Posts Tagged ‘stealing money’

60 Minutes, Walk Away From Your Home

I just watched one of the most disturbing interviews I’ve ever seen on 60 Minutes May 9, 2010.  Because of the housing market in certain areas of the United States values have dropped 45%-50% below what they buy purchased their home for.

In the 60 Minutes interview they stated that there are over 7 million American’s behind on their mortgage currently.  And that 1 out of 5 of those that are behind are doing it on purpose.  They are called “Walk Aways”.  These are people that can afford to pay their mortgage payments but they choose not to because their home has lost so much value.

In the interview these individuals had no morals or values.  They felt that it was okay to just walk away from their home and leave it to the bank to take all the loses.  The family in the interview had a smerky look on their faces as they stated that they felt good about walking away from their obligations.

Where’s the news reports talking about these individuals?  When the subprime market crashed we had news reports slamming these individuals as irresponsible, deadbeats, etc.  Maybe the news thought it was okay because these individual’s with subprime mortgages were mostly minorities or poor white families.

Now let me clear something up about the subprime market.  These families only fell short of their obligation because the rates on their mortgages went up too high for them to afford the monthly payments.  The majority of them could afford to pay the original rates and I would beat that they would stay in their homes regardless of if the value decreased.

The so called “Walk Away” families should be vilified in the media.  Their credit should be noted that they walked away from their obligations not just a foreclosure.

I invite your comments on this posting below.

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Why Should You Care About Your Debt & Credit Report?

I’ve recently been hearing a lot of clients and individuals that I come into contract with saying that potential employers are starting to check their credit reports to see if they are in debt and/or have bad credit.

This use to be illegal years ago, but now the rules have changed.  So why would a potential employer want to see how much debt you are in and your credit report?

First let’s talk about debt.  A potential employer is going to look at your debt load because statistically people with debt have:

• Family problems – the number one reason for divorce is money.
• Health problems – because of they worry about debt their job performance will be low and they usually suffer from weight and depression.
• Potential theft – we’ve seen a lot of employee’s embezzling money to pay their mortgage, credit card payments and gambling.

A potential employer would like to check your credit report because:

• They will have an understanding of how you handle your own money.  If you handle your money poorly they might think you’ll handle their the same way.
• They can see if you’re potentially headed for personal problems due to your debt.
• They can illegally see if you have medical bills and they might disqualify you because they don’t want an employee with health issues.

If you find yourself in this type of situation you should start working on eliminating your debt.

More banks Closed Down 1-29-2010

Looks like more banks are having trouble. Here’s a list of 5 more that closed this week. Totaling 10 closures over the last 2 weeks.

First Regional Bank Los Angeles, CA
Community Bank and Trust Cornelia, GA
Marshall Bank, N.A. Hallock, MN
Florida Community Bank Immokalee, FL
First National Bank of Georgia Carrollton, GA

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President Obama “The People Want Our Money Back”

President Obama held a press conference this week asking for the people’s moneyback from the Wall Street Banks. They seem to feel that it was ok to pay big bonuses to their employees that were responsible for the financial meltdown of 2008-now.

I believe that this will trigger the resignation of Treasury Secretary Timothy Geithner. He is very close to Wall Street and now that the president has stepped up and outed Wall Street to the American People there will be some issues. It’s not just words from the president…he is proposing a Special Bank Tax that will bring in about $90 billion dollars to help keep the banking system stronger.

Fed Chairman Ben Bernanke is still fighting to keep the Federal Reserve Central Banking information private. I think if he wants to do that they need to take the word Federal off of their name. They don’t want this disclosure because will finally see where all of our money is going.

With all of this happening I’m still getting reports of families breaking up, individual’s committing suicide, robbing corner stores and banks because they don’t have money. They have too much debt and they don’t see a way out. There is a way out…The Real Debt Solution.com has powerful information that can help you get out of debt faster, fight back against collection agencies, repair your credit and much more!!!

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Koss VP of Finance Arrested for Stealing $4.5 Million Dollars

Headphone maker Koss, Inc.’s VP of Finance Sujata Sachdeva was arrested today for stealing $4.5 million dollars to pay off her credit cards.

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This is another hard lesson that no matter how much money you make you must manage it properly.

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