gjw1958 http://www.washingtonpost.com/wp-srv/politics/congress/fin_dis/2008/h000338.pdf
Now take a look at Sen Susan Collins financial statement Thee Pages …. This Says It All
gjw1958
gjw1958 Just a few thoughts for today. I have been doing my research. The news and information that was given out on how the banks failed and how people lost their homes has given the impression that We The People over extended ourselves by putting ourselves in homes we could not afford. This is not true. We were innocent.
Here is the true scenario.
We took out loans to purchase a home or refinance. We were sold a loan at around 8.75% the banks and mortgage companies never intended us to have these loans for the 25 – 30 years. The reason for this is they did not want to loan out their money at that rate for that long a period of time. They wanted access to their money to reinvest at as high a rate as they could get. So they wrote the loans attached to the indexes which is the average of interbank offered rates for six-months U.S. Dollar-denominated deposits in the London market (LIBOR), as published in the Wall Street Journal) This information is available online now at
http://mortgage-x.com/general/indexes//wsj_libor_history.asp?y=2006
The information is from 1993 – 2010. Once they had this index on the date needed they added points
for example your loan was written for 8.75% on a certain date lets take 07/17/2006 the Index was 5.58 they then added points to this 6.50 on the one I have which it a total of 12.18%. Your mortgage only guaranteed the 8.75% rate for Two Years. After two years they were allowed to increase up to 10.75% BUT it could never go lower then 8.75% then they could adjust your rate Ever Six Months. They Did have a cap but the cap was 14.75. For a Mortgage Loan. They never wanted us to have these loans for more than Two Years. They wanted the money back in Two Years or Less. We The People did not understand that. We the people had taken out adjustable rate mortgages before but the loans were not written in this way. The veritablee rates were attached to the Libor BUT prior to this time they were not adding 6.50 onto thatvariable.. The representatives of the Banks and Mortgage Companies led us to believe we would be able to refinance after the two years to an even lower rate.
Again they never wanted to finance our homes for 25 – 30 years they wanted to invest there money for only two years. Now the problem came that when We the people went out looking for the better rates just before or after the two years.. No One Was Giving out 25-30 year fixed rate mortgages. The banks and mortgage companies knew we could never pay on a 10.75% – 14.75% mortgage. The banks no longer wanted to finance homes for We The People. So even people with good credit and employed in good jobs could not find financing for there homes as they were lead to believe.
If you have a veritable rate mortgage maybe you have not actually checked if the rate is accurate. Here is what I found I have been paying 11.875 % since the end of 2006. And guess what they had no problem putting my rate up. But since the end of 2007 I should have had an 8.75% mortgage they have never put it down.
Now remember when all these loans failed and people were foreclosed the banks were paid with the insurance policies they took out through AIG insurance companies. They Knew if we did not refinance our homes at the end of two years we would never be able to afford the loans so they not only protected themselves they had us pay the premium for them for this insurance. These two companies were bailed out by the We The People’s Money to the tune of 380,000 Millions. This is correct we paid them 380 Billion Dollars with is 380,000 Millions.
I know that the Democrats and Republicans both voted to bail them out. But at least the Democrats agreed to help We The People with the unemployment problem they caused. The Republicans did not we need to send a clean message we are not happy the Republicans gave us the chance to do this by all voting against us (Except Sen Susan Collins and Sen Olympia Snowe)
Check Your Mortgage papers see what you should be paying. If you can not figure it out contact me.
gjw1958 Here are some more numbers to think about
We The People bailed out AIG to the tune of 180 Billion Dollars that is 180,000 Million Dollars yes
One Hundred and Eighty Thousand Million Dollars
Remember AIG is a Private Insurance Company
Read Article by Connie Madon
The U.S. banking crisis is getting more and more bizarre by the minute. We now focus on AIG. This is probably the greatest understatement of the decade: “AIG, American International Group Inc. (NYSE AIG) is in one hell of a mess.” The US Treasury has bailed out AIG several times since last September to the tune of at least $180 billion. No one knows for sure where the money went. Regulators refuse to identify AIG’s counterparties. The US Federal Reserve refuses to publicize a list of AIG’s derivative counter parties.
Do you believe that AIG executives should be made to account for every penny of their bailout money?
gjw1958 I want the average American like myself to understand how much we spent to bail out the banks who should have been allowed to fail.
Let me start with how many people are in the USA 309 million 842 thousand people so I rounded UP to 310 million of these 24.3 % are under 18 so I rounded UP which is 70 million under 18.
So that gives us 240,000,000 million adults. Now get ready for this.
We bailed the bank out at a cost of 200 Billion Dollars
I know you have already seen these number but you really need to look at this in perspective
1 billion dollars = 1000 million dollars
2 billion dollars = 2000 million dollars
200 billion dollars = 200,000 million dollars
We are people who made $40,000 – $65,000 a year for the past 10 years, we have mortgage payments and expenses accordingly. How can we take a job making 8.00 and hour? We worked years to be were we were. We did not cause this but the Republicans are not helping. They should have given all adult Americans the bail out money.
The Republicans state they are being Fiscally Responsible. Really? Was it fiscally responsible to give all that bail out money to the banks who are still sitting on this money and not helping the economy to recover? Is is Fiscally Responsible for Sen. Hatch to want us all drug tested? We do not care about being drug tested (my husband was drug tested all the time because he is a CDL driver) BUT did you know that Sen. Hatch’s son is a lobbyist for a pharmaceutical company? So who do you think would benefit from that bill.. The cost to drug test us is OK but giving us unemployment is not? Remember to receive unemployment you have to have worked
Even though the bill has finally passes NO unemployment money has gone out to us in MA not even the weekly checks never mind the retroactive money. We are unable to get through to them on the phone and we are being told you will receive a letter in the mail. Note sending a letter to all of us will cost $35,000.
But Republicans continue to see the fight in terms of the budget. “Hard times require hard decisions,” Sen. Tom Coburn (R-Okla.) said on the floor. “What we are seeing is the easy way out.” REALLY EASY WAY OUT FOR WHO? EASY FOR THEM TO SAY WHEN THEY HAVE
“”MONEY TO LIVE ON.. EASY TO SAY WHEN THEY WALKED OUT AND SPENT A HUNDRED DOLLARS FOR DINNER IN THEIR FAVORITE RESTURANT EASY FOR THEM TO SAY WHEN THEY TAKE A FIRST CLASS PLANE RIDE HOME SO THEY CAN SEE THEIR FAMILY…
HOW DARE THEY WE NEED TO TAKE A STAND VOTE ALL REPUBLICANS OUT….VOTE VOTE VOTE WE NEED TO BE HEARD
gjw1958 This is a story posted in Springfield, MA this is just one of many Remember our unemployment rate is much much higher I would guess 20% or more they are not counting people who no longer receive unemployment
I lost my job 12/09/2009. I was affected by the government delaying unemployment extensions 6/30/2010. When the law was passed last week I was so happy! Now I find out that since I wasn’t already granted an extension I cannot receive anymore benefits!
I have been working since I was 16 I am now a 36yr old divorced mother of three. I have only been off of work for 7 months and was told that I am not covered under this new extension law. I am so hurt I cannot pay my rent so now I faced with the fact that the government doesn’t care and me and my girls will soon have no place to live!
What it’s like being unemployed
Being unemployed is so depressing! I push everyday to find a job only to hear I’m either over qualified or under qualified because I have no degree. I had to apply for a link card so I can buy food. I was so degraded at the office.
The woman actually asked me if I knew the father of my children and did I know how to reach him! I replied of course I do! I felt I couldn’t say much as I needed the card to get my kids food. I was afraid to report this woman. I then see a sign on the wall that says work is better than public aid. I KNOW THAT!!! THATS WHY I WAS WORKING FOR SO LONG!!!! My job went overseas with thousands of other positions! I’m NOT LAZY!!! I am a WORKER!!! Can someone anyone PLEASE HIRE ME!!!!! VOTE VOTE VOTE THE REPUBLICAN PARTY OUT…
Advice
- The unemployment insurance offices and the government should be able to help us find jobs. We can send resume after resume but many companies are still looking to hire referrals who are currently working. They aren’t looking to hire the dislocated workers because the media has deemed us as LAZY!!!! I will clean a public bathroom with my bare hands if it means my kids have a place to lay their heads…. So Don’t Call me Lazy
gjw1958 Today, Democrats repeatedly berated Republicans for holding up the legislation. Once the Senate gained cloture on Tuesday, Sen. Harry Reid (D-Nev.) requested that Republicans agree to waive the 30-hour waiting period until a final majority-rules vote, as is customary. Republicans refused.
On the Senate floor, Reid blasted them. “The Republican leadership, supported by the overwhelming majority of its caucus, has stood in front of the burning house and said: Everyone wants us to put out the fire, but we’re going to sit back and wait a while before we turn on the hoses. That is a disgrace that brings shame to this institution. But more than that, it hurts the very people we were sent here to help. Why would someone in public service do such a thing? Why would they be so callous? … I simply don’t know. I am at a loss.”
But Republicans continue to see the fight in terms of the budget. “Hard times require hard decisions,” Sen. Tom Coburn (R-Okla.) said on the floor. “What we are seeing is the easy way out.” REALLY EASY WAY OUT FOR WHO? EASY FOR THEM TO SAY WHEN THEY HAVE
“”MONEY TO LIVE ON.. EASY TO SAY WHEN THEY WALKED OUT AND SPENT A HUNDRED DOLLARS FOR DINNER IN THEIR FAVORITE RESTURANT EASY FOR THEM TO SAY WHEN THEY TAKE A FIRST CLASS PLANE RIDE HOME SO THEY CAN SEE THEIR FAMILY…HOW DARE THEY WE NEED TO TAKE A STAND VOTE ALL REPUBLICANS OUT….VOTE VOTE VOTE WE NEED TO BE HEARD
gjw1958 Even though we finally have the unemployement bill passed
WE STILL AFTER A WEEK HAVE NO MONEY THE SENATORS NEED TO KNOW THIS
Now the 99rs need to have the 5th tier .. Senator Schumer stated he would draft the bill but he needed some Rep Senators to tell him they would back the bill. (Remember these Senators are going on vactiion for six week)
Call Scott Brown 202-224-4543 This is a Republician who voted NO..from a Democratic State
Call Senators Susan Collins and Olympia Snowe (make sure to thank them for voting with the Dem. to extend the unemployment date BUT ask them to continue to help We The People
We Still Need Their Help
Sen. Susan Collins 202-224-2523
Sen. Olympia Snowe 202-224-5344
Tell them we still need their help
AGAIN We The People Need To Be Heard..The Republican Party (except for Sen Collins and Sen Snowe) need to be Vote Out Of Office. They have given us a perfect chance TO BE HEARD..
WHEN THEY ARE VOTED OUT OF OFFICE IN NUMBERS -WE WILL SEND A STATEMENT – EVEN THE DEMOCRATIC PARTY WILL HEAR US AND TAKE NOTE
gjw1958 That’s six weeks where up to 600,000 more people will completely exhaust their unemployment benefits. How many will lose their homes and apartments and end up on the streets? How many will default on their credit cards and auto loans? How many will have their utilities cut off, including the phone and Internet connection necessary to secure a job? How many will go without prescription drugs, which will lead to more emergency room visits? How many will resort to crime in order to feed their families? How many will take their own lives? Only time will tell how many feel the effects of losing their last source of income, but we know those will be some of the outcomes.
There is some good news on the 99er front these past few days, but that good news needs to turn into action quickly. Yesterday I posted Senator Schumer: people are working on legislation that would extend unemployment benefits to 99ers. Senator Schumer is quoted
As a result of Senator Schumer’s need for Republican support, it’s vital that Republicans be contacted to support 99er – benefit exhaustee legislation. Who are those Republicans that may be swayed to support the millions who are exhausting benefits? The list is small, but here are a few suggestions: Olympia Snowe, Susan Collins, Scott Brown and Lindsay Graham. These are the few moderate Republicans from states with higher unemployment. Call, fax and email them as often as you can.
“There are a number of people who have maxed out, they’ve been looking and looking for work but haven’t found it, and there is a separate act that would extend those benefits to them,. Extending this was really important. There are some people who go beyond the
99 weeks and we’re gonna try to do that next.”
gjw1958 Worth Posting ..from fxrguy in response to my blog
