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Posts Tagged ‘mortgage’

brand-new-house*There’s a brand spanking new house on my street that has lost over $10,000 in equity every single month for the last 10 months!

 

*The Dow is just barely above 7,000 points which is a critical support level of our economy.  Once it goes down below that, then we will lose a significant number of investors who have reliably played a part in our economy. 

 

*Banks STILL are not lending freely with the tax dollars we’ve provided them–whether it be home mortgages, business loans or auto loans.  Previously banks would issue about 130% of the book value of a brand new car so long as you had a credit score above 680.  Now you have to have a 750 credit score to get 105% of the book value for a brand new car!  Wait a minute.  I give you the money so that you can lend, and then you don’t lend to those who gave you the money?  Something is VERY wrong here.

 

*Cheese, produce, and grains have increased in price by as much as 400%.  I used be able to buy an artichoke for less than a dollar each.  Now it’s nearly $4 each.  A bag of wheat used to cost $8.99 for a 50 pound bag.  Now it’s as much as $45 for the same 50 pounds!  The same goes for rice, cheese, milk, etc. 

 

emperors-new-clothesI don’t know how “rich” Obama thinks the wealthy are, but he’s ridiculous to think that the rich are going to be able to pull us out of the recession.  Thinking that the government is the answer to this crisis is WORSE than “The Emperor’s New Clothes” because the emperor is strutting around naked, trying to tell everyone that he’s wearing new clothes, but he actually KNOWS that he’s strutting around in his birthday suit!

 

There is discussion going on in Capital Hill right now that in order to “save” the elderly, they are going to take over the administration of retirement accounts.  WHAT?  You mean the same government who can’t properly oversee the bankrupt Social Security accounts of our nation now want us to believe that they can handle our other retirement accounts?  This is the same government which doesn’t know the difference between a Promise and a Lie.

 

The government can’t even count votes, can’t pay their own taxes, overpays by BILLIONS of dollars for assets which they buy, can’t “make” banks give loans even when they provide them with the money to do so, can’t protect the freedom of our citizens — which is their number one responsibility — and can’t even take the time to read what they are voting on, and yet we’re supposed to believe that they are the sole solution for this economic meltdown?  PUH-LEEZE!

 

If this keeps up we’ll WISH we were living in a socialistic nation, only because it’s the lesser evil to a monarchy!

 

I believe that there are still REAL Americans out there that are starting to recognize that they’ve been hoodwinked, who are not cowards as the Attorney General likes to call them.  I think a Boston Tea Party is the least of our governments concerns. 

 

The Government has forgotten their purpose – to SERVE the American people.  Instead they are helping themselves to the fruits of the labors of the American people. They have forgotten that a FREE people are responsible for giving them any power in the first place, and that a FREE people have the rights to reclaim and reorganize that power. 

 

reclaim-freedomPeople of America, exercise your rights and make those cell phones and e-mails, fax machines and overpriced stamps actually mean something.  WRITE your legislatures, senators, congressmen, governors.  Reclaim your freedoms!  Our hard earned liberties which have cost the lives of thousands are being depleted more stringently and in more atrocious manners than any cause ever before!

 

Our lives, liberty and property depend on these freedoms.  Our peace and happiness depend on these freedoms. 

 

This crisis of our nation isn’t just about “overcoming the economy”. Warren Buffet was quoted today as saying that the American people “have overcome worse.”  No, they have NOT — to be completely forthright. They have NEVER been confronted with such a financial crisis COMBINED with a crisis of freedoms and rights!  Their money AND their freedoms are being stripped away.  This is a crisis that we have NEVER had to overcome previously.  I PRAY that we have the strength to overcome it now.

 

 

To find out who your local legislatures, senators, congressmen, governors are to contact, please visit http://www.visi.com/juan/congress/.

Copyright 2009 Kellene Bishop. All rights reserved.
You are welcome to repost this information so long as it is credited to Kellene Bishop.  
 

 

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Yup. You may not be able to fix stupid, but in this case, I think it’s perfectly legal to kill it.

Wow! I thought the majority of discrimination had been eliminated nowadays. Clearly I’m wrong and somewhat naïve though. Can you believe it? American Express is now openly admitting that they are lowering their credit exposure to individuals based on whether or not they have a loan with a mortgage lender that ALSO lends to sub-prime candidates and if the client has the audacity to shop at stores where low income individuals also shop. And apparently they aren’t the only ones to enact such insulting practices in the credit card industry.

Wells Fargo used to be one of the most aggressive sub-prime lenders in the nation. They are soon to be poised as one of the largest banks with their takeover of Wachovia, even if only receiving a portion of the assets of that bank. And yet someone who qualifies for an “A Paper, Roll Out the Red Carpet loan” from Wells Fargo could be targeted with less favorable terms because of Wells Fargo’s subprime division.

Countrywide was very aggressive in the subprime market as well. And as you know, Countrywide has bit the dust. Regardless of the fact that A paper, reputable, and financially strong banks have purchased Countrywide’s mortgage assets, you could still be financially penalized because you have a loan with them. Ironic isn’t it? You can pay perfectly on your loan with absolutely no hiccups, but because the company you make your check out to every month has made questionable decisions in their lending practice, your access to credit is compromised?

Is it just me, or is this absolutely ridiculous? (Warning: Sarcastic tirade up ahead) Let’s compound the suffering of the American people by penalizing them for the actions of others yet one more way. And when they try to react to the economic crisis by shopping at Target or Wal-Mart to make their dollars stretch that much more, let’s assume that they should be treated as a trailer trash drug addict and credit derelicts and minimize their accessibility to credit. After all, drug addicts have to shop somewhere, right? And if you’re dumb enough to shop where the financially struggling do, then your access to credit should be minimized, if not taken away all together! And while were at it, we should also be take preemptive measures and round up and put to death anyone who has the name of Charles or Manson or Oswald- just to be safe, you know.

Yup. The dumb keep getting dumber folks. This outlandish decision has three Code Red ailments.

  1. It holds the potential to increase the gap of distance between the wealthy and the other classes. Such a gap can foster a surge in pride and snobbery.
  2. If affects the spending ability of the wealthy. And I’m telling you… the wealthy do not like to be told what to do with their money. The wealthy now have reason to literally FEAR shopping at Target or Wal-Mart. Even if they pronounce either store with a French accent, they could lose their access to credit as a result. Just in case you didn’t know, the wealthy have experienced an inflation ratio of 12% over the last few years which is as much as double or triple what the other classes have been subjected to for the goods and services they buy. Thus the wealthy are now bound to experience an even bigger inflation ratio as they will now be required to buy their everyday goods from more upscale stores, or risk the fate of lowered credit access. With this asinine decision, the wealthy are less likely to change their inflation rate any time soon.
  3. And folks, like it or not, the wealthy provide jobs. That’s the 3rd ailment. So not only does this Nazi-styled discrimination practice harm the middle class in their ability to grow their businesses, it has the ability to affect the lower class as well, in their dependence on the wealthy for employment.

My vote? I choose to stop rewarding stupidity right now by eliminating all of my credit card access. Will it be challenging at first? You betcha! It’s ingrained in me to perform my business transactions this way. But I’ll be darned if I let the Plastic Prince tell where I can or can’t shop. I look at it this way. Benjamin Franklin was one of the wealthiest and most successful business people in history. He did so without the Melamine Methodology, and dog gone it, so will I.

Credit Cards. May they melt in peace.

Copyright 2009 Kellene Bishop. All rights reserved.
You are welcome to repost this information so long as it is credited to Kellene Bishop.  

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The most recent news of the government taking over Freddie and Fannie may come as welcome relief to some, it scares the crud out of me.  Here’s yet one more way that our government can have a hand in our business, our finances, and it is certain to be an unpleasant one.  Every time the government is in control over a financial issue, they consistently demonstrate that they have no decorum in conducting themselves with any sense of prudence.  Social Security. Medicaid. FEMA assistance.  Pork spending. And let’s not forget the true 800 pound gorilla that’s been around since the early 1900’s, the suspiciously formed Federal Reserve.  So now we have the Federal Reserve pulling all of the strings of our currency circulation (whilst arbitrarily eliminating any reporting of just how much currency is in circulation at one time), the FDIC taking over control of various banks that have mishandled their funds, and we’ve now got the U.S. government acting as the nation’s primary mortgage lender.  Geesh.  If that’s not a recipe for disaster, I don’t know what is.  The more of our financial freedoms we give control to our government, AND to non-elected officials such as those that run the FDIC and the Federal Reserve, the less free we are indeed. 

 

To read that Freddie or Fannie did not see the mortgage bubble coming is ludicrous. These are learned and highly educated individuals entrusted with this responsibility all these years.  Of course they saw the writing on the wall.   They either had a back up plan that didn’t pan out very well, or they chose to ignore the responsibility that this problem they created would require.  You simply cannot believe they acted in ignorance.  I’ve got entry-level administrative personnel that can forecast better than that!  I’ve got nothing more than a high school education and yet over 3 years ago I bailed out of the residential industry to get into commercial because the writing was on the wall way back then.  In other words, it doesn’t take a brain surgeon—or at least a college educated economist—to see that there was trouble brewing long ago with the credit given freely to so many with such unrestrained finance terms.

 

Here is yet one more reason for us to heed ongoing counsel of the wise to get out of debt, including our homes.  We’ve got to start looking at our homes as our places of refuge, not a credit line. 

Copyright 2009 Kellene Bishop. All rights reserved.
You are welcome to repost this information so long as it is credited to Kellene Bishop.  

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