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<div style="background:#fff;border:#bbb dashed 1px;padding:5px"><a href="http://en.citatepedia.ro/comments.php?id=561323" style="color:#000;text-decoration:none"><div style="margin:10px 0"><strong>Life in Paradise: 21st Century Style</strong></div><div style="margin:10px 0">2000-2001<br>The “dot com” bubble bursts<br>Recession<br>9/11/2001<br>America attacked! <br>Our way of life is threatened<br>Fear sets in<br>Financial institutions vulnerable! <br>Economy in a nose dive<br>What to do? <br>Everybody fly the flag from your home.<br>Save housing - Save the economy! <br>First, everybody needs a home.<br>The madness begins.<br>2002-2003<br>Create laws to increase minority homeownership<br>California gives birth to the ARMs* and NINJA** loans<br>Accounting irregularities at Fannie Mae (FNMA) & Freddie Mac (FDMAC) ***<br>Doors open for Wall Street to invest in Main Street<br>Without those pesky government regulations<br>Homeownership increases</div><div style="margin:10px 0">...“After all ever since the Great Depression, home values have ALWAYS gone up<br>And everybody pays their mortgage ”…</div><div style="margin:10px 0">WARNING! WARNING! DANGER! DANGER! </div><div style="margin:10px 0">AREN”T HOME PRICES INCREASING FASTER THAN INCOME? </div><div style="margin:10px 0">…...“No problem; it only takes a little creative mortgage financing and Wall St loves those high yielding mortgages…..<br>HIGHER RISK - HIGHER YIELD! <br>Pension funds love high yield.<br>Buy more and more....<br>…...“After all ever since the Great Depression, home values have ALWAYS gone up<br>And everybody pays their mortgage ”…..</div><div style="margin:10px 0">WARNING! WARNING! DANGER! DANGER! </div><div style="margin:10px 0">AREN”T PENSION FUNDS ONLY ALLOWED TO BUY AAA RATED INVESTMENTS? </div><div style="margin:10px 0">...“Problem solved...banks pay the salaries at the Rating Agencies and Ratings Agencies in turn lower the standards to obtain a AAA rating”...</div><div style="margin:10px 0">WARNING! WARNING! DANGER! DANGER! </div><div style="margin:10px 0">WHO’S WATCHING THE “HEN HOUSE” WHO’S MINDING THE STORE? </div><div style="margin:10px 0">...“Who cares? <br>Everyone is happy <br>Millions of new jobs created<br>Millions of new homeowners<br>Millions of dollars for bankers<br>Millions of dollars for Wall St<br>And everyone owns a home on Main St<br>Money is flowing <br>Everyone wins! ”…</div><div style="margin:10px 0">WARNING! WARNING! DANGER! DANGER! </div><div style="margin:10px 0">AREN”T HOMES BECOMING LESS AFFORDABLE? </div><div style="margin:10px 0">2004 -2005 <br>...“Pressure Government to create more creative loans and even lower down payments with even higher yields and make more bucks”…</div><div style="margin:10px 0">A new mortgage is born, Euphemism: THE PAY OPTION NEGATIVE AM ARM Loan</div><div style="margin:10px 0">...Easy to sell… You chose your own payment! You chose your interest rate! ...</div><div style="margin:10px 0">WILL WALL ST BUY THESE LOANS? </div><div style="margin:10px 0">….“You bet! Wall St loves these high yield mortgages. They package these loans as CDOs***** and sell them to Pension Funds, Municipalities, Foreign Governments etc <br>Spread the risk - Harvest the yield! …</div><div style="margin:10px 0">Now Fannie Mae & Freddie Mac want back in on the action</div><div style="margin:10px 0">...“After all ever since the Great Depression, home values have ALWAYS gone up<br>And everybody pays their mortgage ”<br>Everyone wins! …</div><div style="margin:10px 0">The country is now infected with AFLUENZA</div><div style="margin:10px 0">...“We need even more mortgages. Pressure Government to lower credit qualifications, raise borrowing limits, allow less equity positions. Let homeowners use their homes as ATMs+++”...</div><div style="margin:10px 0">WARNING! WARNING! DANGER! DANGER! </div><div style="margin:10px 0">WHERE IS THE SEC? WHERE IS THE FED? *****</div><div style="margin:10px 0">...“Banks will police themselves” says the SEC<br>“Homeownership is up. <br>The Standard of Living is up<br>It is good” says the Fed...<br>...“After all ever since the Great Depression, home values have ALWAYS gone up<br>And everybody pays their mortgage ”...</div><div style="margin:10px 0">CAN THIS LAST? WON”T HOMES PRICES HAVE TO COME DOWN OR INCOMES GO UP? .</div><div style="margin:10px 0">2006 – 2007<br>Prices too high.<br>Average home unaffordable<br>Fewer home buyers.<br>Prices sinking<br>ARM’s resetting<br>Sub prime borrowers defaulting<br>Ninja loans failing.<br>Banks taking in less <br>Fewer dollars to lend<br>Layoffs beginning<br>Homes over-mortgaged <br>Appraising for much less<br>Equity gone<br>No equity - No sale</div><div style="margin:10px 0">The downward spiral begins<br>Existing incomes static<br>Mortgage payments climbing<br>Homes losing value<br>Appraising lower<br>Jobs being lost<br>Unemployment rising<br>Banks failing<br>Wall St collapsing<br>Investment yields disappearing.<br>No way out! </div><div style="margin:10px 0">2008 –2009<br>Elect a new administration with a RESCUE PLAN! <br>….“Spend more money Acquire more debt”….</div><div style="margin:10px 0">WARNING! WARNING! DANGER! DANGER! </div><div style="margin:10px 0">*ARM: Adjustable Rate Mortgage, <br>** NINJA loan: No Income, No Job or Assets<br>*** FNMA & FDMAC: Federal National Mortgage Corporation & Federal Home Loan Mortgage Corporation<br>**** CDO Collateral Debt Obligations<br>****** SEC: Securities & Exchange Commission & Federal Reserve System<br>+++ATM: Automated Teller Machine</div><div style="margin:10px 0"><br /></a><br />poem by <a href="http://en.citatepedia.ro/by.php?a=Nancy+Chambers">Nancy Chambers</a><div class=q>
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<script type="text/javascript" src="//s7.addthis.com/js/300/addthis_widget.js#pubid=citatepedia" async="async"></script><div style="display:inline-block" class="addthis_sharing_toolbox" data-url="http://en.citatepedia.ro/comments.php?id=561323" data-title="Life in Paradise: 21st Century Style de Nancy Chambers" data-description="2000-2001
The “dot com” bubble bursts
Recession
9/11/2001
America attacked! 
Our way of life is threatened
Fear sets in
Financial institutions vulnerable! 
Economy in a nose dive
What to do? 
Everybody fly the flag from your home.
Save housing..."></div>
</div>
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