Where is the moral indignity? Both presidential candidates are filled with lobby money, one with a quasi Marxist agenda, the other with quasi free market agenda and both sleepwalking through a financial dilemma that attacks every property taxpayer and American.
Unqualified buyers were encouraged into 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 encourage loans to people who were bad credit risks. Buying a home and paying property taxes was sold as the ultimate dream for financial happiness and prosperity. His administration began distancing itself from conservative lending and accounting standards.
With the Clintons in the White House, the problem skyrocketed. They passed legislation punishing the mortgage companies if they did not lend to poor credit risk borrowers. They put laws with penalties in them thus encouraging easy credit with eyes shut to risk. Sound lending practices were completely abandoned.
These foolish loans were bought up by Fannie Mae and Freddie Mac. They repackaged these loans and sold them on the open market to other financial institutions. They also gave hundreds of millions of dollars into political coffers to ensure this circus continued.
Insurance companies insured these bogus loans. AIG and others evaluated this risk. Their leverage was originally set at 12 to one. They too threw million in lobby money at Congress, then the asked for a 30 to 1 leverage and further increased risk. This pumped up and dramatically increased their profits by large proportions while the real estate market was going up.
Federal Reserve economists put their stamp of approval on this financial gimmickry and allowed this charade to continue. Acorn (Association of Community Organizations for Reform Now) and other kindred socialist leaning organizations further aided in twisting banks to make even more fraudulent loans.
The House Finance Chief, SEC Chairman, Banking Committee Chairman and any Congressman or public official accepting lobby money were shills for this cancer. Prison and banishment from public office should be their reward for violating the public trust! Politicians accepting lobby money need prison and banished from public office. Lobby money is nothing more than a bribe. If you bribe a cop for not giving you a speeding ticket you go to prison. If a public official accepts a bribe, shouldn't they be put in jail as well?
Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to a dead stop 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?
Across the nation, real estate prices have fallen and municipal and state governments have raised their tax rates to compensate for the shortfall. If, when you get your property tax assessment bill, you need to compare your home to the assessments of similar sold homes, you may find that you are overtaxed and could profit from a property tax appeal. It's worth another look.
Unqualified buyers were encouraged into 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 encourage loans to people who were bad credit risks. Buying a home and paying property taxes was sold as the ultimate dream for financial happiness and prosperity. His administration began distancing itself from conservative lending and accounting standards.
With the Clintons in the White House, the problem skyrocketed. They passed legislation punishing the mortgage companies if they did not lend to poor credit risk borrowers. They put laws with penalties in them thus encouraging easy credit with eyes shut to risk. Sound lending practices were completely abandoned.
These foolish loans were bought up by Fannie Mae and Freddie Mac. They repackaged these loans and sold them on the open market to other financial institutions. They also gave hundreds of millions of dollars into political coffers to ensure this circus continued.
Insurance companies insured these bogus loans. AIG and others evaluated this risk. Their leverage was originally set at 12 to one. They too threw million in lobby money at Congress, then the asked for a 30 to 1 leverage and further increased risk. This pumped up and dramatically increased their profits by large proportions while the real estate market was going up.
Federal Reserve economists put their stamp of approval on this financial gimmickry and allowed this charade to continue. Acorn (Association of Community Organizations for Reform Now) and other kindred socialist leaning organizations further aided in twisting banks to make even more fraudulent loans.
The House Finance Chief, SEC Chairman, Banking Committee Chairman and any Congressman or public official accepting lobby money were shills for this cancer. Prison and banishment from public office should be their reward for violating the public trust! Politicians accepting lobby money need prison and banished from public office. Lobby money is nothing more than a bribe. If you bribe a cop for not giving you a speeding ticket you go to prison. If a public official accepts a bribe, shouldn't they be put in jail as well?
Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate prices came to a dead stop 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?
Across the nation, real estate prices have fallen and municipal and state governments have raised their tax rates to compensate for the shortfall. If, when you get your property tax assessment bill, you need to compare your home to the assessments of similar sold homes, you may find that you are overtaxed and could profit from a property tax appeal. It's worth another look.
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Before you accept your property assessment as accurate, look at a property tax abatement guidebook that could lower the amount you pay in property taxes. Property tax records are often wrong and a property tax appeal can lower your property taxes for years.
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