Americas Watchdog Calls U.S. Treasury Secretary Paulson a Self Serving Liar Regarding His Comments About the U.S. Credit Crunch Being Over
(PRWEB) May 8, 2008 -- Americas Watchdog and its National Mortgage Complaint Center are contesting U.S. Treasury Secretary Paulson's May 7, 2008 statement that the U.S. credit crisis is nearing an end, as "a self serving lie, from a U.S. political appointee."
According to Americas Watchdog, "A very greedy Wall Street, and a bought and paid for Congress & Bush Administration got us into the worst real estate disaster since the great depression, and now the best they can do is lie about the very dire future for the U.S. economy? All of the perceived U.S. real estate equity supposedly gained between 2003 & 2006 has vanished, or is in the process of vanishing, and Secretary Paulson thinks the credit crisis is nearing an end? Another way of putting this is more than $2 trillion in perceived equity has vaporized. U.S. banks lent money on this $2 trillion. Now its gone. The banks sold these mortgage loans to pension funds, or long term investors. Now the banks are having to buy back an increasing number of failed loans due to something called a buy back provision. Translation, the credit crisis is about to get much worse."
So what has Washington DC & the Federal Reserve done so far about the U.S. real estate/financial disaster?
* They have offered many U.S. taxpayers a $600 rebate. The problem, according to Americas Watchdog: A $600 rebate will not save the U.S. economy. According to Americas Watchdog, "Its one more pathetic waste of money from Congress."
* Congress has proposed a $50 billion bail out to save people in foreclosure. The problem, according to Americas Watchdog: A $50 billion bail out, is a small drop in a huge bucket. First who gets bailed out? Real estate flippers, people who put zero down on a home they could not afford, people who did not bother to read their mortgage before they signed it, people who have not made a mortgage payment in a year? According to Americas Watchdog, the National Mortgage Complaint was on record as far back as 2004 saying that the U.S. real estate frenzy would end in a disaster. Americas Watchdog asks, "Why should the taxpayers have to pick up the tab?"
* According to Americas Watchdog, the Federal Reserve has done little to help as well. Americas Watchdog claims, "While they have given big U.S. banks & investment bankers lower interest rates, these cuts have done little to dramatically lower mortgage rates." The National Mortgage Complaint Center is on record as saying, "U.S. real estate prices will drop an additional 10% or more in 2009." Which begs the question: Why buy a home today if it will be worth 10% less in 2009?
* According to Americas Watchdog, Federal Reserve cuts have also translated into a weaker dollar and sky rocketing food and energy costs.
The Solution:
According to Americas Watchdog, "Solutions start with leadership and integrity from Washington D.C. Solutions start with a Congress that actually does the peoples business, as opposed to one back room deal after another."
Two current classic examples are:
* Example 1. The auction rate securities scandal: While most U.S. citizens never heard of this; its a $320 billion disaster that has put at risk the life savings of over 100,000 U.S. citizens. Americas Watchdog is calling it, "the biggest case of fraud in U.S. history". What is an auction rate security (ARPS & ARS)? It was an exotic investment that main street U.S. banks, brand name stock brokers and financial institutions sold to U.S. consumers as, "same as cash, just like cash, no risk, completely liquid", etc. Now over a hundred thousand U.S. citizens stand to lose their life savings as documented by the New York Times. Americas Watchdog says, "Where does Secretary Paulson and the U.S. Congress stand on over 100,000 U.S. citizens being lied to by big campaign donors like banks, Wall Street Investment houses and name brand stock brokerage firms? Secretary Paulson is the former Chairman of Goldman Sachs. How does Secretary Paulson feel about his former colleagues defrauding over 100,000 U.S. citizens out of their life savings ($320 billion)?"
* Example 2. For over four years Americas Watchdog's National Mortgage Complaint Center has been demanding the U.S. Congress require U.S. banks and mortgage bankers to disclose a huge mortgage kickback called a "yield spread premium". A yield spread premium is a kick back banks and mortgage bankers get for inflating a borrowers interest rate. Mortgage Brokers must disclose this kick back. Banks and mortgage bankers have no such obligation, even though they get the kick back too. According to Americas Watchdog, "If anyone really wants to understand why we have a biblical type U.S. real estate disaster, one look no further than a very greedy Wall Street, greedy & U.S. banks that had no obligation to provide a consumer with transparency with respect to the outrageous fees they were making on home loans, and the U.S. Congress that accepted big bucks, to look the other way." The National Mortgage Complaint Center says, "50 million U.S. homeowners pay a higher monthly mortgage payment because a bank or mortgage banker was not required to disclose the kick back they received for inflating a homeowners interest rate/monthly mortgage payment."
Americas Watchdog says, "It's time for honesty, it's time for justice and its time for integrity on the part of our elected leaders. We are in a huge mess today because there is no such thing as integrity in Washington DC and in most of our nations financial institutions. Its time for real honesty and transparency before it's too late."
Americas Watchdog and its National Mortgage Complaint Center are all about consumer protection and corporate responsibility. The National Mortgage Complaint Centers web site is located at http://NationalMortgageComplaintCenter.com.
###
Related Articles:
Changing The Face Of Airline Credit Cards
People who apply for airline credit cards today will find that the application process is fairly straightforward. They will also find that reading the details of their terms and benefits isn?t very difficult for them to do. Moreover, they will find that they understand what they do and don?t get from their airline credit card and can even explain that information to someone else if asked. That?s something that?s important to credit card consumers but it wasn?t always the case when it came to airline credit cards. It was through direct consumer pressure that these cards came to be so clear and easy to understand.
Preservation Demolition of the Tyecliffe Castle, by Allison's Adam and Eve, an Architectural and Antique Salvage Company
Preservation Demolition of the Tyecliffe Castle, by Allison's Adam and Eve, an Architectural and Antique Salvage Company. Preserved were 100 solid oak doors with wrought iron hardware of all shapes and architectural designs, 300 lighting fixtures, including handcrafted sconces and grand chandeliers.
Credit Card Creep + ?gUniversal Default?h ?? 125%
It was one of those extra special Saturdays with a crisp coolness in the air. The sun was shining brightly through the front windshield so much so that the visor had to be lowered. Having left early from his part time job, Travis stopped at a convenience store to pick some beer and food. Three friends were meeting at his house to watch the Notre Dame versus Michigan football game. The wives were coming along later to enjoy a late cook out and to enjoy the newly installed heated spa and pool. Travis and Penny had acted on a promise they had made to themselves when they bought the home four years ago. A primary requirement, beyond the three bedrooms, two baths with a two car garage and large family room, was the need for a large lot that woul...
South African Jazz Legend Sathima Bea Benjamin's Recordings to be Reissued
South African jazz singer Sathima Bea Benjamin's long out-of-print catalogue will finally be available for purchase online. Beginning with her 1999 album Cape Town Love (released June 19), Sathima's back catalogue (including the Grammy-nominated album Dedications as well as A Morning in Paris, her 1963 duet album with Duke Ellington) will be fully re-issued and available to the public via downloads.
Credit Monitoring Services
Online credit monitoring services provide consumers with a suite of tools that help you to take proactive action in monitoring your credit report, while protecting your credit and identity information. Monitoring services notify you via email and/or wireless telephone instantly of any changes made to your credit report, which can help you identify fraudulent activity faster, and therefore minimize the negative impact it would have on your credit.
REOsNH.com Launches Online Database of NH Bank Owned Properties
REOsNH.com provides a unique service for those searching for NH real estate bargains.
How To Obtain A Free Credit Report
As a resident of the United States, the three main credit reporting companies in the country are required under law to provide one free credit report (each) to anyone who requests them within any given year. The three large credit reporting companies are Equifax, Experian and TransUnion, and they are strictly monitored by Fair Credit Reporting Act (FCRA) to provide correct and true information.
How Do I Know a Good Credit Card Debt Reduction Strategy When I See It?
Credit card debt reduction is an important part of the debt reduction process. The way credit card debt reduction works is if you have five credit cards, you need to keep track of and pay 5 bills every month.
Lessors Network set to Showcase A-List of Independent Equipment Lease & Finance Companies July 30th
Attendees with transactions and portfolios available for funding will pitch deals to funding source representatives in the Real Deal Showcase.
Credit Card Debt Consolidation: The Solution?
Anyone with credit card debt should consider debt consolidation. However, there are certain situations in which credit card debt consolidation is advantageous and other situations in which credit card debt consolidation is plainly useless. Learn what you need to know to judge correctly whether your current situation is suitable for debt consolidation or not.
