{"id":6287,"date":"2008-10-15T02:40:09","date_gmt":"2008-10-15T07:40:09","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/10\/15\/economic-crisis-real-estate-property-taxes-and-the-bailout\/"},"modified":"2008-10-15T02:40:09","modified_gmt":"2008-10-15T07:40:09","slug":"economic-crisis-real-estate-property-taxes-and-the-bailout","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=6287","title":{"rendered":"Economic Crisis – Real Estate, Property Taxes and the Bailout"},"content":{"rendered":"
by George Evers<\/div>\n

Where is the moral indignity? Both presidential candidates are soaked in lobby money, one with a quasi Marxist agenda, the other with quasi free market agenda and both sleepwalking through a financial dilemma that attacks every property taxpayer and American. <\/p>\n

Unqualified buyers were encouraged into home mortgages, the root cause for the financial meltdown. Our financial subprime woes started with Jimmy Carter who, though well meaning, dumb-headedly enacted legislation to make easy loans to people who were bad credit<\/a> risks. Purchasing a home and paying property taxes was sold as the American dream for financial happiness and prosperity. His administration began distancing itself from conservative lending and accounting standards. <\/p>\n

With the Clintons in the White House, the problem skyrocketed. They passed legislation punishing the mortgage companies if they did not lend to poor credit risk borrowers. They put laws with teeth in them thus encouraging easy credit with eyes shut to risk. Sound lending practices were completely abandoned.<\/p>\n

Who bought these sham high risk loans? Fannie Mae and Freddy Mac. They, furthermore, became a spring for sending political<\/a> contributions to politicians encouraging this bad credit homeownership cancer to keep growing. Mortgage company lobbies’ threw hundreds of millions<\/a> of dollars to politicians’ greed in order to perpetuate this circus even as residents of high-foreclosure neighborhoods suffered additional pain from high property taxes.<\/p>\n

To insure these bad mortgages, AIG and other insurance companies evaluated the risk and sold insurance to cover these mortgages in case of default. Their leverage was set at a 12 to 1 ratio. They too threw millions of dollars into legislator’s coffers and asked for and got the permission to raise their leverage to a 30 to 1 ratio. This spectacurlary increased their risk as well as largely increased their short term profits.<\/p>\n

How can fraudulent financial wizardry that has banks and brokerage firms leveraged at 30-1 be endorsed by Greenspan and Bernanke? How could they have allowed this shell game to continue? Quasi-Marxist promoters of Acorn (Association of Community<\/a> Organizations for Reform Now) and kindred entitlement steering organizations bamboozled lawmakers into giving away valuable jewels to those who eventually couldn’t pay the freight. What’s wrong with renting if you can’t afford a house or taking a bus if you can’t afford keeping a car? <\/p>\n

SEC Chairman, Banking Committee Chairman, The House Finance Chief and scores of public official’s rubber stamped this cancer because of the easy lobby money directed at them. Greed for lobby money tempers sound judgment it seems. The only way to end this type of self perpetuating system is to put anyone who accepts lobby money into prison and banish them from government service.<\/p>\n

Hot air balloons have a way of crashing when their fuel runs out. When the rise in real estate<\/a> prices came to an end and the value of real estate assets declined combined with a foreclosure explosion, the market imploded. The government created the problem and a 700 billion<\/a> dollar »”>billion dollar<\/a> bailout (laden with funding for pork projects) is meaningless. The credit boom is finished. But, where is the outrage?<\/p>\n

Real estate prices have fallen so many municipalities have raised tax rates. When you look at your real estate assessment values, there is a good chance that comparable sold homes would give you an edge for a property tax appeal. At least it is worth a look.<\/p>\n

\n
About the Author:<\/div>\n
Before you pay your property taxes, look at a property tax guide that could lower the amount you pay in property taxes. Property tax records are often wrong and a property tax<\/a> appeal will reduce your property taxes<\/a> for years.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Where is the moral outrage? Both presidential candidates are seeped with lobby money, one with a quasi Marxist agenda, the other with quasi free market agenda and both sleepwalking through a financial dilemma that attacks every property taxpayer and American.<\/p>\n","protected":false},"author":1624,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[85],"class_list":["post-6287","post","type-post","status-publish","format-standard","hentry","category-home-based-business","tag-home-based-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1624"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6287"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6287\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}