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April 18th, 2010
10:04 PM ET
Steps You Can Take to Help Avoid Foreclosure
Millions of troubled homeowners are missing out on the Obama administration's program to stem foreclosures.
A government watchdog group has released a report saying for every home saved, 10 are lost.
So if you're trying to keep from losing your home, what should you do?
The president of Optimum Capital Management, Ryan Mack, offers some advice.
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He stated that when markets dictated it in 2000 and 2001 that was when those types of loans began to be created?
In 1982 The Alternative Mortgage Transactions Parity Act (AMTPA) was passed and it allowed creditors to write Adjustable Rate Mortagages. The new types of mortgages which were created in the 1980's from the AMTPA were Adjustable-Rate mortgages, Option Adjustable-Rate mortgages, Balloon adjustable-rate mortgages, Interest only mortgages.
80 percent of the prime mortgages responsible which were responsible for the economic crisis were Adjustable-Rate mortgages.
And with the bill regulating banks and financial corporations Glass Steagall Act being repealed in the 1980's by a controlled Republican Senate and Controlled Republican congress it is a wonder that every home owner didn't loose their home sooner due to the greed of Banks and Financial Corporations.
And since 80 percent of the prime loans responsible for the economic crisis were Adjustable-Rate mortgages that means that 80 percent of the loans responsible for the economic crisis were NOT FHA loans. FHA loans are not Adjustable-Rate. FHA mortgages are 30 year fixed Rate loans, a big difference than the Adjustable-Rate loans.
It took our goverment 3 days to bailout the too big to fail companies. I am starting a Protest. Jobs in 3 days,this is the message. This is not a Tea Party it is a Protest. I am asking everyone that is a American show up at all state and federal buildings,state capitols and such. My contacts are willing to help me( Yahoo Buzz ) so I will be sending them copies of flyers so they can paper they cities and towns.