Jay's Mortgage and Investors Blog

I read this today and I couldnt believe my eyes.

I’d Rather Sell Used Cars….

….than be associated with a sleazy lending practice. As I’m sure all of us would. So I kind of gagged when Ken Clayton, counsel for the American Bankers’ Association (ABA) claimed that credit card issuers are more consumer-friendly and don’t deserve the same scrutiny applied to mortgage lenders. “Credit cards are a highly regulated industry,” Ken Clayton, counsel for the ABA said. “The parallel doesn’t work.”Uh, huh. Please, Ken, don’t remotely connect mortgage lenders with you credit guys — or I’ll have to take another shower. Somehow, I think that if mortgage lenders could arbitrarily raise our clients’ rates for no apparent reason, apply rate increases retroactively, charge interest on our interest, and pull “bait and switch” scams with “pre-approved” offers, half the country would be in default on their mortgages and lending pros would be living with body guards 24/7!Mortgage borrowers are far better protected. Unbreakable agreements (at least on the lenders’ side), rate caps, and clearly spelled out terms and conditions should mean no surprises for these borrowers. And yet misguided folks are missing mortgage payments to keep thuggish credit card companies happy. And the cardholder’s reward? A rate increase when the universal default clause kicks in.

So I for one am happy to see some reform. If these proposed laws take hold and have the effect of keeping payments manageable for homeowners perhaps we’ll see less mortgage default down the road.

Some genius acctually wants you the smart educated consumer and Congress which I wish I could say was as educated as you are to believe that they, the credit card issuers, are much more regulated than the mortgage lenders and should have much less scritenty about their business practices. What a CROCK!!!! Those guys are the biggest sharks and would sell there own mothers, and grandchildren up the river for a lollypop. Dont believe me? Try being late on a credit card and see what they tell you to do to pay the bill.

Maybe you remember long before the mortgage crisis seeing all the heads of the credit card issuers sitting in front of a congressional comittee explaining how they raise the interest rates of cards of people who have never been late on their card just because they were late on another companies card. Doesnt seem real ethical does it? Congress didnt think so either. Funny how they got dragged in to explain themselves long before mortgages were even becoming a massive problem and only when it did become a problem fall off the radar due to the massive size difference. Take a real good look at who your credit cards are with and if something doesnt seem right COMPLAIN about it to anyone or any agency that will listen. They like to act like they are free from sin by casting the first stone but from the looks of things they are much much worse.

Stand up for your rights as a consumer and as the author said when your done with them take a shower to wash off the slime.

I read this from a fellow blogger and I couldnt believe it. This is just a perfect example of why our insurance costs are where they are. I feel sorry for the family but their attorney needs to get his head examined.

Who Is Really To Blame For High Gas Prices

By Michael Reagan (eldest son of former president Ronald Reagan)

"Here we have the humiliating spectacle of a president of the United States begging an Arab potentate to increase our supply of oil while Democrats, who bear the major responsibility for the problem, scoff at him as a mendicant groveling at the feet of a foreign monarch.

As humiliating as it is for the United States to be put in a position where our economy is held hostage to foreign oil producers who can make or break our nation simply by limiting their petroleum production, thus causing the price of oil to skyrocket, it is even more shameful that we have allowed the so-called environmental movement to escape the blame for our predicament.

Make no mistake about it, you are paying exorbitant prices at the gas pump solely because the environmental terrorists and their Democrat allies in Congress have all but shut down our domestic oil production while refusing to allow the exploration and creation of new sources of this resource so vital to our economic health.

While President Bush was left with few if any alternatives to seeking help from the Saudis thanks to our inability to exploit our own untapped oil supply, it is disturbing that instead of demanding that Saudi Arabia act on our behalf by beefing up oil production, we asked them politely to do what they should do without being asked. They owe us at least that.

When my dad, Ronald Reagan, was in Berlin he did not mince words when addressing Chairman Gorbachev about what he should do about the Berlin Wall. He didn't ask, "Mr. Gorbachev, would you please be a good fellow and tear down this wall?" He demanded: "Mr. Gorbachev, tear down this wall."

Instead of politely saying to the Saudi king, "If possible, your majesty, consider what high prices [of oil] are doing to one of your largest customers," as he said he would when he met with the king, the president should have bluntly informed the king: "Hike up production, or from now on you are on your own and at the mercy of al Qaeda."

George Bush should have stood on his bully pulpit and pointed his finger at Capitol Hill and Nancy Pelosi and Harry Reid and said, "How dare you not give the nation an energy policy? Because you won't give us an energy policy I have been forced to go the Saudi Arabia, get down on my knees and beg them to give us what you refuse to give us – an adequate supply of reasonably priced oil."

George Bush should point the finger of blame at Mrs. Pelosi and Sen. Reid and their environmentalist co-conspirators for refusing to enact an energy policy that dictates drilling in ANWR and the Florida Gulf -- where the Chinese and Cubans are drilling for the huge plentiful supply of oil beneath the seas to their heart's content. We should also be harnessing nuclear power, and mining clean coal now locked up for alleged environmental reasons in well over a million acres of land in southwest Utah in the Grand Staircase-Escalante National Monument, which contains at least 7 billion tons of coal worth over $1 trillion.

To get an idea of just what using nuclear power can do for America, look at the USS Ronald Reagan. During the life of the two nuclear reactors on that carrier, the American taxpayers will be saved $579 billion in fuel costs. Nobody has died on nuclear-powered aircraft carriers or submarines, and nobody has died in the U.S. because of a nuclear accident.

We can't exploit nuclear power or drill for oil in ANWR or the Gulf because Democratic members of congress have been bought and paid for by the most dangerous terrorists in America, the radical environmentalists.

They make the Taliban and al Qaeda look like Mother Teresa's nuns. They have wreaked such havoc here in the U.S. with their terrorist tactics that the president of the United States is reduced to begging for oil, a plentiful domestic resource but, thanks to them, off-limits to the American people.

We need a surge here at home to deal with these terrorists. With the Capitol Hill Democrats, they are the American people's deadliest enemies."