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Tuesday, 10-Apr-2012 00:24 Email | Share | Bookmark
even if you have been a model payer for over five years

These white collar thieves, made money on selling a poor product (due to deregulation), investing in its failure and getting additional money for this through insurance payments (private and government guaranteed). Let us not forget,Wonder Woman that the mortgage companies and their brokers made billions of dollars in these high risk loans from deceit. The second prongs of this deception, on the American consumer, were banks and credit card companies. The banks having lowered there standard of practice due to deregulation increased there level of leverage against these secured loans, in some instances they were leveraged forty times more over the liquidated value of these loans. In other words they had less cash on hand to carry the loans if they went bad. This led to bank failures and the American Taxpayer again to rescue to prop them up or liquidate them altogether. When i was taking accounting courses, I learned about usury. Usury is when someone is charging astronomical amount of interest on a loan. Credit card companies such as Visa and Master Card were using this "Prosperity" in the booming mortgage market to entice consumers to obtain larger lines of credit and multiple amounts of credit cards. When i bought my house, I would receive at least two to three offers from various credit card institutions a day. The enticement was a low interest and high credit line. Mac Makeup EyeshadowI remember offers of zero percent for a limited time and then twelve or fourteen percent after the time expires. If you looked at the fine print, there is a section that states that they can at any time raise you interest rate. If you are late, even if you have been a model payer for over five years, they can raise your interest rate to thirty-three percent. If i went and made these same loans, I would be taken to court and charged with loan sharking and usury. The credit card companies with all there promotions and enticements ended up encouraging the American Taxpayer to spend well beyond its means and they were successful. During this period of time,mac wholesale credit card holders increased there spending into trillions of dollars and became indebted to the credit card companies so deeply, that it would take almost decades to pay back in full what was borrowed. I do believe in the individuals' responsibility but what occurred simultaneously was going literally unnoticed.

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