Loan Modification is the Light at the End of the Tunnel
July 21, 2008
Many Americans have been left seething with the recent $700 Billion bailout/stimulus plan. You and I, the tax payer ultimately are left to foot the bill for the banks mistakes. Good,bad,or indifferent to the situation, no one was complaining about getting their stimulus checks. I didn’t get a stimulus check, and I agree with the goverment for not giving me one. Sure, an extra $600.00 would have been nice but I did not need it. I exceeded the income threshold for my filing status.I do belive my taxes should go to help those who have made less, and has a family that may be losing their home. The stimulus check of $600.00 surely helped a struggling homeowner, but likely would not get them caught up with their bills. In there current economic times it is very easy to get caught in debt. The credit gravy train has stopped.Now the goverment is stepping up and doing what americans are supposed to do. Help the poor,the tired,the hungry and those that may be facing foreclosure. When I asked one of my clients “Why would you borrow 450K against your house when you only make 45k per year?” His reply was simple ” I did not think the bank would let me borrow more than I could afford.” I would have thought that that too If I didn’t have the benefit of being a banking insider. The whole scenario is remincient of the “Friends dont let friends drive drunk” ad campaigns. One would think your bank wouldn’t let you borrow more than you could afford, Right? Just like the friend that wouldn’t let a friend drive drunk Right? Wrong. The banks are not your friends, they are in the business of taking your money and making more of it. In the early stages it was lucrative to allow people to borrow more than they could afford. Banks made money hand over fist selling these loans as mortgage backed securities on the secondary market. Why? Because the investors had no Idea what exactly they were buying or the risk. They only knew they had derivative to protect them on a default and could swap loans. After all, the bond ratings on these securities were AAA stautus. Fast forward to ING’s near collapse,Bear Stears,Merryl, etc… They were the underwriters of the derivatives. So If they become insolvent, there is no choice but to go back, and rework the loan portfolios. Read more
Personal Loan
July 5, 2008
Tired of getting rejected by numerous financial lenders? If you are, then it’s time you consider applying for a personal loan. With this type of loan, you’ll be able to pay for whatever you need and want, the creditor here couldn’t care less for what you use it for (as long as it’s legal). Everything you can think of (that’s legal), you can easily get with the help offered by this service. When I say everything, I mean everything, take the following for example: you need to pay for the bills that’s been stacking up on your table, and have no idea where to get the money from.
Your friends don’t trust you enough to lend the money, because by now they’re probably familiar with your bad credit record. Even your relatives and parents won’t hand you the cash, well because either they don’t have it or don’t care about you, or think it’s something you should be taking care of on your own - with no one left to turn to, who do you call? Not the Ghost Busters, but the personal loan company. These guys are more flexible than a rubber band, and will be more than willing to work out a repayment program that fits the both of you. Read more