Press Release Oct 1, 2008
Are We being Lied to again?
By D'Anne Burley
Here is a Bail-out scoop not told to the public on September 29th 2008. Check out Bloomberg Report and USA today which had a partial article on the fact that over $630 Billion Dollars was moved into the Fed from Europe Markets to bail us out on Sept 29!
In addition, that means that we have loans to these countries that must be paid back and what will be loss if they are then defaulted on huh? this is why when the stock market went down to -777 after Mondays Market result due to the House not Bailing out Wall Street. On the back end some made a lot of money because they knew that there was the interjection and money coming in from Foreign Markets to save our exchange!
Then on Tuesday folks holding on to this paper made more money in a what I see as being a Martha Stewart insiders game whereby people picked up stock for under $2.00 a share from some of the top Fortune 100 Financial Brokerage Firms in the World. Not to mention AIG to insured things you would never dream such as even Unemployment Insurance, the insurance on the fisherman and home owners in Texas etc! People made Money on Black Monday (-777 = $$$$ for those in the know)
While they were on capital Hill voting on the Bail-out package, behind the scene it seems that they already were bailed-out by Foreign Markets like Japan, England and others go to Bloomberg report and read it it's there!
This is the one that got missed by the eyes of the general public. Why? well you think about it for a while Congress and the Senate got so many e-mailed that they had to stop receiving them because the people did not want to bail out anyone because they did nothing to bail out the consumers nor the taxpayers.
I was watching "Fox" News on television and got angrly as everyone else feeling used! Why should America bail out Wall Street I felt? Look they knew of the pending collapse and did nothing! Many walked out of these Corporate Giants with packages that would be enough to employee over a few hundred workers. But the Tax payer is the person who was called on the bail out the people who allowed the failed Mortgage Industry to collapse because of greed on the secondary market.
On the other hand there are smaller business collapsing because of lines of credit they had to stay alive! Yes many smaller businesses are shutting down due to the issue of the shutdown of the credit market because of the collapse of Wall Street and the issue within the Insurance Giant AIG that backed many of the credit lines these companies used.
Just think about this your locate grocery store may have lines of credit that they can not use because of this crazy Wall Street nightmare! That could cause us not to have food and other things we need. In Chicago many clothing shops are closing and other businesses as well!
How do I know this well I was a Director of a Mortgage LLC in the Gold coast of Chicago and also I was a former Deputy Clerk working from within the Court system in the early 90'.
I saw the market open its doors to allowing borrowers with no clue to get homes deal after deal came in the industry was running hot money was being made and consumers were buying and refinancing without any clue of what was going to be a end to this market place.
In the beginning, you were requested to have 20% down to get in to a home, then the requirements changed to10% 5% then 3% down in order to get your foot into the door! YOU ALSO NEEDED A CREDIT SCORE! over 640. In those days that was a excellent credit score.
Today! 640 credit score is just fair! in the year 2000 programs came from banks giving low doc, no doc programs to the consumer who did not know that later when the program adjusted they would end up paying a arm and a leg unless you were in the home to rehab it and sell it before it adjusted. this was called in the industry as flipping which was viewed as illegal. But many consumers did it anyway to make money.
The No Doc Low Doc Programs meant you did not have to provide your life history to get a loan! All you needed was a verification of income statement from a CPA or Tax form certifying you had the income to make the payments and many borrowers lied to get into a home because they were faced with being in a renters market with fewer and fewer rental properties available due to Condo Conversions!