There were worse days for Don and Peggy Cook to have lost their home, but the irony was inescapable: on Veterans Day, the bank was foreclosing.
Read more about foreclosure...
Lesa Ystad is losing her Bay View home. She fell behind in the payments. Her utilities were shut off. She tried to stop the bleeding. She begged her bank for help. Nothing worked. Read more about foreclosure...
At the start of the foreclosure crisis, personal-finance experts urged struggling homeowners to contact their lenders if they started to fall behind on their mortgages. The lenders want to do everything they can, homeowners were told, to avoid a foreclosure. Now, the experts aren’t so sure that’s the case.
Read more about banks preferring foreclosure...
FALL RIVER, Mass.–(BUSINESS WIRE)–This morning, the Massachusetts Land Court agreed with Attorney Glenn Russell by ruling that mortgage lenders must prove that they are indeed the mortgage note holders of record in order to foreclose. The ruling was part of two court cases, U.S. Bank National Association v. Ibanez (08 MISC 384283 (KCL)) and Wells Fargo v. Larace (08 MISC 386755 (KCL)).
“This is great news for Massachusetts homeowners,” says MFI-Boston President Steve Dibert. “The lender must now prove that he or she has a legitimate claim in order to foreclose. Forcing the lender to provide this proof has been the primary mission of both MFI-Boston and MFI-Miami since I started both companies nearly 18 months ago.” Read more about this court ruling...
Small Business needs YOUR HELP TO STOP PREDATORY LENDING PRACTICES. Below are representations of small business who has filed complaints to the Federal Reserve in Washington, D. C. and St. Louis regarding Cass Commercial Bank in St. Louis, MO. I should tell you up front the Federal Reserve position is there is no mechanism for Small Business complaints, only consumer complaints. The Federal Reserve in St. Louis will send a Bank Examiner to review; however, with the backlog of complaints it is going to be months before the Federal Reserve will investigate. SMALL COMPANIES DO NOT HAVE MONTHS!
This particular business is A Women-Owned Business Enterprise (WBE) Certified Company and US Government Central Contractor Registered.
Where is our Government! It is time FOR CHANGE!
I have a question about the ecomomic crisis we’re in. If most of the “toxic” debt stems from defaults on sub-prime mortgages, and if the problems with AIG stem from insuring those bad loans, why not buy up the loans? Why buy a failing company and back the insurance on bad investments (some of which were reportedly leveraged at 35:1, presumably many times over) when we could simply buy out the bad loans?
I’m not talking about bailing out people versus companies, I’m simply talking about paying the smaller bill to garner the same effect. Once the economy (and housing prices) were stabilized, the government could offer the houses for sale with preference being given to previous homeowners – should they prove financially able to make the purchase.
In many places, it sounds like this kind of “bailout” might be too late, with foreclosure rates leaving entire communities decimated. At least this type of expenditure would be an investment in real property in the United States, instead of spending money chasing insurance payouts on bad debt without addressing the core issue – the over-valuation of real property in markets that saw rapid growth in the last decade and a long-overdue market correction.
I would rather see the Federal government own 80% of foreclosed properties than 80% of AIG. This would address the problem that many have expressed over helping individuals with their mortgages. The millions of Americans who have faithfully paid their mortgages for years have every right to wonder why someone who didn’t budget well should get a handout. I find it hard to believe, though, that those same individuals would prefer to see their tax dollars (and their children’s tax dollars) spent on bonuses paid to AIG executives and insurance payouts to foreign banks.
"Many people took out loans they were never going to be able to afford,never! That means somebody knew from day one they were never going tobe able to pay back the loans." The bankers approved these loans and used the money to pay themselves bonuses and payed our government representatives to look the other way…that’s where we are…any suggestions for getting us out of the mess are welcome…but if you just want to play the blame game…where does that get us?
Read what was spammed on the comments section of my blog:
The people that bend the rules GET PAID!
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Buy a home, car or get a huge irs tax refund just for being you! Do what you have to do to get yours! EVERYONE ELSE DID!!
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Print out Fake Employment and Fake Income, Wages, 1099, w2, w-2, using your home computer printer!
Oy vey!!
You hear it once in a while in a comment, under once breath, in frustration or at an Obama event the other day: “Send the check to my mailbox!” It is not an option that is seriously being discussed - yet. But why not?? When former treasury secretary Hank Paulson came running to congress last fall with his 3-page bank bailout plan in hand, Congressman Kucinich, for a brief moment, shone a bright spotlight on the obvious lunacy:
Mr. President Obama,
My name is Common Sense Irv. In light of the problems with the economy I have a solution that may help with the Republicans in regards to tax cuts. Why not do it from the coffers of the American public itself. A percentage of Americans have money put away in various financial instruments for retirement, investment, 401Ks etc. We could have them move the money without penalty or taxation to our floundering banking system in the form of savings accounts. Now here's the meat.
Make each dollar saved an incremental tax break. For example: make one dollar saved 1/10 of a percent tax break applied directly to adjusted gross income. Keep in mind these percentages are purely hypothetical. However they illustrate the jist of the theory.
1- Again 1 dollar saved =1/10 of a percentage point from your adjusted gross income. In this example every 100 dollars of real money moved out of these various retirement and investment instruments and saved would = a full percentage point in tax breaks.
2- Place a minimum on the amount to qualify for the tax break, a time frame the money would have to stay in the savings account to qualify and of course a ceiling on the amount of tax break to be gotten.
3- As an added incentive to qualify for this program the participating banks would have to use this influx of cash as an immediate borrowing capitalization. In other words if they hoard it they will not be eligible for the program thus depositors will have to go elsewhere.
4. Some type of commitment by the banking community would have to be in place a head of time to insure this aspect of the plan.
Why I think this would work?
1. This would empower people who have money to get involved with the rebuilding of America and it’s not just giving a hand out. They stand to gain by opening a regular saving account and receiving a huge one time tax break (of course you could extend this plan as long as you like).
2. It encourages competition by the banks to get people saving. Obviously there would be all types of plans and incentives out there as the banks compete for that saving dollar.
3. Its taking real money already in the economy and redistributing it for the greater good at no penalty to the participants.
4. The beauty of the plan it gives people a reason to invest right away.
The Mechanics
1. No existing saving account would qualify. Money would have to be moved to new savings account designated for this program. Even if the money is in the same bank they would have to establish a new account specifically for this program.
2. By doing this banks would not be able to hide the fundsThe savings funds would have to be used for consumer or buisness loans.
3. In place from the beginning a government reporting system for the banks to keep track of the new accounts and how the new capital is being borrowed out.
4. Tougher penalties for not playing by the rules.
In closing this is a rough draft of a different approach to our problems in jump starting the economy It’s a win/win for all involved. There are many ideas and twist that can be incorporated into this simple plan.
To recap: Joe Plumber takes out of his 401K 10'000 dollars and puts it in a simple saving account.
According to the formula this would = a 100% tax break or a max out figure in accordance with a scale to be determined by the government.
The idea is to set the scale to be inclusive to all that choose to participate.
If done correctly the scales could be set to be attractive to the largest and smallest saver.
Well that’s it. I hope this spawns some different thoughts about our nations problems. My name is Common Sense Irv.I'd love to hear your thoughts on this idea
With so much talk from Barack Obama about all Americans being responsible and accountable by pitching in and doing something to make things better for all of us as a nation, I thought this would be a great thing to do. For me it is not new though.
I have been at the forefront of the foreclosure crisis since 2002. If you have found yourself in the middle of a Financial Hardship or you have an adjustable Arm Loan or even if you are looking to Prevent Foreclosure in order to save your home, I can work with you as I have worked with others since 2002 on behalf of families in need. I can help you too with my FREE Loan Modification No Obligation Consultation/Analysis. Results can be as quick as 3 weeks and sometimes it takes longer since the lenders are very busy! Let’s discuss your options. Life happens. Together let’s see how you and your family can best be helped in order to move your lives forward.
You see I know from personal experience that things often don’t end the way they do in the movies. I did everything right, went to college, worked for over thirty years, had good credit, paid my bills on time etc. Unfortunately I got sick in America. After a freak accident, I almost died, had to have brain surgery, and now have several incurable autoimmune diseases. That was hard enough to deal with, but when I filed a claim to get a government insurance policy (Social Security Disability Insurance) that I paid for every week out of my wages, just like many of you do, my life was permanently destroyed with the stroke of a pen, by a government worker to whom I was just an SS number, and who did not do their job properly. I lost all my life savings, and pension money while fighting for my benefits, and will never be able to recover from the emotional, physical and financial devastation that had on my life.
Unlike Frank Capra’s character George Bailey, there are no bailouts for me, or others like me. While family and friends have good intentions, they are not much better off either, so they really can’t help like they might want to, and I don’t qualify for Social Service programs. I don’t know how I am going to survive without some miracle like winning the lottery. I am now doomed to spend what’s left of my days here on earth, living in poverty, in addition to all my medical concerns. I will never be able to own a home, or get another car. My current vehicle which is on death’s door, is the only method of transportation I have for survival. Then there is always the struggle of deciding whether I should buy food, or get medicine, that much needed medical test, or see the doctor instead. When things break down now, I cannot fix them and have to do without. This totally unbearable, continuing source of stress and frustration, is killing me. I tell you this not for pity but to warn you that anyone of you reading this could end up just like me, and have your life changed forever by an unfortunate illness, accident, vicious act, service to our country or natural disaster. Remember that disease and tragedy do not discriminate on the basis of age, sex or race, and if you think this could not happen to you – you could be dead wrong, just like over 16,000 Americans in the last two years who did not survive the wait to get their Social Security Disability benefits.
Since most of our elected officials will probably never experience this scenario personally, because they usually have a nice financial cushion to fall back on, I don’t see any hope for change in regards to this problem, no matter who is in office. Let’s be brutally honest here. The first thing to get cut in local, state and federal budgets is always the money to fund programs that help the people who need it most. This problem has festered for decades and nobody is going to convince me that they don’t want us to give up or die. They continually talk about helping the upper class and the middle class. What about the millions of Americans that do not fit either of those categories? Thanks to their neglect of our situations, they continue to prove that they have no class. The only thing that ever trickles down to us is too nasty a word to mention, and the only light at the end of the tunnel is a freight train! Buildings are not built from the top down, and a chain is only as strong as it’s weakest link. You can judge a country by how it treats it’s most vulnerable citizens, and we have been left to die in the streets, and on hospital waiting room floors. Based on what I have seen, heard, and personally experienced, America should hang its head in shame! Unfortunately for myself, and others like me it’s not such a wonderful life. There is no possibility of the American dream, only the reality of the American nightmare. My only hope is that it never happens to you.
Dear Barack,
If you ever read these things, and I highly doubt that you will ever see this, we really need to talk!
The rest of my horror story can be found on my website “A Bump On The Head” at:
http://www.frontiernet.net/~lindaf1/bump.html
LJ Fullerton - Social Security Disability Coalition
I am so thrilled with the election results. America has a chance now to rebuild from Hurricane Bush/Cheney and the Republicans who cared nothing for middle-America. I have been trying, however, to find out how the average middle-class American gets any attention or assistance? More pressing concerns are just about to get the best of me, though, and I am wondering where I get in line to be heard. Where do I get in line for assistance? I am a single mother who worked hard all my life. I used to pick cotton on my great-grandfather's land when I was a young girl, not a lot, but enough so I could ride his old mule. I began babysitting at 12 and had my first real job at 13 (stock car race concession stand in Greenville, TX). Whether it was slinging hash at a Pit Grill from 10 pm to 6am or cleaning restrooms in a bar until I could get some job training behind me, I have always worked. When I became a single mother, I was fortunate enough to hook up with the Job Partnership Training Act. Since 1980, I have worked as a legal secretary/assistant and closer. I raised my children pretty much alone. My son suffered global traumatic brain injuries at the age of 16 and his little sister and I cared for him at home until he died. We lost everything during that time. I buried my son and picked myself back up so I could continue to care for my daughter. My daughter went on to graduate from LSU in Baton Rouge, LA and has a great career working in New Orleans for the company that manages the Superdome and New Orleans Arena. She is my reason for being.
However, after all the trials and tribulations of my life, I always struggled to keep my head up, to do the right thing. I have always worked hard to provide for my children and myself. Now at the ripe old age of 52, I find myself facing struggles that I do not know I can handle. I have lost my job, am facing possible foreclosure, and my health is failing (at a time when I no longer have health insurance). Who is willing to listen to me and others like me? Where do we go to get in line for a bit of assistance? I don't want much, just a job, a way to save my home, and health insurance.
I tried contacting my senators and my congressmen, however, have not received one bit of information. So, what do you think? If I show up in Washington and ask to be heard, will the senate hear someone like me? According to the offices of my senators and congressmen, I am not likely to be heard. Why we immediately jumped to bail out AIG without requiring any restructuring or oversight for their past mistakes, but are making the auto industry jump through hoops is beyond me. So, how do they do it? How did AIG and the automakers get their voices heard? Where's my bailout?
I know how busy you must be so I’ll leave get right to the point: This is an idea I had for a program that could be part of the economic recovery plan. I hope it is of use to you.
There are a whole variety of issues which one can take issue with when it comes to the "Bush Years of Decay", but one that should be front and center, because of the pain and suffering of the economic crisis, and it is the number one issue before the American people and Small Businesses right now, and will be for years to come, is holding those in government responsible for setting the American people up for the fall. The Republican Party from Bush - McCain, to the Senate and House of Represenatives made the "Economic Crisis" possible with their self-interest, cronyism, and relationship to unethical and corrupt "Wall Street Moneychangers". These politicians are the fathers of the "Original Sin of Corruption", and it was by their hands that everything that has come to pass in the economic markets both here, and around the world has been allowed to propogate. Right here, right now I can tell you the people who have taken the American Dream from you, are now going to walk away rich beyond your imagination if you let them. But you can break this "Cycle of Corruption", you can begin to get a measure of justice, by voting the bums out. They only exist if you let them, and if you let them continue it will be business as usual. Right now they have their hands out, and George Bush is forwarding legislation which would reduce government oversight even more. Your vote for Barack Obama and the Democratic Party is your "Line Item Veto" on their tenure and policies, which you have had no voice in. There should be some Rage Against the Machine of Republiconomics, so I urge you to help end the plight of the working and middle class, and help restore the American Dream by the use of the vote. United we have the power to CHANGE the world.
Doing Less with Less, that's the working class reality today. Massive unemployment, home loss, no or inadequate healthcare, inflation. Lives and Dreams put on Hold. Eight years of Bush economics shows what an average Joe mentality can do to a once war free and prosperous nation. We need to elect an educated and thoughtful President, one who will keep an open mind and heart, who surrounds himself with knowledgable and experienced advisors and works together for the common good. If we know anything, we know, and are living, an economic nightmare brought on by Republican ideology and excesses. We need to CHANGE our government, and move in the opposite direction of George Bush and John McCain. Look around at your nation, your state, your community, your neighbors, and your family, and you can see the suffering. This isn't right, and we can right this wrong by voting for CHANGE. Get out, take a stand, vote for Barack Obama.
http://www.msnbc.msn.com/id/27461847/
This is where we are, do you want to keep traveling this road, with eight more years of George Bush proxy John McCain ?
http://www.msnbc.msn.com/id/27417053/
http://www.theledger.com/article/20081024/NEWS/810240405
I am Krystal Greene, or as the article states, Krystal Green. As the article states, I was attending Florida State University. To even get accepted to FSU was amazing. It was difficult, but it was something to work for. One day I got a call from my mom that her car had been reposessed. She couldn't get to work, and didn't know what to do. I was 4 hours away and I felt so helpless. A few weeks later she fell behind on her mortgage. I couldn't stand being that far from here with her stress levels being so high. I was scared she was going to have a stroke or heart attack. My fiance' and I made the decision to move back home to Lakeland and try to help her. About one month later she got the foreclosure papers, and I have yet to find a job. Now I am going to community college, and riding out what is left of my scholarship. My parents credit is worse than mine, and I cannot get student loans. Once my scholarship runs out I will have to postpone college to work and save up for tuition. I am not ashamed of that, it is simply what has to be done. If anything, it has made me determined to make a change and vote for the man who can see my struggle, not the one who is completely out of touch with my situation. I'm frustrated, angry, but determined.
