We are strongly in a recession, Yes. A depression? No. The economy was far worse when Ronald Reagan took office in January 1981

January 1981 (Under Carter)
Unemployment Rate: 7.8%
Inflation Rate 13.5%
Prime Interest Rate 21.5%
Mortgage Rate: 14.9%
30-Year Mortgage Rate: 18.5%
Inflation Rate:13.58%

January 2009 (Under Bush)
Unemployment Rate: 7.6%
Inflation Rate 3.8%
Prime Interest Rate 3.25%
Mortgage Rate: 5.05%
30-Year Mortgage Rate: 4.96%
Inflation Rate:3.85%

Republican Phil Gram gave us a bill and President Bill Clinton signed it into law to allow Commercial Banking and Financial Investment organizations to merger. Over the years Greed and politicians on BOTH sides of the Isle added to the blunder. Community Organizations pushed to allow people who could not get mortgages to buy home even if they could not pay for them, saying that regardless of ability they had a constitutional right to own a home.

In 2006, there was a White House push to reform Freddie Mac and Fannie May but Democrat Barney Frank said that there was NOTHING wrong with either organization. Now people like Nancy Pelosi say we need more people like Barney Frank to help us out of this problem.

Source(s):
http://mortgage-x.com/general/indexes/pr…
http://www.data360.org/dsg.aspx?Data_Set…
http://www.freddiemac.com/pmms/pmms30.ht…
http://mortgage-x.com/general/indexes/pr…
http://www.miseryindex.us/irbyyear.asp
http://www.usinflationcalculator.com/inf…
Seldon Surak
Under Carter:
Mortgage Rate: 14.9%
30-Year Mortgage Rate: 18.5%

Let’s thank Barney Frank, Nancy Pelosi for denying they was a problem in the Real Estate Market. I am not defending George Bush here, he acerbated the problem and was giving the problem its due. But to say Depression, that is crying wolf.

Nice Try though!
While we are talking about confusing rhetoric, answer this one …

http://answers.yahoo.com/question/index;_ylt=AtI.oM.7nOavPxCNAS3w2D3sy6IX;_ylv=3?qid=20090427093043AA1zRZK

I sent K to McGee Investment Group in NC last March 2008 to invest on an East Plaza Development project in Kansas City, MO.

Here is what happened -

1.) McGee received my K
2.) McGee said he gave the K to the builder of the property in MO. (The plan was for me to receive 00/mo for two years plus the principle investment of K at the end of two years.)
3.) Two months later, Thomas McGee said there was a problem with the builder in MO.
4.) I sent numerous emails (for weeks) requesting information about the reason they had a problem in details.
5.) Finally, Thomas McGee said he had a private holding company (He will not tell me the name of the holding company) to buy me (investors of East Plaza development) out. He said he got the report from the holding company.
6.) Without any solid information or report, Thomas said the holding company offered me K to buy me out plus K at the end of two years after the project is completed in MO.
7.) I waited for months and sent emails and emails requesting him to send us the report. He gave me some bullshit stories like "My computer crashed", "I completely forgot", and "The report was sent" and I never got any report and the later he said "it must be lost in the PO".
8.) Finally, we had enough and demanded K to be sent back to us. He said he would do that.
9.) Thomas changed stories like "due to the bad economy, we have to close all my properties in order to pay all of my investors including you"
10) This month (Nov), he said he has been sending checks and transferred funds to my investors all week and let me see where we stopped today where you money is located"
11.) I told him "I can have to talk to my attorney about this and he said "he would be welcomed to have your attorney to talk to my legal council about this".

This whole thing forced me to work second job to pay for the K loan. I had a difficult finding attorney who will take action against them in NC from Dallas where I live.

Any advice what I need to do first? We REALLY need the K back!

Thank you!

I need some experienced people who know where to go for commercial real estate loans. I live in the burbs of Chicago and own several properties and apartment buildings. Basically, banks are telling me that I cannot borrow more than 75% of the purchase price of the house regardless of the appraisal. I need to find a bank/lender who understands real estate investors and their business and can do higher risk loans.

Any info is VERY helpful!

Thanks!!

Okay here is the deal, my Friend helped me refinance by giving me an arm for my home loan with out an escrow account for my taxes and for my business ( who I have a co signer for ) My home also has a 40k lien from the business as collateral & to top it off he gives me a private lender who charged me 6thousand for being 30 days late one time and giving a partial payment for a following month. Now that private lender knows I had a death in the family and wants me to make payments of 4k per month wich I cant afford or they will foreclose. I’m in default they say – I cant refi because my credit sucks now and I dont know exactly what to do.
I have a clean corporate business i.d.
Can I use that to purchase a house with good credit or at least get the co signer off the loan?
Should I handle it with a lawyer ? I just dont know what to do… your advice would be appreciated.
I might have some equity in the home to payoff the lein…
I have more equity in the commercial site.
I already own a house that has a little equity not much.
by selling then purchasing another home that has less of a loan amount and less taxes maybe less maintenance…
I could be living a little better.
my business property is separate.

I stood guarantee for the business line of credit. The business is almost gone and the loan stands at 95,000 USD. Bank is coming after me. What do i do ? Personal bankruptcy has been suggested by friends. what are the consequences of personal bankruptcy? I am so very worried. Is there a nicer resolution for this? My credit score is very good right now.