Thursday, August 9, 2007

A Tribute to My Brother, Todd Romrell

My older brother Todd passed away just a couple days ago after a long battle with cancer. Todd's family continues with his beautiful wife Cindy and their five children. I did a Google search for Todd Romrell and didn't find anything about my brother. In one sense, I think that's a nice tribute to Todd's quiet and unassuming family life. In another sense, it's a shame that more people won't know or don't know about his best qualities.

This will come as a shock to those who know me, but I didn't always get along with my brother. He was the oldest and the favorite (birth order seems to be an advantage in patriarchal families). He was the jock, the "peacemaker" and the religious exemplar.

For me, as the second born son, I happen to be a bit more confrontational and outspoken. I wasn't given as much attention, love, affection or praise, so I became more competitive and demanding. (As an aside, a great little article on second-born personality traits can be found here.)

I guess our personality differences might explain why, for example, I popped Todd in the face after my dad insisted that we stop fighting during a family road trip. It wasn't my fault...OK, yes it was. But that doesn't explain why he rammed my head through the wall during another fight. Yes, we fought just as much as any brothers, but that wasn't because we didn't love each other.

Two of my fondest childhood memories involve Todd. When we were both feeling a bit sentimental, we used to laugh about these two events in particular.

The first (in reverse chronological order) was when we were young teenagers spending some wonderful time at my grandparents' cabin in Island Park, Idaho. We loved to spend time tearing through the dirt roads on high-pitched little "yamahoppers". We'd explore as much area as those little gas tanks could handle. And on occasion, we'd race back to the cabin like motocross superstars!

Today was my day, I thought, as I rounded another dusty tree-lined corner ahead of my brother, knowing that just a few turns ahead was VICTORY! I laid on the gas and pushed that little engine as hard as I could. I could barely hear Todd's engine behind me as the air rushed past my ears. I was kicking up a cloud of dust as I flew through those corners. The dust was to my advantage as it blinded my opponent if he got too close.

As I rounded one of the last corners before reaching the finish line, the little motorbike jumped out from under me. I hit the dirt hard, but my helmetless head was spared a crushing blow. I could feel some road rash as a slid to a dust-covered painful stop. And then I heard Todd's engine at full throttle rounding the corner...I knew what was about to happen but I couldn't prevent it. As I lay there in the middle of the road, Todd flew around the corner and ran right over my outstretched legs.
I used to joke with Todd about aiming for my legs. It was payback, I teased him, for all the times I beat him at other sports (the irony, of course, being that he was a great all-around athlete). Come to think of it, he never denied running over me on purpose (smile).

He didn't finish the race. Instead he hopped off his motorbike and helped me limp all the way back to the cabin. My leg was broken (much to the dismay of my father, who insisted it was only a sprain) and I had to finish that summer in an itchy plaster cast. Yes, Todd helped me back to the cabin instead of leaving me stranded. But don't forget, he's the one who aimed for and broke my leg in the first place! (haha).

The second of my fond childhood memories was when I almost died. We were staying in a motel in Salt Lake City playing in the outdoor swimming pool. Todd and a few other boys were showing off, diving from the edge of the pool and having all sorts of fun. I figured it was my turn for the spotlight, so I stood backwards on the concrete edge of that motel swimming pool and announced my intention to do a picture-perfect back dive!

I pushed my little body into the air as high as my skinny legs could launch me. I rotated upside down preparing to pierce the water like an arrow. And then I crashed head first into the side of the pool, succumbing to gravity as well as the immovable hardness of the concrete edge. I sunk to the bottom of the pool unconscious and with a fractured skull. And that's when my brother pulled me to the surface and to safety.
We used to joke about how he "saved my life". I wish I could have returned the favor in his later years.
When Todd left for his mission to Japan I didn't give him an emotional goodbye. I honestly don't even remember if I woke up to see him off. But as soon as he was gone, I sobbed for hours. I was a cocky, competitive 17 year old and he was a pain in the butt...but I missed him terribly when he left. I still can recall the emptiness in my heart when he went away, knowing that it would be 2-3 years until I saw him again. I feel that same way today, only now it will be much longer before we can share another laugh together or reminisce over our childhood antics.

Todd's cancer was painful. I have no idea how much it hurt him, both physically and emotionally. I can only imagine what it was like to know for so many years that his days were numbered. He maintained a healthy, friendly, even loving attitude with everyone. He didn't complain excessively about his excruciating pain, and he didn't drug himself into oblivion. I admire how he wanted to be lucid and enjoy every last minute with his wife and kids, even if that meant nearly unbearable pain.

Todd's children are fortunate to see and feel his love. Todd and I didn't always agree on things, but I admire Todd for his peaceful nature and his commitment to family and religion. Todd was a great man in a lot of ways. He has a very kind spirit (for this lives on) and an exceptionally strong sense of family. To say that he had a strong heart would be an understatement, both literally and figuratively. His heart kept his earthly body alive far longer than medical science predicted. And his heart (soul, spirit, whatever you want to call it) will continue through his family as they (and as we) remember the time we spent with this wonderful man.

Todd, I am pleased to call you my brother. I'm sorry you're gone. I and so many others miss you already.


Obituary

Tuesday, July 3, 2007

Fannie and Freddie...the Gods Have Fallen?

Fannie and Freddie may lose as much as $6.6 Billion!?!? Wow, the way these guys act, they can do no wrong! The companies can be difficult to work with, although if you're high volume, variances are easy to come by. In the end, it's difficult to comprehend why the companies aren't scrutinized more...and held responsible for their actions and their unworldly losses. See http://player.clipsyndicate.com/main/player?playlist_id=156&clip_id=1006993&cpt=8&

Look at the above video, then consider this report from Reuters from June 21 which reports that "Several of the top executives with mortgage finance company Fannie Mae will receive over $1 million each in bonuses under a plan announced on Thursday. Daniel Mudd, the chief executive officer, will receive almost $1.9 million worth of company stock while chief business officer Robert Levin will be granted roughly $1.74 million worth of stock for 2005 and 2006." See http://today.reuters.com/news/articleinvesting.aspx?type=comktNews&rpc=33&storyid=2007-06-21T213650Z_01_N21200582_RTRIDST_0_FANNIEMAE.XML

I guess million dollar bonuses really aren't but a drop in the bucket compared to billions of dollars in losses.

Back in the Saddle...and Home Sales Haven't Improved

Lucky me. Been on the road selling my company's program in various states...and the response is very favorable. We're outside the box thinkers...so it's not for everyone (some people just can't see outside their boxes). I don't use this forum as an overt solicitation for business, so I won't say anymore about my biz. On to the news.

The BBC reported today that pending sales of existing homes in the US fell in May to the lowest level in six years. According to this story, the NAR says that sales fell by 3.5% in May to the lowest level since September 2001. The article also quotes Morgan Stanley economist Kevin Flanagan as saying "I do not see a bottoming in the housing market."

Any predictions on the timing of a turnaround. I know many of you will say it's regional...some areas are doing great and some are at rock bottom. Fair enough. But on a national scale when will we see relief? Flanagan is quoted as saying "there is not a light at the end of the tunnel." I don't buy that...but I'm not sure the light is so bright...yet.

Link to article: http://news.bbc.co.uk/2/hi/business/6266470.stm

Tuesday, June 19, 2007

Housing Starts...and Incentives?

"The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) for June reported that builders' confidence in the market reached the lowest point in over 25 years." See link below.

No big surprise, since the housing market is causing a lot of anxiety. Additionally, the current mortgage market is contributing to builder anxiety. In fact, "NAHB President Brian Catalde said 'Builders continue to report serious impacts of tighter lending standards on current home sales as well as cancellations, and they continue to trim prices and offer a variety of non-price incentives to work down sizeable inventory positions.'"

More details and analysis here...worthy of a read, if you have the time: http://www.mortgagenewsdaily.com/6192007_Housing_Starts.asp

Are the current catalogue of incentives not working? What exactly are the 'non-price" incentives that ARE actually working?

Ameriquest's Founder to be Sued?

Here's the summary: Attorneys have asked a federal court judge to amend a complaint against Ameriquest Mortgage Co. to include the company's founder Roland Arnall. The lawsuit, which is seeking class action status, alleges Arnall and Ameriquest scammed subprime borrowers into taking on loans and fees they could not afford. Formerly a leader in the industry, Ameriquest has virtually abandoned it subprime lending business amid rising interest rates and broadening competition.

Here's the article: http://www.latimes.com/business/la-fi-arnall19jun19,1,2815730.story?coll=la-headlines-business&ctrack=2&cset=true

And here's the WOW factor (old news...but still amazes me): "...the sub-prime lender agreed to pay $325 million to settle allegations by 49 states of misrepresented loan terms, hidden fees, puffed-up appraisals and fabricated borrower income statements..."

Media Words of Wisdom

Love CNNMoney and all the other mass media outlets. They routinely hit the shock value of a story and leave off the more important stuff (like details and suggestions on how to...).

Anyway, today's CNNMoney reports that "At least 42 percent of major housing markets are in decline, with some projected to fall by double digits over the next five years." They also reported, with what I read as bullseye sarcasm, that "The National Association of Realtors has reversed its usually sunny outlook and is now predicting a 1 percent drop nationwide in existing home prices in 2007, the first such prediction in the four decades since NAR started tracking prices." Yes, it's true, the NAR is often myopic and overly sunny. But I guess sooner or later you can't paint a rosy picture when you're knee deep in fertilizer.

But here's what I liked about this article. It hit the nail on the head when it said "house markets are intensely local"...and said that real estate professionals should be abreast of many important indicators, such as inventory, DOM, Realtor feedback, Seller attitudes, etc.

Good article, and seemingly more balanced and helpful that most housing-market-doom-and-gloom articles. Check it out. http://money.cnn.com/2007/06/19/real_estate/housing_rebound.moneymag/

Thursday, June 14, 2007

Foreclosure Perspective

The recent news of dramatic foreclosure increases was bad news...but this article from CNNMoney.com seems to put things into perspective. When you look at the way the MBA presents it, it almost doesn't look that bad: "The Mortgage Bankers Association said that the rate of loans entering the foreclosure process was 0.58 percent in the first three months of the year on a seasonally adjusted basis. That's up from 0.41 percent in the year-earlier period. Meanwhile the percentage of loans in the foreclosure process was 1.28 percent of all loans outstanding at the end of the first quarter, an increase from 0.98 percent a year earlier."

The article suggests that the areas of particular concern are Ohio, Michigan Indiana, California, Florida, Nevada and Arizona.

Here's the full article: http://money.cnn.com/2007/06/14/news/economy/mortgage_foreclosures_deliquencies/?postversion=2007061410