Breaking News: Bank of America Halts Sales of Foreclosed Homes

Just received an email from ABC of some breaking news in the American financial world. It seems that Bank of America, has ceased the sale of foreclosed homes. Why? What's going on? Let's turn to ABC News and see if we can get an answer.

The nation's largest bank, Bank of America, stopped sales of foreclosed homes in all 50 states today, a sign that the growing crisis in the real estate industry over flawed foreclosures is worsening.

Bank of America executives said that the decision will allow them to review the documents that it uses to process foreclosures. Just a week earlier, they halted sales of foreclosed homes in 23 states.

"We will stop foreclosure sales until our assessment has been satisfactorily completed," Bank of America spokesman Dan Frahm said in a statement. "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."

Bank of America is not alone. Today, PNC Financial Services Inc, said that it will halt most foreclosures and evictions in 23 states for a month to review their documents.
- ABC News

But wait, I thought the recession ended in June of 2009. How can this be that foreclosure crisis is worsening?

The answer, it seems may not be directly related to the recession, but rather forged documents to obtain many of the mortgages, that are now being forclosed upon.

In recent days major lenders--including JPMorgan Chase, Ally Financial's GMAC Mortgage unit and Bank of America--have conceded that paperwork supporting an unknown number of foreclosures contain errors ranging from wrong dates to forged or inconsistent signatures. In many cases, mortgage company employees signed foreclosure documents without first verifying the information in them.
- ABC News

It seems, the executives signed thousands of foreclosure documents without reading them first. Folks, it's not just Congress, it's these banking executives also. No wonder banks don't want someone like me. They don't want the good honest people, that would read the documents first. But, I digress.

A document obtained last week by the Associated Press showed that one Bank of America official acknowledged in a legal proceeding that she had signed thousands of foreclosure documents a month. The official, Renee Hertzler, said that she signed 7000 to 8000 foreclosure documents a month and typically didn't read them.

Whether sloppiness or deceit is the greater culprit remains to be determined.

Senator Christopher Dodd, chairman of the Senate Banking Committee, said that he will hold a hearing on the issue next month.

- ABC News

Senator Dodd has vowed to make a Congressional inquiry into this matter. Really? How is a governmental body, known for it's sloppiness in not reading bills before they are passed, going to investigate the banking industry for doing the same thing?

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Texas Endorsements

Greetings. The time has come for my endorsements in the Texas General Elections. Well actually, only one race. That is because since moving here and getting registered to vote, the only TV commercials and news coverage I have seen has been for one statewide race. Heck, I haven't even seen a single flier in my mailbox for any of the candidates. Something, that is very discouraging to a political junkie like me. I want to be informed. I want to know about the candidates before I enter the voters booth. However, I can't say I know anything about any of the candidates. Sure, with some research, I know who the incumbents are, but that is all I know. So, since, I am not informed on any of the other races, I will only discuss the Governors race, and even then I don't know of any of the so called third party candidates.

In the race for Governor, Republican Rick Perry is running for re-election against Democratic challenger Bill White. Perry, first became Governor when former Governor George Bush resigned to take the office of the Presidency. During his tenure in the Governors chair, he has seen the Texas economy become one of the best in the nation. So much so that several publications, has recognized Texas cities in their top 10 lists. Last year Austin was the number large city in America to find work in. Then Kiplingers named Austin as the number one (1) city for the next decade. CNN Money also commented on the robust economy in Texas.
It was because of all this press that helped formulate my decision to make the move and relocate to Austin. When I hear Bill Whites comments in the news or in his commercials, I get scared at the thought of what might happen to the best economy in all of America, if he got what he wanted.
Face it, Texas must be doing something right, if they have the best economy. It is for this reason, that I will wholeheartedly cast my vote for Rick Perry in the (Nov. 2) election, for Governor of the Great State of Texas.




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My name is Kevin, and that's my opinion. What do you think?



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Democrat Introduces Legislation to End Right-to-Work States

This is ridiculous. The Democrats claim to be the party of the poor. The party of the working man. The party of the people. What hogwash! Look at what a Democratic Congressman has done now.

Back in June, we reported that California Congressman Brad Sherman (D) was circulating a letter to his fellow Democrats to introduce legislation to repeal “Right-to-Work” laws in 22 states. Now, with less than a month before the mid-term elections and five weeks before a lame-duck session in Congress, Sherman has introduced legislation to eliminate state Right to Work laws all across America.
- Red State

So now we have the truth. They really are only the party of the Unions. If you aren't a member of the union and paying the union dues, then they don't want you to be working. They don't care anything about you.
I know, some of you think that is a stretch, but think about it.

In the 28 Non-Right-to-Work states (also called forced-dues states), it is legal for a union to negotiate a “union (income) security clause” that requires all workers covered by the union to pay the union dues or ‘agency fees’ as a condition of employment. If the workers refuse to pay the union, under a “union (income) security clause,” the union can have them fired from their jobs.
- Red State

So you tell me, how much of a stretch it is, to come to that conclusion. Not much. The Democrats have been pulling the wool over our eyes for way to long. It is time to be honest, and call a spade a spade. I am glad to live in a state where I can't be fired for refusing to pay membership dues to an organization, that I don't agree with.

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My name is Kevin, and that's my opinion. What do you think?

Monthly Budget

Today, I thought I would spell out my monthly budget. It is clear I need to do some more work on trimming those expenses. Electricity and phone needs to be trimmed a lot. Although with the electricity, they are billing me for items that should be on the water bill. For example, they are billing me on the water storm drainage run off. Which every place I have been in the past is part of the water bill. So I am not sure, how that will work out. I will be talking to the city and comparing both the water and electric bills, to make sure I am not billed twice for the same thing.
Overall, I actually thought we were coming under budget, until I put the "pencil" to the numbers. I need to do something. I have to get these numbers down. At least until I find a job.
Still though, it would be better if I keep those numbers down, even after I find a new job. That way, I can bank that money into savings.


Interest Charged for previous month - Chase

Income	$$$$
His (Acting)	$58
His (???)	$
Hers (Disability)	$1,053
Total Income	$1,111
Monthly Budget	$$$$
Rent	$639
Pet Deposit (monthly Installment -1/6)	$50
Water	$30
Electricity	$100
T-Mobile	$100
Time Warner Cable	$50
Food - Groceries	$100
Interest Charged for previous month - Chase	$35
Automobile Gas	$ ??
Household Total	$1,104
Blog Related Expenses	$$$$
A T & T Internet	$20
Total Blogging Expenses	$20
Over All Totals	$1,124

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Credit Cards - Good or Bad?

From the moment this blog started in March of 2006, I have railed against credit cards. The thing is most people in serious debt, have credit cards that they won't stop using. They are in some ways like crack to a drug user.
However, to the person who is serious about getting out of debt, they can also be a useful tool.
I know, I know, I can hear some of you screaming now. Thinking that I have fallen off my rocker. just hear me out here. When I was in debt, I had some credit debt that had very high interest. By doing some research and credit card reviews, I was able to find a much lower interest. Once, I found one (that would give me a chance to). I was able to roll my higher interest debts over to the lower interest cards.
In my case that card was issued by Washington Mutual, which in the end was bought out by Chase. While I still have that Chase Credit Card, looked away in the safe, it is completely paid off, except for the interest, that was tacked on for having not paid the card off fast enough.
Now that I am debt free, I don't need another credit card. No matter, who it's from. However, if I was still in debt and need to roll my unsecured debts over again, to a lower interest credit card, I might just consider Citi Credit Cards. Thankfully, I no longer have the need to play with such snakes.

However, if you are trying to get out of debt and like me, it seemed as though your payments weren't making a difference. Then consider shopping around and finding a lower interest card and roll those higher interest debts into it.

One word of advice though. Be sure that you cancel all the credit cards/debts that are paid off. You cannot truly be debt free, if you still have those things around, tempting you to use them again for that so called "emergency."


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Recession Over? Really?

The Huffington Post recently had an article proclaiming that the Recession was over.

The longest recession the country has endured since World War II ended in June 2009, according to a group that dates the beginning and end of recessions.

The National Bureau of Economic Research, a panel of academic economists based in Cambridge, Mass., says the recession lasted 18 months. It started in December 2007 and ended in June 2009. That was the longest of any recession since World War II. Previously the longest postwar downturns were those in 1973-1975 and in 1981-1982. Both of those lasted 16 months.
- Huffington Post

Really? Since President Obama has become President the unemployment numbers has risen, not dropped (In fact it was around 8.1% when he took office (6.7% when he was elected in Nov 2008) and is now 9.6%). So how in God's name does this group even begin to think the the recession is over?

But the news is little comfort to the millions of Americans still out of work, underwater on their mortgages or uncertain about the future.
- CNN Money (9/20/10)

You're dang right with that analysis CNN. In fact most Americans agree with me.

Seventy-four percent of Americans believe the economy is still in a recession, according to a new CNN/Opinion Research Corporation poll. Only 25 percent think the downturn is over.

One-third of Americans say the recession is serious, while another 29 percent characterize it as moderate.
- CNN Money (9/26/10)

CNN continued, by quoting officials from the White House Administration,

"Obviously, for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, [the recession is] still very real for them," President Barack Obama said last week.

The public appears split over the effectiveness of Obama's economic policies. Forty-seven percent of Americans believe the president's policies either have helped boost the economy or will make it better in the future. Forty-eight percent believe Obama's policies will never help improve the economy.
- CNN Money (9/26/10)

Sadly, I can't find anyone who can answer why this group thinks the recession ended in June of last year.
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TV Appearance Canceled

Well, the ABC show that I worked on as an extra, has been canceled. According to the Global Financial News-wires RTT News:

ABC has decided to pull the plug on its new show "My Generation" after only the second airing.

"My Generation" was a fictional documentary focused on a group of young people 10 years out of the high school. The show only averaged a lowly 1.6 rating for its premiere and then dropped to 1.1 in its second week in the Thursday 8 PM slot, finishing sixth overall.
- RTT News

So much for my big break, this time (LOL). I feel confident though, that there will be more shows and movies. I just have to give it time. Those appearances though will have to work around whatever job I find.

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