Chronic Absenteeism Hurts Millions Of Students
'Toddlers & Tiaras': Damitri'ana Wears 'African' National…
Mind you she was being represented by a real estate agent that attended her church who told her that as soon as the house increased in value she could refinance. ...
Two years later the price went down instead of up and she is doing everything she can to work out her loan and stave out foreclosure. The fact of the matter is if t she had qualified for a conventional mortgage at the prevailing rate of six percent instead of the eight and ten percent she was charged she could have afforded the home. The whole premise of subprime lending in which people without a down payment or less than stellar credit ratings are charged a higher interest rate never made sense to me. The lenders say it's because they are taking on more risks however I believe it caused more harm than good. So the question is was this woman victimized or should she have known better? Several states believe that far too many people were charged exorbitant fees on their loans and could have qualified for a conventional loan. States have initiated litigation to force mortgage lenders and banks to rework the loans.
See Bank of America announced "Home Ownership Retention Program for Countrywide Customers". Finally a bailout plan that addresses main street and in my opinion focuses on the root cause of the problem. So the question is if there wasn't wrong doing why have they agreed to the settlement
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By: Angela on 10/20/2008 10:00PM
I was flipping houses and had to get approved for mortgages each time and I always asked for a fixed rate. I had to show tax returns, pay stubs, the whole nine yards to secure a good rate on my investment loans. I was amazed to hear loans were being given out for 100% financing with only your word you had a job! Why the difference in handling loans? I was shocked when the whole mortage industry fell apart while my last flip was on the market. People who had pre-approved loan papers found when they put a contract on my house their financing had evaporated. This was when everything was collapsing and I had that view as a seller. It took three contracts to finally get the house sold. After that I became a REALTOR myself and I see people who want to buy who have good credit and now the lenders aren't lending any money. They want a substantial down payment. Even the VA loans are hard to get right now. Without lending practices being fair and equitable to all we will have these abandoned properties for sometime to come. We also as a community need to start saving money as a priority. We depend too much on credit (myself included). We need to begin buying our country back from all the foriegn interests. What if they decide to foreclose?
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By: Yes,.................... on 10/24/2008 9:39AM
We MUST begin to STACK our PAPER. From generation to generation we begin to DEPEND on CHANCE that we will be able to just miraculously get crazy paid when the facts are that we HAVE TO WATCH OUT FOR OURSELVES.
http://MOMzOnPoint.com/contact.html
....... You NEVER SEEN Anything like this, EVER
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By: Dedra Greene on 10/30/2008 7:55PM
I do think the financial situation that our country has found itself in is devastating & one that has happened as a result of greed. Yes consumers do have a responsiblity of reading the fine print, but how could Wall Street not forsee the potential harmful effects of financing loans to those of whom they obviously knew could not afford it. Just to think of adjustable rates makes my head spin. Consumers should be made aware of the pitfalls of having an adjustable rate and lenders suggest it as if it is no big deal. "Well we can finance you at this 3% interest rate for 3 yrs and then you can refinance or possibly sell your home before your 3 yrs is up" They make it sound so simple, but after those 3 yrs are up....BOOOOOMMMMMMMM!!! the bomb has exploded.
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By: Michael \\\ on 11/12/2008 10:46AM
Main Street financial help is here. I am the author of my powerful book titled Financially Speaking. Visit me at www.tmeginc.com. I can assist you with changes your financial out-look. No longer is there a need for you to keep high interest rate causing you to stay in debt for many years. Visit me at www.tmeginc.com.
Michael
The Mathews Entrepreneur Group, Inc.
Author/Speaker
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By: Michael \\\\\\\\\\\\ on 11/12/2008 11:01AM
We all should know that the adjustable rate morgage (ARM) is nothing nice. Banks know how much you make when you apply for the loan. While sitting across from you at the closing, If you decided to accept the ARM, and your income is outgoing expenses are equal to your income, when your arm goes up, your extra upkeep will become your down fall. This is predatory lending at its best. The banks know excatly when you will begin to default or need additional help paying your higher ARM. My book titled Financially Speaking is a powerful tool that can assist you in preventing this type of event as well as helping you to lower interest rates, and lower your debt all at the same time. Visit me at www.tmeginc.com for a complete overview of my company and my book!!!
Michael
Author/Speaker
www.tmeginc.com
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By: Ginger Fernandez on 12/12/2008 9:14PM
I have lost all hope in this country. Chrysler took my job and left me homeless now I am supose to feel sorry that they are in the shape they are in. I don't feel nothing for them, but I do feel for the other employees that are going through what I went throug four years age. I hope you fare better than I did. I ended up homeless.
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