A Conservative View

Praying that Donald Trump can save Americas freedoms!

Archive for the tag “Freddie Mac”

REMEMBER WHO DESTROYED AMERICA’s FUTURE

 STILL BUSH’S FAULT, huh????I don’t understand WHY the republicans running for office don’t say this in their ads!!The day the democrats took over was not January 22nd 2009 it was actually January 3rd 2007 the day the Democrats took over the House of Representatives and the Senate, the start of the 110th Congress. The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995. For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault”, think about this:January 3rd, 2007 was the day the Democrats took over theSenate and the Congress:

The DOW Jones closed at 12,621.77

The GDP for the previous quarter was 3.5%

The Unemployment rate was 4.6%

George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS OF GROWTH.

January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!

Thank the democratic Congress for taking us from 13,000 DOW, 3.5 GDP and 4.6% Unemployment to this CRISIS by dumping 5-6 TRILLIOn Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac fiasco’s! (Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001, because it was financially risky for the U.S. economy, but no one was listening).

And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac?

OBAMA.

And who fought against reform of Fannie and Freddie???

OBAMA and the Democratic Congress.

So when someone tries to blame Bush…

REMEMBER JANUARY 3rd, 2007…. THE DAY THE DEMOCRATS TOOK OVER!” Bush may have been in the car, but the Democrats were in charge of the gas pedal and steering wheel they were driving. Set the record straight on Bush!

So, as you listen to all the commercials and media from the

Democrats who are now distancing themselves from their voting record and their party, remember how they didn’t listen to you when you said you didn’t want all the bailouts, you didn’t want the health care bill, you didn’t want cap and trade, you didn’t want them to continue spending money we don’t have.

I don’t know about you but my 401K has suffered enough of Obama’s “Change”. Facts are facts and I’m not forgetting their complicity in getting us into this mess, and I’ll be marking my vote accordingly!  CB

Thanks, Jack Peck, for reminding me.

GOVERNMENT-HERE TO HELP YOU “OUT”

WHY DID WE WORK SO HARD?

Before you read this let me state that I am not looking for any sympathy from anyone. I am just an old man who worked more hours than most to achieve the American Dream. After 17 years of retirement I am convinced that my government is close to destroying my savings for as punishment for being successful. Obama’s obsession to share the wealth is destroying those of us that saved to take care of ourselves

Obama and his progressive army have finished destroying the American Dream of home ownership. Carter started the eventual demise a long time ago. Barney Frank and Chris Dodd protected the scam with Fannie Mae and Freddie Mac until the bubble burst. Barney still stands before the cameras to defend these government mismanaged organizations today.

Our government could not manage a bankrupt whorehouse in Nevada. How on God’s green earth did anyone with a third grade education, ever expect them to run Amtrak, the Postal Service, TVA, General Motors or Chrysler and break even, much less make a profit? Now the flood of new government regulations is destroying all businesses with idiotic and wasteful constraints.

In the last few days my IRA has suffered a near suicide. Does Obama or Congress care? No, they are on vacation and with their pensions, could care less that they have wiped out the savings of millions of senior citizens. For twenty seven years of service with a large defense contractor, I receive a pension of $221.47 per month. This will not even pay for the Medicare supplement for my wife and me.

I spent the last eleven years of my work life with one tall hill to climb. I knew before I started my first business what my pension would be. As I have a Masters in Business it was obvious that my future retirement would require personal savings to insure that we would survive old age.

In those eleven years I average 225 nights a year in hotels in over 27 countries and 49 states. I missed birthdays, anniversaries, my children’s school events and death in my family. Several of these trips exceeded 5 weeks and I amassed over 2 million miles on airplanes. Obviously my family also suffered.

Finally at age 64 I had saved enough to retire and with my savings in my IRA I felt secure. I had no fear that my children would not be burdened with caring for us when the time arose. I was blessed with a mind, driven to succeed and actually achieved every goal I had made for myself. Few honest people ever reach this pinnacle of success.

We are constantly asked if we are better off now than in the past by the self-ordained blood sucking saviors in Washington. Until Bush Two and Obama came along I could honestly say I have had a better life than most. I was better off each year as compound interest and long term investments were successful in maintaining my savings.

If Obama’s changes continue to improve as he keeps preaching, my savings will completely disappear before he completes his first term. If he wins another 4 years my children will not only have to take care of us, my grand children will never have a chance to even retire.

My question, especially to senior citizens, is your life these past four years better or worse than you expected?

I expect some feedback that I should have buried my savings in a fruit jar and it would all still be there. Well my 1994 dollars would be worth about $.38 cents today. If Washington keeps helping us with spending more than we have, will it be worth anything next year?

One more question. How many people, who are not working for the government, on welfare or drawing unemployment, feel they will be better off next year? I will be happy to share your names with everyone I can and I will try to sell you my “Golden Goose”. I got my goose from Washington with a promise that our government is always there to help me “out”. They just never explained what “out” was. “Out” seems to really be, “out” of luck, “out” of money, “out” of hope, hurry up and croak and get “out” of the way.

Clyde Brewer

COMMON SENSE HOME OWNERSHIP

 

Let me share some interesting facts that I was not aware of probably because the news media in the USA is wired to promote bad news rather than help find the reasons we have serious problems. I found an article written by Lita Epstein a real estate publication that should interest everyone who is concerned about the billions of dollars likely wasted in the US real estate fraud. Congress calls it a crisis caused by financial companies when in fact they caused the waste and still hide behind their shield of “Royalty” status and point in every direction but themselves. This is just another reason that term limits are the only solution to provide sanity in Washington. When will we stop this facade? CB

Canada’s homeowners are less likely to face foreclosure? Fewer than 1 percent of Canadian mortgagess are in arrears, compared to the 2.9 million homeowners that received foreclosure notices in the U.S. in 2010.

Your first reaction is to say there are a lot fewer Canadians, and you’re right. Canada’s population is just 34.3 million, while the U.S. population now exceeds 307 million. But foreclosure rates are as high as 20 percent in the hardest hit states, so population alone does not explain the difference.

“Canada avoided the housing bubble that the U.S. has endured. Why, common sense banking practices in Canada. Canada has stricter underwriting standards, and the banks must set aside more money toward potential losses if the market takes a downward turn. Also, Canada has no secondary market for mortgages, like Fannie Mae and Freddie Mac, which means banks can’t sell off their risky mortgages, so they don’t make them in the first place”.

The banks more conservative regarding lending, but private mortgage insurers have more control over mortgage approval. A Canadian who puts less than 20 percent down on the house must pay the full cost of mortgage insurance upfront; and the mortgage insurance company has the authority to approve or reject the property appraisal. This gives banks and buyers a strong incentive to get realistic property appraisals.

“When people apply for a mortgage in Canada, there are some significant differences to the type of mortgage they’ll get. Most Canadian mortgages are for 25 years, and the interest rate readjusts to the current interest rate every five years. This encourages Canadians to pay off their mortgage faster. There are also substantial prepayment penalties that discourage refinancing, especially to tap equity”.

Canadians don’t get a tax deduction for mortgage interest, so they don’t have an incentive to keep paying on a mortgage. The U.S. tax incentive for mortgages may soon be reduced as part of the deficit reduction efforts to be considered in this Congress.

“If you have a mortgage in Canada, you can’t just walk away. Canada has full recourse on mortgages, which means you must pay off the mortgage even if the bank forecloses on your home. If the bank forecloses and the house is worth less than the mortgage, the bank can sue for a deficiency judgment. The bank can then attach a lien to other assets and garnish future wages. Some states in the U.S. are full-recourse states, but others, such as California, are not”.

Canada does not encourage homeownership for low-income households. Instead the Canadian government provides public funding for low-income rental housing. There is no subprime lending in Canada. Sounds like common sense!

Prior our government relaxing the rules, created Fannie Mae and Freddie Mac that led to the the boom years, banks required information to prove income and held to strict income standards. Banks also held appraisers to higher scrutiny. That’s what Canadian banks continued to do, while the U.S. lowered their underwriting standards.

Lita Epstein has written more than 25 books including The Complete Idiot’s Guide to Personal Bankruptcy and The Complete Idiot’s Guide to Improving Your Credit Score.

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