Calling all deadbeats! This is your wake up call!

The Federal Reserve is apparently still kicking ass and taking names. They recently fined eight more U.S. banks for improperly foreclosing on homeowners. And you screwballs thought you were in the clear! Details about the size of the fines are being kept on the “DL”, but the five banks agreed to reduce mortgages for about 1 million homeowners. In addition, they have to contribute to a fund that will give $2,000 to 750,000 homeowners who were improperly foreclosed upon. Burn!

Shall we stop paying our mortgages now, or later because, I wanna get me some of that pie!

Thanks to President O and gang, 14 mortgage lenders are clenching their butt cheeks and pursing their lips, because they’ve gotta shell out cash money to homeowners who were improperly foreclosed upon. In the words of Kool & the Gang, “get down on it, if ya really want it”, ye’ tired, poor, and hapless homeowners who got swindled, ‘cause the deadline for borrowers to collect is July 31.

By the by, I’m still waiting for someone to tell me a specific story where a homeowner got strongarmed by a bank to buy a house.

 

Read more in the Wall Street Journal, Here

 

 

 

I’m seriously contemplating not paying my mortgage for the next few months.  I mean, if our elected officials are willing to steal money in the form of taxes from those of us who responsibly pay our mortgage each month – and give to those who signed on the dotted line, knew the terms, knew what they were getting into – then for whatever reason decided not to pay – then why not turn the tables?  Why not be a deadbeat?

I tell ya what, next time you’re in the store – just pick up, oh I don’t know, a 46″ LCD TV and walk out. Then when you get arrested, simply tell the store manager that you needed it more than he did.

I’m getting off track here, but check out this Baltimore Sun article on the most recent scheme to grab federal bailout dollars in an attempt to spur buyer interest in foreclosed homes, then ask yourself; “Does $24 million even scratch the surface?”

What as waste!

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Dundalk hopes for federal aid

Grants could help community attract buyers for foreclosed homes

By Mary Gail Hare
February 2, 2009

Pictured Above:  ”There are far more foreclosed units here than we will ever be able to address,” says Amy Menzer of the nonprofit Dundalk Renaissance Corp., with a house that is in foreclosure. (Baltimore Sun photo by Barbara Haddock Taylor / January 30, 2009)

Most of the homes in Dundalk‘s historic “Ships” district date to the 1920s, when they provided housing for steel mill workers at Sparrows Point. A poster from that era hanging in a Dundalk office features a drawing of Uncle Sam assuring buyers that the homes were “scientifically and substantially built.”

Until recently, the compact neighborhood of well-maintained stucco townhouses and duplexes off Dundalk Avenue was attracting new families and investors. But the national foreclosure crisis has hit those short, narrow streets hard, with at least eight vacant homes in various stages of foreclosure.They are part of the nearly 40,000 foreclosures across Maryland in the past two years that have left neighborhoods coping with the blight of empty, poorly maintained and often vandalized houses that sorely need new owners. Now, local officials and community leaders say they hope that a new federally funded rescue plan will provide relief.

Maryland has received nearly $27million – to be administered under the Neighborhood Conservation Initiative – to help communities attract qualified buyers to areas with high foreclosure rates. Baltimore County alone is asking for $4.4million, and the County Council is expected to approve the grant application at its session today.

Read the rest of the story here

Every investor, and every homeowner who responsibly pay their mortgage on-time (that’s 90% of ALL homeowners, by the way) should worry and should write the Congressman to tell them this is sickening.  If you care about the erosion of free markets, you must read below.

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Citi backs foreclosure prevention plan

Banking giant gives nod to legislation that would allow judges to alter mortgages for homeowners who have filed for bankruptcy.

NEW YORK (CNNMoney.com) — Citigroup reached an agreement with Democratic lawmakers Thursday on legislation that would allow judges to reduce mortgage debt for individuals who have filed for bankruptcy.

Sen. Dick Durbin of Illinois, the bill’s architect, said he hoped the participation of Citigroup would entice other mortgage lenders to sign onto the program.

“I hope other institutions will follow suit,” he said. Durbin appeared at a press conference along with fellow sponsors of the bill, Sen. Christopher Dodd of Connecticut and Sen. Charles Schumer of New York.

Read the rest of the horrific story here