Where's the Anger?
The Wheels Are Coming Off Obama's and the Democrats' Recovery Program
By Dave Lindorff
My bank, a small regional institution that was not involved in
sub-prime lending, and that was not a recipient of any TARP bailout money,
cut off my home equity line of credit two weeks ago. They did it abruptly,
with no notice advance from it to cover a payment I was making on my credit
card. When I
asked what was going on, the local branch manager informed me that ³we are
closing out a lot of credit lines while we reassess the value of houses in
this region, which have been falling.²
Now, in my particular case this was ridiculous. First of all, in
our county, just north of Philadelphia, property prices have been static,
but not falling. Furthermore, I had taken out a $160,000 mortgage 12 years
ago, and it was now paid down to $60,000, and my balance on the home equity
credit line was pretty small, so there was no way that we were in any way
³under water² years ago.
The bank informed me that it was no problem. I could simply take
out a new credit line, at no charge, and transfer the balance on the current
line over to the new one. The only hitch: Instead of paying one percent over
prime as I had been, I would be paying nearly 4 percent over prime on that
balance, effectively doubling the cost of borrowing money.
This kind of thing is going on all across America, as banks that
once spread around credit like a Philadelphia Democratic Party ward captain
on Election Day, start tightening the screws on individuals and on small
businesses...
For the rest of this story, please go to:
http://www.thiscantbehappening.net/?q=node/324
====
Congresswoman Kaptur Grills Federal Reserve Chair Bernanke
http://www.youtube.com/watch?v=p0imHaitzUs
====
CEOs MUST BE PUNISHED WITH JAIL TIME!!
http://groups.yahoo.com/group/wvns/message/10806
===
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"ShadowGovernment" group.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to
[email protected]
For more options, visit this group at
http://groups.google.com/group/ShadowGovernment
-~----------~----~----~----~------~----~------~--~---
