It started with speculators nearly 3 years ago. Most of the speculators are history, and have long since lost their speculative investment homes and are now history. Then average people (not speculators) started losing their jobs by the hundreds of thousands and most lost their homes because their income was reduced and the housing values deflated and dropped, causing many to lose even more homes. One of the main culprits has been that the foreclosures have destroyed and reduced values of many neighborhoods by leaving poorly maintained properties, increased vandalism and crime, and even short sales (selling foreclosures at a fraction of their former value) which has lowered housing values by the banks themselves Then the banks did what most stupid people do, they closed the barn doors after the horses escaped. They changed the lending rules for All existing and would be borrowers. This has now trapped current mortgage holders who still have good credit scores in good standing. Many of these people are self employed or run small businesses and do not show high taxable income. Now they cannot refinance because the rules have changed “after” the loans were initially made. This brings to mind some important questions and concerns: Do you think that lenders should be required to honor the rules for existing borrowers who have honored their commitments? Borrowers in good standing should not be punished for the sins of others, so to speak and should be “grandfathered in (rules and requirements remain constant) if they are making their payments as agreed upon. Many lenders, such as Countrywide, sold their borrowers on the concept on lower interest with the promise of easy low cost refinancing when inflation raised the value of their homes over the next few years. After all, we all had witnessed a steady rise in inflation for well over fifty years and it was then unthinkable to imagine what damage the derivatives and speculaters did to the world real estate market over the last few years. At he beginning of the US financial crisis, the FED and US Government regulators handed Bank of America both Merrill Lynch ($50 Billion all stock – NO CASH to purchase) and Countrywide’s loan portfolio ($4 Billion all stock NO CASH) on a silver or golden platter and has done it’s best to harass and take advantage of those former Countrywide customers who have been trapped in this economic catastrophe. The latest news announcement on March 26, 2010 is more for show than reality, since the red tape and caveats will prevent the most deserving to get any meaningful help. I’ve said it all year long and I will say it again: You cannot expect private credit card companies and private banks to treat its customers fairly or with respect. Remember, a private business is responsible for maximizing profits and the cold hard facts are that they do not care who they hurt or destroy to get these profits. I am not demonizing private enterprise, but lines of distinction have to be drawn and rules must be made in order to keep them from destroying the hand that feeds them. America is in a national crisis and we have a President and Congress who are disorganized, timid and gives token gestures (to pacify their ignorant followers who put them in office) as their answer to these problems, and these token gestures are laden with red tape and complex administration. President Obama despite being elected President has never fully accepted his presidential authority with any class or dignity. He acts like a thief in the night (as in how he handled the poorly drafted Healthcare Reform Bill). He is still out campaigning for President and not at all acting as the President. If I were President I would call for an emergency session of Congress and declare that America is in a National State of Economic Emergency. I would declare ALL ADJUSTABLE MORTAGES ILLEGAL and reduce all mortgage interest rates to a fixed 1% – 2% maximum (perhaps the same rate that the FED loans money to the banks which is currently at

By Rick

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