Monday, August 17, 2009
Chase Rally on Youtube
just one of 3. http://www.youtube.com/nomoreforeclosures#play/all/favorites-all/2/2bmsUGJ1Ct8. Click on Title to see Youtube interview
Tuesday, August 11, 2009
Rally At Chase
I invite you to a rally outside Chase Bank in Downtown San Diego on Friday August 14th at 11:00 AM to protest the Bank’s unfair business practices in regards to they way they are handling short sales, loan modifications, small business and builders lines of credit, and other related issues.
You are all welcome to join us. This is only the 1st bank on the list and was mainly picked because Chase has stopped doing business with mortgage brokers and other mortgage bankers. We have at least 100 people committed so far and expect some national media to be there as well.
For several years it has been my opinion that the mortgage and housing crisis will not get better until there is a program developed that allows people who are making their payments but are upside down to take advantage of the lower rates. In order for a program like this to be developed the big banks have to sign on to the proposal and they have not done so to date. The current Obama FNMA and Freddie Mac Plan is not even close to getting the job done.
This article states by 2011 over 90 % of the loans in California will be upside down if nothing is done and over 50% in the US as a whole. It is time for the government and the big banks to get ahead of the problem instead of catching up to it.
http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank
The Bank and Wall Street Oligarchs have acted at best unethically and at worst they have committed treason against the American people by setting individuals and businesses up for failure.
They developed 100% Loan To Value loan products to get people into homes and then almost overnight took those products away predictably resulting in fewer refinance opportunities for people that took out those loans and fewer buyers that would qualify to buy the same properties.
They used credit scores as low as 500 in some cases to justify giving loans to people and now they are saying credit scores as high as 680 are too low and that justifies keeping people who should qualify for financing from doing so. The banks are having it both ways.
They solicited small businesses such as established mortgage brokers and small mortgage bankers to partner with them to grow their businesses. When these businesses signed on with the banks as partners the businesses for the most part did grow. That is until the banks almost overnight took away the products that the brokers and bankers had to offer while at the same time warehouse lines were closed and the banks started demanding buybacks from their same old business partners. So then the mortgage bankers not only had no products to sell, they didn’t have their credit lines and were being forced to buyback loans from the major banks. Since 2006 over 320 lenders and many more small businesses related to the mortgage industry have been wiped out by the bank oligarchy.
Going into business partnering with a bank is like going to war with Benedict Arnold as your right hand man.
So the bank Oligarchy wiped out all of their competition and the small guys like the mom and pop mortgage broker all as part of their plan to consolidate lending and dominate market share for their little group. The government has not helped and in many ways has aided this oligarchy.
The Obama Regulatory Reform Plan basically puts all of the blame on the small mortgage broker, appraiser, realtor, etc and plays into the hands of the Bank Oligarchy. The plan never states that if these loan products were never developed by the big banks and Wall Street firms that we would not be in this crisis. Instead the plan addresses the origination of these loans from the point of sale view…not from the Top…the Wall Street Firms and Banks, where the plan should be focused.
The Obama Regulatory Plan states that government needs to do more but does not even mention the wrong things that government has already done to compound our problems: 1) Artificially low interest rates 2) Federal Reserve Rule and other Legislative Initiatives eliminating loan programs and lowering debt ratios predictably making about 50% of the people that had qualified under the previous programs unable to refinance, sell their homes or buy new homes 3) monetizing the debt (printing more money) while producing record deficits 4) coming up with loan products within legislation that were doomed to failure because the lenders would not implement or utilize them to begin with 5)not coming up with any real solutions to get ahead the problem. Throwing billions of dollars to the Bank Oligarchy in the name of stabilizing the financial system maybe looks good for the short term but does not work for the man on the street long term as foreclosures will only continue to get worse further destabilizing the entire system.
So, the bank Oligarchy sucked individuals and businesses in, pulled the plug from underneath them and now the same Bankers who have promoted policies that would drive down the value of certain assets are buying the assets back or for pennies on the dollar. It is the biggest transfer of wealth in American history.
These Wall Street Bankers are hiding behind the letter of Contract Law basically saying everyone who signed a loan note is responsible for paying those notes back. They are indeed correct. However, don’t the bankers have some culpability in the loans that they developed, bought and sold? Don’t they have some responsibility to rectify the situation that they created by developing the programs in the first place? Didn’t the borrowers who took out those loans and the loan officers that sold those products have the reasonable expectation that those products in one form or another would still be around and if they were taken away that the borrowers would have other options to go into down the road? In fact, the products were taken away with no customer safety net.
For those reasons I am pushing for Long Term Loan Modifications or Refinances for people that are upside down and that are making their payments on time….no matter what their Debt Ratios or Credit Scores are. If they are making their payments those loans are performing assets and they should be able to Modify or Refinance for up to 50 years in a way that would not waive any of the loan customer’s individual rights.
You are all welcome to join us. This is only the 1st bank on the list and was mainly picked because Chase has stopped doing business with mortgage brokers and other mortgage bankers. We have at least 100 people committed so far and expect some national media to be there as well.
For several years it has been my opinion that the mortgage and housing crisis will not get better until there is a program developed that allows people who are making their payments but are upside down to take advantage of the lower rates. In order for a program like this to be developed the big banks have to sign on to the proposal and they have not done so to date. The current Obama FNMA and Freddie Mac Plan is not even close to getting the job done.
This article states by 2011 over 90 % of the loans in California will be upside down if nothing is done and over 50% in the US as a whole. It is time for the government and the big banks to get ahead of the problem instead of catching up to it.
http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank
The Bank and Wall Street Oligarchs have acted at best unethically and at worst they have committed treason against the American people by setting individuals and businesses up for failure.
They developed 100% Loan To Value loan products to get people into homes and then almost overnight took those products away predictably resulting in fewer refinance opportunities for people that took out those loans and fewer buyers that would qualify to buy the same properties.
They used credit scores as low as 500 in some cases to justify giving loans to people and now they are saying credit scores as high as 680 are too low and that justifies keeping people who should qualify for financing from doing so. The banks are having it both ways.
They solicited small businesses such as established mortgage brokers and small mortgage bankers to partner with them to grow their businesses. When these businesses signed on with the banks as partners the businesses for the most part did grow. That is until the banks almost overnight took away the products that the brokers and bankers had to offer while at the same time warehouse lines were closed and the banks started demanding buybacks from their same old business partners. So then the mortgage bankers not only had no products to sell, they didn’t have their credit lines and were being forced to buyback loans from the major banks. Since 2006 over 320 lenders and many more small businesses related to the mortgage industry have been wiped out by the bank oligarchy.
Going into business partnering with a bank is like going to war with Benedict Arnold as your right hand man.
So the bank Oligarchy wiped out all of their competition and the small guys like the mom and pop mortgage broker all as part of their plan to consolidate lending and dominate market share for their little group. The government has not helped and in many ways has aided this oligarchy.
The Obama Regulatory Reform Plan basically puts all of the blame on the small mortgage broker, appraiser, realtor, etc and plays into the hands of the Bank Oligarchy. The plan never states that if these loan products were never developed by the big banks and Wall Street firms that we would not be in this crisis. Instead the plan addresses the origination of these loans from the point of sale view…not from the Top…the Wall Street Firms and Banks, where the plan should be focused.
The Obama Regulatory Plan states that government needs to do more but does not even mention the wrong things that government has already done to compound our problems: 1) Artificially low interest rates 2) Federal Reserve Rule and other Legislative Initiatives eliminating loan programs and lowering debt ratios predictably making about 50% of the people that had qualified under the previous programs unable to refinance, sell their homes or buy new homes 3) monetizing the debt (printing more money) while producing record deficits 4) coming up with loan products within legislation that were doomed to failure because the lenders would not implement or utilize them to begin with 5)not coming up with any real solutions to get ahead the problem. Throwing billions of dollars to the Bank Oligarchy in the name of stabilizing the financial system maybe looks good for the short term but does not work for the man on the street long term as foreclosures will only continue to get worse further destabilizing the entire system.
So, the bank Oligarchy sucked individuals and businesses in, pulled the plug from underneath them and now the same Bankers who have promoted policies that would drive down the value of certain assets are buying the assets back or for pennies on the dollar. It is the biggest transfer of wealth in American history.
These Wall Street Bankers are hiding behind the letter of Contract Law basically saying everyone who signed a loan note is responsible for paying those notes back. They are indeed correct. However, don’t the bankers have some culpability in the loans that they developed, bought and sold? Don’t they have some responsibility to rectify the situation that they created by developing the programs in the first place? Didn’t the borrowers who took out those loans and the loan officers that sold those products have the reasonable expectation that those products in one form or another would still be around and if they were taken away that the borrowers would have other options to go into down the road? In fact, the products were taken away with no customer safety net.
For those reasons I am pushing for Long Term Loan Modifications or Refinances for people that are upside down and that are making their payments on time….no matter what their Debt Ratios or Credit Scores are. If they are making their payments those loans are performing assets and they should be able to Modify or Refinance for up to 50 years in a way that would not waive any of the loan customer’s individual rights.
Subscribe to:
Posts (Atom)
