This is not for those who obtained a mortgage in good faith, knowing that they had the means at the time to make the monthly payments.
And let's not forget that the overwhelming majority of Americans are still paying off their mortgages on a monthly basis, just as always, even in this economic downturn.
But to those who fall into a different category, listen up.
If you obtained a mortgage knowing full well that you would not be able, in the long run, to afford to pay back the money you borrowed, and now you are expecting a government bailout, you are nothing more than a blood-sucking leech.
Why should I as a taxpayer have to pay for your mortgage just because you can't?
And get this. A study was recently conducted which shows that those who got into trouble a few months ago with their mortgage lenders and worked out a reduced interest rate and payment deal are now in trouble once again. Many of these are seeking yet another 'deal.'
Where does it end?
Personally, I don't want a bunch of blood-sucking leeches all over me, and I don't think most you do, either.
Showing posts with label U.S. Mortgage Industry. Show all posts
Showing posts with label U.S. Mortgage Industry. Show all posts
Saturday, March 07, 2009
Monday, November 10, 2008
The Chris Dodd Mortgage Scandal
Glenn Reynolds at Instapundit has the latest information on the Chris Dodd mortgage scandal.
As reported previously during the campaign, Senator Chris Dodd and other top Democrats, including Barack Obama, are knee-deep in the mortgage scandal that resulted in our economy being brought to the brink of disaster.
As for Dodd, the feds are now investigating the Senator's ties to criminal activity in the Countrywide Mortgage debacle.
It has been difficult, however, for the feds to gain any traction in their investigations into possible illegal activity on the part of Dodd, Obama, Rangle, Barney Frank, and other top Democrats due to the fact that the lunatics are running the asylum (Congress).
The worst-case scenario, which is entirely possible, would be the discovery AFTER the election that not only Obama but dozens of Democrats in Congress share culpability in the mortgage and banking scandal that led to the financial crisis.
If this turns out to be the case, the mainstream media would find it impossible to avoid reporting it as they did during the campaign.
Wouldn't it be odd to discover that Americans elected to office a gang of criminals due to the fact that the mainstream media refused to publicize what they knew behind the scenes?
After all, they admitted they were biased, but it was all 'for the good of the country.' Sure.
As reported previously during the campaign, Senator Chris Dodd and other top Democrats, including Barack Obama, are knee-deep in the mortgage scandal that resulted in our economy being brought to the brink of disaster.
As for Dodd, the feds are now investigating the Senator's ties to criminal activity in the Countrywide Mortgage debacle.
It has been difficult, however, for the feds to gain any traction in their investigations into possible illegal activity on the part of Dodd, Obama, Rangle, Barney Frank, and other top Democrats due to the fact that the lunatics are running the asylum (Congress).
The worst-case scenario, which is entirely possible, would be the discovery AFTER the election that not only Obama but dozens of Democrats in Congress share culpability in the mortgage and banking scandal that led to the financial crisis.
If this turns out to be the case, the mainstream media would find it impossible to avoid reporting it as they did during the campaign.
Wouldn't it be odd to discover that Americans elected to office a gang of criminals due to the fact that the mainstream media refused to publicize what they knew behind the scenes?
After all, they admitted they were biased, but it was all 'for the good of the country.' Sure.
Thursday, July 17, 2008
FRAUD MAY HAVE CREATED RUN ON BANKS
My friends, it is time for us Americans to settle down and stop the panic about the stock market and home mortgages. And here is why.
The whole IndyMac-California-Run-on-Banks mess may have its roots in nothing more than sheer criminal behavior and NOT in any so-called weakness in the markets.
IndyMac has been the subject of a continuing federal investigation into massive mortgage fraud, according to the FBI.
If widespread, such fraud, according to federal officials and economists, could result in the current problems faced by the mortgage giant, such as the federal takeover last Friday and thousands of customers having their accounts frozen.
Of course, it doesn't help matters when a powerful Senate Democrat, Little Chucky Schumer, runs his mouth and creates widespread doubt about the stability of the markets.
The housing market was actually on the rebound until the latest mess occurred, first resulting from Schumer's bad-mouthing American investments, and then resulting from the apparent massive fraud and corruption that was entrenched in the IndyMac system.
There is no reason to believe that underneath the hype concerning IndyMac's woes is a market that isn't beginning to stabilize itself, IF Americans are willing to calm down, take a deep breath, and view their investments as longterm nesteggs rather than 'get rich now' schemes.
Read more about the fraud investigation of IndyMac HERE.
The whole IndyMac-California-Run-on-Banks mess may have its roots in nothing more than sheer criminal behavior and NOT in any so-called weakness in the markets.
IndyMac has been the subject of a continuing federal investigation into massive mortgage fraud, according to the FBI.
If widespread, such fraud, according to federal officials and economists, could result in the current problems faced by the mortgage giant, such as the federal takeover last Friday and thousands of customers having their accounts frozen.
Of course, it doesn't help matters when a powerful Senate Democrat, Little Chucky Schumer, runs his mouth and creates widespread doubt about the stability of the markets.
The housing market was actually on the rebound until the latest mess occurred, first resulting from Schumer's bad-mouthing American investments, and then resulting from the apparent massive fraud and corruption that was entrenched in the IndyMac system.
There is no reason to believe that underneath the hype concerning IndyMac's woes is a market that isn't beginning to stabilize itself, IF Americans are willing to calm down, take a deep breath, and view their investments as longterm nesteggs rather than 'get rich now' schemes.
Read more about the fraud investigation of IndyMac HERE.
Monday, July 14, 2008
Senator Schumer Creates Panic, Run on Banks
The U.S. Federal Reserve has accused 'Little Chucky' Schumer, D-NY, of creating a panic and a run on banks which led to the failure of California's IndyMac, which the Feds took over on Friday to prevent a collapse.
Little Chucky just seems to keep opening his big mouth, creating mayhem each time he opines on a variety of issues, just like always.
Some things never change.
The New York Democrat, now one of the most powerful figures in the Senate, has been very publicly calling attention to IndyMac's potential problems--a scare tactic which the Feds say led to panic and one that can potentially contribute to 150 more bank failures.
The Feds have warned Little Chucky to stop, but to no avail.
As one of the Senate's most liberal Democrats, Schumer is not about to cease contributing to the woes of Americans prior to the November elections. Bad economic news and hard times for citizens is good news for Democrats who wish to pick up more seats in Congress and win the White House.
And as we have seen in numerous occasions in the past, they will stop at nothing to create the most negative circumstances possible just to win elections, such as actively and publicly promoting the idea that America had 'lost' the war in Iraq, as Senate Majority Leader Harry Reid claimed even before the troop surge had a chance to work.
As a faithful foot-soldier for the Leftwing wackos, we can count on Little Chucky to do his part to create any negative consequence that could potentially help his Party in November...even to the point of creating a run on banks.
In a related note, the Feds also announced on Sunday that it will bolster the financial standing of its two major mortgage guarantee corporations, FreddieMac and FannieMae.
Stock shares for the two giant mortgage corporations have begun to plunge in recent days, leading to concern on the part of the Feds. The plan is for the Feds to implement a strategy to provide a backstop for the two corporations and stop their plunging stock prices.
It should be noted that today's problems in the U.S. Housing Industry are a result of two terms of the Bill Clinton Administration, which pushed a policy of 'everyone gets qualified' when it comes to obtaining mortgages, whether they could afford it or not.
Thus, FreddieMac and FannieMae were overloaded with home mortgages that could not be sustained by home buyers. Eventually such a strategy was bound to crash as persons of minimal financial resources simply stopped paying their mortgages, leading to widespread foreclosures.
This does NOT mean that America's home market is in deep trouble but that it is correcting itself to a more prudent policy of lending money only to those capable of paying it back.
The home market is actually in very good shape. There has never been a better time to buy with interest rates still low and prices at a 15-year low.
There is absolutely no danger in getting a mortgage if one's financial resources allow a reasonable monthly payment.
The only danger to the market are mouth-off demagogues like Little Chucky Schumer who would ruin America's home and mortgage industry for political gain.
Little Chucky just seems to keep opening his big mouth, creating mayhem each time he opines on a variety of issues, just like always.
Some things never change.
The New York Democrat, now one of the most powerful figures in the Senate, has been very publicly calling attention to IndyMac's potential problems--a scare tactic which the Feds say led to panic and one that can potentially contribute to 150 more bank failures.
The Feds have warned Little Chucky to stop, but to no avail.
As one of the Senate's most liberal Democrats, Schumer is not about to cease contributing to the woes of Americans prior to the November elections. Bad economic news and hard times for citizens is good news for Democrats who wish to pick up more seats in Congress and win the White House.
And as we have seen in numerous occasions in the past, they will stop at nothing to create the most negative circumstances possible just to win elections, such as actively and publicly promoting the idea that America had 'lost' the war in Iraq, as Senate Majority Leader Harry Reid claimed even before the troop surge had a chance to work.
As a faithful foot-soldier for the Leftwing wackos, we can count on Little Chucky to do his part to create any negative consequence that could potentially help his Party in November...even to the point of creating a run on banks.
In a related note, the Feds also announced on Sunday that it will bolster the financial standing of its two major mortgage guarantee corporations, FreddieMac and FannieMae.
Stock shares for the two giant mortgage corporations have begun to plunge in recent days, leading to concern on the part of the Feds. The plan is for the Feds to implement a strategy to provide a backstop for the two corporations and stop their plunging stock prices.
It should be noted that today's problems in the U.S. Housing Industry are a result of two terms of the Bill Clinton Administration, which pushed a policy of 'everyone gets qualified' when it comes to obtaining mortgages, whether they could afford it or not.
Thus, FreddieMac and FannieMae were overloaded with home mortgages that could not be sustained by home buyers. Eventually such a strategy was bound to crash as persons of minimal financial resources simply stopped paying their mortgages, leading to widespread foreclosures.
This does NOT mean that America's home market is in deep trouble but that it is correcting itself to a more prudent policy of lending money only to those capable of paying it back.
The home market is actually in very good shape. There has never been a better time to buy with interest rates still low and prices at a 15-year low.
There is absolutely no danger in getting a mortgage if one's financial resources allow a reasonable monthly payment.
The only danger to the market are mouth-off demagogues like Little Chucky Schumer who would ruin America's home and mortgage industry for political gain.
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