Are we missing the outrage for being sold down the river by a ship steered by fools in the mortgage crisis? Even our choice for presidential candidates show heavily embedded lobby and financial interests for a Marxist socialist solution or a watered down free market solution. Both are sleepwalking in lobby money and favoritism.
Unqualified buyers were encouraged into mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to make easy loans to people who were bad credit risks. Buying a home and paying property taxes was sold as the ultimate dream for financial happiness and getting ahead. His administration began distancing itself from sound lending and accounting standards.
Along came Bill Clinton who put extra teeth in the law by disciplining mortgage and investment companies that did not extend credit to people who were bad credit risks. He put them into homes they couldn't afford let alone deal with the property taxes. A further deregulating and credit risk was encouraged by mortgage companies; those that didn't comply to lose lending practices were hampered from expanding their footprint in the community.
Who bought these phony high risk loans? Fannie Mae and Freddy Mac. They, furthermore, became a spring for sending political contributions to politicians encouraging this bad credit homeownership cancer to keep growing. Mortgage company lobbies' handed over hundreds of millions of dollars to politicians' greed in order to perpetuate this circus even as residents of high-foreclosure neighborhoods suffered additional pain from high property taxes.
AIG and other insurance companies insured these loans. Their cardinal goal is to evaluate and insure against debt risk. Their leverage was set at 12 to 1 meaning that they had to have one dollar in assets to cover 12 dollars or risk. They threw millions of lobby money to leveraging its recirculation rate at a reserve rate of more than 30-1. With such a high-risk and profit expansion levels, any big bump in real estate valuation put those assets in jeapordy.
Federal Reserve economists put their stamp of approval on this financial gimmickry and allowed this charade to continue. Acorn (Association of Community Organizations for Reform Now) and other related socialist leaning organizations further aided in twisting banks to make even more fraudulent loans.
The House Finance Chief, SEC Chairman, Banking Committee Chairman and any Congressman or public official accepting lobby money were shills for this con game. Prison and banishment from public office should be their reward for violating the public trust! Politicians accepting lobby money need prison and banished from public office. Lobby money is nothing more than a bribe. If you bribe a cop for not giving you a speeding ticket you go to prison. If a public official accepts a bribe, shouldn't they be put in jail as well?
Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to an end and the value of real estate assets declined combined with a foreclosure explosion, the market imploded. The government created the problem and a 700 billion dollar bailout (laden with funding for pork projects) is meaningless. The credit boom is over. But, where is the outrage?
Across the nation, real estate prices have fallen and municipal and state governments have raised their tax rates to compensate for the shortfall. If, when you get your property tax assessment bill, you need to compare your home to the assessments of similar sold homes, you may find that you are overtaxed and could profit from a property tax appeal. It's worth a second glance. - 15224
Unqualified buyers were encouraged into mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to make easy loans to people who were bad credit risks. Buying a home and paying property taxes was sold as the ultimate dream for financial happiness and getting ahead. His administration began distancing itself from sound lending and accounting standards.
Along came Bill Clinton who put extra teeth in the law by disciplining mortgage and investment companies that did not extend credit to people who were bad credit risks. He put them into homes they couldn't afford let alone deal with the property taxes. A further deregulating and credit risk was encouraged by mortgage companies; those that didn't comply to lose lending practices were hampered from expanding their footprint in the community.
Who bought these phony high risk loans? Fannie Mae and Freddy Mac. They, furthermore, became a spring for sending political contributions to politicians encouraging this bad credit homeownership cancer to keep growing. Mortgage company lobbies' handed over hundreds of millions of dollars to politicians' greed in order to perpetuate this circus even as residents of high-foreclosure neighborhoods suffered additional pain from high property taxes.
AIG and other insurance companies insured these loans. Their cardinal goal is to evaluate and insure against debt risk. Their leverage was set at 12 to 1 meaning that they had to have one dollar in assets to cover 12 dollars or risk. They threw millions of lobby money to leveraging its recirculation rate at a reserve rate of more than 30-1. With such a high-risk and profit expansion levels, any big bump in real estate valuation put those assets in jeapordy.
Federal Reserve economists put their stamp of approval on this financial gimmickry and allowed this charade to continue. Acorn (Association of Community Organizations for Reform Now) and other related socialist leaning organizations further aided in twisting banks to make even more fraudulent loans.
The House Finance Chief, SEC Chairman, Banking Committee Chairman and any Congressman or public official accepting lobby money were shills for this con game. Prison and banishment from public office should be their reward for violating the public trust! Politicians accepting lobby money need prison and banished from public office. Lobby money is nothing more than a bribe. If you bribe a cop for not giving you a speeding ticket you go to prison. If a public official accepts a bribe, shouldn't they be put in jail as well?
Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to an end and the value of real estate assets declined combined with a foreclosure explosion, the market imploded. The government created the problem and a 700 billion dollar bailout (laden with funding for pork projects) is meaningless. The credit boom is over. But, where is the outrage?
Across the nation, real estate prices have fallen and municipal and state governments have raised their tax rates to compensate for the shortfall. If, when you get your property tax assessment bill, you need to compare your home to the assessments of similar sold homes, you may find that you are overtaxed and could profit from a property tax appeal. It's worth a second glance. - 15224
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Before you accept the correctness in calculating your property tax assessments, look at a property tax guide that could lower the amount you pay in property taxes. Property tax records are many times in error and an appeal will reduce your property taxes dramatically and perpetuate your savings on your property tax for years in the future.
