States can now sue banks over home mortgage deception because of key Supreme Court Ruling.

The New York Times is reporting that the supreme court 5-4 vote allowing states to sue banks for creating sub-prime mortgages that the banks then sold off to Freddie Mae and Freddie Mac, may have far reaching consequences.

The ability for states to sue the banks over the Freddie Mae and Freddie Mac sub prime mortgages that they created may help encourage the banks to not continue foreclosing on homes at a rate that apparently approaches 10,000 homes a day!

If you are motivated to call your congressperson in your district, REMIND THEM that the Supreme Court has ruled that states can sue banks over the subprime mortgage accounts that were then re-sold to freddie mae and freddie mac before the accounts defaulted. REMIND YOUR CONGRESS PERSON that the banks now have a reason to work with the states to come up with better solutions to the home mortgage crisis.

You can credit both Elliot Spitzer and then Andrew Cuomo with successfully bringing this court case to the supreme court, and winning.

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These Rates Would Shock a Loan Shark.

Click on this sentence to go to a New York times article by Jim Dwyer called "These Rates would Shock a Loan Shark". Of course, Chase Bank is featured as one of the credit card companies charging 29% interest.

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CREDIT CARD OFFERS SENT OUT IN RECORD NUMBERS IN THE MONTH OF OCT. 2009, here's why.

Do you begin to see how evil, detached, and self absorbed Wall Street is when it comes to helping americans? Wall Street wants us even more in debt.

But it is so much worse than that. You see, the credit card industry giggily put a hole so big in the credit card reform bill of 2009 that it is almost dead on arrival. The solution to destroying the credit card reform bill act was so simple you'd think you were in a sit com and the joke was on you.

The credit card companies can simply CANCEL YOUR CREDIT CARD if they want to change terms, AND THEY CAN DO IT INSTANTLY, thereby blowing to smithereens the whole concept of the 45 day delay in any new change in terms.

Wow.

If credit card companies are going to start canceling cards so they can just change their terms to whatever they want, then the amount of NEW credit card offers with NEW terms, with NEW TERMS just the way the credit card company wants the new terms to be, is going in the mail even as I write this.

Wow.

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Glass-Steagall Act isn't being considered because of Jamie Dimon's influence over Barack Obama.

This is an interesting video clip that quickly educates you about Glass-Steagall while also explaining why such a logical, simple concept which may not be being considered because of Jamie Dimon's relationship with Barack Obama.

My interpretation of the video is that once Glass-Steagall was rescinded, banks were allowed to co-mingle their mom and pop local economy money with the richer investors venture capital. If the venture capital project was successful, it meant that wall street had found another country to outsource jobs to and main street lost jobs!

If the venture capital was not successful, it just meant the banks were hugely in debt to their very rich customers. Either way, main street was basically hurt.

What possibly propped up our economy for the first several years after Glass-Steagall was rescinded was some of the new found wealth made it back to the United States in the form of newly wealthy foreigners coming to the United States to buy homes.

So, main street did benefit if they had owned their home already and saw the value of their home continue to rise. However, these homeowners were then lured to get equity lines of credit. Even that would have been ok if people were reinvesting in their local communities.

Unfortunately, when all the product going into the homes is from other countries, and some of the labor being used is not on the books, it becomes a recipe for disaster.

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