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Editorial See other Editorial Articles Title: BANK OF AMERICA SCREWING SENIOR CITIZENS * BANK OF AMERICA SCREWING SENIOR CITIZENS 0 comments Oct 9, 2009 11:17 AM o Font Size: o Print o Email o TweetThis The Federal Reserve and mega criminal banks have already been screwing senior citizens for the last year. They have colluded to drive interest rates to zero. A risk averse senior citizen living on a fixed income like my mother, gets nothing on her money market fund or CDs. Due to the fake CPI, she will get no increase in her social security. The academic, Ben Bernanke, has decided to throw my mother and millions of other senior citizens under the bus in order to enrich his masters, the mega criminal banks (Bank of America, Wells Fargo, Citi, etc.). They get to borrow at 0% and make credit card loans at 21% to senior citizens who don't have the cash flow to make ends meet. Now, these scumbag banks are making an all out marketing blitz to convince these senior citizens to sign up for reverse mortgages. These are very complicated arrangements that include a huge upfront fee to the bank making the reverse mortgage. It is a brilliant plan. Cut off the interest income cash flow of senior citizens, eliminate their social security increase, and then sell them a complicated product to make up for their lost cash flow. I'm sure Bennie and his Fed minions are focused on protecting these senior citizens from these vulture banks. Just like they were on the ball with the subprime and Alt-A loans. Another Mortgage Mess In The Making? Posted In: Baby Boomers, Homeowners, Housing, Mortgages, Subprime, U.S. Government Will the reverse mortgage soon take a place alongside its subprime sibling in the mortgage industry’s hall of shame? From the Chicago Tribune’s Mary Ellen Podmolik yesterday: A national consumer advocacy organization added its voice Tuesday to a growing chorus of concerns about the rapidly growing popularity of reverse mortgages, comparing the loan product’s potential pitfalls to subprime mortgages. The National Consumer Law Center said the aggressive marketing techniques being used to sell a complicated financial product to potentially vulnerable senior citizens requires the adoption of new consumer safeguards and industry standards. “These problems are eerily similar to those that drove the subprime boom,” said Tara Twomey, an attorney with the Boston-based center. “This market could be another financial fiasco.” In recent years, the popularity of reverse mortgages, particularly the federally backed Home Equity Conversion Mortgage, has jumped as strapped homeowners look for additional financial sources. In an HECM, a homeowner 62 or older can borrow funds against the equity in the home. The loan and the accrued interest do not have to be paid back until the homeowner sells the property, dies or fails to live there for one year. Last year, more than 112,000 seniors used reverse mortgages to tap more than $17 billion of home equity. The number of loan providers has swelled as demand for the product has grown. More than 2,700 lenders offer reverse mortgages, including 1,500 lenders who originated their first HECM last year, the center’s report found. The top three lenders were Financial Freedom, Wells Fargo Bank and Bank of America… In June, the Government Accountability Office issued a report criticizing the U.S. Department of Housing and Urban Development for its oversight of reverse mortgages, saying inconsistent counseling could lead to abusive lending practices. GAO investigators posing as consumers found that the counseling sessions required for the FHA-backed reverse mortgages frequently were not long enough, did not cover all the mandatory topics and did not discuss alternative loan products. Source: “Reverse-mortgage boom raising concerns on potential pitfalls” Mary Ellen Podmolik Chicago Tribune, October 7, 2009 Back To James Quinn's Instablog HomePage »
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#1. To: tom007 (#0)
deleted
#2. To: Eric Stratton (#1)
Wrong.
The best analysis I read on the 2008 elections was that for once the youth vote did turn out and the over-fifty vote was low. I think the seniors couldn't distinguish much, if any, difference between McStain and the Kenyan so they stayed home.
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