This is how Mortgage Bankers would like the American Homeowner to be protected:
Bankruptcy Judges were to be given the power to renegotiate mortgages (since values are lower) in a move bankers call ‘Cramdown’. The Mortgage banking lobby said ‘NO’, and put their money where their big mouths are…
“Maybe a rainbow will come out…” says the Mortgage Banking guy. Well, sadly for the Average American, a rainbow of UNFAIR did come out, colored by the Mortgage Bankers’ money.
John Taylor, The National Community Reinvestment Coalition, rattles off everyone who will PROFIT by foreclosing and NOT let homeowners be protected by bankruptcy: mortgage bankers, bankers, lawyers…
Hey, didn’t those Mortgage Banking guys get us into this mess?
And now they’re stripping any homeowner protections? Surprise, Surprise.
These guys all live the same life, high income, wives and nannies raise their kids, they have elitist club memberships, they are used to an upper class, white life with second and third homes.
This is why we are screwed. No new ideas. No new faces. No faces of color. No different socio-economic backgrounds. None of these guys are home raising their kids, to understand what a regular American household is asked to endure during this recession.
We need different faces, different people, different backgrounds, to come up with new ideas to recover our country’s greatness.
These guys only know one thing: self enrichment. They can wait for a recovery, and they’ll be ready to buy, buy, buy, because they’ve got loads of dough.
Where did they get their dough? That’s right, from the last bubble before it burst. Only amateurs suffer financially, apparently. And these guys are not amateurs. They are masterminds.
But now that the Swine Flu is crossing quickly into the United States, Perry wants to play it both ways, asking for Swine Flu vaccines to be released for use in Texas.
I think Governor Perry should step up as an AMERICAN Governor, and represent his state as a member of the United States.
Banks and credit card companies are lowering their credit holders’ limits, sometimes with no notice.
Billions of dollars of unused credit limits are being withdrawn from Americans.
Credit scores are dependent on how much credit debt you carry, compared to how much credit debt you have open.
In today’s tight credit market, you are only supposed to use 35% of your outstanding credit, to keep a ‘good’ or ‘great’ credit score. Any higher percentage of credit use and your credit score can drop precipitously. That means you’ll now pay higher interest rates for credit and loans, because your credit score is lower.
Funny that credit card companies HAWKED all the ways you could spend their credit limits, so that you’d pay their 24-30% interest rates. Now they are changing their tune…
What if the credit card company cuts your available credit in half?
If you did the right thing and had used less than 1/2 of your credit limit, now you’re at nearly 100% of your available credit…
Who suffers?
The credit holder, whose credit score will now tank.
Has anyone thought of a way around this?
Americans are by far over subscribed on their credit cards, so 35% usage of available credit is a pipe dream for millions. Credit scores are already dropping, but this global contraction of credit will have very real, individual consequences.
Not only deep in debt, but with UNEXPECTED plunging credit scores to boot!
