Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

Citizens For Financial Responsibility

Notices

Citizens For Financial Responsibility

Old 10-31-2007, 06:41 AM
  #1  
Senior Member
Thread Starter
 
Join Date: Nov 2005
Location:
Posts: 307
Default Citizens For Financial Responsibility

Your HOME/401 K's/Pensions, YOUR retirement depends on this petition...
Please READ and sign.....
Our financial system and markets have become akin to a rigged casino. Wall Street has permeated all corners of Main Street, and unfortunately, the corruption has now affected even those - including likely you - who have no desire to be a part of it.

Your home, unfortunately, became a part of the Wall Street casino. From 2003 to 2005, insane levels of price "appreciation" roiled the US housing market. Many - perhaps even you - cheered the "wealth" you saw created in what you originally thought was just a place to hang your hat and cook your breakfast. Some of you bought a second home, believing that this was not just a place to go on vacation, but a way to instant riches. A few went even further, and started "flipping" properties.

Unfortunately, this "appreciation" was a phantom. It was created by Wall Street power brokers who took what was an old stodgy banking standard - the mortgage - and turned it into a means of playing casino games with you as the roulette ball. If you have a mortgage that allows "choice" in your payments (an "Option ARM" or "Option Fixed"), you have a 2/28 or 3/27 loan, or you didn't document both your income and assets, you were played for the benefit of those on Wall Street.

The unfortunate reality of this casino game is that you can't create something from nothing. The "pumping" of house values to twice the level, on a national basis, of the maximum sustainable price, has put enormous stress on the American family. As prices rose these "fancy" mortgages became a necessity in order for people to buy homes.

But these fancy mortgages are not really mortgages at all. That is, you're not really buying a house when you take one of these mortgages, because there is essentially no possible way for you to pay that mortgage off as originally scheduled and own your home free and clear.

Instead, you're effectively "renting" your house from the bank and then rolling the dice in the Wall Street casino - that there will be a bigger sucker who would at least be willing to buy your house in a few years for more than you paid, so that its "value" rises at a rate faster than your loan balance grows. Each time you come back to refinance again, the bank "steals" some of your home's "appreciation" - it goes to the mortgage broker, banker, and Wall Street!

The same thing happens when you "tap your home equity" to pay off your credit cards, buy a boat, or take a vacation.

The intent of all that advertising of people "dancing" over some great home loan is not to help you buy a house - it is to strip some of your wealth - effectively, to steal it.

The unfortunate reality is that this is a game you cannot win in the end. House prices cannot rise, over long periods of time and on average, at a rate which exceeds the rise in average incomes. That should be apparent to everyone, but it has become "lost in the noise."

Yet the following graph makes clear what actually happened:

CONT... ----> following link.... http://financialpetition.org/

crossthread is offline  
Old 10-31-2007, 09:19 AM
  #2  
Senior Member
Thread Starter
 
Join Date: Nov 2005
Location:
Posts: 307
Default Re: Citizens For Financial Responsibility

http://market-ticker.denninger.net/
crossthread is offline  
Old 01-17-2008, 09:21 AM
  #3  
Senior Member
Thread Starter
 
Join Date: Nov 2005
Location:
Posts: 307
Default Re: Citizens For Financial Responsibility

I wished to resurrect this thread in light over what's been happening in the Markets as of late...
I like too ask, Does anyone have investments/stocks that are taking a beating?
*underwater* in their Mortgage?

Have any of you, dear reader, said, they shouldn't of bought homes they couldn't afford?...

This first link is too CNBC site, on J. Cramer this morning...
Listen VERY CAREFULLY on the subject and what He says....

-----> http://www.cnbc.com/id/15840232?video=624755222&play=1

This second Link... Is one of Many lawsuits coming out of all this mess, akin too putting hungry Rats in a cage for a extended period of time, without food/water. In addition too Several AG's in certain states Suing Certain Institutions on the Mortgage Mess...

Real estate appraiser sues WaMu

January 17 2008: 10:04 AM EST


NEW YORK (Money) -- A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.

Jeniffer Wertz, who is seeking unspecified damages, says WaMu stopped accepting her appraisals in mid-2007 a month after she reported that her local housing market in California was "declining."

A pessimistic outlook makes it harder to extend outsized, risky mortgages to borrowers whose homes can't support them. But Wertz's assessment shouldn't have been controversial at the time. According to the National Association of Realtors, home prices in her hometown of Sacramento fell $9,000, or 2.5 percent, to $356,500 in the second quarter of 2007. And most economists were already characterizing the housing market as a bubble that was ready to burst.

Home sales sink, outlook darkens
In the lawsuit, which was filed a week ago, Wertz says she completed appraisals on two houses in May and then quickly got a call from a WaMu (WM, Fortune 500) sales manager demanding she change her outlook to "stable" so a loan could be approved.

The WaMu sales manager also demanded Wertz change her appraisal process to produce higher prices for the properties she was evaluating, according to Wertz's lawyer Stephen Danz. The higher an appraisal comes out, the more likely it is a home loan will get approved.

When Wertz refused to comply, she claims the sales manager threatened to block her from doing future appraisal work for the bank. A month later, Wertz's suit says, a third-party appraisal request assigner told her WaMu would no longer accept her work.

Wertz has her own company. She says she appraised properties for WaMu for over six years, regularly getting three orders from the bank a day. In 2006, WaMu told her she held the status of "preferred real estate vendor," because the bank had used her in the past, and her work was "proven," according to the lawsuit.

Wertz declined to directly comment for this story, referring questions to her lawyer. A WaMu spokesperson says, "We have not had the opportunity to review firsthand the allegations in Ms. Wertz's lawsuit, and in any event, we do not comment on ongoing litigation."

Housing: no room for bulls
The suit is only the most recent claim that Washington Mutual used its status as one of the nation's largest mortgage lenders to pressure appraisers in an effort to boost its lending business.

In November, New York state Attorney General Andrew Cuomo filed a lawsuit against title company First American and its appraisal unit, eAppraiseIT. WaMu wasn't named as a defendant, but Cuomo alleged it had pressured eAppraiseIT to inflate property values.

That same month, government-sponsored mortgage companies Freddie Mac and Fannie Mae said they would name independent investigators to find out if borrowers were properly protected against the risks of inflated home appraisals, particularly on WaMu loans.

The Securities and Exchange Commission and the Office of Thrift Supervision, which is WaMu's federal regulator, also have open inquiries into whether the bank hid from investors that some of the loans it sold as mortgage-backed securities were based on inflated appraisals.

Asked about those investigations, a WaMu spokesperson says, "With regards to our appraisal practices, we have nothing new to add to our recent public statements." In the past, WaMu has said it is cooperating with the investigations and that there was no systematic effort by the bank to inflate home appraisals.

Other lenders have come under fire for the way they deal with appraisers. In 2006, Ameriquest agreed to pay $325 million to settle charges brought by several state attorneys general that it had among other things pressured appraisers into boosting home values. And last year, Ohio's attorney general sued 10 local mortgage and brokerage firms alleging they regularly asked appraisers to guarantee certain values before they would be hired.

Foreclosure fire sale: cashing in
The WaMu lawsuit and other inquiries are shedding light on how many big-bank loan officers during the housing boom got around a long-standing check on making ill-advised or fraudulent loans.

Mortgage investors generally require that banks get an appraisal before they make a loan. Appraisals are supposed to insure that banks don't lend more than a house is worth. A borrower who defaults because of inflated numbers could mean losses for the lender and mortgage investors who buy the loans in mortgage-backed securities.

But appraisers are often hired by mortgage-loan officers whose pay is based on the number and size of loans they get approved. When housing prices decline, lenders may resort to pressure in order to get the highest property appraisals possible.

"It's not just Washington Mutual. Appraisal pressure is an industry-wide epidemic," says John Taylor, president of the National Community Reinvestment Coalition, which has studied the problem. "And it is one of the major contributors to the current foreclosure crisis."

"This case is just another good example of one of the biggest dirty little secrets of the whole mortgage industry," says Pamela Crowley, who runs industry watchdog, mortgagefraudwatchlist.org. "The housing market is falling apart, and foreclosures are soaring because the properties that these banks made mortgages on are not worth what they said they were worth," she says.

Crowley, an appraiser herself, says she is unable to get work from banks because she is unwilling to push values. "There is no doubt in my mind that the lenders knew exactly what there were doing."

In the past year, a number of states, including California, where Wertz is based, have passed laws to prevent appraisal pressure.

Pain Streeet U.S.A.: The 2008 housing forecast

Trapped by the mortgage meltdown

What?!!!! Blacklisted for not pumping the market?!! SAY IT ISN'T SO!!

P.S. I know where you can get a good dividend, WM is paying 16.5% on their $13.50 shares.


----------

Opening a Pandoras box....
Concerning all this coming too light, I picked on this JUICY tid-bit of info...
If A "trigger" occurs, (Bank of America/Country Slide anyone?) your *money* may not be *safe*, as your 3rd... READ, THIRD in line getting your cash back from a failed instution... ie; FIDC

http://www.banks-implode.org/post/20...OAN-BANKS.aspx

The FED admits it has no backup plans if a Government Sponsored Entity (GSE) fails. While most member of the public assume the only GSE's are Fannie Mae and Freddie Mac, they would be quite suprised to learn the Federal Home Loan Banks also qualify under that list. The recent dividend cut at the FHLB of Chicago proves this chaos is far from over. Its tedious resolution gives Poole credibility on this matter.

What would happen in a failure? No one really knows.

What happens if there is a massive banking collapse?
Legislation provides the Federal Home Loan Banks with a "SUPER LIEN" on any bank assets if a member bank fails. This means the FDIC may not have enough funds to pay depositors after the FHLB Advances have been paid.

-----------------------------------------------------------------------

Interesting, WTF is a super lien you might ask? Well, try this linky

http://www.fdic.gov/about/learn/advisory....

Through her research, she advised, she was fascinated to learn about the FHLBs' "super lien" against the assets of banks to which they make advances. These rights, she added, including prepayment fees, are provided by statute and are superior to the rights of depositors and even to the FDIC after an institution fails.

crossthread is offline  
Old 01-17-2008, 11:15 AM
  #4  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Sep 2005
Location: RustNeverSleeps,MA
Posts: 4,974
Default RE: Citizens For Financial Responsibility

PFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFT!
SurferGirl is offline  
Old 01-17-2008, 09:59 PM
  #5  
Senior MemberCaptains Club Member
 
Join Date: Dec 2007
Location:
Posts: 11,036
Default RE: Citizens For Financial Responsibility

I see no mention of the fact that our wonderful local governments took full advantage of this bubble and re-appraised homes at those insane resale values and increased the property taxes on them. Want to bet that your property tax won't go down now that the bubble has burst!
Back-in-Black is online now  
Old 01-18-2008, 06:49 AM
  #6  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Aug 2001
Location: West Carolina
Posts: 21,925
Default Re: Citizens For Financial Responsibility

"Citizens For Financial Responsibility"

I agreee. Citizens ought to be financially responsible.
Shag is offline  
Old 01-18-2008, 07:28 AM
  #7  
Senior MemberCaptains Club Member
 
Join Date: May 2003
Location: Cape Cod, Mass
Posts: 4,623
Default Re: Citizens For Financial Responsibility

Ok, since I am not so savy, how does this affect my fixed mortgage with a locally owned/operated bank that does not sell off their home loans?
Hooper is offline  
Old 01-18-2008, 07:41 AM
  #8  
Senior MemberCaptains Club Member
 
Join Date: Apr 2004
Location: MD.
Posts: 13,564
Default Re: Citizens For Financial Responsibility

As stated above the tax man commith.I`m morgage free and never ever concidered using my home as a ATM.Hooper folks like us are just pee holes in a snow bank.I really feel sorry for those people that fell into the trap and for the carpetbaggers they should be stoned.
okletsfish is offline  
Old 01-18-2008, 08:28 AM
  #9  
Senior MemberCaptains Club Member
 
Join Date: Jun 2002
Posts: 2,048
Default Re: Citizens For Financial Responsibility

But do you have a mortgage?
MAXIMUM B is offline  
Old 01-18-2008, 09:05 AM
  #10  
Senior MemberCaptains Club Member
 
Join Date: Jun 2007
Location:
Posts: 3,355
Default Re: Citizens For Financial Responsibility

Nice Letter......But about 5 years too late. Can't stop the falling Knife now. Look out below.
49erJim is offline  
Old 01-18-2008, 09:18 AM
  #11  
Senior MemberCaptains Club Member
 
Join Date: Apr 2004
Location: MD.
Posts: 13,564
Default Re: Citizens For Financial Responsibility

Well I guess I need spelling lesson.I was sent a email some time ago it was all about reading comprehension.It was a test developed by some higher learning insitution.The long story short of this was a short essay with most of the words misspelled .The funny thing about this was that most people,if not all, were able to figure it out.
okletsfish is offline  
Old 01-18-2008, 12:26 PM
  #12  
Senior MemberCaptains Club Member
 
Join Date: May 2003
Location: Cape Cod, Mass
Posts: 4,623
Default Re: Citizens For Financial Responsibility

okletsfish - 1/18/2008 6:41 AM

As stated above the tax man commith.I`m morgage free and never ever concidered using my home as a ATM.Hooper folks like us are just pee holes in a snow bank.I really feel sorry for those people that fell into the trap and for the carpetbaggers they should be stoned.
Jerry,

You're message came thru loud and clear. Thanks
Hooper is offline  
Old 01-21-2008, 10:49 PM
  #13  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Sep 2005
Location: RustNeverSleeps,MA
Posts: 4,974
Default RE: Citizens For Financial Responsibility

SurferGirl is offline  
Old 01-22-2008, 03:03 AM
  #14  
Senior MemberCaptains Club Member
 
Join Date: May 2001
Location: Raleigh, NC usa
Posts: 5,206
Default Re: Citizens For Financial Responsibility

Shag - 1/18/2008 7:49 AM

"Citizens For Financial Responsibility"

I agreee. Citizens ought to be financially responsible.
I think governments should be as well.
Hydro is offline  
Old 01-22-2008, 05:52 AM
  #15  
Senior MemberCaptains Club Member
 
Join Date: Apr 2004
Location: MD.
Posts: 13,564
Default Re: Citizens For Financial Responsibility

Asking a politician to be responsible with someone else`s money is like asking them to keep their there trap shut while on the campain trail!
okletsfish is offline  
Old 01-22-2008, 07:17 AM
  #16  
Senior MemberCaptains Club Member
 
Join Date: Jan 2006
Location: Lanoka Harbor, NJ
Posts: 1,655
Default Re: Citizens For Financial Responsibility

Goverment is not responsible for its own money, with how many deficit trillions are there by now? Eventually responsible taxpayer will be footing the bill either way.. So bend over and get ready with some KY....
romanonj is offline  
Old 01-22-2008, 07:31 AM
  #17  
Senior MemberPLEDGERPLEDGERCaptains Club Member
 
Join Date: Sep 2004
Location: ATL & SAV
Posts: 12,246
Default RE: Citizens For Financial Responsibility

I know we are in trouble when people on a boating forum are discussing economics. Maybe IB can start another forum titled - "The End of the World Club".
Tireless is offline  
Old 01-23-2008, 04:58 AM
  #18  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Sep 2005
Location: RustNeverSleeps,MA
Posts: 4,974
Default Re: Citizens For Financial Responsibility

crossthread - 1/17/2008 9:21 AM

This first link is too CNBC site, on J. Cramer this morning...
Listen VERY CAREFULLY on the subject and what He says....
I would rather hear fingernails scraping a chalkboard.
SurferGirl is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Thread Tools
Search this Thread