Boycott J.P. Morgan Chase-Wamu & Bank of America

A Tale of Two Dirty Banks

(Boycott J.P. Morgan Chase-Wamu & Bank of America)

After being laid off, I could no longer afford my mortgage payment. I did not want a foreclosure to occur so I tried to do the right thing and located a realtor and an attorney to work with to help facilitate a short sale. I have brought four different buyers to the lenders. These buyers were pre-approved and ready to close. Every time we got close to closing, the lenders would kill the deal. They should be on their knees, kissing my ass, thanking me for finding them even one buyer in this horrible economy and even worse real estate sector, let alone four. J.P. Morgan and Bank of America have lied, manipulated, and jerked us around for over a year. These two scumbag, lying, dirty banks make my skin crawl and make me want to vomit my stomach contents. One bank representative even told me that “They were going to ruin my credit and destroy my life for putting them in this position.” I put them in this position????? I had an 804 FICO Score before I was laid off. I had a 30 year low rate fixed mortgage. I did everything right. These criminals, who should be in prison for their fraudulent activities, now get 7 figure bonuses as rewards. Not to forget, these criminals had their hat-in-hand begging the government for a handout of billions of yours and mine tax dollars. Let’s have a brief history listen. The bulge bracket firms on Wall Street are the DIRECT CAUSE of the great recession. They are the ones who bought the crap sub-prime loans, replenished the coffers of fly by night lenders, sliced and diced them, re-named and re-packaged them as Mortgage Backed Securities, coerced and blackmailed the ratings agencies to give them triple AAA credit ratings, and then sold these garbage investment vehicles around the world knowing full well the whole time this was a scam. These banks perpetrated the largest fraud known to mankind. They systemically brought down not only the U.S. economy but also the global economy. Countries such as Iceland have collapsed because they believed the lies that the thieves on Wall Street fed them and over levered themselves to buy RMBS investments. And now that the real estate bubble has collapsed, and these whores cannot milk anymore revenue from the RMBS fraud, they are trying to create revenue on the backside by destroying the middle class and people’s lives, including mine. I have lost everything. I am three months from being homeless and living in my truck. I don’t have a ten million dollar mansion like Richard Fuld (Former Lehman Brothers CEO) to go home to or hundreds of millions of dollars in savings. The only way an individual can let their anger known is by exercising freedom of choice. BOYCOTT these scumbag criminal organizations masquerading as banks and take your business elsewhere. They are a disgrace to America.

News Flash

The "Cap and Trade" bill has been officially renamed to reflect what the bill actually does. The new name for this piece of legislation will be the"Tax, pork and triple your electric bill" bill.

A tax for being poor?

Has this administration completely lost sight of reality? New legislation tied to Obama’s unattainable national healthcare initiative would penalize those who do not carry health insurance over a predetermined income. So, you are almost living at the poverty level, but slightly above the national health plan’s exempt income and you will be now penalized for not carrying insurance. I guess you will have to give up eating. What are these fascist’s thinking? Another tax? This tax for being poor. National health did not work in Great Britain or Canada and it will not work here. When will the spending and taxing by these leftist nut jobs end?

News Flash

The current administration has changed what D.C. stands for in "Washington D.C." The abbreviation D.C. will no longer stand for the District of Columbia, it will now be known as the Distict of Communism.

Is Florida Doomed?

The year 2005 was the peak of the real estate bubble and we will never see that kind of real estate market for another 2 to 3 generations, if even then. New stricter lending policies, decimation of credit ratings, the demand destruction of the consumer, and the inward shift of the demand curve will see to that. The real estate sector in Florida is doomed. It will take 3 to 5 years just to stabilize and maybe get back to the levels of 10 yeas ago. The less than ethical county property appraiser's and zoning departments, errors by bond rating agencies, Wall Street's slicing and dicing of CDO's along with no-doc. mortgages created this debacle. The county governments in Florida should have reigned in these builders and limited the number of permits issued. But they were blinded by greed. Now, they are left with huge budget shortfalls, a declining tax base and a skeleton crew of teachers for our children. The market is flooded with pre-existing and new homes that nobody wants. Why buy a home now? Just wait 3 months and buy the foreclosure next to it for one third the price. Most retirees moving here will want something cheap with no maintenance, and will opt to rent an apartment. Many other people are going to choose to rent because they have realized that home ownership is a scam initiated by the Clinton administration and maintained by the Bush administration to keep the U.S. economy from stalling. People are realizing that if they instead rented and saved all the money that they would have wasted on home ownership expenses, it would far outpace any equity buildup in real estate. (I have finally learned this important lesson.) Some of the wealthiest and most affluent people in the country rent apartments on the Upper East Side of Manhattan. They have known for years that renting is much more prudent and they have a safety deposit box filled with cash to prove it. Also, the Obama administration is going to lower the ceiling on how much mortgage interest you can deduct, another reason to rent. There is a severe brain drain of talent leaving Florida for other states because all the high paying jobs here have dried up. Thus leaving a heavy base of people with low paying service jobs that can't get qualified to buy a home. Lenders and underwriters give appraisals for homes in Florida a 10 to 20% haircut because they know there is still plenty of room before rock bottom. Many middle class families are leaving Florida for Atlanta, Dallas, and N.C. where a 3 bedroom home is much more reasonable as compared to annual salaries. Also, do not forget about the ridiculous HOA, utility, hazard insurance, and termite bond fees in Florida. Florida's economy does not have major sector representation like NY, NJ or CA. That is where the high paying jobs will be once the economy begins to expand again. Florida will be reverting to the way it was during the 1970's, very cheap property with no to low appreciation and mostly retirees moving here. In short, since the economy in Florida is about 40% directly/indirectly based on real estate, Florida is doomed. You can't build, sell and refinance 500k plus homes in an economy, such as Florida's, based on lower paying service jobs. Also, what Clinton did was start an initiative to have as many people who wanted to own a home, be able too, no matter if they could afford/qualify for it or not. This plan was aimed towards lower income families as the initial target market, but that soon changed. He pressured Fannie Mae and Freddie Mac, with the help of the Federal Reserve, to lower underwriting guidelines and standards which then allowed them to mop up what was previously termed sub-prime mortgages. It didn't take long for mortgage brokers, banks and lenders to see an opportunity. Lower standards meant they could push through their pipelines garbage loans that should not have been underwritten in the first place. These securities were now very easy to sell in the secondary markets because they had the blessing (and insured) of and by the U.S. government. This is where the magical "ARM" comes to play, a very deceptive and cruel mortgage product. Now, everyone can afford that half million+ dollar house. Well, they can afford it for the first two years anyway. And, some applicant’s arms were twisted, deceived and they were brilliantly manipulated by professional salesman. I was on the front line, I saw it happen continually. I could tell stories that would bring tears to a hardened criminal’s eye. Then, what accelerated the problem was homeowners and investors were now using ARMS's to refi. This grave mistake along with bloated appraisals has created the upside down dilemma. I can remember reviewing appraisals for condos, in the worst areas of town, for 450k. I was simply astonished. I also completely agree that rental and investment properties have intensified the problem. I reviewed deals where investors were buying 5 to 10 condos with no money down and a no-doc. loan. What were these banks thinking? As for real estate booms and recessions, this is the first recession that was “caused” by real estate. Every other recession affected real estate, but usually real estate was not the root cause, and in some downturns, was the main driver to bring the country out of a recession. But now the home equity ATM is depleted. So, is Florida doomed? yes.........