Happy to read about the meeting report since I had to attend our District PHF luncheon at the Crowne Plaza and the Rotary District 7230 Foundation Trustees Meeting afterward. -- Frances
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From Don Wilde -- Briarcliff Manor Rotary 5/20/09 Report
TODAY IN HISTORY
March 20th is the 79th day of the year, the day of the vernal equinox in the Southern Hemisphere. It is also the date of the traditional Iranian holiday—Nouriz—in a host of countries.
(Honestly now, where else can you find so much valuable information packed into such a tiny space?)
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DEFINITION OF THE WEEK
LIQUIDITY: Looking at your retirement funds and wetting your pants.
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OPENING CEREMONY: Our weekly meeting was officially opened at 12:21 PM to the
sound of trumpets and a smattering of rude catcalls.
SALUTE TO OUR FLAG, PATRIOTIC SONG, AND BENEDICTION: The salute to our flag was bravely led by Ernie Pacchiana. This was followed by a heart-rending version of “My Country ‘Tis of Thee” led by Sy Yuter, and a moving appeal to The Man Upstairs, delivered by Bishop John, and seconded by Rev. Lee.
CLUB PRESIDENT’S REMARKS: ANNOUNCEMENTS, OBSERVATIONS AND HAPPY THOUGHTS. Sy Yuter, speaking for all club members, pronounced the Chinese Dinner, hostessed by Frances Chu, a sparkling success. It was announced that Rotary Member, William Vescio was re-elected Mayor of Briarcliff Manor in a landslide. The much-missed Pam Morris rose to say that she was delighted to be back in the fold, and Sy Yuter (the man was everywhere this week!) brought us up-to-date on his Test Ban proposal. (It was received by and acknowledged by a governmental Undersecretary.) And a cheer arose when we were reminded by several members that today was the first day of Spring.
NEXT WEEK’S SPEAKER: Our guest speaker on March 27th will be Village Manager, Philip Zegarelli, who will bring us up-to-date on the subject of “Managing Briarcliff.”
TODAY’S SPEAKER: Our speaker today was our own Mark Seiden, who spoke intimately about “Foreclosures and Short Sales.”
Mr. Seiden dealt with three subjects: (1) Loan modification; (2) Short sales and; (3) Forclosures.
It was a disturbing and sobering talk.
The financially-distressed—those unfortunates who are mired in debt as opposed to those who are temporarily financially inconvenienced-- are in deep trouble, when it comes to loan modifications, short sales, and foreclosures. Banks and lenders are increasingly loathe to help them, especially here in the East, as opposed to the Mid-West.
For example, a homeowner has to prove to the bank holding the mortgage to his property that if the terms of a home loan are modified (reduced), that the homeowner can pay.
When it comes to Short Sales, the news is grim, also. Many banks are receiving 50 to 100 requests a day, and the turnover in the bank’s division dealing with short sales is immense. (You almost never hear if you are turned down.)
Foreclosures (when the bank—no longer you—owns the house) are especially devastating, inasmuch as, if you are foreclosed upon, you are identified as a credit risk, which affects almost everything in your life, including your job.
Directly following Mark’s talk, I went home and, after breaking into the liquor closet, had several invigorating drinks.
But it was a good talk, bracing and necessary. Many thanks, Mark.
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THE DRAWING: The first winner was Eric Lebenson (doing a guest appearance); the second winner was Antonio Conte, who certainly deserved it.
Bishop John didn’t agree. He immediately characterized the drawing as “the most onerous scam in the history of the Milky Way” and stomped out.
CLOSING CEREMONY: This week’s meeting drew to a close precisely at 1:33 pm, and was celebrated by Zen Eidel’s escaping, while chained underwater in a padlocked coffin, totally bound in piano wire. (The coffin, not Zen. Zen was not bound by anything, except his undershorts.)
Submitted by
Recording Secretary, Don Wilde
