legally adopted before the age of sixteen, and they have been in the legal custody and have physically resided with the adopting parent for 2 years. Eligible orphans must meet the very specific definition of "orphan" to qualify.

c. Parents: The parents of a US citizen are eligible for a Family-based immigrant visa, provided that the US citizen child who is filing the petition for his/her parent is at least 21 years of age. Additionally, the US citizen must be the "child" of the parent seeking permanent residence, as defined by US immigration law and described above.


Advantages of Family-Based Immigrant Visa for Immediate Relatives (IR) of a US Citizen: Seeking permanent residence as an immediate relative of a US citizen has substantial advantages. The main advantage of the immediate relative status is that the number of visas issued each year is not subject to any numerical limits. The greatest disadvantage is that there is no derivative status for dependents of immediate relatives; every family member has to independently qualify as an immediate relative of the US Citizen to be issued a Family-based Immigrant Visa.

Qualified immediate relative applicants are never forced to spend time on a waiting list, and if the immediate relatives are legally in the U.S. and are otherwise qualified, they can always file for Adjustment of Status. However, spouses of US citizens, who have been married for less than 2 years at the time they get their green cards, are subject to a 2 year period of "conditional" residence. Because of this some of these individuals may elect an employment-based path to permanent residence.

Limited Family-Based Immigrant Visa, or Preference Categories for Family Members of Citizens or Residents:
The second group of Family-based Immigrant Visas is for certain family members of US citizens and Legal Permanent Residents. While the US Congress has found that these relationships provide important family ties, they do not raise to the level of the immediate relatives. Unlike the visa category for the Immediate Relatives of US citizens, the number of immigrant visas available to the preference categories is subject to annual numeric limits. These family members have been separated into preferences based on the closeness of the relationship of the beneficiary to the petitioner. Because of the numerical limitations on each of the categories there is generally a waiting period before a beneficiary (the sponsored relative) can get a visa and come to the US. The wait times are listed in the State Department Visa Bulletin and range from 4 ½ years for the spouse of a permanent resident to 22 years for the brother or sister of US citizen originally from the Philippines.

Within the preference categories are unmarried children of US citizens, spouses and unmarried children of Permanent Residents, married children of US Citizens, and brothers and sisters of US Citizens. These categories, in order of preference, are as follows:

a. Family First Preference (F1) – Unmarried Sons and Daughters of US Citizens: The reason these individuals are not qualified under the immediate relative category is because they are over the age of 21 years. In order to be an immediate relative, each son or daughter must have met the legal definition of "child." i.e., he or she must be under the age of 21. When an individual reaches the age of 21 Congress determined that they were no longer dependent on their parents and could wait for a visa. This preference category is given 23,400 visas each year, plus any that are unused by the fourth preference.

b. Family Second Preference (F2) – Spouses, Unmarried Children, and Unmarried Sons and Daughters of Permanent Residents: This preference category is subdivided into two subgroups - the immediate family members (spouses and children) of permanent residents, and unmarried adult sons and daughters of permanent residents. The entire category is given 114,200 visas annually, plus any unused visas from the first preference category, with the vast majority going to the immediate family member subgroup. As with immediate relatives, the spouse of a permanent resident is granted permanent residence status on a "conditional" basis (for 2 years) if they have been married for less than 2 years at the time permanent residence is granted. But because of the wait times required it is rare that an F2 spouse will be given the conditional status. Also, as with the immediate relative spouse, if after two years the marriage ends or is found to have been a "sham," the residence will be terminated.

c. Family Third Preference (F3) – Married Sons and Daughters of US Citizens: Married children of the US Citizen do not qualify as immediate relatives for immigration purposes solely because they are married. Again, Congress determined that if they have married they are not dependent upon their parents and can wait for a visa. This group receives 23,400 visas each year, plus any visas unused by the first two preference categories. As always, each son or daughter must have, at some earlier point, met the definition of "child" for immigration law purposes.

d. Family Fourth Preference (F4) – Brothers and Sisters of US Citizens: The brothers and sisters of a US citizen qualify for immigration, but only if the petitioning citizen is 21 years of age or older. To qualify under this category, the sponsoring US citizen and his or her sibling must both meet (or have met) the definition of "child" in relation to the same parent.

e. Derivative Status: The immediate family members (i.e., unmarried children under the age of 21) of immigrants qualifying under each of these four preference categories are permitted to concurrently immigrate as well.

Documentation Required:
The documentation needed for a family-based petition for Permanent Residence is the same for Immediate Relatives and family preference applicants.

The following documents are required:

• INS Form I-130 (Petition for Alien Relative);

• Supporting Documentation that shows that the petitioner is a US citizen or lawful permanent resident, and a qualifying relationship between the petitioner and the beneficiary (the intending immigrant) exists;

• Form G-325A (Biographic Information Form) and two color photographs for both spouses, if the qualifying relationship is marital under either the immediate relative or second family preference category,

• The INS filing fee of $355.00; and

• Form G-28 (Notice of Appearance for the Attorney or Representative) if represented by counsel.

The I-130 package is filed with the USCIS National Benefits Center. The processing time for the I-130 will depend on which family based category the beneficiary falls into. If they are immediate relatives the processing time is currently 8-11 months. For the preference categories the processing times are 2 ½ to 7 ½ years depending on which preference category is involved.

Conclusion:

Family based immigration has many benefits for US citizens or permanent residents that want to be reunited with family, be it a spouse and children, a newly adopted child, or brothers and sisters. The closeness of the relationship will determine if the foreign national can be sponsored under the family based categories, and if they can how long it will take for them to get the immigrant visa.

Now let's go back to our dinner party and see who will be able to bring their relatives to the US, and how long it may take them.

Jose: Jose is here on an H-1B visa so he will not be able to sponsor any relatives for permanent residence. He cannot bring his little sister to the US to help care for his children.

Benjamin: Benjamin is a permanent resident so he is not able to sponsor his fiancé until they get married. Once they marry she will be the spouse of a permanent resident and will fall into the second preference category. According to the State Department Visa Bulletin it will take approximately 4 ½ years. Once Benjamin becomes a naturalized citizen his fiancé/wife would become an immediate relative and would not have to wait for a visa number.

Puna: Puna is still a permanent resident so cannot sponsor either his mother or his sister. However, once he is naturalized (remember he just filed his naturalization application) his mother will be an immediate relative (no wait) and his sister will be in the fourth preference category. Based on this month's visa bulletin Puna's sister will have about an eleven year wait.

Albert: Albert's situation is similar to Benjamin's, except that Albert is already married. He can file a Form I-130 for his wife right now. Like Benjamin, once the petition is filed Albert is looking at about 4 ½ years before his wife can join him.

Kenji: Kenji is a naturalized US citizen so his parents are immediate relatives and can come to the US relatively quickly, taking only the normal processing time. However, there is no category that his cousins would fit into so he is not able to sponsor them.

I hope you find the above article informative. If you have additional questions, I recommend that you see a lawyer who specializes in Immigration Law.

The Forgotten War: Philippine-American War, 1899-1902

How many of you (who are 50 years old or younger) have heard of the Philippine-American War, 1899-1902? Here's a video for your information and perhaps wonderment!
You will enjoy this video if you love history. As the saying goes, you will never know your Future if you do not look back to your Past.


A more detailed description of this war can be found in Andrew J. Birtle book " US Army Counterinsurgency and Contingency Operations, 1860-1941.

Restaurant that Feed the Soul in the Philippines

"Sister Evangeline Paras head chef of the Ristorante delle Mitre (Restaurant of the Mitre) shows a roasted chicken dish for customers in the Philippines’ only Catholic-themed restaurant

The following is an article from the Gulf Times, Qatar dated June 8, 2011. It is titled Philippine restaurant seeks to feed the soul. I found it very interesting and a unique concept worthy of reprinting in one of my blogs. Here's the article:

"In the Philippines’ only Catholic-themed restaurant, Sister Evangeline Paras aims to enrich the soul as much as excite the palate. As head chef, the Theresian nun oversees operations at the Ristorante delle Mitre (Restaurant of the Mitre) and a menu made in honour of the Catholic church’s bishops but priced to suit all members of the flock.

The restaurant, which opened last year, aims to bring the church closer to the people in Asia’s bastion of Catholicism at a time when controversies such as sexual abuse scandals have alienated many believers.

“We want to show the positive side of the church... I consider this another ministry of the church,” Paras said amid frenzied cooking by her five assistants in the well-lit kitchen.
“It also gives you a glimpse of how the priests and bishops live, what they do and how they eat.”
In the dining area, waiters move quickly between tables, explaining the story behind each dish on the menu to an eclectic crowd, from labourers and unionists in casual clothes to smartly-dressed bankers.
Several hearing and speech-impaired workers under the restaurant’s equal opportunities programme also engage diners with animated hand gestures.
Hanging on the walls are photographs in sepia of the church’s past and present bishops and cardinals, as well as various memorabilia celebrating Catholicism in the Philippines.
A pianist plays “Amazing Grace”, a popular Christian hymn written by English clergyman John Newton in the 18th Century.
The soothing music envelopes the restaurant in a religious ambiance that is occasionally broken by the clanking of utensils and the muffled voices of orders being barked in the kitchen.
The name of the restaurant is derived from bishops’ hats that are their symbol of authority. The glass-encased mitres of three late Filipino prelates nominated for beatification are displayed in a corner, while a bookcase full of religious tomes offers diners a history of the Catholic Church in the Philippines.
A life-sized mannequin in a cardinal’s vestments stares from a corner, towering over an altar with statues of the baby Jesus and Mother Mary.
“There is a certain charm to the idea that you are eating at a blessed place,” said Marissa Castro, 28, a banker based in Australia who was paying her third visit to the restaurant since coming back home for a holiday.
“It certainly is a unique restaurant.”
Businesswoman Elvira Go, who collaborated with the church to put up the restaurant, said the place was conceptualised when she and some bishop friends went on a pilgrimage to the Vatican several years ago.
They had frequented a small cafe where the clergy went, and the idea of putting up a similar place in Manila stuck.
The Philippines is the most obvious place in Asia to set up such a restaurant, with about 80% of the country’s 94mn people Catholic thanks to its former status as Spanish colony.
Go’s intention was just to put up a small canteen at the Catholic Bishops Conference of the Philippines building located inside the old Itramuros Spanish fortress of Manila.
But the plan soon got the endorsement of the bishops conference’s 120 members, some of whom asked friends to donate their time and services to the project. With no previous experience running a restaurant, Go said the biggest challenge was the menu -- the bishops stated that the food must be affordable to the common labourer without sacrificing quality.
“But one night when the bishops were having dinner, the holy spirit suddenly gave me inspiration,” Go said.
“So I went around the table and asked everyone what their favourite dishes were, and I was struck at how simple and doable they were.”
The result was an interesting mix of dishes with diverse influences, from Italian-inspired pasta to a fusion of Asian, Western and uniquely Filipino food.
Among the favourites is salmon in tamarind stew, crispy pork legs deep fried to a golden brown and other Filipino fare with prices ranging from 100 pesos to 500 pesos.
A 35-peso (less than a dollar) budget meal set is also offered, which will give one two dishes plus rice and the day’s chosen drink. But there are also pricey set meals which include a selection of soups, salads, steaks, pasta and seafoods from prawns to lobsters.
Ice creams, breads, pizzas and pastries are also freshly made in a backroom bakery.
Overseeing all the food is Paras, formerly the personal cook of Archbishop Ricardo Cardinal Vidal, one of the country’s most senior spiritual leaders, who agreed to place her on loan to the restaurant.
The portly nun with an easy-going manner came from a small family in the impoverished island province of Marinduque, where she earned a degree in home economics from a local college.
Paras, 37, became a nun in 1991 and a decade later was asked to manage a religious retreat house, where her impressive cooking skills caught the attention of the cardinal.
“Cooking for God’s people has always been my calling,” Paras said.
She honed her craft by poring over cookbooks and experimenting on a fusion of local and international dishes.
“You just have to cook with passion, with your whole heart and prepare every dish as you would for your loved ones,” she said ".

There is nothing I can add to the above article but will definetly visit the restaurant the next time we are in the Philippines. Oh yes, I almost forgot to congratulate fellow Marinduqueno Sister E Paras on her culinary expertise and job well done!

Bullfighting and Cockfighting in Manila in the 1890s

While doing a web search on the Philippine-American War of 1899, two items attracted my attention, bullfighting and cockfighting. The first item is gone in the Filipino lives and culture for quite a long time. However, cockfighting remains ingrained into the Filipino mind, that is why it very popular gambling activity for a lot of Filipinos today. It is almost a national sport in the country side. A lot of money is lost or won every weekend in almost all towns and cities in the Philippines from cockfighting festivities. I wrote an article on my first cockfighting experience along with my two American-born kids, 2 grand kids and son-in-law about two years ago in this blog (see below for a short excerpt). That first cockfight experience in Marinduque will be the last time, I will put myself near a cockfighting arena. Here's a short paragraph on bullfighting in Manila in the 1890s.

"The bull ring was located in Paco district. An American writer who was in the Philippines in 1898-99, Joseph L. Stickney, described the state of the sport in the country: "Neither Spanish bull-fighters nor Spanish bulls are brought to the island, so that native talent has to be obtained to play both roles. The bulls are timid and lazy, the bull-fighters are little better, so that the traveler does not see bullfighting of the same sort that he would in Spain, Cuba or Mexico."

Here's a reprint of my first cockfighting experience in Marinduque

I grew up in the Philippines, until I was 25 years old. But I have never attended a cockfighting tournament. When I was growing up my parents instructed me never to go inside the arena or else I get a beating in the buttocks. However, without my parents knowledge, my friend and I were outside the arena a number of times where there are stalls selling merienda's( Filipino cakes and balot) and other goodies. So outside the arena, I could still remember the noise and commotion inside when the winner is announced in my mind even until today.

It was only two years ago, when we celebrated our Golden wedding anniversary that I attended a cockfighting tournament in Marinduque. This was the first request of my two sons, nephew to be (boy friend of my niece) and son-in-law who all grew up in US. They have heard and read about it, so they were really curious. So the first Sunday of their visit in Marinduque, I took them to my first cockfighting experience. We were accompanied by a local relative who was a cockfighting enthusiast and a semi-addict of this bloody sport and gambling activity in the Philippines.

WOW! What an experience! The crowds were 99.9% male. There were only three women out of about 300 gamblers. My son-in-law and "nephew to be" were the only white-skinned males(gringos) in the crowd. Of course my son-in-law who is 6 feet and 6 inches tall stuck out like a sore thumb with his height and bald head. At first I really did not understand what was going on, as the attendees were all shouting their bets to the bet taker almost at the same time. But I heard the bet taker never makes a mistake. What a memory! There were two sides, MAYRON or WALA. When I was growing up, the two opposing sides were “ SA PULA and SA PUTI”.

MAYRON means you have something and WALA means you have nothing. PULA means red and PUTI means white, indicating the opposite color of the roosters. But sometimes the roosters have the same color, so this was abandoned to the current mayron or wala as the two opposing sides.

Anyway, the noise was so deafening once a winner or a “kill” was declared. It sounded like a thousand males had an orgasmic experience all at the same time. It was so loud, that I had to cover my ears. I enjoyed more watching the antics of the crowd than the actual cockfights except for the moment of kill. After a few of these bouts, I got tired, so I went outside the arena. In the meantime, my guests were betting and enjoying themselves. We stayed for only about an hour since I was getting tired due to the noise, the heat and humidity in the arena. My son won about $10, but my son-in-law lost $15. They had a grand and fantastic time. I did not!

I will never attend a cockfighting tournament again, I just don't like the gambling atmosphere and the smell of the place(amoy pawis). My preference in gambling are the casinos not the cockfighting tournaments. It was however, an experience worthy of posting in this blog. Cockfighting also reminded me of bull fighting in Spain, that I attended about ten years ago. I loved the bull fights, not the cock fights.