Happy New Year!

We would like to wish all of our friends a happy and prosperous 2009!

Adam Goncalves to speak at annual conference

We’re pleased to announce that attorney Adam W.P. Goncalves has been asked to speak at the 2nd Annual Conference of the Northeast Members Business Services, LLC (Conference) on January 27, 2009 at the Liberty Bay Credit Union in Plymouth, Massachusetts. Northeast Members Business Services, LLC (Northeast) is a credit union service organization headquartered in Keene, New Hampshire. Northeast’s business is to help credit unions enter the small business loan/deposit market, safely and profitably. Adam will be addressing the rights and remedies afforded to credit unions, pertaining to the terms and provisions of the loan documents, which will include loan workouts, guaranties, and foreclosures. For more information on Northeast, please visit their website at http://www.nembs.com/.

'Tis The Season

If you enjoy the holiday season, then there’s no better place to be than Boston. The Greater Boston area has many great events to choose from. If you enjoy the theater, there’s “How the Grinch Stole Christmas”, playing at the Wang Theater, and “The Nutcracker”, playing at the Boston Opera House. However, our favorite event of the season is the Holiday Pops with Keith Lockhart at Symphony Hall. You could also choose to attend one of the many free events in the area, like listening to The Bells of Boston at Faneuil Hall or taking a holiday stroll through Beacon Hill. If you’re looking for other holiday ideas, check out Boston.com and the City of Boston's website.

The holiday season is also a time for giving, and there are many charitable causes to choose from. The most visible is the Salvation Army’s Christmas Charity, with volunteers all over the city. Another great charity is the Marine’s Toys for Tots Program. Our friends at Charlesgate Realty are supporters of this cause and serve as a drop-off point for new, unwrapped toys for children under the age of 10. You can read more about Charlesgate’s efforts on their blog.

If you have any unique holiday events or traditions that you'd like to share, please post them in our "comments" section.

Just in time for the holidays!

Breaking news! It’s official! According to an Associated Press article published today on Boston.com, we’re in a recession. In fact, we’ve been in a recession all year (insert sarcasm)! This may be news to the White House, who apparently still won’t use the term “recession”, but it’s not really “news” to most of us. At least we’re calling it a recession now. Admitting that there is a problem is the first step to recovery.

On a more positive note, interest rates have fallen below 6%, and according to Federal Reserve Chairman Ben Bernanke in today’s BusinessWeek, further interest-rate cuts are "certainly feasible".

Happy Thanksgiving!

We just wanted to take a moment to wish all of our friends and clients a happy and safe Thanksgiving holiday. In observance of the holiday, we'll be closing early on Wednesday, November 26th and re-opening on Monday, December 1.

Also, if you haven't noticed already, mortgage interest rates are down. So, now's a good time to speak to your lender about refinancing.

Fixing the housing market

There was an interesting article in Sunday's Boston Globe titled 6 Steps to Fix the Housing Market by Jenifer B. McKim. With the Treasury switching gears on the economic bailout plan, the article gives us 6 different ways to spend the money and reform the industry. The 6 ways are: 1) Cut/subsidize the interest rates; 2) Modify existing mortgage and pay loan servicers an "incentive" fee; 3) Government buyup/buyout of loans; 4) "shared appreciation mortgages" (ie. forgive a portion of debt...however, if the home appreciates, the lender will get a share of the profit); 5) Buy cooperation from loan servicers and second mortgage holders to modify loans (similar to #2); and 6) Reform the bankruptcy laws to allow bankruptcy judges to modify a debtor's mortgage.


The first one is my favorite....Cut the rates. There are a couple of different theories with this one alone. Columbia Business School dean R. Glenn Hubbard and Columbia Business School professor Chris Mayer propose to refinance "primary residences into 30-year fixed-rate mortgages at 5.25 percent placed under mortgage giants Fannie Mae and Freddie Mac." Another proposal, made by the National Association of Homebuilders, suggests using the economic stimulus package on subsidizing conforming, 30-year fixed interest rates down to 2.99% through June 30, 2009, and 3.99% through the end of 2009. In my opinion, either way you cut it, this is the best idea. First, it's the most basic...people understand it. Second, not only will it push first-time buyers out to buy, but it will also push people currently in adjustable rate or high interest mortgages, who aren't yet in financial trouble, to refinance. Lastly, it will offer a solution that isn't necessarily a band aid. It would put a solution in place before homeowners get into trouble. With people losing jobs, especially in the financial sector, more and more individuals aren't going to be able to afford their current mortgages. Let's set up a framework to help them before they get into trouble.


This brings me to my second point. I don't think cutting the rates alone will help. We also need a secondary solution for those already in trouble (ie. the individuals with low credit scores and/or those affected by the rapid depreciation of home values). Perhaps one of the other proposals, or a combination thereof, will provide a path towards recovery.


For full story see The Boston Globe.

The Firm welcomes Adam Goncalves

Adam joined the firm as an associate in August. Adam is a seasoned attorney with over 5 years of experience. Prior to joining the firm, Adam was a department head at another Massachusetts firm in charge of small business, commercial and residential lending. Adam was born and raised in Massachusetts, leaving only to attend George Washington University and Northwestern School of Law at Lewis and Clark College.

"Stripe-less in Boston"

The poem below is by Daniel Thomas Moran, a Suffolk County Poet Laureate from Long Island, and friend and client of the firm, who recently purchased a home in the South End of Boston with his wife, Karen. Dan and Karen have become frequent visitors of Fenway Park (closet Sox fans) and fans of Boston, in general. I recently joked with Dan that he should pen a haiku about Fenway Park, to which Dan, a “New Yorker”, responded:

"Stripe-less in Boston"

Some in The Bronx,
Might think my head full of rocks,
To find me cheering hard for the Sox.
And I especially relish
That nice stroll through The Fenway
To choking to death in the traffic
On The Major Deegan Expressway.
Along with Big Poppi and Manny
It would be that much neater
To have shortstop being manned
By a guy who's named Jeter.
But the park is more nicer,
And the headaches more few,
If only they had some nice pinstripes too.

To read more about Dan, go to http://www.danielthomasmoran.net./

Dwyer & Associates teams with SpeakEasy Stage Company

The firm is now a sponsor of the SpeakEasy Stage Company located in the South End of Boston. You still have time to check out the company's last production of the 2007-2008 season, The History Boys, playing from May 2 through June 7.

Dwyer & Associates Sponsors 2008 Winter Multisport Series

Patrick F. Dwyer & Associates, LLC was a proud sponsor of the 2008 Winter Multisport Series consisting of a winter triathlon and 2 duathlons. Footage of the winter triathlon can be found on You Tube: Click here. In addition to being a sponsor, Pat Dwyer also competed in both duathlons, placing 4th overal in both and 3rd in the overall series standing.

Welcome

Welcome the the HELP DESK, a blog provided by the law firm of Patrick F. Dwyer & Associates, LLC. This blog is intended to provide useful information for the firm's clients and friends. We'll periodically post articles and information on a variety of topics, so check back often. Please note that blog is for advertising purposes only. Any information obtained from this blog is not, nor is it intended to be, legal advice. See Disclaimer (below).