Saturday, October 11, 2008

OK, Who is at fault?

Well, It's almost official - We are in a recession, and the Financial Crisis of '09 is in progress!
Every day, we can see the carnival of finger pointing as the hunt for the guilty is embracing the media.
Last week, it was "oil speculators".
Then it was those rascally CEO's - taking carloads of cash out of their failing companies, as their managers were escorted out with no severance.
Next it was the Mutual funds, holding on to all their cash, waiting for the markets to bottom so they could buy all the solid companies for pennies on the dollar.
I can't wait for the news on Monday, as we find the latest bunch of potential scapegoats for the financial crisis! (brought to you live by all the news stations, if you can still afford Cable).
The sad part is that the ones who shamelessly enriched themselves, selling complex and unworkable mortgages to suckers like me, running companies into the toilet while being secure in their assured severance packages, and making indecent profits selling carloads of "bad" mortgages to Wall street and their minions.
Hoping this finds you outside of someones cross hairs, -Alan.

Thursday, October 2, 2008

Email to President Bush

Please note my Email to President Bush.

Please vote against the Bailout bill as it is.
The bill Should include relief for those already in foreclosure or approaching it, and those Americans who are buckling under high prices (gas, food, fuel oil, etc.). It should also include payoff provisions for the physically sick, as medical bills are a leading cause of home loss and financial devastation. I own two homes in Florida as well, and both of those are now worth 1/3 of their purchase price, and there is no "bottom" in sight for this market.
In the current system, you can only short-sale a home to a third party. Make it possible to short-sale to the current owner, preserving the property, converting the bad mortgage to a performing one, and norming the value of the mortgage to the current value. This will allow people to pay for their homes, buy cars, food, pay college loans, and contribute to the future well being of the economy. Otherwise these homes will fall prey to abandonment, communities will be blighted, and only investors with good credit will acquire them at "fire sale" prices - forcing the current owners into welfare, tents, or homelessness. DON'T ALLOW THIS TO HAPPEN.

Respectfully,

Alan
Republican from NY – Homeowner in Florida