What did Obama have to do with your plight?

Everyone,

The manipulating of the CPI and Unemployment numbers started with JFK.

Not paying our way started with LBJ.

The situation we are in has been building for over 40 years. Yes, major causes happened in 1999 and afterward, but both republicrates and democans have been part of the problem.

As I understand it, even a mortgage modification company can’t do much unless you are behind and the bank seemed to confirm that for you.

Assuming that you are in a state where the loan is non recourse and you can walk, you might want to think about what the house is really worth and what the bank would have to do to make you stay. If the banks offer were to leave you with “but the house really isn’t worth that”, then chances are the deal is not good enough and would pretty much become their problem, not yours.

Thanks for the (rather radical) advice. I don’t think I’d fit in culturqally in Ghana or the Philipines. I’d be more likely to sell my California house and buy in a less expensive place like – Oh, Oregon. Not so third world, and I speak the language.

I have a business partner who has invested a lot of his retirement money in our business; we have a warehouse full of our first product to sell. The next one is going to have to wait a bit, though.

I’m adopting a cat from a couple who bought a bed&breakfast, and were about to sell their house (near mine) to get one near their new B&B. Then things fell apart, taking them by surprise. Rather than try to sell their house into the current market, they decided to rent it out. Their cat was camping out near the place, getting handouts from the renter, who is dreadfully allergic but kind. So I noticed and got in touch. This couple is living in a little one-room + kitchen apartment on a busy streetcorner. The cat was going nuts being cooped up vs being neglected on its old turf in the hills. I’ll be adopting the cat tomorrow. I asked if they wanted to eventually be reunited. She said she figured it would be at least 2 years before they’d have a home the cat could be ok in. She figures they’ll be doing the maid work themselves, and wondered, anxiously, if anyone will come to their new little B&B.

I hope their renter doesn’t lose HER job. At least they didn’t rent out a house and move to Africa….

Today, my mortgage balace is $147,805. After almost 5 years of making payments, I owe $8,605 MORE. Aprantely, the i rate resets once per year but the i rate also resets on the principal balace every month.

Now, this May, after 5 years of ownership, the minimum payment amount will disappear and the product reverts to full p + i over the remainder of the loan.

I can’t afford this. The house next door has been for sale for 2.5 years and not one offer. The value of my house is definitely NOT what I paid for it almost 5 years ago either. Tax Assessor says it is woth $112,000. Personally I think it is woth $95,000 and rapidly declining due to the economy.

I wrote several letters to WaMu asking for help. they don’t reply. They tell me I have to be behind in payments for them to help me. What do I do?

I like Wells, doesn’t mean I’m buying the stock but they have been my bank for twenty years and have always taken good care of me. I enjoy the low interest credit card — under 7%.

Would not surprise me if they were hiding their losses though.

Interesting, Wells has been pestering me to log on to the online account, must be so that I can read the not to worry message…..

And goes BK.

Wells Fargo buys Wachovia.

And…

A poison pill?

I wouldn’t bet my future accounts with Wells that it wasn’t.

Good work Mr. M. on this Wells thing.

Notice when you log into your Wells online acct., there’s a front page message from the CEO – telling you not to worry?

That’s precisely when the worrying (and action) begins.

Good to see 321gold posting your stuff now too Mr. M. We’re all of similar mindset. The ‘throwbacks’ & ‘kooks’ weren’t all that far off the mark as once thought by the superior economic intellect of the (now defunct) Borrow & Spend crowd…

Peace -

C.C.

Of the wall suggestion from an economist. Rent your house and go live somewhere cheap / American friendly / entrepreneurially active / not slammed by the commodities slump………. like the Philippines. Even countries in Africa , like Ghana. You also have the advantage of a much strong dollar.

The one thing we do know is that this crisis is hitting the most developed countries far worse than many poorer those that did not push the boat out in the last ten years; eg some countries in in SE Asia after the 98 lesson of over-leveraged bust