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Showing posts with label loans. Show all posts
Showing posts with label loans. Show all posts
Friday, April 9, 2010
Where Has All the Money Gone?
Dylan Ratigan gives an excellent explanation:
Copyright @ 1998-2010
All Rights Reserved
Copyright @ 1998-2010
All Rights Reserved
Saturday, November 21, 2009
The Great American Mortgage Scam
Protect Your Home
As foreclosures reach record numbers and the poor are blamed for the sub-prime mortgage fiasco, the real culprit, the mortgage companies and banks escape. Thousands of Americans have been scammed on their mortgages by a very clever securitization technique employed by lenders. Have you been scammed? Here's an easy way to find out:
The easiest way to determine if your "note" was converted to a negotiable instrument by your Lender and sold or traded is to examine your Note and your Deed of Trust. First, your note will have a date approximately at least one week BEFORE you actually sign it.
In the old days, your Note would say, "For value received..."
If you have a Note that the Lender wanted to convert to a negotiable instrument and make 10X the amount of the Note for themselves, your note will start out:
"In return for a loan that I have received, I promise to pay ..."
Of course you have not received an electronic transfer to your account, nor a cashier's check, nor any form of payment at all. The LENDER has completed step one of the fraud. They got you to say you already have a loan when you do not.
Step 2 is to get you to say that you own the home free and clear and can deed it to anyone you want. Of course you don't (or do you?)
Check out Page 3 of your Deed of Trust. Under Borrowers Covenants, if it says: "The borrower covenants that he/she/they are "lawfully seized of the estate."
There it is. You have told the Lender:
1) That you have already received a loan, and
2) That you own your home free and clear of encumbrances.
Based on that, the Lender slaps an allonge on the back and deposits it in their own bank, which considers it just like a cashiers check or pay order and this fractional banking technique will allow the Lender to create 10X the amount of your note. In a common scam transaction, a 1st mortgage of $324K, once sold or traded, earned the Lender $3.24 million, less $400K to pay the seller and commission. Nice payday!
The Lender has been PAID IN FULL for just your signature on the Note.
In the old days, your Note would say, "For value received..."
If you have a Note that the Lender wanted to convert to a negotiable instrument and make 10X the amount of the Note for themselves, your note will start out:
"In return for a loan that I have received, I promise to pay ..."
Of course you have not received an electronic transfer to your account, nor a cashier's check, nor any form of payment at all. The LENDER has completed step one of the fraud. They got you to say you already have a loan when you do not.
Step 2 is to get you to say that you own the home free and clear and can deed it to anyone you want. Of course you don't (or do you?)
Check out Page 3 of your Deed of Trust. Under Borrowers Covenants, if it says: "The borrower covenants that he/she/they are "lawfully seized of the estate."
There it is. You have told the Lender:
1) That you have already received a loan, and
2) That you own your home free and clear of encumbrances.
Based on that, the Lender slaps an allonge on the back and deposits it in their own bank, which considers it just like a cashiers check or pay order and this fractional banking technique will allow the Lender to create 10X the amount of your note. In a common scam transaction, a 1st mortgage of $324K, once sold or traded, earned the Lender $3.24 million, less $400K to pay the seller and commission. Nice payday!
The Lender has been PAID IN FULL for just your signature on the Note.
Of course they ignore the RELEASE section of the Deed of Trust which says that once PAID IN FULL they must then reconvey the property to the Borrower and release the lien. Instead it is "reconveyed" to the Lender who has already been paid in full (10X). He then sits back and gets paid again over 30 years by YOU, the generous fool that gave him the property in the first place.
NICE SCAM.
NICE SCAM.
Copyright @ 1998-2009
All Rights Reserved
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Saturday, April 25, 2009
Obama Calls for Passage of PAYGO Legislation
Staying Ahead of the Game
In his weekly radio address, President Barack Obama called for a return to fiscal discipline, and outlined a four-step approach to reining in spending and eliminating waste.
“It’s time to fundamentally change the way that we do business in Washington," said Obama. "To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient, more transparent, and more creative. That will demand new thinking and a new sense of responsibility for every dollar that is spent.”
Obama, who held his first full cabinet meeting this week, said that he used the meeting to send "a clear message: cut what doesn't work."
He added that "we will continue going through the budget line by line, and we’ll identify more than 100 programs that will be cut or eliminated.” He did specify any of the programs, or say how much those cuts might save.
The president called on Congress to pass PAYGO legislation, saying that "we need to adhere to the basic principle that new tax or entitlement policies should be paid for… so that government acts the same way any responsible family does in setting its budget."
His plan also includes establishing a system for federal employees to submit ideas for cost cutting and a private sector forum on reforming government.
“We cannot sustain deficits that mortgage our children’s future, nor tolerate wasteful inefficiency. Government has a responsibility to spend the peoples’ money wisely, and to serve the people effectively,” he said. “I will work every single day that I am President to live up to that responsibility, and to transform our government so that is held to a higher standard of performance on behalf of the American people.”
“It’s time to fundamentally change the way that we do business in Washington," said Obama. "To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient, more transparent, and more creative. That will demand new thinking and a new sense of responsibility for every dollar that is spent.”
Obama, who held his first full cabinet meeting this week, said that he used the meeting to send "a clear message: cut what doesn't work."
He added that "we will continue going through the budget line by line, and we’ll identify more than 100 programs that will be cut or eliminated.” He did specify any of the programs, or say how much those cuts might save.
The president called on Congress to pass PAYGO legislation, saying that "we need to adhere to the basic principle that new tax or entitlement policies should be paid for… so that government acts the same way any responsible family does in setting its budget."
His plan also includes establishing a system for federal employees to submit ideas for cost cutting and a private sector forum on reforming government.
“We cannot sustain deficits that mortgage our children’s future, nor tolerate wasteful inefficiency. Government has a responsibility to spend the peoples’ money wisely, and to serve the people effectively,” he said. “I will work every single day that I am President to live up to that responsibility, and to transform our government so that is held to a higher standard of performance on behalf of the American people.”
SOURCE: Politico
Copyright @ 1998-2009
All Rights Reserved
Friday, March 13, 2009
Media and GOP Team Up to Con the Public
CRY ME A RIVER
But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.
Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!
Shocking, right?
And for all the whining about rolling back Bush's irresponsible tax cuts, the truth is that Obama's plan cuts taxes for 95% of working Americans who are struggling to make ends meet. Further, it closes huge tax loopholes for oil companies, hedge funds and corporations that ship jobs overseas so that we can invest in the priorities that will get our economy back on track.
Set the Record Straight
Republicans are distorting the facts, and we need to set the record straight: Obama's budget asks far less of the rich than President Reagan or Nixon did.
Pass this chart on to your friends, so everyone knows the facts.
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Monday, February 23, 2009
Obama Speaks Out on Fiscal Responsibility
OBAMA BLASTS BUSH DISHONESTY
President Barack Obama took aim at the “casual dishonesty” of Bush administration budgets Monday, saying he’ll abandon accounting “tricks” used to hide the ballooning deficit and pledging to cut a $1.3 trillion federal shortfall in half during his first term.
“I want to be very clear,” Obama said to open a “fiscal responsibility summit” at the White House. “We cannot and will not sustain deficits like these without end. Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration and the next generation.”
In his brief remarks, Obama returned several times to criticism of past budget practices that clearly was aimed at President George W. Bush’s administration, suggesting the former president and his team weren’t candid with the American people about the scope of the budget difficulties.
At one point, Obama criticized “the casual dishonesty of hiding irresponsible spending with clever accounting tricks, the costly overruns, the fraud and abuse, the endless excuses. This is exactly what the American people rejected when they went to the polls. They sent us here to usher in a new era of responsibility in Washington, to start living within our means again and being straight with them about where their tax dollars are going.”
Obama also made clear that he believe he was inheriting the current budget mess from Bush — even though roughly a quarter of the $1.3 trillion deficit stems directly from Obama’s recently economic stimulus package.
Still, Obama said he would break from several of Bush’s practices in building his own 10-year budget being released Thursday. Obama said he would put the full cost of the Iraq and Afghanistan wars on the budget, and allocate money for natural disasters – two things Bush did not do.
“We do ourselves no favors by hiding the truth about what we spend. In order to address our fiscal crisis, we have to be candid about its scope,” Obama said.
Failure to act quickly and decisively, Obama said, “we risk sinking into another crisis down the road, as . . .our bills come due, confidence in our economy erodes and our children and grandchildren [suffer].”
CLICK TO READ FULL POLITICO ARTICLE
Copyright @ 1998-2009
All Rights Reserved
“I want to be very clear,” Obama said to open a “fiscal responsibility summit” at the White House. “We cannot and will not sustain deficits like these without end. Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration and the next generation.”
In his brief remarks, Obama returned several times to criticism of past budget practices that clearly was aimed at President George W. Bush’s administration, suggesting the former president and his team weren’t candid with the American people about the scope of the budget difficulties.
At one point, Obama criticized “the casual dishonesty of hiding irresponsible spending with clever accounting tricks, the costly overruns, the fraud and abuse, the endless excuses. This is exactly what the American people rejected when they went to the polls. They sent us here to usher in a new era of responsibility in Washington, to start living within our means again and being straight with them about where their tax dollars are going.”
Obama also made clear that he believe he was inheriting the current budget mess from Bush — even though roughly a quarter of the $1.3 trillion deficit stems directly from Obama’s recently economic stimulus package.
Still, Obama said he would break from several of Bush’s practices in building his own 10-year budget being released Thursday. Obama said he would put the full cost of the Iraq and Afghanistan wars on the budget, and allocate money for natural disasters – two things Bush did not do.
“We do ourselves no favors by hiding the truth about what we spend. In order to address our fiscal crisis, we have to be candid about its scope,” Obama said.
Failure to act quickly and decisively, Obama said, “we risk sinking into another crisis down the road, as . . .our bills come due, confidence in our economy erodes and our children and grandchildren [suffer].”
CLICK TO READ FULL POLITICO ARTICLE
Copyright @ 1998-2009
All Rights Reserved
Tuesday, January 13, 2009
Obama Extra Check Plan for Low-Income Seniors
Extra SSI Payment Considered
WASHINGTON – More than 7 million poor people who are elderly, blind or disabled and receive cash benefits averaging $477 a month could get an extra monthly payment as part of President-elect Barack Obama's $800 billion economic recovery plan.
Democratic congressional aides said the idea of an extra Supplemental Security Income payment is gaining traction on Capitol Hill as lawmakers and staff aides hold daily meetings to work out details of the upcoming stimulus bill. The aides spoke on condition of anonymity to discuss the closed-door negotiations.
Democratic lawmakers hope to have an economic stimulus bill ready for Obama's signature by mid-February, although officials indicated Monday night that numerous provisions are unsettled.
Several said the emerging legislation likely will provide at least $70 billion over the next two years to help states meet the demand for Medicaid, which provides health care for low income people, and another $25 billion more to help individuals who cannot afford to pay for private, post-employment health benefits.
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