Part 2, thanks Paul for the contibution,
Nikita Bailey, an activist with the non-profit Center for Responsible Lending, warned that the mortgage crisis could empty the pockets of African-Americans.
"Today the subprime market is poised to bring about the greatest drain of wealth the African-American community has ever experienced," Bailey told AFP. "It is a financial apartheid no doubt about it."
For Cleveland Plain Dealer columnist Phillip Morris, the extent of the devastation is comparable to that wrought by Hurricane Katrina, which devastated New Orleans in 2005.
In the hardest-hit suburb of Cleveland, "nearly 24,000 people have lost their homes to Cleveland's Katrina," he told AFP.
"Families left behind furniture, clothing even family photos."
In the hardest-hit district of New Orleans, the real Katrina destroyed about 13,700 houses, displacing some 35,000 people, Morris said.
"More than two years later, 6,000 homeowners (in St. Bernard Parish) have each received an average 65,000 dollars in government funds to rebuild their American Dreams. But in Cleveland and its suburbs, there is no disaster relief, no presidential visits, no good Samaritans to helps us."
"It would have been better if it was an earthquake or a hurricane, we respond better to natural disasters than to men in suits disasters," said city councilor Zach Reid.
In the streets, shops, suburbs and restaurants, resentment against the government and the Washington elite flourishes.
"People in Washington -- George Bush, the US Senate, the US Congress -- witnessed it, they stood by and they didn't do nothing to stop it," said Cleveland resident John Brett.
"It was almost like they were on the Titanic, and they could see the iceberg coming and they did nothing about it," he said sitting at the counter of the Velvet Dog Bar.
"They wrecked our American dreams, the willingness to own a home," he said. "Even during the Great Depression we did not see the number of homes and properties abandoned like we are seeing now."
More to come
Lonny
Wednesday, January 30, 2008
UNFORTUNATE REALITY
Paul who has become a avid reader of the blog asked that you consider this today and tomorrow, it is an unfortunate reality.
US blacks see 'financial apartheid' in subprime crisis
Jan 27 02:19 PM US/Eastern
They had small means and big hopes of owning a house. But African-Americans snared in the US mortgage crisis have seen the American dream turn into a nightmare many call "financial apartheid."
The storm triggered by risky "subprime" loans has left many in ruins, forced out of their modest homes and furious at falling victim to financial dealings that have taken a particular toll on minority families.
"People of color are more than three times more likely to have subprime loans," concluded the organization United for a Fair Economy in a recent report which estimated that minorities have seen between 163 billion and 278 billion dollars of their equity go up in smoke since 2000.
With its weakened economy and a large black population more used to renting, Cleveland has become a poster child of the subprime crisis in a country where some 2.1 million borrowers are behind on their mortgage payments.
City officials estimate that foreclosures have swallowed some 70,000 homes and turned entire neighborhoods into ghost towns.
The city has responded by suing lenders, accusing them of targeting black borrowers and steering them to the loans granted with few formalities and at hefty interest rates to people with poor credit histories.
In this city where nearly 27 percent of the population lives under the poverty line -- about 20,000 dollars a year for a family of four -- many have a friend, a cousin, a brother, a co-worker or a neighbor who lost a home because they could no longer make their monthly payments once their adjustable rates jumped.
"Cleveland, Detroit, Baltimore (are) cities where lots of people of color live and what do they have in common? They are hit by the foreclosures meltdown. Is it a coincidence?" said Jesse Tinsley, who lives in the low-income Mount Pleasant neighborhood.
"When the wave of foreclosures blighted our neighborhood, members of our community rang the alarm. Nobody did anything. Now that white suburbs are hit, the city hall discovered foreclosures," he said.
"The mayor didn't do anything for our community for four years, they said 'they deserved it.' Now everybody noticed that we have been targeted by greedy people."
Second part tomorrow
More to come
Lonny
US blacks see 'financial apartheid' in subprime crisis
Jan 27 02:19 PM US/Eastern
They had small means and big hopes of owning a house. But African-Americans snared in the US mortgage crisis have seen the American dream turn into a nightmare many call "financial apartheid."
The storm triggered by risky "subprime" loans has left many in ruins, forced out of their modest homes and furious at falling victim to financial dealings that have taken a particular toll on minority families.
"People of color are more than three times more likely to have subprime loans," concluded the organization United for a Fair Economy in a recent report which estimated that minorities have seen between 163 billion and 278 billion dollars of their equity go up in smoke since 2000.
With its weakened economy and a large black population more used to renting, Cleveland has become a poster child of the subprime crisis in a country where some 2.1 million borrowers are behind on their mortgage payments.
City officials estimate that foreclosures have swallowed some 70,000 homes and turned entire neighborhoods into ghost towns.
The city has responded by suing lenders, accusing them of targeting black borrowers and steering them to the loans granted with few formalities and at hefty interest rates to people with poor credit histories.
In this city where nearly 27 percent of the population lives under the poverty line -- about 20,000 dollars a year for a family of four -- many have a friend, a cousin, a brother, a co-worker or a neighbor who lost a home because they could no longer make their monthly payments once their adjustable rates jumped.
"Cleveland, Detroit, Baltimore (are) cities where lots of people of color live and what do they have in common? They are hit by the foreclosures meltdown. Is it a coincidence?" said Jesse Tinsley, who lives in the low-income Mount Pleasant neighborhood.
"When the wave of foreclosures blighted our neighborhood, members of our community rang the alarm. Nobody did anything. Now that white suburbs are hit, the city hall discovered foreclosures," he said.
"The mayor didn't do anything for our community for four years, they said 'they deserved it.' Now everybody noticed that we have been targeted by greedy people."
Second part tomorrow
More to come
Lonny
Monday, January 28, 2008
COULD IT BE TRUE
One of the things I have been continuing to say as the mortgage crisis deepens is what will be found out about what the real predators do and who the bad lenders really are. Everyone has a stake in the game that is in the game but are the biggest predators of all the commercial banks who have been the people who you really should be able to trust? The article below is just one article of many I read on a daily basis but this one is a little different. Its author details what he believes to be the truth about one certain big bank and their tactics and the profits and the opportunity for profits gained by their predatory practices. If one big bank is doing it can the others be far behind them? What do you think????
http://www.americanchronicle.com/articles/50345
The thing I noticed not in the article itself but outside the article were the ads for mortgage companies. The article slams and accuses mortgage lenders and still mortgage lenders advertise in the midst of it. One company listed at the bottom of the article could be seen as one of the largest predatory sub prime lenders who has been a leader in the types of mortgages discussed in the article. The irony is that even when people are subject to all the scams and tactics of the predatory lenders, lenders still can advertise anything they want to anyone they want with little or no consequences. Buyer beware is still the name of the game in the mortgage world. Make no mistake about it loss of business ethics and greed are here to stay.
More to come
Lonny
http://www.americanchronicle.com/articles/50345
The thing I noticed not in the article itself but outside the article were the ads for mortgage companies. The article slams and accuses mortgage lenders and still mortgage lenders advertise in the midst of it. One company listed at the bottom of the article could be seen as one of the largest predatory sub prime lenders who has been a leader in the types of mortgages discussed in the article. The irony is that even when people are subject to all the scams and tactics of the predatory lenders, lenders still can advertise anything they want to anyone they want with little or no consequences. Buyer beware is still the name of the game in the mortgage world. Make no mistake about it loss of business ethics and greed are here to stay.
More to come
Lonny
Friday, January 25, 2008
WHATS NEW
Well lets see whats new. It could be the...., no, that is really the same ole crap, and oh yes there is......, no that isn't really that new. Well surely there must be something I have another remarkable opinion on. Lets see, the government is solving the immigration problem, no that's not it, well the mortgage market crash is reversing itself, I am not sure about that but all the politicians have really done some wonderful things to fix the probelm. I can't believe I even said that. Oh yes and there are the politicians that have quit campaigning and telling us what they think we are dumb enough to believe and have started telling us the truth. Well that sure as hell ain't happening. Gosh then whats new???
Oh my God I just heard on the news that the New York Times have picked Hillary as the Democrats choice for President. Someone quick take the knife from my hand this may be more than I can take, death would be a better alternative I think. 4 to 8 more years of Bill God help us all.
Whew I think I am ok now. Where was I? Oh yes. Is it just me or is the news a bit of a so what these days? The media predicted the stock market crash the other day and it didn't happen. What it did do is to convince the fed to lower rates by .75%. I guess that is why they did it, I really am not sure. What else it did was to put the financial markets in a spin that have wreaked havoc for the past two days in about everything. For the record mortgage rates yesterday were higher than they were when the fed lowered the rates. Oh yes, the oil markets decided to convince us a couple of weeks ago that oil prices were headed no where but up and allowed the oil companies to steal more of our money. A couple of days ago I heard the supplies were up and that oil should be at 75 per barrel in the near future. You don't have to wonder who's full of BS cause everyone is on that issue at least. Don't worry our political leaders will figure it out. Whatever.
There is an economic stimulus package being discussed that would send most of us some money. Oh boy some free money to pay for more energy increases, I'm pumped. It includes some higher loan amounts for mortgages which make sense but should have been done a long time ago because it makes sense to do that anyway. I would bet at least even money that still does not get passed and that could really help some people. The mortgage mess is somewhere in the middle of fixing itself I think. It is still and will be bad for a mass of people. Hillary wants to freeze rates on sub prime loans and must not have a clue that the government should really not supersede contracts on existing debt. I am sure she might have a clue, but she is trying to get elected and has big Bill to overcome. She will say or do anything to get elected in my opinion. Don't you just want to puke when you have to look at Bill?
So whats happening??? Same ole crap looks to me like!!!
More to come
Lonny
Oh my God I just heard on the news that the New York Times have picked Hillary as the Democrats choice for President. Someone quick take the knife from my hand this may be more than I can take, death would be a better alternative I think. 4 to 8 more years of Bill God help us all.
Whew I think I am ok now. Where was I? Oh yes. Is it just me or is the news a bit of a so what these days? The media predicted the stock market crash the other day and it didn't happen. What it did do is to convince the fed to lower rates by .75%. I guess that is why they did it, I really am not sure. What else it did was to put the financial markets in a spin that have wreaked havoc for the past two days in about everything. For the record mortgage rates yesterday were higher than they were when the fed lowered the rates. Oh yes, the oil markets decided to convince us a couple of weeks ago that oil prices were headed no where but up and allowed the oil companies to steal more of our money. A couple of days ago I heard the supplies were up and that oil should be at 75 per barrel in the near future. You don't have to wonder who's full of BS cause everyone is on that issue at least. Don't worry our political leaders will figure it out. Whatever.
There is an economic stimulus package being discussed that would send most of us some money. Oh boy some free money to pay for more energy increases, I'm pumped. It includes some higher loan amounts for mortgages which make sense but should have been done a long time ago because it makes sense to do that anyway. I would bet at least even money that still does not get passed and that could really help some people. The mortgage mess is somewhere in the middle of fixing itself I think. It is still and will be bad for a mass of people. Hillary wants to freeze rates on sub prime loans and must not have a clue that the government should really not supersede contracts on existing debt. I am sure she might have a clue, but she is trying to get elected and has big Bill to overcome. She will say or do anything to get elected in my opinion. Don't you just want to puke when you have to look at Bill?
So whats happening??? Same ole crap looks to me like!!!
More to come
Lonny
Saturday, January 19, 2008
WILL ANYONE LISTEN PART 2
Part 2 enjoy:
Communist Russia was comprised of Russians who just wanted to live in peace, yet the Russian Communists were responsible for the murder of about 20 million people. The peaceful majority were irrelevant.
China's huge population was peaceful as well, but Chinese Communists managed to kill a staggering 70 million people.
The average Japanese individual prior to World War ll was not a warmongering sadist. Yet, Japan murdered and slaughtered its way across South East Asia in an orgy of killing that included the systematic murder of 12 million Chinese civilians; most killed by sword, shovel, and bayonet.
And, who can forget Rwanda, which collapsed into butchery. Could it not be said that the majority of Rwandans were 'peace loving'? History lessons are often incredibly simple and blunt, yet for all ourpowers of reason we often miss the most basic and uncomplicated of points:
Peace-loving Muslims have been made irrelevant by their silence. Peace-loving Muslims will become our enemy if they don't speak up, because like my friend from Germany, they will awaken one day and find that the fanatics own them, and the end of their world will have begun.
Peace-loving Germans, Japanese, Chinese, Russians, Rwandans, Serbs, Afghanis, Iraqis, Palestinians, Somalis, Nigerians, Algerians, and many others have died because the peaceful majority did not speak up until it was too late. As for us who watch it all unfold, we must pay attention to the only group that counts: the fanatics who threaten our way of life.
Lastly, at the risk of offending, anyone who doubts that the issue is serious and just deletes this email without sending it on, is contributing to the passiveness that allows the problems of expand. So, extend yourself a bit and send this on and on and on! Let us hope that thousands, world wide, read this - think about it - and send it on.
Emanuel Tanay, M.D.Ann Arbor, MI
More to come
Lonny
Communist Russia was comprised of Russians who just wanted to live in peace, yet the Russian Communists were responsible for the murder of about 20 million people. The peaceful majority were irrelevant.
China's huge population was peaceful as well, but Chinese Communists managed to kill a staggering 70 million people.
The average Japanese individual prior to World War ll was not a warmongering sadist. Yet, Japan murdered and slaughtered its way across South East Asia in an orgy of killing that included the systematic murder of 12 million Chinese civilians; most killed by sword, shovel, and bayonet.
And, who can forget Rwanda, which collapsed into butchery. Could it not be said that the majority of Rwandans were 'peace loving'? History lessons are often incredibly simple and blunt, yet for all ourpowers of reason we often miss the most basic and uncomplicated of points:
Peace-loving Muslims have been made irrelevant by their silence. Peace-loving Muslims will become our enemy if they don't speak up, because like my friend from Germany, they will awaken one day and find that the fanatics own them, and the end of their world will have begun.
Peace-loving Germans, Japanese, Chinese, Russians, Rwandans, Serbs, Afghanis, Iraqis, Palestinians, Somalis, Nigerians, Algerians, and many others have died because the peaceful majority did not speak up until it was too late. As for us who watch it all unfold, we must pay attention to the only group that counts: the fanatics who threaten our way of life.
Lastly, at the risk of offending, anyone who doubts that the issue is serious and just deletes this email without sending it on, is contributing to the passiveness that allows the problems of expand. So, extend yourself a bit and send this on and on and on! Let us hope that thousands, world wide, read this - think about it - and send it on.
Emanuel Tanay, M.D.Ann Arbor, MI
More to come
Lonny
WILL ANYONE LISTEN? PART 1
My friend Paul sent this too me and it will make you think for sure. Thanks Paul, Enjoy
Interesting wake up call. Will anyone listen? Act?
Subject: FW: A German's Point Of View On Islam
By Dr. Emanual Tanay, Psychiatrist A man whose family was German aristocracy prior to World War ll owned a number of large industries and estates. When asked how many German people were true Nazis, the answer he gave can guide our attitude toward fanaticism.
'Very few people were true Nazis 'he said,' but many enjoyed the return of German pride, and many more were too busy to care. I was oneof those who just thought the Nazis were a bunch of fools. So, the majority just sat back and let it all happen. Then, before we knew it,they owned us, and we had lost control, and the end of the world had come. My family lost everything. I ended up in a concentration camp and the Allies destroyed my factories.
'We are told again and again by 'experts' and 'talking heads' that Islam is the religion of peace, and that the vast majority of Muslims just want to live in peace. Although this unqualified assertion may betrue, it is entirely irrelevant. It is meaningless fluff, meant to make us feel better, and meant to somehow diminish the spectra of fanatics rampaging across the globe in the name of Islam. The fact is that the fanatics rule Islam at this moment in history.
It is the fanatics who march.
It is the fanatics who wage any one of 50 shooting wars worldwide.
It is the fanatics who systematically slaughter Christian or tribal groups throughout Africa and are gradually taking over the entire continent in an Islamic wave.
It is the fanatics who bomb, behead, murder, or honor kill. It is the fanatics who take over mosque after mosque.
It is the fanatics who zealously spread the stoning and hanging of rape victims and homosexuals.
The hard quantifiable fact is that the 'peaceful majority', the 'silent majority', is cowed and extraneous.
Part 2 tomorrow:
More to come
Lonny
Interesting wake up call. Will anyone listen? Act?
Subject: FW: A German's Point Of View On Islam
By Dr. Emanual Tanay, Psychiatrist A man whose family was German aristocracy prior to World War ll owned a number of large industries and estates. When asked how many German people were true Nazis, the answer he gave can guide our attitude toward fanaticism.
'Very few people were true Nazis 'he said,' but many enjoyed the return of German pride, and many more were too busy to care. I was oneof those who just thought the Nazis were a bunch of fools. So, the majority just sat back and let it all happen. Then, before we knew it,they owned us, and we had lost control, and the end of the world had come. My family lost everything. I ended up in a concentration camp and the Allies destroyed my factories.
'We are told again and again by 'experts' and 'talking heads' that Islam is the religion of peace, and that the vast majority of Muslims just want to live in peace. Although this unqualified assertion may betrue, it is entirely irrelevant. It is meaningless fluff, meant to make us feel better, and meant to somehow diminish the spectra of fanatics rampaging across the globe in the name of Islam. The fact is that the fanatics rule Islam at this moment in history.
It is the fanatics who march.
It is the fanatics who wage any one of 50 shooting wars worldwide.
It is the fanatics who systematically slaughter Christian or tribal groups throughout Africa and are gradually taking over the entire continent in an Islamic wave.
It is the fanatics who bomb, behead, murder, or honor kill. It is the fanatics who take over mosque after mosque.
It is the fanatics who zealously spread the stoning and hanging of rape victims and homosexuals.
The hard quantifiable fact is that the 'peaceful majority', the 'silent majority', is cowed and extraneous.
Part 2 tomorrow:
More to come
Lonny
CREDIT REPAIR
One of the things people are faced with is bad credit. It comes from several things, people don't pay their bills on time. (Now there is a revelation for you). Consumers get more credit then they can pay for as the creditors simply take their chances that people who probably won't pay will pay. Consumers are victimized by creditors who simply will not communicate with them concerning legitimate complaints and problems. Creditors can put things on your report and have no risk of any legitimate discipline even if the item is wrong. Creditors see mortgage lenders as collectors and will keep bad trade lines current so they may get paid. And finally medical bills that are unpaid go on reports quickly against the consumer even if the insurance company was supposed to pay. There are a lot more trust me.
Recently we made a loan to a builder friend of mine and required him to pay off some medical collections that he said were in fact his. He had been given no notice of the ourstanding bills and was happy to pay them. The problem was he could not find the people to pay. The item had been factored (sold) to a collection agency who could not be found. Think about it we required him to pay, he said he would but could not even though he wanted too. Pretty stupid stuff if you think about it.
In our something for nothing culture many so called credit repair companies have cropped up. They offer a fix to your credit woes by a number of legitimate or not so legitimate solutions. They charge plenty and may be a fraud or may not be. If you pay one that is a fraud you will not see them, hear from them or get your money back. To my knowledge there is no enforced law that would prohibit them from false advertising so guess what you are the victim. It is hard to tell the difference. We have a company that is not affiliated with us that we refer people too and they seem to be honest and get results when employeed. It takes a long time, form 6 to 12 months and it is not easy or cheap. They have to fight the creditors to remove the items that are in error or they can't prove were reported correctly. Creditors have no real interest in helping you fix your credit even if they are wrong. Back to the no ethics in business I talk so much about.
Below is a fairly good article that talks about credit repair that is worth looking at. Now that all the loans are pretty much gone that will allow bad credit this seems to be coming on as the new thing even though it has been around for awhile now. It is a new type of fraud in the wrong hands so watch out.
http://www.nytimes.com/2008/01/19/business/yourmoney/19money.html?ref=yourmoney
If you are going to pay someone to fix your credit beware there are plenty of bad people out there ready to extract your money from you and deliver nothing.
More to come
Lonny
Recently we made a loan to a builder friend of mine and required him to pay off some medical collections that he said were in fact his. He had been given no notice of the ourstanding bills and was happy to pay them. The problem was he could not find the people to pay. The item had been factored (sold) to a collection agency who could not be found. Think about it we required him to pay, he said he would but could not even though he wanted too. Pretty stupid stuff if you think about it.
In our something for nothing culture many so called credit repair companies have cropped up. They offer a fix to your credit woes by a number of legitimate or not so legitimate solutions. They charge plenty and may be a fraud or may not be. If you pay one that is a fraud you will not see them, hear from them or get your money back. To my knowledge there is no enforced law that would prohibit them from false advertising so guess what you are the victim. It is hard to tell the difference. We have a company that is not affiliated with us that we refer people too and they seem to be honest and get results when employeed. It takes a long time, form 6 to 12 months and it is not easy or cheap. They have to fight the creditors to remove the items that are in error or they can't prove were reported correctly. Creditors have no real interest in helping you fix your credit even if they are wrong. Back to the no ethics in business I talk so much about.
Below is a fairly good article that talks about credit repair that is worth looking at. Now that all the loans are pretty much gone that will allow bad credit this seems to be coming on as the new thing even though it has been around for awhile now. It is a new type of fraud in the wrong hands so watch out.
http://www.nytimes.com/2008/01/19/business/yourmoney/19money.html?ref=yourmoney
If you are going to pay someone to fix your credit beware there are plenty of bad people out there ready to extract your money from you and deliver nothing.
More to come
Lonny
Wednesday, January 16, 2008
A LOOK AHEAD
For some time now I have been eluding to the fact that there was more to come regarding all the people and companies who would be exposed in the mortgage crisis we are currently in. I ran across an article in the Denver Post that tells of a law suit filed by the City of Cleveland. It is certainly worth reading if you are interested in what still remains to be the largest and most extensive financial wreck this country has yet to see. I still believe we haven’t seen the worst of the foreclosures and as regrettable as it may seem the ball rolling down hill is picking up steam.
If the City of Cleveland is successful with their suit then many others will follow. The cities and the citizens of those cities are truly the victims. The author of the article tells a story of what may become what’s next in the mortgage mess.
http://www.denverpost.com/business/ci_7971836
More to come
Lonny
If the City of Cleveland is successful with their suit then many others will follow. The cities and the citizens of those cities are truly the victims. The author of the article tells a story of what may become what’s next in the mortgage mess.
http://www.denverpost.com/business/ci_7971836
More to come
Lonny
Tuesday, January 15, 2008
READ THIS ONE
I was doing some light reading this morning and ran across an article in the LA Times. I think it is a good read as it describes the results of industries allowed to run wild with no supervision. I am in no way in favor of more or bigger government but as the mortgage crisis deepens and the extent of the predatory lender becomes more evident, you have to wonder. Bigger government no, more effective government yes. Big business has run over the consumer, greed and no ethics are the root cause and the extent of the carnage is still to be discovered.
The article is good, read this one.
http://www.latimes.com/news/printedition/asection/la-oe-meyerhoff14jan14,1,7284065.story?coll=la-news-a_section
If you do or don't agree let me hear from you.
More to come
Lonny
The article is good, read this one.
http://www.latimes.com/news/printedition/asection/la-oe-meyerhoff14jan14,1,7284065.story?coll=la-news-a_section
If you do or don't agree let me hear from you.
More to come
Lonny
Monday, January 14, 2008
WHAT ARE THEY THINKING
Well the news seems to reflect that indeed Bank of America is going to attempt to buy Countrywide Mortgage. The only thing that comes to my mind is what in the world is B of A thinking? Countrywide is the nation’s largest mortgage lender with the nation’s largest mortgage company problems which have all not surfaced as yet. The extent of Countrywide’s problems is far from over or even yet to be determined. Their portfolio of loans going bad is gaining speed and does not seem to have an end in site. B of A has the same type problems with their mortgage portfolio and they are by no means out of the woods yet either. As I recall B of A already loaned Countrywide some 2 billion dollars. I wonder where that money went. Seems to me the loan was going to fix the problems at Countrywide when it was made. Could the reason of the purchase be that B of A is already in too deeply?
The industry seems to think it is a good thing for the sale to happen. Countrywide simply going out of business could shake up the mortgage world way too much at the present time according to the experts. I was one that said Countrywide was way too big to ever go out of business when all this mess started. If they can go broke is anyone safe? I don’t think so. The mortgage mess this country is facing seems to have a mind of its own with a quick end no where in site. Bankruptcy for Countrywide according to the same experts does not seem to be the best alternative either for some reason. That seems to be a bit safer to me (I am no expert here for sure) as that at least keeps Countrywide’s problems in their court to be solved. Bank of America is the largest bank in the country but I fear they are not big enough to take on Countrywide’s problems and tackle their own as they continue to surface. The country sure doesn't need B of A in deep trouble now as well. I am not even close to sure the regulators will allow it either. If they do there is probably more to the story than we know.
All in all I hope if the deal goes through it somehow works but I for one have plenty of doubts. I just don’t get why B of A would take on that much liability that they still can’t define. There is still plenty to surface about both these lenders and their mortgage companies. If I were B of A I might just opt to take a seat and be a looker rather than a buyer.
Finally I still see the fellow on the TV all the time telling me about the no cost refi for us homeowners. Countrywide might save some money by taking those adds off the TV. I am not sure anyone is buying that pitch anymore.
More to come
Lonny
The industry seems to think it is a good thing for the sale to happen. Countrywide simply going out of business could shake up the mortgage world way too much at the present time according to the experts. I was one that said Countrywide was way too big to ever go out of business when all this mess started. If they can go broke is anyone safe? I don’t think so. The mortgage mess this country is facing seems to have a mind of its own with a quick end no where in site. Bankruptcy for Countrywide according to the same experts does not seem to be the best alternative either for some reason. That seems to be a bit safer to me (I am no expert here for sure) as that at least keeps Countrywide’s problems in their court to be solved. Bank of America is the largest bank in the country but I fear they are not big enough to take on Countrywide’s problems and tackle their own as they continue to surface. The country sure doesn't need B of A in deep trouble now as well. I am not even close to sure the regulators will allow it either. If they do there is probably more to the story than we know.
All in all I hope if the deal goes through it somehow works but I for one have plenty of doubts. I just don’t get why B of A would take on that much liability that they still can’t define. There is still plenty to surface about both these lenders and their mortgage companies. If I were B of A I might just opt to take a seat and be a looker rather than a buyer.
Finally I still see the fellow on the TV all the time telling me about the no cost refi for us homeowners. Countrywide might save some money by taking those adds off the TV. I am not sure anyone is buying that pitch anymore.
More to come
Lonny
Friday, January 11, 2008
GAS PRICES
Is there anyone among us who believes that gasoline prices are purely market driven? I wonder from time to time whether they are or not. I really think that oil companies conspire to price fix, and the oil traders are just like other traders, and they use most anything to run up gasoline prices. For instance I am not sure I heard it but I am sure the fact that some Iranian speed boats charged our navy a few days ago made oil prices go up. Does Iran even produce oil?
The profits of the oil companies are insane as the gut the middle class of our country. We are soon to see what the price of energy is going to do to the economy and in my opinion it has already started, there is plenty of talk of recession in the news of late. Now those purest would say, it is a free market and if the oil companies don’t sell the gas to us they can simply send it to China or India there is plenty of demand there. Is there; I certainly don’t know but I sure don’t want to not have enough gas either. I have no choice I have to buy the stuff to get where I am going so I can try to make enough money to buy more gas so the oil companies can price fix and make more money.
Here is a thought to consider. What if everyone who could would simply use 25% less gas? No way you say! Well I know I could if I just put my mind too it. I could check my mileage in a normal week and then make a real plan to drive 25% less miles. Maybe I won’t go. Maybe I will ride to work 3 days a week with a co-worker, maybe Karren and I could combine trips etc. I am not sure how I would do it but I bet most of us could use 25% less.
Now consider a national effort to do the same for the next 6 months. If the oil companies reserves increased by 25% overnight I bet they might just start competing to rid themselves of them and use a little of that big profit to keep their refineries running and their employees busy. Never work you say? I ask why not. I am no one who can get that message out nationally but my bet is that it would work like a charm. It may not be a pure supply and demand market but you decrease demand and increase supply by 25% and you might just be surprised.
Any thoughts?
More to come
Lonny
The profits of the oil companies are insane as the gut the middle class of our country. We are soon to see what the price of energy is going to do to the economy and in my opinion it has already started, there is plenty of talk of recession in the news of late. Now those purest would say, it is a free market and if the oil companies don’t sell the gas to us they can simply send it to China or India there is plenty of demand there. Is there; I certainly don’t know but I sure don’t want to not have enough gas either. I have no choice I have to buy the stuff to get where I am going so I can try to make enough money to buy more gas so the oil companies can price fix and make more money.
Here is a thought to consider. What if everyone who could would simply use 25% less gas? No way you say! Well I know I could if I just put my mind too it. I could check my mileage in a normal week and then make a real plan to drive 25% less miles. Maybe I won’t go. Maybe I will ride to work 3 days a week with a co-worker, maybe Karren and I could combine trips etc. I am not sure how I would do it but I bet most of us could use 25% less.
Now consider a national effort to do the same for the next 6 months. If the oil companies reserves increased by 25% overnight I bet they might just start competing to rid themselves of them and use a little of that big profit to keep their refineries running and their employees busy. Never work you say? I ask why not. I am no one who can get that message out nationally but my bet is that it would work like a charm. It may not be a pure supply and demand market but you decrease demand and increase supply by 25% and you might just be surprised.
Any thoughts?
More to come
Lonny
Wednesday, January 9, 2008
HAPPY DAY
Karren and I celebrated our 36th anniversary yesterday and I my 56th birthday. I can't believe she has been married to me this long and hasn't killed me. She is a patient woman no doubt. She sent me these little tidbits yesterday. Oh by the way it is not too late to send your birthday presents to me. I'm in the book.
Enjoy:
1. My husband and I divorced over religious differences. He thought he was God and I didn't.
2. I don't suffer from insanity; I enjoy every minute of it.
3. Some people are alive only because it's illegal to kill them.
4. I used to have a handle on life, but it broke.
5. Don't take life too seriously; No one gets out alive.
6. You're just jealous because the voices only talk to me
7. Beauty is in the eye of the beer holder.
8. Earth is the insane asylum for the universe.
9. I'm not a complete idiot -- Some parts are just missing.
10. Out of my mind. Back in five minutes.
11. NyQuil, the stuffy, sneezy, why-the-heck-is-the-room-spinning medicine.
12. God must love stupid people; He made so many.
13. The gene pool could use a little chlorine.
14. Consciousness: That annoying time between naps.
15. Ever stop to think, and forget to start again?
16. Being "over the hill" is much better than being under it!
17. Wrinkled Was Not One of the Things I Wanted to Be When I Grew up.
18. Procrastinate Now!
19. I Have a Degree in Liberal Arts; Do You Want Fries With That?
20. A hangover is the wrath of grapes.
21.. A journey of a thousand miles begins with a cash advance
22. Stupidity is not a handicap. Park elsewhere!
23. They call it PMS because Mad Cow Disease was already taken.
24. He who dies with the most toys is nonetheless DEAD.
25. A picture is worth a thousand words, but it uses up three thousand times the memory.
26. Ham and eggs.A day's work for a chicken, a lifetime commitment for a pig.
27. The trouble with life is there's no background music.
28. The original point and click interface was a Smith & Wesson.
29. I smile because I don't know what the hell is going on. Appreciate every single thing you have, especially your friends! Life is too short and friends are too few
More to come
Lonny
Enjoy:
1. My husband and I divorced over religious differences. He thought he was God and I didn't.
2. I don't suffer from insanity; I enjoy every minute of it.
3. Some people are alive only because it's illegal to kill them.
4. I used to have a handle on life, but it broke.
5. Don't take life too seriously; No one gets out alive.
6. You're just jealous because the voices only talk to me
7. Beauty is in the eye of the beer holder.
8. Earth is the insane asylum for the universe.
9. I'm not a complete idiot -- Some parts are just missing.
10. Out of my mind. Back in five minutes.
11. NyQuil, the stuffy, sneezy, why-the-heck-is-the-room-spinning medicine.
12. God must love stupid people; He made so many.
13. The gene pool could use a little chlorine.
14. Consciousness: That annoying time between naps.
15. Ever stop to think, and forget to start again?
16. Being "over the hill" is much better than being under it!
17. Wrinkled Was Not One of the Things I Wanted to Be When I Grew up.
18. Procrastinate Now!
19. I Have a Degree in Liberal Arts; Do You Want Fries With That?
20. A hangover is the wrath of grapes.
21.. A journey of a thousand miles begins with a cash advance
22. Stupidity is not a handicap. Park elsewhere!
23. They call it PMS because Mad Cow Disease was already taken.
24. He who dies with the most toys is nonetheless DEAD.
25. A picture is worth a thousand words, but it uses up three thousand times the memory.
26. Ham and eggs.A day's work for a chicken, a lifetime commitment for a pig.
27. The trouble with life is there's no background music.
28. The original point and click interface was a Smith & Wesson.
29. I smile because I don't know what the hell is going on. Appreciate every single thing you have, especially your friends! Life is too short and friends are too few
More to come
Lonny
Tuesday, January 8, 2008
THE POWER OF THE CONSUMER
A couple of weeks ago I was listening to a popular radio talk show in the Phoenix area. This particular host had visited the border to get a first hand look at how bad the illegal crossing problem was. He described a well orchestrated scene which existed in Mexico that provided transportation and safe passage across the border. He also described how he was treated when he was apprehended crossing the border into Mexico. To say the least it is a business and not one that has any intervention by the Mexican government.
Why would Mexico care if their people came to the US to get free services and send the money they made back? Well obviously they don’t and have no incentive to do anything about it. It is painfully obvious that our government will not do anything to stop illegal immigration. I would like to believe that whoever gets elected the new President will really get something done but that is pretty unlikely if history tells us anything at all. For me someone is getting paid off somewhere to keep things status quo and my guess all this political talk is just talk. Our government has convinced me nothing will happen now or in the future that can solve the immigration problem.
If Mexico would help secure the border it would probably happen. You would have two countries instead of one trying to solve the problem. Why would Mexico secure the border? If they had something to loose they might have some incentive to do it. Now you will say it can’t be done but what if the US consumer simply said, until Mexico secures their border we aren’t coming to Mexico. What if every hotel in Cabo and Cancun all of the sudden had no American tourist dollars? Do you think the government of Mexico just might have to do something, and do you think the money in the resorts could pay off the correct government folks to get the job done?
I was visiting with some friends a few days back and the conversation turned to a trip to Cabo in early summer for a group of us. There was not talk of anything other than we should go, no thought of the problems that Mexico causes us. It is almost like there are two societies there. I asked when do we stop supporting a country that is helping destroy our infrastructure and perhaps the whole culture of our country. The few of us friends can hardly make a difference but all of us consumers could turn Mexico and their policies about securing the border on a dime.
Think about it and then think about what we as consumers could do with the oil companies if we put our minds to it.
More to come
Lonny
Why would Mexico care if their people came to the US to get free services and send the money they made back? Well obviously they don’t and have no incentive to do anything about it. It is painfully obvious that our government will not do anything to stop illegal immigration. I would like to believe that whoever gets elected the new President will really get something done but that is pretty unlikely if history tells us anything at all. For me someone is getting paid off somewhere to keep things status quo and my guess all this political talk is just talk. Our government has convinced me nothing will happen now or in the future that can solve the immigration problem.
If Mexico would help secure the border it would probably happen. You would have two countries instead of one trying to solve the problem. Why would Mexico secure the border? If they had something to loose they might have some incentive to do it. Now you will say it can’t be done but what if the US consumer simply said, until Mexico secures their border we aren’t coming to Mexico. What if every hotel in Cabo and Cancun all of the sudden had no American tourist dollars? Do you think the government of Mexico just might have to do something, and do you think the money in the resorts could pay off the correct government folks to get the job done?
I was visiting with some friends a few days back and the conversation turned to a trip to Cabo in early summer for a group of us. There was not talk of anything other than we should go, no thought of the problems that Mexico causes us. It is almost like there are two societies there. I asked when do we stop supporting a country that is helping destroy our infrastructure and perhaps the whole culture of our country. The few of us friends can hardly make a difference but all of us consumers could turn Mexico and their policies about securing the border on a dime.
Think about it and then think about what we as consumers could do with the oil companies if we put our minds to it.
More to come
Lonny
Friday, January 4, 2008
GOOD STUFF
I must admit I have been a bit inconsistent with the Blog of late. Wanting to make sure the dribble is not dribble has become a bit of a chanllenge I must admit. I was going to do something very profound today but Shae who is one of my new customers sent me this and it was too good to pass up. Thanks Shae!!!
Enjoy:
http://users.gazinter.net/melan/Warn/Warnenu.htm
More to come
Lonny
Enjoy:
http://users.gazinter.net/melan/Warn/Warnenu.htm
More to come
Lonny
Thursday, January 3, 2008
WHAT A SURPRISE
My friend Paul sent this to me, and as the political season heats up I thought it was worth a hard look, thanks Paul. Remember if you want to e-mail the Blog hit the envelope at the bottom and you can send it along.
Enjoy:
Your Social Security
Just in case some of you young whippersnappers (and some older ones) didn't know this. It's easy to check out, if you don't believe it. Be sure and show it to your kids. They need a little history lesson on what's what.
Our Social Security program was introduced by Franklin Roosevelt, a Democrat.
Promises he made at the time were:
1.) That participation in the Program would be Completely voluntary,
2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program,
3.) That the money the participants elected to put Into the Program would be deductible from Their income for tax purposes each year,
4.) That the money the participants put into the independent "Trust Fund" rather than into the General Operating Fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other government program, and,
5.) That the annuity payments to the retirees would never be taxed as income. Since many of us have paid into FICA for years and are now receiving a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the Federal Government to "put away" -- you may be interested in the following:
Q : Which Political Party took Social Security from the independent "Trust Fund" and put it into the General Fund so that Congress could spend it?
A: It was Lyndon Johnson and the democratically Controlled House and Senate.
Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?
A: The Democratic Party.
Q: Which Political Party started taxing Social Security annuities?
A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US.
Q: Which Political Party decided to start giving annuity payments to immigrants? AND MY FAVORITE:
A: That's right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!
Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away! And the worst part about it is, uninformed citizens believe it!
If enough people receive this, maybe a seed of awareness will be planted and maybe changes will evolve. Maybe not, some Democrats are awfully sure of what isn't so. But it's worth a try. How many people can YOU send this to?
Actions speak louder than bumper stickers.
More to come
Lonny
Enjoy:
Your Social Security
Just in case some of you young whippersnappers (and some older ones) didn't know this. It's easy to check out, if you don't believe it. Be sure and show it to your kids. They need a little history lesson on what's what.
Our Social Security program was introduced by Franklin Roosevelt, a Democrat.
Promises he made at the time were:
1.) That participation in the Program would be Completely voluntary,
2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program,
3.) That the money the participants elected to put Into the Program would be deductible from Their income for tax purposes each year,
4.) That the money the participants put into the independent "Trust Fund" rather than into the General Operating Fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other government program, and,
5.) That the annuity payments to the retirees would never be taxed as income. Since many of us have paid into FICA for years and are now receiving a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the Federal Government to "put away" -- you may be interested in the following:
Q : Which Political Party took Social Security from the independent "Trust Fund" and put it into the General Fund so that Congress could spend it?
A: It was Lyndon Johnson and the democratically Controlled House and Senate.
Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?
A: The Democratic Party.
Q: Which Political Party started taxing Social Security annuities?
A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US.
Q: Which Political Party decided to start giving annuity payments to immigrants? AND MY FAVORITE:
A: That's right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!
Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away! And the worst part about it is, uninformed citizens believe it!
If enough people receive this, maybe a seed of awareness will be planted and maybe changes will evolve. Maybe not, some Democrats are awfully sure of what isn't so. But it's worth a try. How many people can YOU send this to?
Actions speak louder than bumper stickers.
More to come
Lonny
Subscribe to:
Posts (Atom)
