wishfulthinking asked:


This mortgage crisis has been years in the making, why all of a sudden, is it so crucial to pass a bailout plan on Monday?

Philip

Debra L. Morrison asked:


Today’s was apparently a fairly acceptable if not good bill as an answer to an unprecedented liquidity and credit predicament bred here on US’s Wall Street and spawning across the globe. Voting to pass it to rectify the vast ineptitudes of lax financial regulation and it’s aftermath of failed banks and credit squeezes all at once was apparently too daunting for many of those we elected to lead us in Washington. Leaders lead in tough times. Shamefully, and certainly regretably, our leaders didn’t lead effectively today, from the President on down.

It’s been said in these past weeks, investors hate uncertainty. I disagree! My paltry 30 years in the business of advising clients to match their monetary investments with their choices has told me that investors HATE lying! So when lying results in the markets’ uncertainty, prices gyrate and the press and media pounce like starved tigers thrown a week’s worth of red meat.

The special interest groups don’t have any idea what was in this bill, nor the checks and balances that had been added, so to have set and stoked a huge bonfire of steam, admonishing anyone who could fog a mirror to call or email their representatives or Congress people on Capital Hill and vote NO, was about as irresponsible as special interest groups often turn out to be.

Where were those same special interest groups last week? Just as in the dark as they were yesterday, yet yesterday they chose to pull the blast email trigger that was so itchy for oh, so many days; too many days, in fact, and let their voices be heard. Where were these people all along this elongated process, of borrowing maximum home equity loans, gaining credit with merely a signature-who needs a job? Where were these smart consumers who borrowed more money than their paychecks, often at interest-only just because the loan shark sold them it? Where have these people been as they, themselves often got caught up in impulse spending over the past years and now are facing the sobering truth that yes, indeed, these massive credit card balances do have to be repaid-not just the minimum monthly payment? Is it too harsh to draw the comparison that while 700 billion just has too BIG a sound to swallow, so does the average American’s credit card balance relative to their annual salary? Who’s dropped their common sense here? Oh…perhaps most all of us!

So, we indeed have action today. The proverbial “Bill and Betty in Boise” have had their voices listened to; principally their NO vote registered. Bill & Betty have effectively trumped our elected officials and our governments’ financial representatives, who despite not having crystal balls, do have a fiduciary duty to us taxpayers, and who would potentially stand trial for mis appropriations, if I correctly understood the checks-and-balances that were written into the final bill.

Perhaps my fictitious characters Bill & Betty believe this “relief” is for the other guy and not them. It’s not. The first time they try to get a credit card or mortgage or car loan, or expect that their employer can simply and continuously fund payroll - yes their paycheck - out of their Money Market, they’ll realize that their lives and that of their family’s are also impacted. You see, while we may not have seen our neighbors-near and far, we are still all stitched at the hip with the financial systems being as intertwined as they are, unless, of course, you live on a remote farm, grow your own food, and till the field with horses that don’t require that darned expensive gas we’ve all been saddled with.

The so-called bailout bill (and I DO trust they’ll give it a relatable name next time) is necessary and perhaps the defeat was cast as early as they named it, a week ago. Bailout sounds like the average unaffected guy and gal has to do the heavy lifting for the high rolling gamblers who should have pushed back from the financial buffet tables before the second round of desserts. That’s a BIG part of the problem.

And, finally, I really believe that there was still a ton of confusion and indecisiveness around this final bill-yes that same confusion that apparently prompted John McCain to return to Washington to explain, particularly to his party-but IF some House Republican Representatives got so peeved when the cause of these dire circumstances was outlined by Pelosi this afternoon, that they changed their vote out of displaced anger, I would suggest that they:

1) grow up into the leader roles they’ve been elected to, and

2) re-direct that very anger to the failed policies and those politicians behind same over the past 8 years, just like many voters are poised to do in November.

After all, where DID that huge 2000 surplus evaporate to anyway? Ahhh. The truth again. Ouch, that hurts! And yes, the current financial situation of the United States and the world hurts too, hurts for strong willed and courageous elected officials to lead by putting a shovel in the ground of rebuilding, not run for cover screaming “Chicken Little, Chicken Little”.

The smart money is ALWAYS long term, so fear is not an effective emotion now. Neither is selling equities now at depressed levels. If you are not diversified with your Certificates of Deposit to qualify for FDIC insurance on all your fixed income deposits, then transfers of the amount in excess of the FDIC insurance to achieve that end are in order. Otherwise, keep your powder dry, and pray for more wisdom than has been served up in Washington today.

 



Nathaniel

Lopako asked:


Most urgent bills have unrelated riders attached. Where can we learn what riders will be on any bailout legislation?

Frances

NDIMELE IKECUKWU PHELIM asked:


A foreclosure bailout loan is real. These loans are given by private lenders to help you recover your foreclosed home. Note that they usually have higher repayment rates and premiums, simply put, the money to redeem your home is given you and you pay back your new lender under an agreement of usually higher rates.

This implies that your private lender buys out the mortgage at an interest ratio of about 65% - 75% and rents it back to you for repayment over a time frame. This is a close match of a second mortgage loan. Since the home occupier still owns the home. Eventually the owner of the house is given back his bank-foreclosed home

Be watchful so you do not become a victim of the many foreclosure bailout scams available now. Some times these scamming people and their agencies come around offering a bailout service for your foreclosed home but what they seek actually is the deed for your home. On this point, you have to take more care before signing documents with people offering this loan. Read all the small prints and understand what they imply.

Some parts and states in the US like Florida have made laws that protect the home owner. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

Where to get more Helpful Tip and Trusted Solutions?

Click Here: http://foreclosure.best-mortgages-info.com



Shirley

NDIMELE IKECUKWU PHELIM asked:


It makes sense to use a foreclosure bailout loan since they are a real option. They are loans given by private lenders to help you forestall foreclosure. Note that they usually have higher repayment rates and premiums, in fact, you get the cash to clear the loans and you repay at a higher interest rate to your new loan lender.

What happens here is that your new loan lender buys off the mortgage and you pay back on agreed new rates over a period of time. This type of loan is similar to 2nd mortgages in the sense that the tenant will continue to be the owner of the home. The foreclosed house is finally returned to the owner and tenant of the home

You have to be careful because there are many scams also associated with foreclosure bailout loans. They pretend that they are there to help you recover your home but their actual intent is to get the deed of your home. No doubt that you need to be extra careful when seeking this loan solution. Read all the small prints and understand what they imply.

Note that some states in the United States have made legislations available that protect home owners from being thrown out of their home on the reason of repayment failure on a foreclosure bailout solution. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

More Help? Click Here:  http://foreclosure.best-mortgages-info.com 



Marcus

Ernie Fitzpatrick asked:


What self-respecting Republican would ever have believed that the President of their party would be a socialist? And how many of those Republican who have been voting for bailout after bailout would have believed they’d be doing so if you asked them ten years ago- five years ago? Would you believe a year ago? If things keep going as they are, we the taxpayers, the government will own everything. At last, we have a new god- the U.S. government. All hail to the Treasury Secretary! 

We are pursuing an insane course of bailout after bailout.

The latest excuse by George Bush for bailing out Citigroup went like this, “If need be, we’re going to make these kind of decisions to safeguard our financial system in the future,” Bush said. “I talked to President-elect Obama about the decision we made. I told the American people, and I’ve told the president-elect when I first met him, that any time we were to make a big decision during this transition, he will be informed, as will his team.” How nice!

But, just how long do we think the world is going to keep buying US$’s in the form of buying our Treasury bills and notes which are becoming more and more worthless each day? A day of reckoning is coming.

And we’ve just gotten started in this new “bail me out” paradigm. Bush warned there could be more bailouts to come, and said that on his flight back from an international economic summit in Peru on Sunday, he had talked with Paulson about “the decisions made to safeguard” Citigroup Inc. We must save AIG, Freddie Mac, Fannie Mae, Morgan Stanley, Citigroup, General Motors, ad infinitum, ad nauseum.

And the sheep lined up to go to the Stock market slaughter. Stocks surged Monday in a broad rally as Citigroup’s massive rescue package and President-elect Obama’s picks for his economic team pushed investors off the sidelines. The Dow Jones industrial average (INDU) gained 397 points, or 4.9%, after having been up 552 points earlier in the afternoon. The Standard & Poor’s 500 (SPX) index rose 6.4% and the Nasdaq composite (COMP) gained 6.3%. The biggest two-day gain since 1987. Is this a great nation to make money in or what?

While the real estate crash is still alive and well, the auto crash is coming along side. In yet another bad sign for the auto industry, car loan delinquencies rose again in the third quarter, putting up to $22.9 billion at risk for banks, finance companies and automakers who dole out loans directly to consumers.

All of these bailouts are but bankrupt bailouts sooner or later because no government can just print money and guarantee BAD loans, BAD business, and BAD polices without the house of cards crashing sooner than later.



Martin

tlm22760 asked:


That the country will still be in the crapper?? Circuit City files for bankruptcy, GM is going down big time, DHL US domestic is shutting down completely (9,500 jobs lost) all on the same day that AIG get’s an upgraded bailout package worth $150 billion while their execs are still going off on spa vacations??

This bailout doesn’t really seem to be helping, does it?

Joseph

Arbgre555 asked:


“This bailout must be paid first by the CEOs of each corporation that is funded by the same up to 100% of their net worth. Next, the bailout must be fully funded by taxpayers within 1 calendar year to avoid unnecessary added interest on our already exorbinant national debt.”

Judy

Mario asked:


I need a lot of information about the “Original Government Bailout”. Like what is was for and did it help. Also if anyone can tell me about some pros and cons of gov. bailout and sites where I could get reliable info. Thanks.

Danielle

Mark Walters asked:


Can we save both Wall Street and Main Street? Those who are responsible for disposing of $700 billion of your tax dollars assure voters that they can.

An example is now taking place in Arizona and a few other states. Here’s the deal:

Countrywide was facing legal action for its “alleged use of deceptive practices in their mortgage lending business.” Attorneys General in a number of states we prepared to bring legal action against Countrywide on those charges. To head off those actions Countrywide (and Bank of America, which now owns the company) agreed to provide some relief to borrowers with subprime and other adjustable rate mortgage loans.

By the way, they were allowed to do that while admitting no quilt, proving once again that the larger the financial crime the smaller the penalty.

The deal requires the lender to modify loans and adjust monthly payments to levels that are more affordable. Just who will decide what those numbers will be is not explained.

A temporary hold has been placed on any foreclosure action the bank may have been considering for these homeowners. It appears that about 13,000 Arizona borrowers may be eligible for this program. I will refrain from pointing out that Arizona is one of the leading foreclosure states with tens of thousands. Let’s just be happy for any help we can find.

Here’s another sticky point. The loan modifications would be based on what each borrower can afford and some would actually get a reduction in the amount still owing on their mortgage. Who will make those determinations? Will their congressmen and senators have any influence on who gets how much? Will Barney Franks be consulted? Hey, they don’t call it a bailout for nothing!

Wait, what about those who have already been foreclosed out of their homes? Don’t worry, they have not been forgotten. Some of them will be eligible for relocation assistance. What does that mean? Don’t ask me, only a politically appointed government bureaucratic will be wise enough to answer that question.

Countrywide/Bank of America is slated to start the program on Dec. 1, 2008, but many think they will need more time, so the cavalry will ride to the rescue if they can get their horses saddled. The bottom line is that it could take months before most eligible homeowners get a crack at the programs.

Oh yes, one other thing. The bank has announced that it will have a staff of about 3,200 loss mitigation specialists to provide help to all bank customers nationwide. Let’s see, tens of thousands of eligible homeowners and 3,200 office workers. I’m not good at math, but to me that seems to add up to a barrel of homeowner frustration.

I don’t want to seem unsympathetic, but didn’t many of these folks cheat more than a little on their loan applications? Didn’t more than a few pull cash out of their homes to buy luxuries items they really didn’t need? Shouldn’t some of those actions make at least a few people ineligible for these tax supported measures? Yes, probably, but how is your government going to separate the good from the bad… especially since the most important thing is to get reelected.

Folks, we are entering a wonderful new world where no one is allowed to fail. Don’t worry, your great, great grand children will pay for it.



Cory

wishfulthinking asked:


This mortgage crisis has been years in the making, why all of a sudden, is it so crucial to pass a bailout plan on Monday?

Philip

Debra L. Morrison asked:


Today’s was apparently a fairly acceptable if not good bill as an answer to an unprecedented liquidity and credit predicament bred here on US’s Wall Street and spawning across the globe. Voting to pass it to rectify the vast ineptitudes of lax financial regulation and it’s aftermath of failed banks and credit squeezes all at once was apparently too daunting for many of those we elected to lead us in Washington. Leaders lead in tough times. Shamefully, and certainly regretably, our leaders didn’t lead effectively today, from the President on down.

It’s been said in these past weeks, investors hate uncertainty. I disagree! My paltry 30 years in the business of advising clients to match their monetary investments with their choices has told me that investors HATE lying! So when lying results in the markets’ uncertainty, prices gyrate and the press and media pounce like starved tigers thrown a week’s worth of red meat.

The special interest groups don’t have any idea what was in this bill, nor the checks and balances that had been added, so to have set and stoked a huge bonfire of steam, admonishing anyone who could fog a mirror to call or email their representatives or Congress people on Capital Hill and vote NO, was about as irresponsible as special interest groups often turn out to be.

Where were those same special interest groups last week? Just as in the dark as they were yesterday, yet yesterday they chose to pull the blast email trigger that was so itchy for oh, so many days; too many days, in fact, and let their voices be heard. Where were these people all along this elongated process, of borrowing maximum home equity loans, gaining credit with merely a signature-who needs a job? Where were these smart consumers who borrowed more money than their paychecks, often at interest-only just because the loan shark sold them it? Where have these people been as they, themselves often got caught up in impulse spending over the past years and now are facing the sobering truth that yes, indeed, these massive credit card balances do have to be repaid-not just the minimum monthly payment? Is it too harsh to draw the comparison that while 700 billion just has too BIG a sound to swallow, so does the average American’s credit card balance relative to their annual salary? Who’s dropped their common sense here? Oh…perhaps most all of us!

So, we indeed have action today. The proverbial “Bill and Betty in Boise” have had their voices listened to; principally their NO vote registered. Bill & Betty have effectively trumped our elected officials and our governments’ financial representatives, who despite not having crystal balls, do have a fiduciary duty to us taxpayers, and who would potentially stand trial for mis appropriations, if I correctly understood the checks-and-balances that were written into the final bill.

Perhaps my fictitious characters Bill & Betty believe this “relief” is for the other guy and not them. It’s not. The first time they try to get a credit card or mortgage or car loan, or expect that their employer can simply and continuously fund payroll - yes their paycheck - out of their Money Market, they’ll realize that their lives and that of their family’s are also impacted. You see, while we may not have seen our neighbors-near and far, we are still all stitched at the hip with the financial systems being as intertwined as they are, unless, of course, you live on a remote farm, grow your own food, and till the field with horses that don’t require that darned expensive gas we’ve all been saddled with.

The so-called bailout bill (and I DO trust they’ll give it a relatable name next time) is necessary and perhaps the defeat was cast as early as they named it, a week ago. Bailout sounds like the average unaffected guy and gal has to do the heavy lifting for the high rolling gamblers who should have pushed back from the financial buffet tables before the second round of desserts. That’s a BIG part of the problem.

And, finally, I really believe that there was still a ton of confusion and indecisiveness around this final bill-yes that same confusion that apparently prompted John McCain to return to Washington to explain, particularly to his party-but IF some House Republican Representatives got so peeved when the cause of these dire circumstances was outlined by Pelosi this afternoon, that they changed their vote out of displaced anger, I would suggest that they:

1) grow up into the leader roles they’ve been elected to, and

2) re-direct that very anger to the failed policies and those politicians behind same over the past 8 years, just like many voters are poised to do in November.

After all, where DID that huge 2000 surplus evaporate to anyway? Ahhh. The truth again. Ouch, that hurts! And yes, the current financial situation of the United States and the world hurts too, hurts for strong willed and courageous elected officials to lead by putting a shovel in the ground of rebuilding, not run for cover screaming “Chicken Little, Chicken Little”.

The smart money is ALWAYS long term, so fear is not an effective emotion now. Neither is selling equities now at depressed levels. If you are not diversified with your Certificates of Deposit to qualify for FDIC insurance on all your fixed income deposits, then transfers of the amount in excess of the FDIC insurance to achieve that end are in order. Otherwise, keep your powder dry, and pray for more wisdom than has been served up in Washington today.

 



Nathaniel

Lopako asked:


Most urgent bills have unrelated riders attached. Where can we learn what riders will be on any bailout legislation?

Frances

NDIMELE IKECUKWU PHELIM asked:


A foreclosure bailout loan is real. These loans are given by private lenders to help you recover your foreclosed home. Note that they usually have higher repayment rates and premiums, simply put, the money to redeem your home is given you and you pay back your new lender under an agreement of usually higher rates.

This implies that your private lender buys out the mortgage at an interest ratio of about 65% - 75% and rents it back to you for repayment over a time frame. This is a close match of a second mortgage loan. Since the home occupier still owns the home. Eventually the owner of the house is given back his bank-foreclosed home

Be watchful so you do not become a victim of the many foreclosure bailout scams available now. Some times these scamming people and their agencies come around offering a bailout service for your foreclosed home but what they seek actually is the deed for your home. On this point, you have to take more care before signing documents with people offering this loan. Read all the small prints and understand what they imply.

Some parts and states in the US like Florida have made laws that protect the home owner. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

Where to get more Helpful Tip and Trusted Solutions?

Click Here: http://foreclosure.best-mortgages-info.com



Shirley

NDIMELE IKECUKWU PHELIM asked:


It makes sense to use a foreclosure bailout loan since they are a real option. They are loans given by private lenders to help you forestall foreclosure. Note that they usually have higher repayment rates and premiums, in fact, you get the cash to clear the loans and you repay at a higher interest rate to your new loan lender.

What happens here is that your new loan lender buys off the mortgage and you pay back on agreed new rates over a period of time. This type of loan is similar to 2nd mortgages in the sense that the tenant will continue to be the owner of the home. The foreclosed house is finally returned to the owner and tenant of the home

You have to be careful because there are many scams also associated with foreclosure bailout loans. They pretend that they are there to help you recover your home but their actual intent is to get the deed of your home. No doubt that you need to be extra careful when seeking this loan solution. Read all the small prints and understand what they imply.

Note that some states in the United States have made legislations available that protect home owners from being thrown out of their home on the reason of repayment failure on a foreclosure bailout solution. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

More Help? Click Here:  http://foreclosure.best-mortgages-info.com 



Marcus

Ernie Fitzpatrick asked:


What self-respecting Republican would ever have believed that the President of their party would be a socialist? And how many of those Republican who have been voting for bailout after bailout would have believed they’d be doing so if you asked them ten years ago- five years ago? Would you believe a year ago? If things keep going as they are, we the taxpayers, the government will own everything. At last, we have a new god- the U.S. government. All hail to the Treasury Secretary! 

We are pursuing an insane course of bailout after bailout.

The latest excuse by George Bush for bailing out Citigroup went like this, “If need be, we’re going to make these kind of decisions to safeguard our financial system in the future,” Bush said. “I talked to President-elect Obama about the decision we made. I told the American people, and I’ve told the president-elect when I first met him, that any time we were to make a big decision during this transition, he will be informed, as will his team.” How nice!

But, just how long do we think the world is going to keep buying US$’s in the form of buying our Treasury bills and notes which are becoming more and more worthless each day? A day of reckoning is coming.

And we’ve just gotten started in this new “bail me out” paradigm. Bush warned there could be more bailouts to come, and said that on his flight back from an international economic summit in Peru on Sunday, he had talked with Paulson about “the decisions made to safeguard” Citigroup Inc. We must save AIG, Freddie Mac, Fannie Mae, Morgan Stanley, Citigroup, General Motors, ad infinitum, ad nauseum.

And the sheep lined up to go to the Stock market slaughter. Stocks surged Monday in a broad rally as Citigroup’s massive rescue package and President-elect Obama’s picks for his economic team pushed investors off the sidelines. The Dow Jones industrial average (INDU) gained 397 points, or 4.9%, after having been up 552 points earlier in the afternoon. The Standard & Poor’s 500 (SPX) index rose 6.4% and the Nasdaq composite (COMP) gained 6.3%. The biggest two-day gain since 1987. Is this a great nation to make money in or what?

While the real estate crash is still alive and well, the auto crash is coming along side. In yet another bad sign for the auto industry, car loan delinquencies rose again in the third quarter, putting up to $22.9 billion at risk for banks, finance companies and automakers who dole out loans directly to consumers.

All of these bailouts are but bankrupt bailouts sooner or later because no government can just print money and guarantee BAD loans, BAD business, and BAD polices without the house of cards crashing sooner than later.



Martin

tlm22760 asked:


That the country will still be in the crapper?? Circuit City files for bankruptcy, GM is going down big time, DHL US domestic is shutting down completely (9,500 jobs lost) all on the same day that AIG get’s an upgraded bailout package worth $150 billion while their execs are still going off on spa vacations??

This bailout doesn’t really seem to be helping, does it?

Joseph

Arbgre555 asked:


“This bailout must be paid first by the CEOs of each corporation that is funded by the same up to 100% of their net worth. Next, the bailout must be fully funded by taxpayers within 1 calendar year to avoid unnecessary added interest on our already exorbinant national debt.”

Judy

Mario asked:


I need a lot of information about the “Original Government Bailout”. Like what is was for and did it help. Also if anyone can tell me about some pros and cons of gov. bailout and sites where I could get reliable info. Thanks.

Danielle

Mark Walters asked:


Can we save both Wall Street and Main Street? Those who are responsible for disposing of $700 billion of your tax dollars assure voters that they can.

An example is now taking place in Arizona and a few other states. Here’s the deal:

Countrywide was facing legal action for its “alleged use of deceptive practices in their mortgage lending business.” Attorneys General in a number of states we prepared to bring legal action against Countrywide on those charges. To head off those actions Countrywide (and Bank of America, which now owns the company) agreed to provide some relief to borrowers with subprime and other adjustable rate mortgage loans.

By the way, they were allowed to do that while admitting no quilt, proving once again that the larger the financial crime the smaller the penalty.

The deal requires the lender to modify loans and adjust monthly payments to levels that are more affordable. Just who will decide what those numbers will be is not explained.

A temporary hold has been placed on any foreclosure action the bank may have been considering for these homeowners. It appears that about 13,000 Arizona borrowers may be eligible for this program. I will refrain from pointing out that Arizona is one of the leading foreclosure states with tens of thousands. Let’s just be happy for any help we can find.

Here’s another sticky point. The loan modifications would be based on what each borrower can afford and some would actually get a reduction in the amount still owing on their mortgage. Who will make those determinations? Will their congressmen and senators have any influence on who gets how much? Will Barney Franks be consulted? Hey, they don’t call it a bailout for nothing!

Wait, what about those who have already been foreclosed out of their homes? Don’t worry, they have not been forgotten. Some of them will be eligible for relocation assistance. What does that mean? Don’t ask me, only a politically appointed government bureaucratic will be wise enough to answer that question.

Countrywide/Bank of America is slated to start the program on Dec. 1, 2008, but many think they will need more time, so the cavalry will ride to the rescue if they can get their horses saddled. The bottom line is that it could take months before most eligible homeowners get a crack at the programs.

Oh yes, one other thing. The bank has announced that it will have a staff of about 3,200 loss mitigation specialists to provide help to all bank customers nationwide. Let’s see, tens of thousands of eligible homeowners and 3,200 office workers. I’m not good at math, but to me that seems to add up to a barrel of homeowner frustration.

I don’t want to seem unsympathetic, but didn’t many of these folks cheat more than a little on their loan applications? Didn’t more than a few pull cash out of their homes to buy luxuries items they really didn’t need? Shouldn’t some of those actions make at least a few people ineligible for these tax supported measures? Yes, probably, but how is your government going to separate the good from the bad… especially since the most important thing is to get reelected.

Folks, we are entering a wonderful new world where no one is allowed to fail. Don’t worry, your great, great grand children will pay for it.



Cory

wishfulthinking asked:


This mortgage crisis has been years in the making, why all of a sudden, is it so crucial to pass a bailout plan on Monday?

Philip

Debra L. Morrison asked:


Today’s was apparently a fairly acceptable if not good bill as an answer to an unprecedented liquidity and credit predicament bred here on US’s Wall Street and spawning across the globe. Voting to pass it to rectify the vast ineptitudes of lax financial regulation and it’s aftermath of failed banks and credit squeezes all at once was apparently too daunting for many of those we elected to lead us in Washington. Leaders lead in tough times. Shamefully, and certainly regretably, our leaders didn’t lead effectively today, from the President on down.

It’s been said in these past weeks, investors hate uncertainty. I disagree! My paltry 30 years in the business of advising clients to match their monetary investments with their choices has told me that investors HATE lying! So when lying results in the markets’ uncertainty, prices gyrate and the press and media pounce like starved tigers thrown a week’s worth of red meat.

The special interest groups don’t have any idea what was in this bill, nor the checks and balances that had been added, so to have set and stoked a huge bonfire of steam, admonishing anyone who could fog a mirror to call or email their representatives or Congress people on Capital Hill and vote NO, was about as irresponsible as special interest groups often turn out to be.

Where were those same special interest groups last week? Just as in the dark as they were yesterday, yet yesterday they chose to pull the blast email trigger that was so itchy for oh, so many days; too many days, in fact, and let their voices be heard. Where were these people all along this elongated process, of borrowing maximum home equity loans, gaining credit with merely a signature-who needs a job? Where were these smart consumers who borrowed more money than their paychecks, often at interest-only just because the loan shark sold them it? Where have these people been as they, themselves often got caught up in impulse spending over the past years and now are facing the sobering truth that yes, indeed, these massive credit card balances do have to be repaid-not just the minimum monthly payment? Is it too harsh to draw the comparison that while 700 billion just has too BIG a sound to swallow, so does the average American’s credit card balance relative to their annual salary? Who’s dropped their common sense here? Oh…perhaps most all of us!

So, we indeed have action today. The proverbial “Bill and Betty in Boise” have had their voices listened to; principally their NO vote registered. Bill & Betty have effectively trumped our elected officials and our governments’ financial representatives, who despite not having crystal balls, do have a fiduciary duty to us taxpayers, and who would potentially stand trial for mis appropriations, if I correctly understood the checks-and-balances that were written into the final bill.

Perhaps my fictitious characters Bill & Betty believe this “relief” is for the other guy and not them. It’s not. The first time they try to get a credit card or mortgage or car loan, or expect that their employer can simply and continuously fund payroll - yes their paycheck - out of their Money Market, they’ll realize that their lives and that of their family’s are also impacted. You see, while we may not have seen our neighbors-near and far, we are still all stitched at the hip with the financial systems being as intertwined as they are, unless, of course, you live on a remote farm, grow your own food, and till the field with horses that don’t require that darned expensive gas we’ve all been saddled with.

The so-called bailout bill (and I DO trust they’ll give it a relatable name next time) is necessary and perhaps the defeat was cast as early as they named it, a week ago. Bailout sounds like the average unaffected guy and gal has to do the heavy lifting for the high rolling gamblers who should have pushed back from the financial buffet tables before the second round of desserts. That’s a BIG part of the problem.

And, finally, I really believe that there was still a ton of confusion and indecisiveness around this final bill-yes that same confusion that apparently prompted John McCain to return to Washington to explain, particularly to his party-but IF some House Republican Representatives got so peeved when the cause of these dire circumstances was outlined by Pelosi this afternoon, that they changed their vote out of displaced anger, I would suggest that they:

1) grow up into the leader roles they’ve been elected to, and

2) re-direct that very anger to the failed policies and those politicians behind same over the past 8 years, just like many voters are poised to do in November.

After all, where DID that huge 2000 surplus evaporate to anyway? Ahhh. The truth again. Ouch, that hurts! And yes, the current financial situation of the United States and the world hurts too, hurts for strong willed and courageous elected officials to lead by putting a shovel in the ground of rebuilding, not run for cover screaming “Chicken Little, Chicken Little”.

The smart money is ALWAYS long term, so fear is not an effective emotion now. Neither is selling equities now at depressed levels. If you are not diversified with your Certificates of Deposit to qualify for FDIC insurance on all your fixed income deposits, then transfers of the amount in excess of the FDIC insurance to achieve that end are in order. Otherwise, keep your powder dry, and pray for more wisdom than has been served up in Washington today.

 



Nathaniel

Lopako asked:


Most urgent bills have unrelated riders attached. Where can we learn what riders will be on any bailout legislation?

Frances

NDIMELE IKECUKWU PHELIM asked:


A foreclosure bailout loan is real. These loans are given by private lenders to help you recover your foreclosed home. Note that they usually have higher repayment rates and premiums, simply put, the money to redeem your home is given you and you pay back your new lender under an agreement of usually higher rates.

This implies that your private lender buys out the mortgage at an interest ratio of about 65% - 75% and rents it back to you for repayment over a time frame. This is a close match of a second mortgage loan. Since the home occupier still owns the home. Eventually the owner of the house is given back his bank-foreclosed home

Be watchful so you do not become a victim of the many foreclosure bailout scams available now. Some times these scamming people and their agencies come around offering a bailout service for your foreclosed home but what they seek actually is the deed for your home. On this point, you have to take more care before signing documents with people offering this loan. Read all the small prints and understand what they imply.

Some parts and states in the US like Florida have made laws that protect the home owner. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

Where to get more Helpful Tip and Trusted Solutions?

Click Here: http://foreclosure.best-mortgages-info.com



Shirley

NDIMELE IKECUKWU PHELIM asked:


It makes sense to use a foreclosure bailout loan since they are a real option. They are loans given by private lenders to help you forestall foreclosure. Note that they usually have higher repayment rates and premiums, in fact, you get the cash to clear the loans and you repay at a higher interest rate to your new loan lender.

What happens here is that your new loan lender buys off the mortgage and you pay back on agreed new rates over a period of time. This type of loan is similar to 2nd mortgages in the sense that the tenant will continue to be the owner of the home. The foreclosed house is finally returned to the owner and tenant of the home

You have to be careful because there are many scams also associated with foreclosure bailout loans. They pretend that they are there to help you recover your home but their actual intent is to get the deed of your home. No doubt that you need to be extra careful when seeking this loan solution. Read all the small prints and understand what they imply.

Note that some states in the United States have made legislations available that protect home owners from being thrown out of their home on the reason of repayment failure on a foreclosure bailout solution. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

More Help? Click Here:  http://foreclosure.best-mortgages-info.com 



Marcus

Ernie Fitzpatrick asked:


What self-respecting Republican would ever have believed that the President of their party would be a socialist? And how many of those Republican who have been voting for bailout after bailout would have believed they’d be doing so if you asked them ten years ago- five years ago? Would you believe a year ago? If things keep going as they are, we the taxpayers, the government will own everything. At last, we have a new god- the U.S. government. All hail to the Treasury Secretary! 

We are pursuing an insane course of bailout after bailout.

The latest excuse by George Bush for bailing out Citigroup went like this, “If need be, we’re going to make these kind of decisions to safeguard our financial system in the future,” Bush said. “I talked to President-elect Obama about the decision we made. I told the American people, and I’ve told the president-elect when I first met him, that any time we were to make a big decision during this transition, he will be informed, as will his team.” How nice!

But, just how long do we think the world is going to keep buying US$’s in the form of buying our Treasury bills and notes which are becoming more and more worthless each day? A day of reckoning is coming.

And we’ve just gotten started in this new “bail me out” paradigm. Bush warned there could be more bailouts to come, and said that on his flight back from an international economic summit in Peru on Sunday, he had talked with Paulson about “the decisions made to safeguard” Citigroup Inc. We must save AIG, Freddie Mac, Fannie Mae, Morgan Stanley, Citigroup, General Motors, ad infinitum, ad nauseum.

And the sheep lined up to go to the Stock market slaughter. Stocks surged Monday in a broad rally as Citigroup’s massive rescue package and President-elect Obama’s picks for his economic team pushed investors off the sidelines. The Dow Jones industrial average (INDU) gained 397 points, or 4.9%, after having been up 552 points earlier in the afternoon. The Standard & Poor’s 500 (SPX) index rose 6.4% and the Nasdaq composite (COMP) gained 6.3%. The biggest two-day gain since 1987. Is this a great nation to make money in or what?

While the real estate crash is still alive and well, the auto crash is coming along side. In yet another bad sign for the auto industry, car loan delinquencies rose again in the third quarter, putting up to $22.9 billion at risk for banks, finance companies and automakers who dole out loans directly to consumers.

All of these bailouts are but bankrupt bailouts sooner or later because no government can just print money and guarantee BAD loans, BAD business, and BAD polices without the house of cards crashing sooner than later.



Martin

tlm22760 asked:


That the country will still be in the crapper?? Circuit City files for bankruptcy, GM is going down big time, DHL US domestic is shutting down completely (9,500 jobs lost) all on the same day that AIG get’s an upgraded bailout package worth $150 billion while their execs are still going off on spa vacations??

This bailout doesn’t really seem to be helping, does it?

Joseph

Arbgre555 asked:


“This bailout must be paid first by the CEOs of each corporation that is funded by the same up to 100% of their net worth. Next, the bailout must be fully funded by taxpayers within 1 calendar year to avoid unnecessary added interest on our already exorbinant national debt.”

Judy

Mario asked:


I need a lot of information about the “Original Government Bailout”. Like what is was for and did it help. Also if anyone can tell me about some pros and cons of gov. bailout and sites where I could get reliable info. Thanks.

Danielle

Mark Walters asked:


Can we save both Wall Street and Main Street? Those who are responsible for disposing of $700 billion of your tax dollars assure voters that they can.

An example is now taking place in Arizona and a few other states. Here’s the deal:

Countrywide was facing legal action for its “alleged use of deceptive practices in their mortgage lending business.” Attorneys General in a number of states we prepared to bring legal action against Countrywide on those charges. To head off those actions Countrywide (and Bank of America, which now owns the company) agreed to provide some relief to borrowers with subprime and other adjustable rate mortgage loans.

By the way, they were allowed to do that while admitting no quilt, proving once again that the larger the financial crime the smaller the penalty.

The deal requires the lender to modify loans and adjust monthly payments to levels that are more affordable. Just who will decide what those numbers will be is not explained.

A temporary hold has been placed on any foreclosure action the bank may have been considering for these homeowners. It appears that about 13,000 Arizona borrowers may be eligible for this program. I will refrain from pointing out that Arizona is one of the leading foreclosure states with tens of thousands. Let’s just be happy for any help we can find.

Here’s another sticky point. The loan modifications would be based on what each borrower can afford and some would actually get a reduction in the amount still owing on their mortgage. Who will make those determinations? Will their congressmen and senators have any influence on who gets how much? Will Barney Franks be consulted? Hey, they don’t call it a bailout for nothing!

Wait, what about those who have already been foreclosed out of their homes? Don’t worry, they have not been forgotten. Some of them will be eligible for relocation assistance. What does that mean? Don’t ask me, only a politically appointed government bureaucratic will be wise enough to answer that question.

Countrywide/Bank of America is slated to start the program on Dec. 1, 2008, but many think they will need more time, so the cavalry will ride to the rescue if they can get their horses saddled. The bottom line is that it could take months before most eligible homeowners get a crack at the programs.

Oh yes, one other thing. The bank has announced that it will have a staff of about 3,200 loss mitigation specialists to provide help to all bank customers nationwide. Let’s see, tens of thousands of eligible homeowners and 3,200 office workers. I’m not good at math, but to me that seems to add up to a barrel of homeowner frustration.

I don’t want to seem unsympathetic, but didn’t many of these folks cheat more than a little on their loan applications? Didn’t more than a few pull cash out of their homes to buy luxuries items they really didn’t need? Shouldn’t some of those actions make at least a few people ineligible for these tax supported measures? Yes, probably, but how is your government going to separate the good from the bad… especially since the most important thing is to get reelected.

Folks, we are entering a wonderful new world where no one is allowed to fail. Don’t worry, your great, great grand children will pay for it.



Cory

wishfulthinking asked:


This mortgage crisis has been years in the making, why all of a sudden, is it so crucial to pass a bailout plan on Monday?

Philip

Debra L. Morrison asked:


Today’s was apparently a fairly acceptable if not good bill as an answer to an unprecedented liquidity and credit predicament bred here on US’s Wall Street and spawning across the globe. Voting to pass it to rectify the vast ineptitudes of lax financial regulation and it’s aftermath of failed banks and credit squeezes all at once was apparently too daunting for many of those we elected to lead us in Washington. Leaders lead in tough times. Shamefully, and certainly regretably, our leaders didn’t lead effectively today, from the President on down.

It’s been said in these past weeks, investors hate uncertainty. I disagree! My paltry 30 years in the business of advising clients to match their monetary investments with their choices has told me that investors HATE lying! So when lying results in the markets’ uncertainty, prices gyrate and the press and media pounce like starved tigers thrown a week’s worth of red meat.

The special interest groups don’t have any idea what was in this bill, nor the checks and balances that had been added, so to have set and stoked a huge bonfire of steam, admonishing anyone who could fog a mirror to call or email their representatives or Congress people on Capital Hill and vote NO, was about as irresponsible as special interest groups often turn out to be.

Where were those same special interest groups last week? Just as in the dark as they were yesterday, yet yesterday they chose to pull the blast email trigger that was so itchy for oh, so many days; too many days, in fact, and let their voices be heard. Where were these people all along this elongated process, of borrowing maximum home equity loans, gaining credit with merely a signature-who needs a job? Where were these smart consumers who borrowed more money than their paychecks, often at interest-only just because the loan shark sold them it? Where have these people been as they, themselves often got caught up in impulse spending over the past years and now are facing the sobering truth that yes, indeed, these massive credit card balances do have to be repaid-not just the minimum monthly payment? Is it too harsh to draw the comparison that while 700 billion just has too BIG a sound to swallow, so does the average American’s credit card balance relative to their annual salary? Who’s dropped their common sense here? Oh…perhaps most all of us!

So, we indeed have action today. The proverbial “Bill and Betty in Boise” have had their voices listened to; principally their NO vote registered. Bill & Betty have effectively trumped our elected officials and our governments’ financial representatives, who despite not having crystal balls, do have a fiduciary duty to us taxpayers, and who would potentially stand trial for mis appropriations, if I correctly understood the checks-and-balances that were written into the final bill.

Perhaps my fictitious characters Bill & Betty believe this “relief” is for the other guy and not them. It’s not. The first time they try to get a credit card or mortgage or car loan, or expect that their employer can simply and continuously fund payroll - yes their paycheck - out of their Money Market, they’ll realize that their lives and that of their family’s are also impacted. You see, while we may not have seen our neighbors-near and far, we are still all stitched at the hip with the financial systems being as intertwined as they are, unless, of course, you live on a remote farm, grow your own food, and till the field with horses that don’t require that darned expensive gas we’ve all been saddled with.

The so-called bailout bill (and I DO trust they’ll give it a relatable name next time) is necessary and perhaps the defeat was cast as early as they named it, a week ago. Bailout sounds like the average unaffected guy and gal has to do the heavy lifting for the high rolling gamblers who should have pushed back from the financial buffet tables before the second round of desserts. That’s a BIG part of the problem.

And, finally, I really believe that there was still a ton of confusion and indecisiveness around this final bill-yes that same confusion that apparently prompted John McCain to return to Washington to explain, particularly to his party-but IF some House Republican Representatives got so peeved when the cause of these dire circumstances was outlined by Pelosi this afternoon, that they changed their vote out of displaced anger, I would suggest that they:

1) grow up into the leader roles they’ve been elected to, and

2) re-direct that very anger to the failed policies and those politicians behind same over the past 8 years, just like many voters are poised to do in November.

After all, where DID that huge 2000 surplus evaporate to anyway? Ahhh. The truth again. Ouch, that hurts! And yes, the current financial situation of the United States and the world hurts too, hurts for strong willed and courageous elected officials to lead by putting a shovel in the ground of rebuilding, not run for cover screaming “Chicken Little, Chicken Little”.

The smart money is ALWAYS long term, so fear is not an effective emotion now. Neither is selling equities now at depressed levels. If you are not diversified with your Certificates of Deposit to qualify for FDIC insurance on all your fixed income deposits, then transfers of the amount in excess of the FDIC insurance to achieve that end are in order. Otherwise, keep your powder dry, and pray for more wisdom than has been served up in Washington today.

 



Nathaniel

Lopako asked:


Most urgent bills have unrelated riders attached. Where can we learn what riders will be on any bailout legislation?

Frances

NDIMELE IKECUKWU PHELIM asked:


A foreclosure bailout loan is real. These loans are given by private lenders to help you recover your foreclosed home. Note that they usually have higher repayment rates and premiums, simply put, the money to redeem your home is given you and you pay back your new lender under an agreement of usually higher rates.

This implies that your private lender buys out the mortgage at an interest ratio of about 65% - 75% and rents it back to you for repayment over a time frame. This is a close match of a second mortgage loan. Since the home occupier still owns the home. Eventually the owner of the house is given back his bank-foreclosed home

Be watchful so you do not become a victim of the many foreclosure bailout scams available now. Some times these scamming people and their agencies come around offering a bailout service for your foreclosed home but what they seek actually is the deed for your home. On this point, you have to take more care before signing documents with people offering this loan. Read all the small prints and understand what they imply.

Some parts and states in the US like Florida have made laws that protect the home owner. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

Where to get more Helpful Tip and Trusted Solutions?

Click Here: http://foreclosure.best-mortgages-info.com



Shirley

NDIMELE IKECUKWU PHELIM asked:


It makes sense to use a foreclosure bailout loan since they are a real option. They are loans given by private lenders to help you forestall foreclosure. Note that they usually have higher repayment rates and premiums, in fact, you get the cash to clear the loans and you repay at a higher interest rate to your new loan lender.

What happens here is that your new loan lender buys off the mortgage and you pay back on agreed new rates over a period of time. This type of loan is similar to 2nd mortgages in the sense that the tenant will continue to be the owner of the home. The foreclosed house is finally returned to the owner and tenant of the home

You have to be careful because there are many scams also associated with foreclosure bailout loans. They pretend that they are there to help you recover your home but their actual intent is to get the deed of your home. No doubt that you need to be extra careful when seeking this loan solution. Read all the small prints and understand what they imply.

Note that some states in the United States have made legislations available that protect home owners from being thrown out of their home on the reason of repayment failure on a foreclosure bailout solution. These legislations empower the loan borrower to retain ownership of the home despite wordings in the agreement documents.

More Help? Click Here:  http://foreclosure.best-mortgages-info.com 



Marcus

Ernie Fitzpatrick asked:


What self-respecting Republican would ever have believed that the President of their party would be a socialist? And how many of those Republican who have been voting for bailout after bailout would have believed they’d be doing so if you asked them ten years ago- five years ago? Would you believe a year ago? If things keep going as they are, we the taxpayers, the government will own everything. At last, we have a new god- the U.S. government. All hail to the Treasury Secretary! 

We are pursuing an insane course of bailout after bailout.

The latest excuse by George Bush for bailing out Citigroup went like this, “If need be, we’re going to make these kind of decisions to safeguard our financial system in the future,” Bush said. “I talked to President-elect Obama about the decision we made. I told the American people, and I’ve told the president-elect when I first met him, that any time we were to make a big decision during this transition, he will be informed, as will his team.” How nice!

But, just how long do we think the world is going to keep buying US$’s in the form of buying our Treasury bills and notes which are becoming more and more worthless each day? A day of reckoning is coming.

And we’ve just gotten started in this new “bail me out” paradigm. Bush warned there could be more bailouts to come, and said that on his flight back from an international economic summit in Peru on Sunday, he had talked with Paulson about “the decisions made to safeguard” Citigroup Inc. We must save AIG, Freddie Mac, Fannie Mae, Morgan Stanley, Citigroup, General Motors, ad infinitum, ad nauseum.

And the sheep lined up to go to the Stock market slaughter. Stocks surged Monday in a broad rally as Citigroup’s massive rescue package and President-elect Obama’s picks for his economic team pushed investors off the sidelines. The Dow Jones industrial average (INDU) gained 397 points, or 4.9%, after having been up 552 points earlier in the afternoon. The Standard & Poor’s 500 (SPX) index rose 6.4% and the Nasdaq composite (COMP) gained 6.3%. The biggest two-day gain since 1987. Is this a great nation to make money in or what?

While the real estate crash is still alive and well, the auto crash is coming along side. In yet another bad sign for the auto industry, car loan delinquencies rose again in the third quarter, putting up to $22.9 billion at risk for banks, finance companies and automakers who dole out loans directly to consumers.

All of these bailouts are but bankrupt bailouts sooner or later because no government can just print money and guarantee BAD loans, BAD business, and BAD polices without the house of cards crashing sooner than later.



Martin

tlm22760 asked:


That the country will still be in the crapper?? Circuit City files for bankruptcy, GM is going down big time, DHL US domestic is shutting down completely (9,500 jobs lost) all on the same day that AIG get’s an upgraded bailout package worth $150 billion while their execs are still going off on spa vacations??

This bailout doesn’t really seem to be helping, does it?

Joseph

Arbgre555 asked:


“This bailout must be paid first by the CEOs of each corporation that is funded by the same up to 100% of their net worth. Next, the bailout must be fully funded by taxpayers within 1 calendar year to avoid unnecessary added interest on our already exorbinant national debt.”

Judy

Mario asked:


I need a lot of information about the “Original Government Bailout”. Like what is was for and did it help. Also if anyone can tell me about some pros and cons of gov. bailout and sites where I could get reliable info. Thanks.

Danielle

Mark Walters asked:


Can we save both Wall Street and Main Street? Those who are responsible for disposing of $700 billion of your tax dollars assure voters that they can.

An example is now taking place in Arizona and a few other states. Here’s the deal:

Countrywide was facing legal action for its “alleged use of deceptive practices in their mortgage lending business.” Attorneys General in a number of states we prepared to bring legal action against Countrywide on those charges. To head off those actions Countrywide (and Bank of America, which now owns the company) agreed to provide some relief to borrowers with subprime and other adjustable rate mortgage loans.

By the way, they were allowed to do that while admitting no quilt, proving once again that the larger the financial crime the smaller the penalty.

The deal requires the lender to modify loans and adjust monthly payments to levels that are more affordable. Just who will decide what those numbers will be is not explained.

A temporary hold has been placed on any foreclosure action the bank may have been considering for these homeowners. It appears that about 13,000 Arizona borrowers may be eligible for this program. I will refrain from pointing out that Arizona is one of the leading foreclosure states with tens of thousands. Let’s just be happy for any help we can find.

Here’s another sticky point. The loan modifications would be based on what each borrower can afford and some would actually get a reduction in the amount still owing on their mortgage. Who will make those determinations? Will their congressmen and senators have any influence on who gets how much? Will Barney Franks be consulted? Hey, they don’t call it a bailout for nothing!

Wait, what about those who have already been foreclosed out of their homes? Don’t worry, they have not been forgotten. Some of them will be eligible for relocation assistance. What does that mean? Don’t ask me, only a politically appointed government bureaucratic will be wise enough to answer that question.

Countrywide/Bank of America is slated to start the program on Dec. 1, 2008, but many think they will need more time, so the cavalry will ride to the rescue if they can get their horses saddled. The bottom line is that it could take months before most eligible homeowners get a crack at the programs.

Oh yes, one other thing. The bank has announced that it will have a staff of about 3,200 loss mitigation specialists to provide help to all bank customers nationwide. Let’s see, tens of thousands of eligible homeowners and 3,200 office workers. I’m not good at math, but to me that seems to add up to a barrel of homeowner frustration.

I don’t want to seem unsympathetic, but didn’t many of these folks cheat more than a little on their loan applications? Didn’t more than a few pull cash out of their homes to buy luxuries items they really didn’t need? Shouldn’t some of those actions make at least a few people ineligible for these tax supported measures? Yes, probably, but how is your government going to separate the good from the bad… especially since the most important thing is to get reelected.

Folks, we are entering a wonderful new world where no one is allowed to fail. Don’t worry, your great, great grand children will pay for it.



Cory