Buy A House for $1000 Down
August 10th, 2010Here we go again. Those “fat cat bankers” as Obama called them are at it again. Despite the Financial Reform Bill, it is starting all over again. Anyone with a credit rating of 640 and $1,000 can buy a house. You don’t need home owner’s insurance. And, if you are laid off, no problem, for 6 months no payments. Who is making this offer?
Chris Dodd and Barney Frank. Freddie and Fannie. It’s a replay of the need to stimulate the housing market. But, it’s really income redistribution again. We keep pouring tax dollars into Freddie and Fannie. With guidance from your government, they can’t stop taking undue risks.
Let’s say someone meets the criteria to get one of these mortgages. They get the house, they don’t get laid off, but the roof leaks. Whey does the money come from to fix the roof?
What percentage of these bogus mortgages will go bad? Fifty percent, seventy-five percent?
Here’s a step by step plan for the state of Illinois. A state that is broke.
•Step 1
To get the assistance through the State of Illinois the first step is to understand the program and what assistance is available. The program is called Illinois Home Start Program and it offers up to 3% of the purchase price of your new home for down payment and or closing costs when you are buying your new home. Illinois does not lend you money but they give you the assistance. The loan comes from a participating lender and the loan is based on the FHA guidelines. The complete guidelines are listed on the Illinois Housing Development Authority web site.
•Step 2
Understanding the benefit of free down payment assistance and how you can purchase a home that you might not have been able to because you did not have enough money to close, now you contact a participating lender who will pre qualify you to purchase a home under the FHA Guidelines. The Illinois Home Start Program has 2 additional guidelines that most who qualify for a FHA loan today will meet. First you must have a minimum credit score of 640 and secondly your debt to income ratio can not exceed 43%. Your loan officer can help you determine if you qualify based on these factors and can pre approve you to receive the assistance.
•Step 3
After you have been pre approved and before you close the loan. You must take a first time home buyer class through a HUD certified agency. This class will help you understand the basics of buying and keeping your home. It is highly recommended for all first time home buyers even if they are not seeking down payment assistance.
•Step 4
Once you have been pre approved to get the FHA loan and down payment assistance, then you and your realtor go out and find a home that you like to based the amount that you have been approved to purchase. Once you have found a home and have an accepted contract your loan officer will register in Illinois Home Start so you can receive down payment assistance.
•Step 5
Finally, the lender closes your loan and at closing you are credited 3% of the purchase price toward your down payment. One last thing to note you must have a minimum of $1,000 as your investment in your home. That is a good deal. For as little as $1,000 you can buy your first home by getting down payment assistance in Illinois for First Time Home Buyers under the Illinois Home Start Program.
Read more: How to Get Down Payment Assistance as a First Time Home Buyer in Illinois | eHow.com http://www.ehow.com/how_5647926_down-time-home-buyer-illinois.html#ixzz0vszIZex3
Someone has to stop this insanity. That someone is you and me. The momentum is building.
These bums are so arrogant they think they can do whatever they want. They don’t answer to anyone but themselves.
Remember when Bush let the Democrats take the Congress? The next day a contingent of Republican leaders met with Bush. He was told he had to fire Rumsfeld. He was told he wasn’t calling the shots anymore. They and the Republican party leader were. He had done all the damage he would do to the party.
That same conversation needs to take place with Obama in November. The bloodbath in November must put the same fear of God into the Democratic leadership. They need to put the leash on Obama and stop him from further destruction to the party.
It’s the best hope we have until 2012.
Tags: $1, 000 down for a house, Fannie, FHA, Freddie, income redistribution
Posted in Tea Party Member, best conservative blogs, political commentary | No Comments »
Tony Hayward Gets the Boot
July 28th, 2010In the corporate world you pay when you fail to perform. The oil leak was on Tony Hayward’s watch. He failed to measure up to his promise of laser attention on safety. Then, he failed to demonstrate the leadership required of the CEO job. He did not do and say the right things to give people the impression that he was making the Gulf oil leak top priority and had appropriate empathy for the people who were harmed by the act. He deserved to be fired, and he was. It’s easy to say he walked away with millions, so who cares? He cares. He worked his way to the top of a huge corporation and leaves in disgrace. He would give most of those millions back to have the oil leak erased.
In the world of US politics, you do worse than Tony Hayward did and you suffer no consequences. No one did more to destroy the US economy than Chris Dodd and Barney Frank. Dodd is retiring rather than suffer a defeat in the November elections. Barney will be reelected and go on with his mischief. Both proudly stood behind President Obama when the signed the abortion of a Financial Reform Act into law. Smug as peacocks. The Financial Reform Act that ignores Freddie and Fannie like they don’t exist.
Dodd and Frank supported Freddie and Fannie to the end and beyond. Without these two organizations there would not have been a housing meltdown. Taxpayers have dumped over $100 billion into these two organizations to cover up their mistakes. The men who ran Freddie and Fannie into the ground walked away with millions in bonus payments, but the AIG people got the public attention. They still sit on billions in bad mortgages and the bailouts for them are not over.
Who are Dodd and Frank kidding. They should have been fired for far more reasons than Tony Hayward. They kept Freddie and Fannie out of Financial Reform because they want the Freddie and Fannie problems kept under the rug. They don’t intend to answer to anyone for their culpability in the mess. They don’t want reform in Freddie and Fannie because they want them to keep doling out mortgages to people who can’t pay. They still believe home ownership is an American right.
Will either Dodd or Frank ever face justice for their injustice to the US taxpayer? Will they even have to answer to the media for their failures?
In a media culture where 400 high-level journalists were sharing e-mails on how to get Obama elected during the campaign, it can’t happen. If you were a TV producer or a newspaper editor, would you fire a journalist in your employ who was blatantly using his job to promote his political ideology? Have any of the 400 been fired for participating in the little cartel to elect Obama? None that I’ve read about?
In the private sector, you mess up, you get fired. In the government, you mess up, nothing happens. In the media world, you mess up, nothing happens.
Tags: barney frank, Chris Dodd, Fannie, Freddie, Tony Hayward
Posted in Tea Party Member, best conservative blogs, political commentary | No Comments »
Did You Vote on GM Purchase of AmeriCredit?
July 25th, 2010As a taxpayer you own part of GM. You own your share of the $45 billion you helped give GM to bail them out. They have $30 billion in cash. Until they go public, you will continue to own part of GM.
Did the Financial Reform Act give you the option to vote on big transactions GM makes? Of course not.
GM announced they will spend $3.5 billion of your tax dollars to buy Americredit, a company that makes loans to sub prime buyers. Here we go again. The government had to bail out GMAC, the former financial arm of GM because they made bad loans, not only to car buyers, but to home buyers. Now GM plans to make leases and loans to sub prime car buyers. They won’t be allowed to make mortgages, but don’t despair, the FHA, which you also own, is doing that at a stepped up pace. The FHA has replaced Freddie and Fannie, which you also own, as the company that learned least from the housing meltdown.
Your car company is going to sell cars to people who can’t get loans elsewhere with this great new acquisition.
You and I can write the future outcome of this today. We know GM will be drowning in bad paper in no time. Just as it was an entitlement for every American to own a nice house, it is still an entitlement by your government for every American to own a Cadillac.
The government mortgage bailout, the deal where you help your neighbor who can’t pay the mortgage, pay the mortgage, isn’t working. The few who qualify are mostly behind on their refinanced mortgage.
We have a government that is out of control. The government that can’t run anything, is running GM. That government will repeat the mistakes of the past. That government voted for you and your tax dollars and approved the GM acquisition. Now, you have to vote that government out of office and replace them with rational people who will not let GM orbit out of control and maybe, just maybe, help you get some of your money back from the GM bailout.
Tags: AmeriCredit, Fannie, FHA, Freddie, GM, GM purchase of AmeriCredit
Posted in Tea Party Member, best conservative blogs, political commentary | No Comments »
Take Back America in 2010
January 7th, 2010Lloyd Marcus produced a U-Tube that should inspire all of you who believe we need to have a big turnout at the polls in 2010 and build on the Tea Party work of 2009. Go to:
http://www.youtube.com/watch_popup?v=UZkvkLmkYVg
There is a good possibility, based on recent polls, that the 2010 mid-term election could bring the Republican Party the 40 seats in the House and 10 in the Senate to give the party a majority in 2011.
Obama’s job approval rating will take a serious hit in the next two weeks thanks to Janet Napolitano. And, thanks to his efforts to disarm our homeland security. Ben Nelson, if he had to run in 2010, would be trounced based on a poll in Nebraska. Guess the folks back home don’t approve of what he did to get health care reform moved forward.
The momentum is building and should continue to build as the Democrats shove through the health care reform sausage package. States and cities are in big trouble financially. None seem to be able to deal with the problem. Government expense just can’t be cut anywhere. Impossible. Unions and courts stop all proposals. The states are trying to get help from Washington.
Barney Frank and his friends have once again told Freddie and Fannie to keep bad loans alive to try to repair the past damage done when they told them to make sure every American can buy a house. Christmas Eve they gave both Fred and Fan unlimited capacity to borrow more from the US Treasury. At the same time, they paid both presidents $6 million for 2009. GMAC gets more too.
It’s up to the people to stop the insanity. Get involved in 2010. Do your part to make real change happen.
Tags: barney frank, Fannie, Freddie, GMAC, Lloyd Marcus, obama
Posted in best conservative blogs, political commentary | 2 Comments »
You Bought Shares in ZBB Energy
August 20th, 2010Maybe you need a need broker, investment counselor, or whomever you rely on for investment advice. In the past few months you have bought stock in GM, Chrysler, Freddie and Fannie, and ZBB Energy.
Your GM stock will meet the test in the next few months when the stock goes public. If you are to break even, GM needs to raise $70 billion. That would mean GM is worth more than Ford. Some estimates are as low as $10-15 billion. That means you and your fellow investors(taxpayers) took a $55-60 billion loss on the GM takeover.
President Obama spoke in Detroit recently and said the GM takeover saved 55,000 jobs and saved the US auto business. That 55,000 is after 235,000 jobs were shed. And, he really didn’t’ save the US auto business, since Ford is doing fine without his help and GM would have filed bankruptcy and Chrysler will go out of business eventually. Taking your investment down with them. Really, what Obama saved was UAW votes.
Barney Frank now says Freddie and Fannie needs to go away. Barney wrecked them and now wants to wash his hands and watch them sink along with all of your tax dollars that will go down with them.
President Obama seems very confused this week. He says companies are hoarding cash. Then he says pensions funds are underfunded. This suggests he might tap those funds illegally and force the companies to fund pension funds. But, the pension funds that are underfunded are union pension funds, not associated with the companies that are hoarding cash, per Obama. We can only hope he isn’t so delusional that he would even consider using cash from non-union companies to bail out union pension funds. How, by taxing companies that have exercised prudent judgment and using the money for unions that have been spending pension fund money to get Democrats elected?
So, you will lose some of your investment with GM, maybe all of it with Chrysler, Freddie and Fannie, and with Obama as your investment advisor, you aren’t done.
He proudly stood on the shop floor at ZBB Energy. If you looked closely it seemed to be a very low-tech plant with very few employees. He said it was the green energy future that will create the jobs and GDP of our future. You bought $14 million in ZBB stock when you bought $2.3 billion in ZBB and 182 other great bargains like ZBB. This is the Jimmy Carter era all over again when billions were invested in green energy of the future. Find it.
If I were your investment advisor, I would suggest you look at ZBB’s financials. The company lost $4.9 million in fiscal 2008 and $5.5 million in fiscal 2009. It has lost $6.9 for the first nine months of this fiscal year. They have a “cumulative deficit” of $44.1 million . The former CEO was compensated as both an employee and independent contractor. The 72,000 square foot plant is 10% utilized. That really made the camera work for Obama’s visit tricky. The ZBB public offering in 2007 was at $6 a share. It’s now 70 cents. ( watch GM)
All those billions going into green energy. How many are as well researched as ZBB Energy? How many were going broke like ZBB and the government money will just keep them afloat for a few months. How many will have CEO’s like ZBB had who will be paying themselves twice with your tax dollars?
If you were the president would you really have a press conference at ZBB Energy? If we had media in this country, would Obama be outed for doing this? To my knowledge, only the Wall Street Journal exposed the ZBB truth.
Do your want to keep Obama as your investment advisor?
Tags: barney frank, Chrysler, Fannie, Ford, Freddie, GM, UAW, ZBB Energy
Posted in Tea Party Member, best conservative blogs, political commentary | 3 Comments »