Tuesday, January 29, 2008

Did You Know


The following is something that was in the monthly newsletter my credit union sends out. I have yet to hear about this in the MSM. Instead of talking about Brittany Spears 24/7 they need to be letting Americans aware of something like the following:

Quote: "Fannie Mae and Freddie Mac, the two government-sponsored mortgage companies that purchase mortgage loans (from banks and credit unions) announced they would be leveling a surcharge of a whopping 1.25% on consumers who do not have a 680 or better credit score. This surcharge is scheduled to begin March 1, 2008." end Quote



It appears me consumers are going to pay for properties that went into foreclosure. Why should we always be punished for the crimes of others? This is the type of sh*t our Congressmen and Senators should be protecting us from. There is no other way I can look at this, but as once again average citizens are paying from the crimes committed by the CEO's of mortgage companies.

4 comments:

Michelle said...

Not being an american, I'm not familiar with their financial systems regarding home ownership. My husband and I rent our home as home ownership proved to be too costly for our situation. But, I thought I'd share an unfair practice of our provincial hydro utility company. They didn't budget well and as a result the government levied a fee on our hydro bills for the last maybe 6 years to pay down the old hydro company's debt. Yes, that is correct. The government utility mismanages their money and the consumers are forced to pay their debt. It's called a Debt Retirement Charge and is a percentage of the bill, so the more hydro you use, the higher the charge. What a scam. On the bill it states: Debt Retirment Charge: The debt retirement charge pays down the debt of the former Ontario Hydro. Gee, if I mismanaged my money I don't see the government being forced to pay down my debt. URRRRGGGHH. Just wanted to share my rant with you.
Michelle
Expand your mind ~ visit Brain Angles

Blinders Off said...

Michelle,

No matter what country, the average citizens are the ones paying for the mistakes of politicians and big business. Don't get me to talking about my state utility company...my rant would go on for days.

mdmhvonpa said...

Blinders: Heh, remember, it's not the average citizen who pays, but rather, the citizen who works hard enough to make the money that is available to be taken away.

Work harder, pay higher taxes! Lovely incentive.

Blinders Off said...

Mdmhvonpa:

Work harder, pay higher taxes! Lovely incentive.

That is my description of average, the ones stuck in the middle and the ones who pay for it all. Unless you are talking about the Hilton bracket. If you are I cannot relate to them :)