Are financial leaders have proven themselves to be a ship of fools. The leadership offered is a socialist vs. a watered down free market solution embedded with heavy lobby money. Lobby financial interests have befuddled clear thinking.
Unqualified buyers were encouraged into home mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to make easy loans to people who were bad credit risks. Buying a home and paying property taxes was supposed to be the cure all for financial happiness and prosperity. His administration began distancing itself from conservative lending and accounting principles.
President Bill Clinton put this bogus practice on steroids. He enacted legislation that punished mortgage lenders that would not comply. He deregulated risk by legislating against it causing a complete abandonment of conservative lending practices.
Fannie Mae and Freddy Mac bought these loans, repackaged these loans and sold them on the open market. They sent hundreds of millions of dollars by their lobbies to politicians that in order to continue this masquerade.
AIG and other insurance companies insured these loans. Their prime mission is to evaluate and insure against debt risk. Their leverage was set at 12 to 1 meaning that they had to have one dollar in assets to cover 12 dollars or risk. They threw millions of lobby money to leveraging its recirculation rate at a reserve rate of more than 30-1. With such a high-risk and profit expansion levels, any big bump in real estate valuation put those assets in danger.
This fraud was given the stamp of approval by chief economists Greenspan and Bernanke and the ship of fool's balloon took off. Socialist organizations such as Acorn (Association of Community Organizations for Reform Now) and other kindred groups pressured banks into giving even more misguided loans.
SEC Chairman, Banking Committee Chairman, The House Finance Chief and scores of public official's rubber stamped this cancer because of the easy lobby money directed at them. Greed for lobby money tempers sound judgment it seems. The only way to end this type of self perpetuating system is to put anyone who accepts lobby money into jail and banish them from government service.
Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to an end and the value of real estate assets declined combined with a foreclosure explosion, the market imploded. The government created the problem and a 700 billion dollar bailout (laden with funding for pork projects) is meaningless. The credit boom is over. But, where is the outrage?
The other news: Lower real estate prices has many towns raising tax rates to compensate for lower real estate assessment values. If you compare your home's value to comparative values of recently sold homes there is a good chance you qualify for a property tax appeal. At least, you should investigate whether you have a case.
Property tax services facilitates an effective solution to help reduce tax liabilities and produce reduction to those overcharged.
Unqualified buyers were encouraged into home mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to make easy loans to people who were bad credit risks. Buying a home and paying property taxes was supposed to be the cure all for financial happiness and prosperity. His administration began distancing itself from conservative lending and accounting principles.
President Bill Clinton put this bogus practice on steroids. He enacted legislation that punished mortgage lenders that would not comply. He deregulated risk by legislating against it causing a complete abandonment of conservative lending practices.
Fannie Mae and Freddy Mac bought these loans, repackaged these loans and sold them on the open market. They sent hundreds of millions of dollars by their lobbies to politicians that in order to continue this masquerade.
AIG and other insurance companies insured these loans. Their prime mission is to evaluate and insure against debt risk. Their leverage was set at 12 to 1 meaning that they had to have one dollar in assets to cover 12 dollars or risk. They threw millions of lobby money to leveraging its recirculation rate at a reserve rate of more than 30-1. With such a high-risk and profit expansion levels, any big bump in real estate valuation put those assets in danger.
This fraud was given the stamp of approval by chief economists Greenspan and Bernanke and the ship of fool's balloon took off. Socialist organizations such as Acorn (Association of Community Organizations for Reform Now) and other kindred groups pressured banks into giving even more misguided loans.
SEC Chairman, Banking Committee Chairman, The House Finance Chief and scores of public official's rubber stamped this cancer because of the easy lobby money directed at them. Greed for lobby money tempers sound judgment it seems. The only way to end this type of self perpetuating system is to put anyone who accepts lobby money into jail and banish them from government service.
Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to an end and the value of real estate assets declined combined with a foreclosure explosion, the market imploded. The government created the problem and a 700 billion dollar bailout (laden with funding for pork projects) is meaningless. The credit boom is over. But, where is the outrage?
The other news: Lower real estate prices has many towns raising tax rates to compensate for lower real estate assessment values. If you compare your home's value to comparative values of recently sold homes there is a good chance you qualify for a property tax appeal. At least, you should investigate whether you have a case.
Property tax services facilitates an effective solution to help reduce tax liabilities and produce reduction to those overcharged.
About the Author:
When paying your property taxes, dig deeper a property tax abatement guidebook that very possibily can get your cash back on the amount you pay in property taxes. Property tax records are often wrong and to lower property tax by way of appeal can lower your property taxes for many years to come.
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