March 10, 2010

More Mortgage Re-Sets Through 2012

Today I stumbled upon a troubling article from Karl Denninger. I had heard that the ARM *adjustable rate mortgage* mess was not over yet no matter how rosy a picture those on CNBC try to paint for us. The fact is; we are not out of the woods yet in relation to the mortgage meltdown we've been dealing with since 2007. The Alt-A, but more incredibly, the Option ARMs mortgage payments are going to be resetting (jacked-up) starting this year and if we think the Sub-prime was bad, we haven't seen anything yet.

Just think of it this way: Your mortgage payment you took on 5 years ago has been $900.00 a month UNTIL May 2010. Starting at that date your mortgage payment will now be $1900.00! It's been verified that on average the rise in these mortgage payments will reflect an eye-popping $1000.00 more a month!

Now I don't have a mortgage but that doesn't keep me from telling you what I would do if I did have one and was up against such a dower prospect. I would WALK AWAY! Yes folks, I would walk away and not fret about the situation nor look back. I would rent because that is all I suspect I would be able to do after having stopped paying my mortgage payments. Well, I would hope so at least. I hear of many sad stories of previous home owners walking away from their homes only to be turned away from renting due to poor credit that was directly attributed to the former.
How many can say they would be able to pay that large of an increase on their house payment? Not many I suspect, especially with so many in our nation out of work.
My heart goes out to all of my readers who have struggled to make ends meet. Many are those who have done without basic necessities in order to put food on the table and gas in the tank. Countless hours have been spent at the job you really don't like because you knew that it was the only way to keep your head above water and your family off of food stamps. Dealing with unappreciative employers, low wages, lack of insurance, and not enough vacation days. If this describes you, a prayer in my heart and a thank you on my lips goes out for you. You have sacrificed much and you love much and now you are facing the worst time of your life dealing with layoffs and possibly losing your home and even much, much more. In these times you cannot go wrong if you turn it all over to God and expect him to come to your rescue.

As for this recent continuation of the mortgage mess? What else can I say but this is just another spoke in the wheel of our recent economic nightmare that at one time was our American dream.

March 2, 2010

Unemployed Benefits in Jeopardy: Thanks Senator Bunning!

Good morning friends. I have been watching C-Span again and have come across something that I felt I should comment on. 

It seems that Senator Jim Bunning of Kentucky has been playing a game of keep-away with the nations unemployment benefits. Many of our unemployed Americans were due for their benefits to run out the last day of February 2010 and Bunning was not in favor of extending them, folks he was the sole objector! It seems sad and ridiculous that one person in the Senate can stop the extensions of benefits for millions but sadly this is the case. I hear that he cannot continue this for long though, he is just stalling the inevitable. But here's the real story here: Bunning's stall game  is the unemployed workers worse nightmare. Those workers as well as their employers both paid toward future need of drawing out those benefits so it is certainly not like they are unworthy to collect them. Surely Bunning feels he has nothing to lose by doing this to the American citizens as he is not up for re-election. Unemployment benefits are hardly ever equal to a regular pay check and are only enough to keep a family's head above water so why on earth would one man in the Senate object to doing the right thing? There is only one answer to this question and it is that Senator Bunning has a cold heart and cannot relate to the needs of average working Americans. Tell me what else it could be? I know all about Paygo, etc. But there was certainly enough money for an unjust war with Iraq wasn't there? There was certainly enough money when Bush and Bunning and the others were pushing tax cuts for the rich wasn't there? Sure there was.. and now that the common men and women of America are in need of unemployment extensions this scoundrel is going to object? Give me a break.

Bunning no doubt receives a salary upwards of 200,000. He is not worried about having health-care and surely does not worry about retirement. Contrast that with the average American worker who is laid off and has lost their health-care, hopes of retirement and a weekly paycheck!

Why do we have our Senate set up like this where one person can object to extending benefits? It is utterly obscene that one person can cause the pain and suffering for so many. Surely this morning those in the Senate will continue their wrangling and silliness but I don't think anything they do will end up in favor of extending the benefits for another week or so. One or two weeks of late unemployment checks can totally devastate a family. Mark my words, there will be long drawn out repercussions of Bunnings actions upon the laid-off citizens of our country. Now they are speaking about Medicare payments being in jeopardy because of their recent actions.

You can read more at the Huffington Post: Here are related articles and I find the comments from readers interesting to say the least.

Jim Bunning Impasse Puts Federal Employees Out Of Work

Bunning Objects to Extending Unemployment Benefits...Again (Video)