Resolved Question: pissed off at contract manager. review letter? too mean? wrong category i know but i need answers asap.?

Dear Mr. Contruction Manager, I asked you for a copy of the appraisal back in May and you NEVER answered my email. If you would have answered my email back in May, I wouldn’t have asked Mr. Michael Anthony of the title agency, and Mr. Anthony wouldn’t have told me that you did owe me a copy of the appraisal, and I wouldn’t have had to ask you again. So thank you for being prompt and professional by answering my email 2 months after I originally asked you. It looks like (yet again) that we are back at square one. Suntrust Mortgage has created yet another big problem for us. We are requesting the $6415.15 (which is the remaining portion of the $13,000.00) to pay the contractor’s bills for work/s they have completed and to also obtain their releases to obtain the “CO” from Hillsborough County. Be aware that I do not have the exact amounts for the contractor’s bills. If you want that information, please call Mr. Chris Braglin from Braglin Builders INC. at 813-695-0685. Again, I do not know the exact amounts for the contractor’s bills, so don’t ask me because you already have my answer. These are the contactor’s that I am aware of that need payment: 1) Sal Electric: Electrical contractor that has performed the electrical work for our house. 2) A/C Contractor: A/C contractor that has performed the A/C work for our house. 3) Euro-Shutters: Hurricane shutter contractor that has performed the work for our house. 4) TECO: Local electrical power supply company. A certain amount must be paid before they do the final connection/meter installation to the house. 5) Hillsborough County Government: They require a certain amount of money to be paid for “Impact Fees” and/or etc… before they provide and/or release the “CO”. 6) Landscaping: Hillsborough County Government requires a certain amount of trees, grass, driveway and/or etc… before they provide and or release the “CO”. 7) Others: If any you can obtain those from builder. Before we started the process/hassle to request the $13,000.00, we had an ending balance of $3,766.03 (according to Ms. Irene Hooper office meeting on Tuesday, March 24, 2009 at 11:00AM EST) bringing our total to $16,766.03. Your company led us to believe that we were going to receive the $13,000.00 that we had requested, and maintain the balance of $3,773.03. If you, or someone else in your company, would have followed their legal obligation of informing us that we would only receive $6,584.85 (0.506%), and you and your company would be holding the remaining $6,415.15 (0.493%), we would have most definitely went another route. I don’t understand how you and your company, fully knowing that we were approximately $13,000 short of finishing the construction of our home, let us apply for the $13,000 we need to finish our house, only to give us half and leave us in the exact same position (if not worse) then we were in before we applied for the increase. We feel that your company intentionally tricked us. We do not like this situation at all and it doesn’t look like it’s going to end favorable. Like we have said before, and like we are saying again now, we do not have the money to pay out and wait for you and your company to reimburse us. On top of those fiascos, you and your company want inspection after inspection after inspection after each “penny” draw for $500 a pop! We already don’t have the money to pay the electricians, the euro-shutter guys, the a/c guys, TECO, Hillsborough County, and all the landscaping things the county requires to obtain the “CO”, and you and your company wants to make the situation worse by charging us $500 for each “penny” draw? All of these inconveniences are going to cause my builder to pass the extension date of August 1st and then we will have to pay you and your company another $150 to receive another extension. Like you and your company aren’t making enough money off the interest we are paying on the mortgage! You and your company LOANED us the money for the house and most of these delays/problems we have been having were cause by you and your company changing our contract managers every couple of months. It’s become pretty clear that you and your company orchestrated these events to keep on ******* us. We aren’t going to suggest anything. Tell us what you and your company is going to do (or not do) to solve this mess, since no matter what we try to do to get things going and get our house finished, you and your company finds another way to **** us. Like the interest we pay isn’t a ******* enough in itself… Pissed Off, Mr. and Mrs. Anonymousi don't the money for a lawyer btw more

Resolved Question: Pissed off at my contract manager...is this letter too mean? review please?

Dear Mr. Contruction Manager, I asked you for a copy of the appraisal back in May and you NEVER answered my email. If you would have answered my email back in May, I wouldn’t have asked Mr. Michael Anthony of the title agency, and Mr. Anthony wouldn’t have told me that you did owe me a copy of the appraisal, and I wouldn’t have had to ask you again. So thank you for being prompt and professional by answering my email 2 months after I originally asked you. It looks like (yet again) that we are back at square one. Suntrust Mortgage has created yet another big problem for us. We are requesting the $6415.15 (which is the remaining portion of the $13,000.00) to pay the contractor’s bills for work/s they have completed and to also obtain their releases to obtain the “CO” from Hillsborough County. Be aware that I do not have the exact amounts for the contractor’s bills. If you want that information, please call Mr. Chris Braglin from Braglin Builders INC. at 813-695-0685. Again, I do not know the exact amounts for the contractor’s bills, so don’t ask me because you already have my answer. These are the contactor’s that I am aware of that need payment: 1)Sal Electric: Electrical contractor that has performed the electrical work for our house. 2)A/C Contractor: A/C contractor that has performed the A/C work for our house. 3)Euro-Shutters: Hurricane shutter contractor that has performed the work for our house. 4)TECO: Local electrical power supply company. A certain amount must be paid before they do the final connection/meter installation to the house. 5)Hillsborough County Government: They require a certain amount of money to be paid for “Impact Fees” and/or etc… before they provide and/or release the “CO”. 6)Landscaping: Hillsborough County Government requires a certain amount of trees, grass, driveway and/or etc… before they provide and or release the “CO”. 7)Others: If any you can obtain those from builder. Before we started the process/hassle to request the $13,000.00, we had an ending balance of $3,766.03 (according to Ms. Irene Hooper office meeting on Tuesday, March 24, 2009 at 11:00AM EST) bringing our total to $16,766.03. Your company led us to believe that we were going to receive the $13,000.00 that we had requested, and maintain the balance of $3,773.03. If you, or someone else in your company, would have followed their legal obligation of informing us that we would only receive $6,584.85 (0.506%), and you and your company would be holding the remaining $6,415.15 (0.493%), we would have most definitely went another route. I don’t understand how you and your company, fully knowing that we were approximately $13,000 short of finishing the construction of our home, let us apply for the $13,000 we need to finish our house, only to give us half and leave us in the exact same position (if not worse) then we were in before we applied for the increase. We feel that your company intentionally tricked us. We do not like this situation at all and it doesn’t look like it’s going to end favorable. Like we have said before, and like we are saying again now, we do not have the money to pay out and wait for you and your company to reimburse us. On top of those fiascos, you and your company want inspection after inspection after inspection after each “penny” draw for $500 a pop! We already don’t have the money to pay the electricians, the euro-shutter guys, the a/c guys, TECO, Hillsborough County, and all the landscaping things the county requires to obtain the “CO”, and you and your company wants to make the situation worse by charging us $500 for each “penny” draw? All of these inconveniences are going to cause my builder to pass the extension date of August 1st and then we will have to pay you and your company another $150 to receive another extension. Like you and your company aren’t making enough money off the interest we are paying on the mortgage! You and your company LOANED us the money for the house and most of these delays/problems we have been having were cause by you and your company changing our contract managers every couple of months. It’s become pretty clear that you and your company orchestrated these events to keep on fucking us. We aren’t going to suggest anything. Tell us what you and your company is going to do (or not do) to solve this mess, since no matter what we try to do to get things going and get our house finished, you and your company finds another way to fuck us. Like the interest we pay isn’t a fucking enough in itself… Pissed Off, Mr. and Mrs. Anonymousi can't afford a lawyer man... more

Voting Question: Full and Final Settlement Figures?

I have about £7700 worth of debt across 4 credit cards, I have heard that it is possible to request settlement figures of around 20% of the balance, how likely is this? Most of this debt was actually my ex boyfriend who although has not left me with these debts has £15K of his own and just been made redundant so is unable to repay them. A friend has offered to lend me around £2500 to pay off the highest interest card to try to save some money but then i have come across this idea of full and final settlements? how should I go about this and are they likely to accept around £800 per card when the balance is around £2200 on most of them? I am struggling to pay the min payments as i am left paying a mortgage on my own (as my ex has not money to contribute to it) and with the market the way it is i am unable to sell the place and to top it off my mortgage company denied my application to let the property. I havent as yet missed any payments on my cards so this is not classed as bad debt yet so will i still be able to pay these off in this way if i explain the situation. There is also a high change I may get made redundant in september so really need to sort this out ASAP or i will start defaulting Any advice will be greatly received more

Voting Question: Buying a multi family house?

Im looking to buy a multi family house right outside of boston. I have a steady job and some money saved for a down payment. Since there are tenants under lease still, could I bring copies of the lease to to mortgage company to show this "future income". I am a recent college grad so I can only put down about 10-12%, but this would show the mortgage company on top of my salary that I also had guaranteed income from this property. Thanks for your time! more

Resolved Question: When a condo gets problems is it the association's responsibility to have it fixed?

I have a condo that has been flooded 3 times - once the above unit flood and it came crashing threw the walls into my unit damaging A LOT, another time water came from under the foundation in two separate areas. When the water came from above the top unit's private insurance paid to repair the damages to my unit, the other two leaks from under my foundation I paid for. And now it is leaking again - i've replaced the floors twice and now there's water coming from underneath the pergo floors once again. The association tells me to deal with it but i went to an association meeting once and about a third of homeowners present had experienced similar flooding. Do I have to keep paying for this myself?? My insurance is through the associatio (enough coverage where my mortgage company doesn't require additional coverage) but for example I don't have a separate policy like the top unit did that covered my expenses when they flooded on me. bottom line - it started flooding this afternoon - not so heavily - i keep putting various towels to soak up the water - but i can't afford to call a plumber and replace the floors and go through all that once again!!! help please! what are my rights?? This is in California. more

Resolved Question: What should I do about my mortgage?

My husband & I bought a house 2 years ago. We bought a home at the top of the scale, meaning I had a set amount of what I wanted to spend on a house & didn't want to go over my set amount, the house is at the top of the set amount. I have recently lost my job(actively trying to find another one) & the bills are coming in fast. I feel like this house payment is too much for us now, we are always behind & can never get everything caught up. Houses are not selling around here, so I am sure that even if we did try to sell the house, we probably couldn't sell it anyways. I have talked to my mortgage company, Wells Fargo, & we are trying to do a loan modification... whatever that is?!? If we do dont get the modification from Wells Fargo are there any other options that I have? We cannot refinance because we haven't been in the house long enough, & I am sure we have bad credit now because we have been late so many times this year. Basically, I am wondering if anyone out there might know of any other options I might have besides selling the house or letting it go into foreclosure? more

Resolved Question: What happens if you are sued for unpaid bills and you have no money to pay?

My parents got a divorce four years ago and my dad got $250,000 when he left. He must have felt on top of the world with this money so he decided not to work, and drank and smoked his days away. He now can't even get a job, but wants to work desperately. He has literally $0. My mom and his father have been paying many of his cell phone bills, utility bills, and mortgage payments and now they just can't afford to do it anymore. He has received a summoned to court and is being sued for $5000 from a company. Since he really doesn't even have a dollar to his name and is about to file for bankruptcy and have his house foreclosed on, what will he have to do? This all makes me very sad because we had everything before the divorce and we were very fortunate. Now my mom and I have enough to get by (we have to take care of my brother and his kids also because he screwed up their lives as well), and my poor dad stays in his quiet lonely house with just a radio and lives off Bologna sandwiches. He is a diabetic and I worry about him constantly because he doesn't take care of himself and doesn't have the money to anyway. more

Resolved Question: how do i serve a writ against my mortgage lender for mis-information?

1. Basically refused top loan only ask for £15,000, NO explanation 2. They then paid off £70,000 in mistake on the mortgage , reduced monthly payment, when I enquired refused to acknowledge or reply.It took 3 months AFTER I chased the issue for the correct figures being re-instated. 3. By this time it was too late , as I was applying for additional funding loans, re-mortgage got an offer from the Abbey, but had to decline as they had conducted reaches on the WRONG figures being supplied by the Halifax. This escalated by total refusuals from any potential lender . Thanks to he Halifax Iwas made to look fraderlant and dis-honest. 4. They have ruin my credit rating which may never be restored to it's xorrect level. 5. Have left me in financial ruin, with no one to turn to. 6. Caused no end of family stress and grief. 7. The Halifax have NEVER apolgise or reply to numerous numbers of complaints , I even pleaded with them to write to the Abbey, and ALLthe other company to explain THEIRmistake or just a coverinfg letter to explain what had happened but again NO reply ever. 8. I need to be compensated for theHalifax ruining my life. more

Resolved Question: We got our Loan Modification approval and the doubled our payment...could this be right? Please Help!!!?

I am posting this for a third time since I have gotten zero answers. Apparently no one knows what to do here. We have been fighting with our mortgage company for almost three years on a miscommunication that happened just before the holidays in 2007 Long story short in March 2009 we presented the Judge with ample evidence that there were discrepencies with the Mortgage Company (Wells Fargo). The Judge ruled in our favor and said that Wells had to work with us and the House was taken out of foreclosure. They agreed to do a forbearance and then work out a loan modification. Now in the mean time we were getting phone calls from other Loan Mod companies that could offer us a loan mod at $2000 down and $527 a month. We decided to give our Mortgage company the benefit of the doubt that they would be fair with our payment. we also were worried that these companies could be scams. We paid our forebearance as agreed and sent in the necessary paperwork for our loan mod. According to the budget worksheet that we did with Wells, we had about $700-800 dollars for a mortgage payment. Our original payment was $875. The approval for the loan modification came in on Friday night. To my shock our monthly payment will be $1533 a month, they raises our percentage from 6.45% to 9.87% and shortened the life of the loan to be paid off in 13 years. We still had 25 years left on our original mortgage. Needless to say there is no way we can afford this payment. I thought the whole idea was to help those in crisis, not hinder them further. I am too the point right now where I just want to give up all together. Even though this whole thing was Wells Fargo's f**k up, we are still getting screwed. Our attorney is at a loss as to what to do. Because most mortgage companies dont want to be upside down on a loan. But since this all started it seems they are doing everything they can to force us out. He says that we really must have pissed them off for them to go this far to force us out. Cuz he has never seen anything like it. The Judge said the same thing. We are the little people fighting a huge conglamurate company. I am startign to wonder if our house is sitting on top of an oil well and thats why they are doing everyhting they can to get us out. Are there any suggestions as to what we could do next to still save our house and our credit? more

Resolved Question: Our Loan Modification came back but our payment was almost double...Could this be right?

I am posting this again in a different area We have been fighting with our mortgage company for almost three years on a miscommunication that happened just before the holidays in 2007 Long story short in March 2009 we presented the Judge with ample evidence that there were discrepencies with the Mortgage Company (Wells Fargo). The Judge ruled in our favor and said that Wells had to work with us and the House was taken out of foreclosure. They agreed to do a forbearance and then work out a loan modification. Now in the mean time we were getting phone calls from other Loan Mod companies that could offer us a loan mod at $2000 down and $527 a month. We decided to give our Mortgage company the benefit of the doubt that they would be fair with our payment. we also were worried that these companies could be scams. We paid our forebearance as agreed and sent in the necessary paperwork for our loan mod. According to the budget worksheet that we did with Wells, we had about $700-800 dollars for a mortgage payment. Our original payment was $875. The approval for the loan modification came in on Friday night. To my shock our monthly payment will be $1533 a month, they raises our percentage from 6.45% to 9.87% and shortened the life of the loan to be paid off in 13 years. We still had 25 years left on our original mortgage. Needless to say there is no way we can afford this payment. I thought the whole idea was to help those in crisis, not hinder them further. I am too the point right now where I just want to give up all together. Even though this whole thing was Wells Fargo's f**k up, we are still getting screwed. Our attorney is at a loss as to what to do. Because most mortgage companies dont want to be upside down on a loan. But since this all started it seems they are doing everything they can to force us out. He says that we really must have pissed them off for them to go this far to force us out. Cuz he has never seen anything like it. The Judge said the same thing. We are the little people fighting a huge conglamurate company. I am startign to wonder if our house is sitting on top of an oil well and thats why they are doing everyhting they can to get us out. Are there any suggestions as to what we could do next to still save our house and our credit? more

Voting Question: Our Loan Modification Papers Came back, but they doubled our payment...Could this be right?

We have been fighting with our mortgage company for almost three years on a miscommunication that happened just before the holidays in 2007 Long story short in March 2009 we presented the Judge with ample evidence that there were discrepencies with the Mortgage Company (Wells Fargo). The Judge ruled in our favor and said that Wells had to work with us and the House was taken out of foreclosure. They agreed to do a forbearance and then work out a loan modification. Now in the mean time we were getting phone calls from other Loan Mod companies that could offer us a loan mod at $2000 down and $527 a month. We decided to give our Mortgage company the benefit of the doubt that they would be fair with our payment. we also were worried that these companies could be scams. We paid our forebearance as agreed and sent in the necessary paperwork for our loan mod. According to the budget worksheet that we did with Wells, we had about $700-800 dollars for a mortgage payment. Our original payment was $875. The approval for the loan modification came in on Friday night. To my shock our monthly payment will be $1533 a month, they raises our percentage from 6.45% to 9.87% and shortened the life of the loan to be paid off in 13 years. We still had 25 years left on our original mortgage. Needless to say there is no way we can afford this payment. I thought the whole idea was to help those in crisis, not hinder them further. I am too the point right now where I just want to give up all together. Even though this whole thing was Wells Fargo's f**k up, we are still getting screwed. Our attorney is at a loss as to what to do. Because most mortgage companies dont want to be upside down on a loan. But since this all started it seems they are doing everything they can to force us out. He says that we really must have pissed them off for them to go this far to force us out. Cuz he has never seen anything like it. The Judge said the same thing. We are the little people fighting a huge conglamurate company. I am startign to wonder if our house is sitting on top of an oil well and thats why they are doing everyhting they can to get us out. Are there any suggestions as to what we could do next to still save our house and our credit? more

Resolved Question: Do you think there should be term limits for congress/senate?

Lots of people are talking about setting term limits for what many refer to as "lifers" who stay in the congress and senate. What happens when the majority of these people stay in office a long time is that the lobbyists, special interests and that kind of thing get very "comfortable" and cozy with these people. They get amazing vacations, holidays, retirement, medical benefits and they even vote in their own pay raises. Then, to top it off, there are all these perks given to them by the special interests/lobbyists. It takes years for these career politicians to build up these cozy relationships. Imagine what would happen if almost every incumbent was not voted back into office this election and then next election? The long term relationships that are so cozy would be broken and we would have fresh new people in office who have not had time to get too comfortable in these cozy situations. How many of us have seen a long term senator or congress member go down due to accepting "bribes". One recent cabinet appointee was not claiming a limo ride that was paid for by a lobbyist group and he got a free limo ride every day for years from this group. He didn't claim it as income and he went down for it. How come this guy got this free ride and a very fancy ride paid for? What did he do to reward this special interest group for giving him that ride? We wonder, don't we? He's still in office, but not in the cabinet. Will people get complacent and will they reelect this guy? Do you want to send someone like this back to Washington again? Are we crazy? If these politicians won't vote to set term limits, we can set them for these people by voting them out of office. What about another cabinet appointee who was thought to be so well trusted and yet a certain mortgage company wrote him his own special rate mortgage. He got a rate that none of us could get and is that fair? That's a bribe, isn't it? Yet, he is still in office and he is not in the cabinet. Will you vote for him again? Do you want someone like that in office representing you even if he is currently in your party? Wouldn't it be better to have someone else who has not built up these long term relationships and cozy situations? Will you vote again for these people and allow them the free ride with the great benefits and perks that senators and Congress people get? Or will you put a stop to it? Sadly, we know that people who are in these "seats" are not going to vote for term limits and put themselves out of a lucrative job, are they? So, what can you do? It's not a Democrat or Republican supported thing, it's a people supported thing that is spreading throughout the country. So, do you believe there should be term limits? Will you vote out the incumbent next time around? Or, will you vote to keep these people in there? Approval ratings for Congress, for example, are at an all time low - something like 34%. With ratings that low, how can we keep the same people in office, no matter what party they are in? What is your opinion? more

Resolved Question: FHA First Time Home Buyers Tax Credit?

My fiance and I went to apply for an FHA mortgage today in the state of Indiana. The mortgage company was Bank of America Home loans. After we inquired, she told us that the 10% or $8000 credit could not be used as an additional down payment and towards closing costs, on top of the 3.5% we've got. This seems to contradict everything I am reading, including the Washington Post. She stated we would receive it as a tax credit next year. We were really hoping to use it towards the down payment. Is she correct? more

Voting Question: So the U.S. govt. owns Fannie Mae, Freddie Mac, a few banks, and now a car company....when is enough, enough?

Corporate welfare IS NOT COOL. http://news.yahoo.com/s/ap/us_obama_gm The government's partial stake in GM comes on top of a far smaller ownership of Chrysler LLC, as well as significant federal equity in banks, the AIG insurance giant and two mortgage industry titans — all victims of an economic crisis unrivaled since the Great Depression. Republicans lobbed questions in Obama's direction even before he finished speaking. "The only thing it makes clear is that the government is firmly in the business of running companies using taxpayer dollars," said House Republican Leader John Boehner of Ohio. "Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation to economic viability? It's time for the administration to fully explain what the exit strategy is to get the U.S. government out of the board room once and for all," Boehner said. But the president said the actions were part of a "viable, achievable plan that will give this iconic company a chance to rise again." Speaking at the White House, where he was flanked by Cabinet secretaries and top economic advisers, he added, "What I am not doing, what I have no interest in doing, is running GM." The president said auto executives "will call the shots and make the decisions about turning this company around." He said the government would refrain from playing a management role in all but the most critical areas.american............no common sense says let bad business fail so that good business can replace it.zaphod.............you're obviously a little fuzzy on the details. This GM bankruptcy is going to come with AN ADDITIONAL $30B from the Obama administration. more

Resolved Question: How do I handle a heartbreaking discovery?

I have recently found out some stuff which makes me think my partner is cheating on me. We went through a perticularly rough patch recently during which I went out with my friends a lot and he drank heavily and ran up a £1k debt in my name. Regarding the debt...he has sorted himself out with the bank but still makes no real effort to pay me back. He is quite happy to spend his money on beer and giving in to his spoilt son's demands but galdly puts me to the bottom of the pile. We talked it through and were at a place where I was satisfied but not happy. A few weeks ago his son mentioned that one saturday (whilst I was at work) a mutual friend of ours had been to visit with her young son. I thought nothing of it at first and just assumed it was so the kids could play together. However, the following week my partner told me she had been up again (he didn't know that I was aware of the previous weeks visit). then the next week I played a crafty and asked his son what he;d been up to and guess what? She'd been there again. I started to get a bit suspicious that neither she or my partner had mentioned it so in what i consider to be a betryal of trust...I went through his phone. There were texts exchanged while she was on a girlie holiday (quite flirty but not incriminating) and general chit chat. I was'nt convinced still though that it was entirely innocent so I kept my eye on him. I dropped hints that I'd found out something juicy and he visibly panicked, he never EVER let his phone out of his sight and he spent quite a long time texting. When I got chance I checked his phone again and found more suggestive texts (he also got flirty texts from someone called 'Simon' but I know this is her too becasue of what they were talking about) including one that she said she wished she 'was there to keep him company' and he'd replied 'i wish you were too x'. I know also that he texted one of his male friends saying that me and him were having problems 'but the other stuff is tempting...you'd know that better than anyone'. This particular friend is a serial adulterer. To top if off I read a text yesterday where he sadi he would 'speak to her monday' which was today. What are they talking about?! What is going on?! I'm fairly sure there is something going on even if they've not actually physically cheated. The woman in question is married to one of my partners friends and I know he'd flip at them both if he found out...I would like to get proof and expose them then let the husband do his worst. I'm not actually as upset by my partners betrayal as I should be...I'm more offended that this woman comes into my house and sniffs around my partner and expects me not to get suspicious. I'm also livid that he took the piss with money and just when we're trying to work it out he does this. What do I do? How do I play it? It isn't just as simple as leaving him as we have been together for five years and share a house, mortgage and all the other stuff that goes with it. Any suggestions considered.... more

Voting Question: will someone sumarize this for me?

One of eight U.S. households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday. U.S. unemployment in April reached its highest rate in more than a quarter century and is still rising, helping propel mortgage delinquencies and foreclosures to record highs. Such economic weakness drove up foreclosures of prime fixed-rate loans, which are made to the most creditworthy borrowers. The foreclosure rate on those loans doubled in the last year and represented the largest share of new foreclosures in the first three months of this year. "We clearly haven't hit the top yet in terms of delinquencies or the bottom of the housing market," Jay Brinkmann, the association's chief economist, said in an interview. The pace of defaulting mortgages jumped despite various moratoriums and government steps to cut home loan rates. Rates on 30-year mortgages averaged 5.00 percent in March, 5.13 percent in February and 5.05 percent in January, according to home funding company Freddie Mac. A year earlier, the average monthly rates were bumping up closer to 6 percent. "The housing market depends on the employment situation," Brinkmann said, "and we don't expect unemployment to bottom out until the middle of next year, so then normally housing would not recover until after employment recovers." A record 12.07 percent of loans on one-to-four unit residences were at least one payment late or in the foreclosure process, on a non-seasonally adjusted basis. Prime fixed-rate loans comprise 65 percent of the $9.9 trillion in outstanding first mortgages, according to the industry group. Foreclosure actions were started on an all-time high 1.37 percent of first mortgages in the quarter, a record increase from 1.08 percent the prior quarter. "It's an important reminder that just because the housing market was one of the causes of recession ... it won't be the first sector of the economy to return to normal," said Jed Kolko, associate director of research at the Public Policy Institute of California in San Francisco. Federal mortgage modification and refinance programs will keep delinquencies and foreclosures from spiking even more than they would otherwise, housing analysts said. "Even if the recession officially ended soon, in the sense of GDP turning positive again, the continued rising unemployment rate and the re-set of existing adjustable-rate mortgages would continue to aggravate both foreclosures and delinquencies," Kolko said. The share of loans in the foreclosure process rose to a record 3.85 percent from 3.30 percent in the fourth quarter and 2.47 percent a year earlier. California, Florida, Arizona and Nevada accounted for nearly half of the new foreclosure activity in the quarter and half of the increase in prime fixed-rate foreclosure starts. Those severely hit states, the biggest winners in the five-year housing boom earlier this decade, continue to worsen as recession overtakes problems spawned by lax lending standards. "Every job loss, every divorce, every incident like that is going to be turning into a foreclosure because they are so far under water with the homes already," Brinkmann said. When a house is "under water," its price has fallen below the size of the mortgage. Average U.S. home prices swooned more than 32 percent in March from the 2006 peak, according to Standard & Poor's/Case-Shiller indexes. Foreclosures mounted in the first quarter even though various temporary moratoriums were in place to delay the failure of distressed loans. The freezes artificially tempered new foreclosures before federal loan modification programs took root. But loans that had already been modified often re-defaulted in the quarter, Brinkmann said. Foreclosure actions also were taken on vacant homes, which make up as much as 40 percent of the properties with failing mortgages, he added. Some loan servicers also began the foreclosure process on borrowers who clearly did not qualify under the various mortgage fixes, he said. On a non-seasonally adjusted basis, the delinquency rate dipped to 8.22 percent from 8.63 percent. The bankers' group noted that the late payment rate always declines in the first quarter due to seasonal factors and said that after such adjustments, the rate jumped to a record 9.12 percent. more

Resolved Question: Considering Obama gave Citi Corp a $700 Billion handout/bailout recently, what were their losses to justify it?

Considering GM Motors, another huge company had a record loss of $6 billion last year, how much (if any) were Citi's losses that they would require and receive $700 billion in tax dollars? I have a citi credit card and mortgage and they seem to have lots of paying clients with a lot of divisions and are one of the most lucrative companies in the world, so I would like to know what justified their $700 billion handout from tax payers (especially since they placed an order for 3 private jets custom made from France, for their top employees less than 24 hours after getting the money).$700 billion is more than the budet of many nations with populations in the millions. Citi on the other hand employs how many people and has how many clients? Seriously. How did they get away with this and which handful of politicians were behind it to approve such a robbery?Privacy, if they could afford to order the jets in the first place, the fact that the public outcry FORCED them to cancel the order only makes my point even stronger for thanks for that imput.Privacy - a. my question isn't about campaign contributions and b. I never mentioned anything about McCain! you don't even know what party I belong to and c. if you want a source for the $700 bil bailout go do a google search yourself i'm not ur personal search engine. more

Resolved Question: What is a good, reputable mortgage company that will not ask for any money down, including closing costs?

My boyfriend and I are trying to buy a home, the only thing that stands in our way is the fact that we need 3200 down for everything, and our mortgage broker told us that we cannot put it on top of the mortgage like we had planned. We need a mortgage company or bank that will ask for less than $1000 down for everything. Thank you!Oh! and we are first time homebuyers more

Resolved Question: i have roof damage due to a tornado i have forced place insurance . what is the process on getting it repaired?

I was told by the mortgage company they never got a bill from my insurance company and my escrow account is over $1,700.00 to the good. I even called in February asking for my insurance information and was kind of given the brush off. Now it's completely my fault. i should have stayed on top of them. I just want my home repaired so I can get insurance myself. I'm just getting the run around by the mortgage company on the process of repairs.. the incident happen on the 11th of April and it is now April 28th I have not received one call from anyone yet. Do they make repairs or what? more

Voting Question: Can a house be marketed as having "LOW TAXES!!!" then reaccessed months after the sale and the taxes doubling?

Our good friend purchased a home a few years ago which had just been renovated. The word later was that the renovation job went on for years. In fact, one bathroom still needed to be tiled while they were negotiating and then in the process of purchasing the place. The house was listed by a well known real estate company. It was marketed as having "LOW TAXES!!!" which was printed as such in it's MLS. After moving into her new home, problems were discovered by family and friends, several of these problems needed to be corrected immediately due to potential safety issues. First on the list was the flue off the furnace being to small which could have been deadly. Another problem was a radiant heat system (the only heat source) which turned out to be inadequate in heating the house. Hot water lines needed to be tied into the central air handlers for forced hot air. One air handler is in a tight attic space against the rafters and was clearly closed in after it was installed. If there is ever a problem, it would be impossible to service the handler, and if it ever needed to be replaced - the ceiling would have to be ripped out. It took quite a bit of money to make the house safe to live in, where it was believed to be ready to move into. To top things off - sometime in that first year, assessors came to the house - those "LOW TAXES!!!" nearly doubled. My questions are - How can a house have major renovation work, end up with issues like this and yet pass final inspection to have a CO issued? This woman has gone through much of her savings to make corrections on the house, the tax increase made things worse, the mortgage payments went up, and now with the economic situation - the value of the house has dropped drastically. Selling the place now would be insane. Does this woman have a case against the real estate company who marketed this house as having low taxes, only to be doubled several months later? Or the Town for that matter, for what seems a bit shady in the case of inspection, time and issue of CO, and timing of assessment. I would appreciate any advice on these issues... Thanks more

Voting Question: What is the maximum time to be on hold with mortgage company?

Is this just my mortgage company or is this across the board? I have my mortgage with Taylor, Bean and Whitaker and I'm not joking when I say that you have to wait between 45 minutes to an hour before you can talk to someone. It doesn't matter if you call the 1-888 # or the 1-352 # it all goes to the same recording system. My question is when a situation like this has gotten so out of hand, is there a number we customers can call to find out why so long the wait? I've tried calling at different hours of the day but it's the same thing. Then to top things off, when you do get in touch with a Rep. and they can't answer your question, they give you another number and once you dial that number you have to wait another long time again. Is anyone having the same trouble with this mortgage company or is it the same with other mortgage companies? Thanks! more

Resolved Question: What can happen to me if I let my house foreclose?

I have a first and second mortgate on my house for a total of $265,000. I've seen houses listed on my block now for $75,000. The rents in the area would get me less than half my mortgage. And to top things off after being unemployed for a year and a half I just found a job over 85 miles away. I have been considering either letting my house foreclose or somehow giving it back to the bank. If I do that can something happen to me? I know that my credit will be messed up for a while, but can the mortgage companies come after my wages or bank accounts in the future? more

Resolved Question: how likely is it that the builders would lower the price of a new build home?

I am a potential first time buyer and i have seen a new build 2 bedroomed home for £112,000 which is due to be completed in June. I do not have a big deposit but the company do a special scheme called Headstart which only requires a 5% deposit which i can raise. The only problem with this is that there is only two lenders that participate in this scheme and both of those lenders will only offer me a mortgage that is £3-4000 less than what i need. I have tried to get the housing company to lower their price but they keep saying that there isnt enough money in the plot to lower the price and they are asking me to put the extra £3-4000 in myself on top of the 5% so it is looking like ill need to raise £10,000 now and not £6000 as originally thought. Do you think they will eventually budge on this or is it best walking away now. more

Resolved Question: Can I get a Mortgage anywhere that can also roll my other loans into it? If so, where? How?

Hello everyone. I'm 30 years old and I'm looking into buying a house of my own. My job isn't perfect. I make $300 a week. I have just over $1000 saved(if need be I can get or borrow whatever more is needed for down payment or closing... my credit is just below average. I had issues 2 years ago but have been doing well the past 2 years(no bankruptcy's or defaults, just a messy breakup that caused my credit to drop due to late payments) I'm not looking for anything fancy. Perhaps a foreclosure or a fixer upper somewhere. My issue is that last summer I bought a new car. on top of which I have a personal loan. around $14,000 left for the car and $7,000 for the loan. I know it's a long shot, and I'm not sure it's possible so I'm asking here. Can I get a mortgage anywhere, would there be a place that would consider rolling my other loans into the mortgage? Say I found a house valued at 50k selling for 20k? would anyone grant me a mortgage for 42k under such circumstances? I'm not looking for anything more than 60k. at most and in my area there are dozens of houses going for 10-20k. their full value and such I have yet to look into, but that is another matter in hand. If I can't find a house I can't find a house. step one is making sure that if I find a house I'll be able to get the house so I don't waste time or money looking. Doing calculators even at 7% interest(very high I know) at a 50k mortgage, my payments would be almost half what I'm paying now, and doesn't even take into account my current rent! This is something I need, more than anyone can imagine. So, is there a way, or a place or a person or a company that would work with me? Thank you to any and all answers. :) more

Resolved Question: what your opinion about this article?

In July, the U.S. government got into the housing business with the passage of the American Housing Resccue and Foreclosure Prevention Act, which authorized $300 billion to insure refinanced mortgages. A few weeks ago, the government got into financial services as well with the Emergency Economic Stabilization Act, which gave Hank Paulson and the U.S. Treasury $700 billion to bail out the U.S. banking system. The subsequent lobbying frenzy has many people worried about whether the bailout funds will serve Main Street's economic interests or line the pockets of special interests. Chicago Business school professors Atif Mian, Amir Sufi, and Francesco Trebbi have already run the numbers on politicians' voting records for both bailout packages, and their findings won't ease concerns about misspent billions. They find that congressmen from foreclosure-ridden districts were far more likely to vote for the mortgage bailout, and lawmakers who received big checks from the financial-services lobby were likely to cast votes in favor of the bank recapitalization plan. Given that the politics of the bailouts has already proved to be focused narrowly on local interests and strongly influenced by special interests, there's good reason to worry about what will happen when taxpayer dollars actually start getting spent. Few economists questioned the need for a bailout of some kind, and in theory there's nothing wrong with politicians working for their constituents—the need to get elected and re-elected naturally pushes representatives toward a focus on the people who vote for them. But serving local interests has also given us bridges to nowhere, studies on human hibernation, and other earmarked expenditures that put local politics ahead of national interests. While both bailout plans were national in scope, some electoral districts will benefit more than others. Using data from a national consumer-credit-information provider, the researchers find that while the country as a whole has been slammed with mortgage defaults—payment on more than one in 20 mortgages was delinquent in the last quarter of 2007—the pain was spread very unevenly. Lots of congressmen's districts had default rates above 8 percent, while others were closer to 3 percent. In voting on the mortgage bailout, congressmen responded strongly to local constituencies' need for government action. About 25 percent of Republicans in Congress cast "yes" votes on the AHRFPA. (The economists look only at the votes of Republican representatives, since Democrats were near-unanimous in their support of the legislation.) Yet among those representing default-battered districts (those with defaults above 7 percent), this figure rises to nearly 40 percent, while only around 10 percent of representatives of low-default districts (below 3.5 percent) voted for the legislation. The lawmakers proved to be remarkably calculating in casting their votes. Within each congressman's district, political allegiances vary neighborhood-by-neighborhood. But Republican lawmakers responded to the default rates only in their districts' Republican-dominated areas. For example, Texas's District 26 is painted, for the most part, a deep Republican red. But it encompasses a few Democratic neighborhoods as well—and these happened to be the ones hammered by the housing crisis, with default rates of nearly 12 percent. (District 26's Republican areas, by contrast, had a default rate of below 5 percent.) The district's Republican representative, Michael Burgess, voted against the mortgage bailout. Constituent interests also mattered more in competitive districts—the effect of defaults on a representative's vote was nearly twice as large for congressmen who had an electoral margin of less than 2 percent in 2006. The bank bailout served a different set of interests. By proposing to buy up many of the bad mortgages that were weighing down bank balance sheets, the government hoped to stop the downward spiral of U.S. financial markets. This would also have the collateral effect of rescuing many of Wall Street's fat cats, and, needless to say, the fat cats went all-out to ensure the bailout plan would get enough votes to pass. Some congressmen seem to have been more open to these advances than others. Financial services companies have contributed many millions to political campaigns in the 2008 election cycle (the top donor, Goldman Sachs, has handed out $4.5 million so far), and the researchers found that lawmakers who benefited the most from this largesse were more supportive of the Wall Street-friendly bailout. They calculate that the odds of congressmen well-funded by Wall Street—the 60 or so with contributions above $200,000—voting against the bailout were 30 percent. Among representatives largely passed over by the finance lobby (with contributions below $30,000), the chances of a "no" vote rise to nearly 50 percent. (As with the mortgage bailout, congressmen were also looking out for their voters more

Resolved Question: Why are democrats for limiting excessive CEO compensation, is that the pot calling the kettle black?

WASHINGTON -- Recently released financial records paint a contrasting picture of the Obama administration: a cabinet composed largely of politicians and government employees who have been on the public payroll for years, and a White House staffed with numerous aides who received substantial compensation over the past year from firms that could have a big stake in administration policies. Some of the overpaid people on Obama's team include: Well-paid White House staff include chief economic adviser Lawrence Summers. He earned about $5.2 million from hedge-fund firm D.E. Shaw & Co. in the past year, and received more than $2.7 million in speaking fees from financial firms and other groups. Other White House staff members received generous payments from the private sector, too. National-security adviser James Jones reported $900,000 in salary and bonus from the U.S. Chamber of Commerce, as well as director fees from a number of corporations, including $330,000 from Boeing Co. and $290,000 from Chevron Corp. His deputy, Tom Donilon, earned $3.9 million as a partner at the law firm O'Melveny & Myers LLP, where his clients included Citigroup Inc., Goldman Sachs Group Inc. and Obama fund-raiser and hotel heiress Penny Pritzker. Mr. Donilon was formerly a top official at government-backed mortgage finance company Fannie Mae, which has received large amounts of financial assistance from the U.S. government. Carol Browner, assistant to the president for energy and climate change, disclosed $450,000 in "member distribution" income, plus retirement and other benefits, from The Albright Group, a consulting firm whose principals include former Secretary of State Madeleine Albright. Ms. Browner's financial disclosure indicates that she has resigned from the firm and will receive a $369,000 payout over three years, based on a longstanding company formula. See the news at: http://online.wsj.com/article/SB123897383937190973.html more

Resolved Question: Unfair practices at work?

IS IT LEGAL FOR A MANAGER TO SPEAK TO ME THAT WAY, AND CUT MY HOURS JUST BECAUSE SHE DOESN'T LIKE ME, AND SPOKE HONESTLY DURING AN EMPLOYEE MEETING??? My company recently hired a new store manager since my previous manager was relocating. The new manager heard about the job through a friend and has a personal connection with the district manager. She was previously earning a high income in mortgage and running a sober living house. She has now been with us for about 2 months. There have been several inappropriate incidents during her firsts months, such as running her other 2 businesses on the side which caused her to be on the phone about every 15 minutes, she still does not know how to complete her simple duties without help or creating an error. Before she was hired my store had a very strong team and I get along with all my coworkers, I was promoted after two months of working there and really was enjoying my job. Now this new manager came in just as hobby while the mortgage market is low, and has been clashing with everyone. Ultimately a few weeks ago an incident occurred between the two of us that required a employee meeting including our district manager. During the meeting I basically explained everything that was going on that wasn't suppose to be going on. After the meeting I was under the impression that everyone was able to get everything out and start anew, but I guess that wasn't the case. After the meeting my manger gave me a hug and apologized. When I returned to work on a shift with her I had dropped all previous tension. I could still feel a tad of animosity from her, but wasn't really a concern. Now were a few weeks later, and I specifically mentioned to the manager that I had full availability during my spring break next week, and she decided just to give me my minimum hours. I decided not to say anything. Then she decided yesterday that she would do the schedules three weeks in advance in the back( this is also an issue we discussed at the meeting, that office hour work was to be done on mondays) and faxed and displayed them when she was done. Earlier that day she had been standoffish to me, but later started talking like everything was just dandy. So i decided this would be the best time to approach her about my decline in hours because I continue to work as hard as usual. I brought the schedule to her attention and she asked me if I wanted to know the truth, so i replied of course i do. She basically explained that she didn't like my attitude and felt I was bringing a negative vibe to the store. I was blindsided because she had been acting extra nice to my face these past weeks, and all of a sudden she turns a evil scorned switch, and basically tells me she cut my hours because she doesn't like me, and does not want to work with me, and is scheduling me around her schedule. Obviously she has no grounds to fire me because I'm one of the top performers. IS IT LEGAL FOR A MANAGER TO SPEAK TO ME THAT WAY, AND CUT MY HOURS JUST BECAUSE SHE DOESN'T LIKE ME, AND SPOKE HONESTLY DURING AN EMPLOYEE MEETING??? more

Resolved Question: Frank Proposes wage controls on employees: Has he gone too far?

Rep, Barney Frank (D) Mass, chairman of the House Financial Services Committee, has proposed wage controls on all employees. DC Examiner.com. By Byron York Chief Political Correspondent 3/31/09 "But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the "Pay for Performance Act of 2009," would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government." And this lefty loon was, more than any one person responsible for the mortgage crisis that still threatens to collapse our economy! Should we impeach this waste of humanity, or just take this loony perv and string him up? What he's proposing runs just short of Stalinist government planning! Whats next, a Gulag for people dissenting from Obama's program? What say you America? Please opine anytime anytime if so inclined, and please keep it PITHY in the No Spin Zone!Sugarbea....your comment and description of your cruby boss only re-inforces the argumant that greedy capitalists are to blame for may of our economic woes, more

Resolved Question: I have a BIG problem with my mortgage company?

In November 2008 I apply for a loan modification I received the Loan Modification package in December I signed it and sent it back A week later I received a letter saying We have received your LM package now you have to pay a down payment of $xxxx before 12/15/08 to finalized the agreement I sent the payment on 12/12/08 On Jan 13 2009 I called them to make my first payment But the representative told me my payment was not due till Feb 01 because the modification was not active yet So I believed him I make my Feb payment as planed But on March 13 I get a call from my mortgage company They I saying my house is on foreclosure that I need to pay $19000 to reinstate the loan if not my house was going to be sold in June I explain to this guy everything I just told you o top After 1 hr on the phone he tells me everything its squared He told me not to worry about anything he got everything resolved 3 days ago I get a call again from my mortgage company With the same deal as before I need to pay 1900 or my house will be sold Again I explain everything she tells me shes going to look in to in and call me back Today I get a call I’m thinking it’s probably a follow up from my last call No it’s another guy telling me that my house is on foreclosure that its going to be sold in June and that I need to pay 19000 to save it Again I explain to him what’s going on He tells me he will find out and call me back in no more tha 10 minutes Is been 2hrs and he hasn’t call I’m really scared and P Off at this company I don’t know what to do Any advice? Thanks more

Resolved Question: My condo is underwater , thinking about walking away ?

Hello everyone, I currently own a condo in suburban San Diego that is severely 'underwater'. The delta b/w the current balance on my loans and the current value of the condo (estimated by what neighboring condos have recently sold for) is = -$150K. I'm a very good borrower, my 2 mortgages are current, have never missed a payment, have even made extra principal payments throughout the last 3 years. My financial situation is very good, I have a credit rating of ~800, and (as judged by my income) I can definitely afford to keep my condo. But, I'm about to lose my job, layoffs are coming (I can't go into it, I'm just fairly certain it's going to happen in my company, enough said) . . . On top of that, per some family reasons, I'm moving back to the east coast. I can't refinance my condo b/c it's so severely underwater (nor do I really want to, I'm fine w/ the terms of my loan). I can't conduct a short sale or turn in the keys (or any other such bank-sponsored program), b/c I cannot demonstrate a financial hardship (at least not yet). My situation is quite the opposite at the moment, I'm enjoying much financial security! I could rent my condo out, but given current market rates, I'd still be eating about $1K a month (factoring in property taxes, community fees, maintenance). That considered, I really don't want to keep this condo. And so, I'm considering 'walking away' from my condo (i.e. purposely not paying the mortgages, going into default and allowing the bank to foreclose). Now, I know this'll dramatically reduce my credit score. I know this'll brandish my credit w/ a foreclosure, that'll preclude me from buying anything in the next 7 years. But I think I'm ok with this. I don't intend to buy anything for another 7 years, and I think I can rebuild my credit. Not only that, but I think I would have to hang on to my condo and rent it out for a good 7-10 years, hoping it would go back in the black, for me to sell it and make a decent profit (or just break even!). So whether I 'walk away' from it or keep/rent it out, I'll be in the same place in 7 years (assuming I work on repairing my credit, in the walk-away scenario). Heck if anything, if the economy continues to decline along with the RE market in SOCAL, walking-away may be the clear better option. What do you think? Thank you for any input.Peter, you raised some good points. But suppose further that I have no aspirations of making any huge purchases (cars, student loans). I know that's hard to believe, but I think I can manage that. Also, can anyone comment on how bad a foreclosure would affect my credit score. Knock it down from a 800 to a ????---- In regards to smrtBlondie's post below: Can some expand on this? I suppose the bank could litigate against you, but jail time? I don't think so, it's not a criminal offense to have your property foreclosed on.-- lanthom: your points are well-taken. I understand your frustration. I remind you though that I haven't done anything yet, I'm just considering it. If I really didn't care about the ethical ramifications of what I'm proposing, I would've 'walked away' a year ago. I'm only considering it now b/c I'm getting laid off (I got official word today!) and I have a special family situation that'll require me to move. Believe me, if I knew these circumstances were coming, I would've never purchased this condo 3 years ago. Thank you for your input. more

Resolved Question: Is filing for bankruptcy my only choice?

So, I'm in debt, me and the rest of the nation, I have about $8,000 to $10,000 in credit card debt and I'm in collections with every four of my credit card accounts. I was going to school, The University of Arizona to be exact and well, it got to expensive for me, I do plan on going back if not to receive my BA at least an AA. I'm in debt with the school $2,200 and another $3,000 in student loans. I work 30-40 hours a week earning $8.30 an hour and on top of that I have to help pay a mortgage of $700.00 and $400.00 in utilities on top of that. I was recently summoned to appear in court by one of the credit card companies to settle a debt. Something I forgot to mention is that I don't pay the mortgage alone my brother helps with half of the mortgage. Oh and while dealing with all of this I have to deal with a father who is sick and the likeliness of him living for another year is slim. What do I do??? What can I do??? If I do file for bankruptcy can I still get student loans??? more

Resolved Question: Why is the Treasury purchasing $750 Bil worth of mortg backed securities and which company r they buying from?

It seems like a disguised bailout considering mortgage backed securities are currently worthless. I can't seem to find out which company they purchased it from today. Why is it so top secret and hush hush? They also gave a bailout to auto parts industries today on the down low. I am so fed up how corporations have bought out the gov. at the expense of those who put them in office, they are not serving our needs but the needs of a handful of CEOs.The Wise - unless you are wiser than the Wall Street Journal, it is indeed the friggin Treasury. Corrupt as sht. more

Resolved Question: Who can you talk to about mortgage questions?

So I feel like I am getting screwed by my mortgage company. My property taxes are paid separately. In '08 I got a little behind and didn't pay them on time. So my mort company sent me a ltr stating that if I didn't pay them then they would pay them and tack them onto my mortgage. So I went ahead and charged them. Well they went ahead and paid them anyway. So once the tax people received 2 payments, they refunded the amount to the mortgage company. But now my mort company is still charging me for the taxes. And everytime I call them, all they can tell me is that the money is in escrow, but they won't tell me what that means. And on top of it they say I still owe them the money. If they won't give me a reasonable explanation as to what's going on, who the heck can I talk to?? There doesn't seem to be any sort of experts out there that you can hire to help sort these problems out for you. So what the heck does a person do?Yep, In escrow, and the customer service lady can't even explain that to me. more

Resolved Question: Why is Fannie May paying $611,000 in bonuses to 4 executives?

WASHINGTON (AP) -- Fannie Mae is planning to pay retention bonuses of as much as $611,000 each to several top executives of the government-controlled mortgage finance titan. Sibling company Freddie Mac is planning similar awards What the F? Are they serious?http://finance.yahoo.com/news/Fannie-plans-bonuses-of-up-to-apf-14679491.html Has Obama lost his freaking mind? more

Resolved Question: WHEN IS ENOUGH ENOUGH? Fannie plans bonuses of up to $611K for 4 execs?

Have we had enough of the RAPEof the taxpayers!!! This is getting sickening beyond belief! WASHINGTON (AP) -- Fannie Mae is planning to pay retention bonuses of as much as $611,000 each to several top executives of the government-controlled mortgage finance titan. Sibling company Freddie Mac is planning similar awards. Fannie Mae disclosed in a recent filing with the Securities and Exchange Commission that it's planning bonuses of $470,000 to $611,000 for four top executives, on top of their base salaries this year. Freddie Mac has a similar retention plan in place, but has yet to disclose how much money top executives are in line to receive. http://finance.yahoo.com/news/Fannie-plans-bonuses-of-up-to-apf-14679491.htmlInteresting that the CEO is the homosexual lover of Barney Frank! more

Resolved Question: Spiritually speaking I hear Bush is planning to write about his 12 hardest decisions while president ?

12 - Peanut Butter or chocolate ? 11 - What can I do to make my dog actually like me ? 10 - How can I help my oil corporation buddies justify jacking the price of oil through the ceiling ? 9 - How can I help my mortgage company executive friends loot the economy by issuing sub-prime ARM loans that seem to good to be true ? 8 - What excuse can I find to start a war that might further bankrupt America ? 7 - How big can Dick make his private army and how should I help him cover up what it does ? 6 - What is the dumbest thing I can say today ? 5 - Can I top the statement I made saying " I believe men and fish can coexist peacefully " ? 4 - How many drinks should I have before the press conference 3 hours from now ? 3 - If I tell people that " for NASA space is still a high priority " will they think I am intelligent ? 2 - After all the drinking and snorting I did in the whorehouse can I find 12 intelligent decisions to put in a book and should I insist on lots of pictures so it will have enough pages to look like I did something while president ? 1 - Should I use the screen name " what should I do retard " on yahoo answers ? more

Resolved Question: Want to refinance commercial bldg, but ALL banks want horrendous fees! Help!!?

I'm shocked. We live in a small town. Wanted to refinance our building to get a smaller interest rate. Called every bank, and they ALL want HUGE fees to refinance our commercial building. Appraisal: anywhere from $1500-4000 that WE have to pay, with no control over who they get. A bunch of other fees on top. Plus give them the last three years of tax returns, and a mess of other things. And interest rates vary from the same, to only 1 1/2% less to what we already pay, to 2 1/2 and 3 % less. All variable; one or two with fixed for only a few years. I have credit over 800; we have paid our monthly mortgage every single month on time for several years. Yet, the banks make me feel like I have to get naked besides PAY them to get me naked before they will even think of refinancing. Isn't there ANY bank or mortgage company who is friendly to HAVING MY MONEY?? more

Resolved Question: Do you find it disgusting that financial professionals blame individual home owners for taking bad mortgages?

As both a homeowner and a financial professional, I become completely disgusted when financial professionals, Rick Santelli being a prime example, put all the blame on homeowners for taking bad mortgages and get angry when the individuals will receive some stimulus money yet don't seem nearly as upset that poorly managed companies receive a rediculously higher amount of stimulus money for taking high risks and getting burnt? This situation highlights a huge issue that I have with the perspective that so many have. First of all, why do people who work in finance and many wealthy right-wingers in general assume that everyone is financially savvy and should have been able to know they were getting a bad loan? Lets put it this way - when I am ill and go to a physician, and he perscribes a medicine for me, would these same people assume that everyone should be medically astute enough to know on our own if we will be able to handle this dosage, or if this is the right perscription or not? Of course not. So how can these people blame homeowners who visit a mortage broker (who at one point in time could credibly be presumed to be a financial professional), and the mortgage broker says that based on their analysis you can afford $X of a home, and we would recommend this mortgage - how when the person puts their faith in the financial professional's opinion can they all be blamed? This is as hippocritical as if in the previous scenario, a prescription ended up killing many people, would the patients be blamed by medical professionals? And on the second part of my argument, I hear so many right-winged representatives (talk show hosts on radio and tv, among others) mocking individuals who expect to get "free stuff" (i.e. government tax dollars paid for by individuals) from the stimulus package, in particular under Obama. Why do these people not feel the same way, but on a more intense level, to the corporations, like the auto CEO's who flew to meet with congress and asked for their "free stuff", and when congress asked them to show how they will spend it "uuhhhh, we didn't really put a financial plan together to bring with us"...not to mention other corporations who receive insane sums of money for taking huge risks and failing. Wouldn't a better plan for the people of this country have been to let the big corporations who burned themselves fail (doesn't the true nature of a free market involve a "survival of the fittest" component?), and use these huge sums of money to help the individuals and other businesses stay afloat who weren't a cause of this problem but were inadvertently affected - i.e., cut out the problematic corporations on the top of the economic food chain and support the rest of the innocent? Please discuss - and STAR and COME BACK TO THIS QUESTION to keep the discussion going through additional edits.Thanks for sharing. You didn't address one of my points though - you say if YOU cannot buy something that YOU cannot afford, then that is STUPIDITY. What about the financial professionals selling things that people cannot afford? Is that not STUPIDITY from a higher level within the transaction. They have a responsibility to be ethical and perform duel dilligence to make this determination, and when they don't, or even worse knowingly do sell a bad product as an investment which further hurts our economy, that is a much greater form of STUPIDITY. What about the people who were not informed as to how adjustable rate mortages worked, and were encouraged into them by the professionals. How can you not blame the professional over the individual? more

Voting Question: can anyone help me with my economics hw?

need a little help with these questions. 1. On April 20, 2009 your wealthy aunt will give you a bond with a principal amount of $10,000. Your aunt purchased the bond in 2003, and it matures on April 20, 2010. The bond pays a coupon rate of 8%. When it arrives, the bond will have one remaining coupon. Answer each of the following for 2 points each. a. If the current relevant rate of interest is 5% for the type of bond your aunt is giving you, what will the market value of the bond be on the day you receive it? Why? b. Given the prospect of new wealth, you decide to check the business section of the newspaper. It suggests that the Bank of Canada soon will reduce interest rates in Canada by one half of one percentage point. If the relevant interest rate for the bond you will receive drops by one half of one percentage point, what will be its market value on the day you receive it? Why? c. You read further in the business section and discover that the company that issued the bond in 2003 used the $10,000 it received to issue subprime mortgages in the U.S. In other words, the company used the funds it received by issuing bonds to provide mortgages to homebuyers who had very poor credit ratings. Participants in the bond market now (today) fear that defaults on mortgages have greatly increased the risk that the original issuer will not be able to pay the principal amount of the bonds when they mature. As a result, financial investors are suddenly requiring a risk premium of 25% on the type of bond that your aunt is giving to you. Assume that without the risk premium, the relevant annual interest rate would be 5%. What will the value of your bond be on the day you receive it? d. Suppose that on April 20, 2003 a brokerage firm (U.R. Stukk, Inc.) arranged for the Top Security Bank (Mortimer “Mort” Gauge, CEO) to purchase 10,000 bonds of the same type that you will receive from your aunt. The bank still holds these bonds, and until a few days ago, the bank believed the relevant interest rate was 5%, and it was listing the bonds on its balance sheet as an asset worth $102,857,100. What is the value of this asset now that financial investors are requiring a risk premium of 25%? 2. Explain, for 2 points each, how each of the following transactions affects (i) the current account balance and (ii) net capital inflows for Canada. In the case of each transaction, the identity CA + KI = 0 is preserved. (CA = current account balance; KI = net capital inflows.) In each case, explain why it is preserved. a. A Canadian pays $25, 000 for a new Toyota manufactured entirely in Japan. Toyota uses the $25,000 to purchase land in Ontario. b. A Canadian gas company sells $100 million of natural gas to customers in the U.S. It uses the $100 million it receives to purchase port facilities in Boston. c. A Canadian bank spends $1 billion to purchase a U.S. bank. The sellers of the bank use the funds they receive to purchase treasury bills issued by the Government of Canada. d. A tourist from France pays 5000 euros for a vacation in Canada. Canadians use the euros to buy French wine. 3. Suppose that in 2009, Canada’s potential GDP is $1.5 trillion. In addition, assume that at the end of the 2009 data show that the output gap for the year is 7 percent of potential GDP. Answer each of the following for 2 points each. a. What will GDP be for 2009? What will be the value of lost output for 2009? b. Suppose that at the end of March 2009, data for the first quarter of the year show the output gap to be one percent of potential GDP. Suppose also that the unemployment rate at the end of March is 8 percent. Use Okun’s law to predict the unemployment rate at the end of 2009. more

Resolved Question: Are there any mortgage companies willing to REFINANCE someone with a great credit score?

We own a plum commercial building in the middle of the best part of the downtown area of a small town. I have top credit---over 800. My sister has about 780. We want to refinance. Our interest rate is 8.5%. Are there any reputable companies that will refinance for a much better rate?? more

Resolved Question: Is it possible to work around Mortgage conditons?

I have recently bought a mortgage and one of the conditions is that A specialist firm should investigate the cause and extent of the defects of indicated dampness and beetle infestation. Since the mortgage assessor came out we have done a lot of work to the house and are trying to save having to pay for a firm to come out and see the house again. The house has been stripped from top to bottom and not one beetle has been spotted which leads me to believe this was more of an option selected on a computer rather than there actually being beetles there. 1) Am I entitled to under the FSA write to the mortgage company and ask them where they have seen the beetle infestion as I cant find anything? 2) Is there anyway around me having to get a firm in or do I have to as its in conditions of the mortgage? Surely we should make the mortgage company prove first there is an infestitation before I fork out money for a surveyor. Thanks for your help with this more

Voting Question: Mortgage company paid my taxes and raised my monthly payments by over $800?

I do not have an escrow account. I pay my taxes out of pocket at the end of each year. A few setbacks caused me to be late on tax payment this year. In the middle of applying for a loan that pays the taxes directly, I find out that my mortgage company went ahead and paid the taxes in full, is billing me over $800/mo on top of my monthly payment, and expects me to somehow pay up. The loan I was applying for would not give me the money to pay the mortgage company. They pay the county directly. Since it's already paid, I cannot get the loan. What are some options here? I am about to hire an attorney.How are they protecting themselves by charging me so much that I will not be able to pay? That could easily end up as a foreclosure. I fail to see how this would benefit the lender.I paid late last year and didn't have this problem. Why the change? more

Resolved Question: Should I declare Bankruptcy?

I got myself involved in a crappy loan right before the sub-prime mortgage crisis. It was my first house and I was a little naive at the time (I was 20), and took advice from a real estate agent that I really shouldn't have. After two years, the subprime crisis had hit, and my house value fell tens of thousands of dollars, so I obviously couldn't find somebody to buy me out of the loan, and then my payment shot up, so I eventually setup a seller-finance with somebody, and moved out, and then my buyer started missing payments, so as I was now paying rent, I couldn't afford to cover both rent and a house payment. The house as since been foreclosed on last year, and my credit is shot. I know that the house sold at auction for quite a bit less than I bought it for (a loss of about $60,000 range.) There is no possible way that I could ever pay back that amount, and on top of that, I have debt collectors calling me for some furniture I purchased for the house which was also lost in the foreclosure, so there isn't anything I can sell or anything for them to take back or to pay off the account. I don't want to declare bankruptcy, but maybe I should because I don't know if the house is going to come back and bite me in the butt. I currently plan on calling the furniture company and telling them straight up that I can't afford to pay them as much as they are asking me to, and hope that they will work something out with me, but I have payed them A LOT of money (more than the furniture was worth) since then and because of their stupid fees I apparently still owe them money, and I simply cannot afford to pay them anymore.Before I start getting answers that say I shouldn't have gotten myself into an ARM in the first place, I am aware of that now. At the time, I had just finished a personal finance class at my college and was told that I was throwing money away by NOT having a house, so I bought one. I was able to make the house payments at the time, and was current on my mortgage at the time of the sub prime mortgage crisis, so I don't think that this situation is in any way my fault.Also, the reason I can't continue to pay for the furniture is that my partner was laid off, so I am now supporting two people on one income.I don't necessarily know if the loan was 'forgiven', as it shows up on my credit as a repossession. But I haven't gotten any calls for collection or judgments. more

Resolved Question: Is America Really The Land of Opportunity?

It makes me angry that when I work a regular 9 to 5 job, have a college degree making well below what I should be getting, have no health care and can barely afford to pay my rent and buy food each month. Yet we have Americans who sit home and collect welfare checks, government assistance and live on section 8 and they do not pay nearly as much taxes as me or other working class Americans nor do they contribute anything to society. Someone who is blind or is truly disabled, no hands or legs or is mentally challenged, sure, I have no trouble supporting these people. It’s the ones who think menial work is beneath them. The lazy ones. The ones who didn’t finish school because they think are “too cool” for it. No one wants to work for $8/hour, when the minimum wage is about $6.50. But if you raise the minimum wage, how many employers can pay it? They cut your hours back -- and expect you to produce as much, but in less time. And if companies get tax breaks for not outsourcing and create jobs in America - To a company its all about the mighty dollar and It will probably still be cheaper for companies to pay someone in India $5/day vs. here $8/hour with or without a tax break. The household income data was released last week and according to the U.S. Census Bureau, “six of the 10 highest ranking large counties nationally surround the nation's capital” Meaning that the median household income for this area is one of the highest in the nation with the average person making the 6 figures. Someone who makes 6 figures a year is not really feeling the economy hurting like someone (like me) who has been laid off twice this year (its only August people). These 6 figures still go to work every morning with their fancy cars and SUV’s they still pay the $3.80/gal for gas and they are still able to make their mortgage payment of over $2k a month and still have money to go out to nice restaurants and buy new things. So where do I fit? I make less then 30k year, went to one of the top 50 schools in the nation and cannot get a job in my field to save my life (It should not be that hard to find a job in advertising). I am willing to work those mediocre jobs just to get by and to have a roof over my head. Yet no one will hire me for those mediocre jobs because I am “over qualified” or they found someone else that is a better “fit” for the company even though I know I am very qualified and am willing to work the “mediocre” job. Yet I see these people not working and still getting paid. These are questions most people do not have answers for, myself included. How do we compel people to support themselves? If government support wasn't easy to get, harder to prove worthiness, and they were hungry, I think a large percentage would work. But, who really knows? Has our society sunk so low that they would turn to violence and crime to eat? Maybe. That’s bad too. So, we reward violence and laziness? And if we got rid of government assistance and people were forced to look for jobs there would be no jobs out there. Why? because our economy is so far down the drain where companies can not afford to create jobs again for working class Americans. I have no answers. I do think there are no simple solutions. You see it with the section 8s, with the illegals and uninsured getting their primary care (for free) in the ER’s, living for free or next to nothing, not working, and not contributing to society. While I work a regular 9 to 5 without healthcare benefits, not making enough to pay for housing (which is a room for rent) not being able to afford to get milk and bread to eat for a week, waiting on my next pay check. After a while, you get angry about it. What happened to America being the land of opportunities? Where is my opportunity??Mind you I am not looking for a free meal ticket nor am I blaiming others for me not being able to find a job- the economy is hard right now This is just an observation more

Resolved Question: Why do the banks or Car Companies need a Bail-Out? Give all of the Bail-Out money to the families....?

...so they can pay down their bills. Then, in turn, this would help out the banks, car companies, etc. Why let all of this money trickle down from Top to Bottom? (Most of it will not trickle down to us!) Go the other way with the general public so they can pay bills. Yes, banks are lending out money, but there are so many guidelines now that you can not do it. Did you know that you need a 740 FICA score to be able to borrow money or refinance your mortgage?! Most people who are having money problems DO NOT HAVE THIS HIGH OF A SCORE! Had to vent a little.... Comments? more

Resolved Question: Part 2 Please Help My Girlfriend!!!!!!!!!!!!!?

her bro moved out where everything was paid for by her mother and stepfather and she gutted it. I couldn't get her to speak up. So tings where ok till he decided to feed more lies and she broke down due to her parents controlling her. she moved out and into my condo with her child. and everything was great for about 4 months where they didn't talk much. OMG was life great We still had issues but little tings like disciplining a child that was a spoiled brat. and explaining to her she cant get every thing she wanted. so I went to work she Got a Job at her daughters school and we where good. Unfortunately here Stepfather and his son her step brother give hundreds of thousands of dolor's to that school and are on the board. And its a long drive away. In that time I learned about her Crappy childhood and how hers sis ran away and had 4 kids when she cant even support herself. her whole family is not right I'm telling you... I cant figure out here this girl came from she is so great. a few months later she starts talking to her mom again and it all went downhill. again I was made the bad guy out of manipulation. Her mom promised to back off and help us out like she did for her other kids. 6 months went by and she did not I kept telling my girlfriend to stand up to her and get what she said she would do. Her sister started talking to her mom cause she needed money cause she cant manage her funds 5 Months of rent and bills and so far 14 months of her bros rent and all bills of his. She promised Brooke a bed and a car and a to help out with our mortgage. She spent more on her sis and her Bro and Nothing on us. My girlfriend went out with her mom more and more and started being mean to me. Im sure after her mom bashed me a bunch. I then Get laid off in october witch sucks I'm starting a company in crappy economic times and I was putting in 60-100 applications a day. Im skilled and Im a a great worker but with 100-500 people going for hte same job im not always top pick. so the holidays come my forfeit seeing her child on Halloween we made it as my parents where going to bed, thanks giving my parent cancel due to her parents attitude, Christmas comes and here we are going over to my parent house the eve of where her family dosnt do anything. We have to stop everything we do at my parents house so we can drive 20 miles or so to her parents to open1 gift witch is PJ's. The drive back and finish things up. the morning of I have to suppress everything at her parents house like I always do cause every one got gifts from them except us. Keep in mind her brothers girlfriend is there who is doing the same thing playing house and because its not me its ok. So we leave And my girlfriend starts crying like crazy. we go do normal things around my overly flexible parents and everything is good again but she is so upset at her mom. Still no Confrontation to say that's not ok and I'm not aloud to speak up to them. Soon after I am getting depressed due to her mothers crap and her not standing up to her. She started taking things out on me and not taking responsibility for any thing. I Broke down a lot and kept telling her I needed to talk to vent. But I was not aloud to cause every thing I said was negative about her daughters Odd school and her parents and her family. Not being able to I build up and break down. my girl friend said she was moving out it was the trigger that broke me all cause she wouldn't call her mom and just say we are not gonna have the overpriced people work on it and its covered under warranty. I don't know what such a small trigger after everything. I have a thought of suicide and put a knife to my neck and started crying. she calls 911 and I go to the hospital who says that I have Battered Persons /Spouses syndrome and there not worried about me as long as I get help. There super worried about her and want her to get Help Immediately to get out of the situation. My stress was caused by her not standing up to her mom and her mom controlling our relationship. My parents offer to have her find a safe house and cut communication from her parents but she moved out and now is in deeper that she ever was. She needs to get out and soon. my shrink I have to see due to the incident and the class I go to is worried about her due to her family history. there not that worried about me just the choices to not vent to the people that caused the issues. so not she is under there roof and being controlled shes 28 and is worried about coming over to where we use to like cause she things she will get in trouble. My parents are trying to get her to move back in and help her cut contact with them. This is most of the issues there are more I'm sure I'm missing. I also want you to know she is great amazing everything is great as long as her parents are not there. I cant even explain this girls knowledge and looks shes stunning. Im not a looser at all as well Im 23 and have started a com more

Voting Question: Why cannot I find a job that pays well I am smarter than most people I meet and capable why aren't I CEO?

Where do they find these greedy CEO's that claim that they do something that no one else could give me a break it all comes down to people buying and selling products and services they want and need aren't all mortgages relatively the same in a sense? Isn't all business really just getting money from the little guy and giving it to the top earners and they claim they are something special it is right time right place and putting people on the board that will approve your ridiculous salary and compensation plus amenities that the company should not be wasting cash on if they were so smart why are all their companies broke because it is common sense you can hype the numbers and make it look better than it is but it comes down to being real sooner or later with everything including CEOs giving themselves tons of money and dropping the actual workers pay to make these companies seem like they are great but realistically who couldn't do that cmon now. more

Resolved Question: Can anyone help me find a job in the Seattle/Tacoma/Bellevue area? Resume and story attached. Anyone?

Ok... I have moved around a little over the past few years. I lived in Florida for about 6 1/2 years. I did move to Montana for a year to take care of my mother after a near-fatal accident. I moved back to FL, then my spouse's job took us to Portland, OR in March, 2008. Unfortunately, after our cross-country move, the company had layoffs and we couldn't survive on my salary alone in Portland. We are regrouping in Lafayette, LA where we have family and a much more affordable lifestyle. Both of us dislike it here very much, and miss the Northwest like crazy. We are looking at the Seattle area instead of Portland because the economy in Seattle is more sound. Resume below. I did not list my name, address or phone number for privacy reasons. If you would like to contact me, please reply to this question. Thank you! __________________________________________________________ Experienced, successful, motivated Banking, Sales and Customer Relations manager with: • 7+ years in Management • 8+ years in Training and Team Building • 12 years in Customer Relations • 10 years in Sales • Consistently led branch/store to receive nation-wide sales and customer relations rewards and recognition • Customer/Client Relations expert SUMMARY OF EXPERIENCE: MANAGEMENT: • ACTING BRANCH MANAGER 60-75% of the time, overseeing 2 branches for four months during a company transition; Store Manager for a large, successful cellular telephone company • EMPLOYEE RELATIONS AND STAFF MANAGEMENT – Interviewing, hiring, employee performance reviews, disciplinary assessments and action, terminations, scheduling, coaching for better performance, behaviors, and time management • TRAINING – Oversaw all training for my bank branches and stores, including federal regulations and compliance training, new-hire training, customer service and sales training, and staff-coach training • OPERATIONS AND AUDITS – Maintained compliance records, created new branch-specific compliance policies that brought audit scores up and allowed for better organization in the branches, audited teller staff and coached to better results, forecasted cash needs, ordered and shipped cash inventories • SALES AND CUSTOMER RELATIONS – Coached 7 to 15 employees to maximize sales and referral opportunities and to exceed customer loyalty goals, achieved recognition for success every quarter by building and maintaining a successful staff to stay among the top performers in the region, and reaching the highest standards in nation-wide performance and success, oversaw and wrote sales scripts SALES AND CUSTOMER RELATIONS: • TOP SALES PERFORMER – Consistently a top performer, receiving recognition for sales performance • BANKING SALES – New accounts, including checking, savings and other savings products, loan officer, receiving top investment and mortgage referral recognition, coaching the teller staff for quality referral opportunities • RETAIL SALES – Consistently a top performer selling home phone, internet, and wireless service, sold clothes and shoes for a high-end retailer, and sporting goods for a local retail and wholesale sporting goods company • CUSTOMER LOYALTY – Built new and maintained long-lasting client relationships, always achieving top customer loyalty and service scores, continually followed up with customers to ensure a strong relationship EMPLOYMENT HISTORY: ASSISTANT BRANCH MANAGER – US Bank Hillsboro, OR – 05/2008 – 08/2008 ASSISTANT BRANCH MANAGER II – Wells Fargo Bank Billings, MT – 07/2006 – 05/2007 TELLER OPERATIONS MANAGER – Bank of America* Sarasota, FL – 09/2005 – 03/2008 PERSONAL BANKER – Bank of America* St Petersburg, FL – Promoted to next STORE MANAGER – AT&T/Alpha Comm Bradenton, FL – 09/2004 – 09/2005 WIRELESS MANAGER – Verizon Clearwater, FL – 09/2002 – 09/2004I search online daily. I have my resume posted on Monster.com and a few other sites. Please do not tell me which sites to search or papers, I'm already doing that. Thank you. :-) more

Resolved Question: IS Time to Sell BOA ?

WASHINGTON (AFP) - - The US government extended a new lifeline Friday to Bank of America, injecting another 20 billion dollars in capital and guaranteeing shaky assets to help it weather the grinding financial crisis. ADVERTISEMENT The bailout for the largest US bank by assets is aimed at helping Bank of America absorb broker Merrill Lynch, which faced a meltdown last year as the credit crunch intensified. A joint statement by the US Treasury, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said the government would invest 20 billion dollars in the bank, on top of a 25-billion-dollar injection last year under the Troubled Asset Relief Program (TARP). Additionally, the government "will provide protection against the possibility of unusually large losses" on 118 billion dollars of assets backed by residential and commercial real estate loans, the market for which has been frozen due to the housing meltdown and credit crisis. The banking giant will pay the government a dividend of eight percent on the investment and agree to limits on executive compensation. The bank also agreed to implement a "mortgage loan modification program" to limit foreclosures that threaten to undermine a recovery in the housing sector. The announcement came hours before BofA released its fourth-quarter earnings. The Charlotte, North Carolina-based bank posted a loss of 1.7 billion dollars, after managing a profit of 268 million dollars a year earlier. The results stem from soaring credit costs and massive write-downs. Merrill Lynch, which was not included in the results, lost over 15 billion dollars in the quarter. The bailout comes with US authorities scrambling to avert a further collapse in the banking sector that could deal another blow to an ailing economy. A similar deal was announced last year with Citigroup. "The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security," the Treasury said. But some analysts were skeptical and Bank of America shares fell 13.7 percent to 7.18 dollars after a dive of 18 percent on Thursday. "These measures have seemingly removed a worst-case scenario for equity holders, but they show just what a mess Bank of America has managed itself into," said Patrick O'Hare at Briefing.com. Even as other banks reeled, Bank of America appeared healthy enough to buy up troubled mortgage lender Countrywide Financial last year as well as Merrill Lynch. But Robert Brusca at FAO Economics said the bank "simply bit off more than it could chew." Peter Cohan of Peter Cohan & Associates consulting firm said Bank of America rushed to buy Merrill without a full understanding of its troubles. "The numbers clearly show that without Merrill, Bank of America would be in relatively good shape, but with it, Bank of America is a financial basket case," Cohan said. Standard & Poor's said it could downgrade the bank's credit rating and warned that BofA faces the possibility of "further write-downs" from Countrywide and Merrill Lynch. BofA has already received 25 billion dollars in capital injections from the TARP, a US financial bailout fund set up to help rescue mainly banks reeling from financial turmoil triggered by a home mortgage meltdown. That included 10 billion dollars for Merrill Lynch. Under the latest agreement, BofA will absorb the first 10 billion dollars of losses and the US taxpayers will cover the next 10 billion. Any additional losses will be shared 90 percent by the US government and 10 percent by BofA. The government aid comes as the banking sector remained in deep trouble from the real estate meltdown and subsequent credit crunch that has led to around one trillion dollars in worldwide losses. Citigroup announced Friday a quarterly loss of 8.29 billion dollars and said it was splitting into two businesses in an effort to restore profitability. Bank of America on September 15 announced it was buying Merrill Lynch for 50 billion dollars in stock, scooping up the Wall Street icon battered by the housing and credit crisis. While giving a lifeline to a troubled Wall Street giant, the deal created the world's largest financial services company. The announcement came at the close of a tumultuous weekend that saw Wall Street rival Lehman Brothers seek bankruptcy protection, leading to an intensification of the crisis in the global financial system. They cant even survive after M&A with bad debts out b4 they M&A so a waste of taxes-payer $ . so i have a chance to sell it .I not invest in all companies that have been bailed out is as good as they dead. more

Voting Question: A "Bad" good faith Estimate?

My aunt refinanced her house and received a good faith estimate of closing costs on a 243,000 mortgage which included 2 points and various other fees totaling 7772. There were NO prepaid or escrow items included in this estimate. The mortgage company wanted her to include her boyfriend on the deed and she refused and canceled the re-fi. They then contacted her and said that they could still do the loan but at a higher interest rate. She did not receive a new good faith estimate and closed on the loan. I reviewed the documents after the fact and the actual closing costs totaled over $12,000. and included 3.875 or (9,222) in loan discount fees. On top of these increases her interest rate was increased from 5% to 6.875% is there anything she can do? more