THESE ARE NOT SOCIALIST STRUCTURES FOLKS----THEY ARE ANCIENT FEUDALISM STRUCTURES!
Don't be discouraged because all of this is illegal and we can reverse it easy peasy by simply
GETTING RID OF THESE GLOBAL CORPORATE NEO-LIBERALS AND NEO-CONS. ALL MARYLAND POLS ARE WORKING FOR THE GLOBAL CORPORATE TRIBUNAL.
Subpriming went wild in 2006 giving us the crash of 2008 and that is what this past year has been about as well. Subpriming in 2004-2005 will lead to the crash of 2006. Those that do not care if the poor and low-income get pulled into this cycle of fleecing should know what is being fleeced is your Social Security Trust, Medicare Trust, Disability Trust, your pensions, public buildings and public real estate, public infrastructure. AN INJUSTICE FOR ONE DOES BECOME INJUSTICE FOR ALL----handing your car title for a loan at the time of a great economic crash means Wall Street gets your car. Remember, after this crash interest rates and inflation will soar so the loans you signed this year will have you bankrupt over the next few years. GET RID OF ALL DEBT!!!!!!!!!!!!!!
TITLE LOAN APR RANGES FROM 36% UP TO 360% If you miss a payment, and/or make a late payment, your car can be repossessed. Interest and fees accrue through the date of repossession. We do not renew loans after a default pursuant to the terms of your agreement. We do not report to credit reporting agencies. Please visit our comprehensive Rates & Terms Section.
I saw an ad for a car needing only $29 down with monthly payments of $169 and the interest rates were 0% for the first few years but we all know in two years those rates will soar----just as the subprime mortgage loans did that caused people to lose their houses. This is deliberately meant to take your car. You pay monthly for two years and then you lose the car....they have that cash. If you are the middle-class not caring if working class are being fleeced you need to know that the US middle-class is going to be gone you with it. So, use your voice to not only educate against this policy----but to educate to get rid of these pols allowing all of this.
Why car title loans are a bad idea
By Christopher Neiger (AOL Autos) -- Cash advances are not a new concept in America's brand of capitalism. Many people have seen the commercials with some guy barking out, "Bad credit, no credit, no problem!" Or, "Don't worry about credit, I own the bank!"
In addition to high interest, these car title loans usually include a number of fees that add up quickly.
Anytime some guy is telling you he owns the bank, run.
Even though these lenders have been around for a while, signing your car over for a high-interest loan has become a serious financial issue.
For those of you who are unfamiliar with the concept of car title loans, allow us to explain.
At times, the best of us get strapped for cash; we may have no credit or bad credit (just like they say in the commercials), which keeps us from getting small loans from a bank or some other more traditional means.
A title loan offers you cash from the lender, in return you sign over the title of your paid-for car to secure the loan. Typically, these loans are due back in full 30 days later. There's no credit check and only minimal income verification.
It sounds pretty straightforward, but borrowing from these places can lead to a repossession of your car and a whole lot of financial trouble.
Interest rates that make credit card companies blush
Car title loans have been lumped into the "predatory lending" category by many consumers. Non-profit organizations such as Consumer Federation of America (CFA) and the Center for Responsible Lending have issued detailed reports outlining some of the title loan issues that the public should be leery about.
One of the biggest issues with these loans is interest rates. Many people dislike credit card interest rates, which average between the mid to high teens for most Americans. Car title loan interest rates make complaining about credit rates seem ludicrous.
Car title lenders are in a different category than credit card companies or banks and work around usury laws. Thus, title loan lenders are able to charge triple digit annual percentage rates (APRs). Yes, triple digits. It's not an exaggeration to see 250% APR and higher on these car tile loans and only a handful of states have passed strict laws that prohibit exorbitant percentage rates.
Even if your credit card company is charging you a high interest of 25% APR, it's nothing compared to car title loans.
By federal law, title loan lenders have to disclose the interest rates in terms of the annual percentage. If you have to get a title loan, make sure they don't just give you a quote of the monthly percentage rate, they have to give it to you as an APR. If they are unclear about the rates, which many can be, just know that a monthly rate of 25% is equivalent to a 300% APR.
Fees and interest only payments
In addition to high interest, these car title loans usually include a number of fees that add up quickly. These include processing fees, document fees, late fees, origination fees and lien fees. AOL Autos: Safest cars
Sometimes there is also a roadside assistance program that borrowers can purchase for another small fee. Some lenders have even gone so far as to make the roadside assistance mandatory. The cost of all these fees can be anywhere from $80 to $115, even for a $500 loan.
Most of these fees are legal, except one that lenders sometimes charge, the repossession fee. Lenders are not allowed to charge you to repossess your vehicle, but some still do.
As if high interest rates and a mountain of fees weren't enough, lenders also give borrowers the option of interest-only payments for a set period of time. In these cases, the loans are usually set up for a longer period of time (compared to the typical 30 days) and the borrower can pay the interest only on the loan.
These types of payments are called "balloon payments" where the borrower pays the interest of the loan each month and at the end of the term they still owe the full amount of the loan.
The CFA reported that one woman paid $400 a month for seven months on an interest-only payment term for a $3,000 loan. After paying $2,800 in interest, she still owed the original $3,000 in the eighth month. AOL Autos: Most popular crossover vehicles
Rolling over and repossession
If you think most of the people who take out these loans pay them back in full after one month, think again. Because of the high interest and the fact that these lenders cater to low-income borrowers, many people aren't able to pay back their loans in the 30-day period. This is called "rolling over" the loan.
The terms of these loans are crafted to keep borrowers in a cycle of debt and bring customers either to the verge of repossession or to actual repossession. Not being able pay off the initial loan and then renewing it the next month costs borrowers even more money in interest, on top of the original amount they've already borrowed. AOL Autos: Used luxury cars
Let's talk about repossession for minute. The CFA reported that, of the people they interviewed in their 2004 study, 75% had to give the title loan lenders a copy of their car keys. Some companies started the cars to see if they worked and took pictures of the vehicle even before a customer filled out the loan application.
A company based in Arizona said they have GPS systems installed on the cars so they can track the cars and shut them off remotely if they don't receive payment on time. That may be an extreme case, but these lenders take a customer's promissory signature very seriously. If you can't pay, they will come looking for you and your car.
The concerns for having your car repossessed are obvious. How do you get to work, drop off the kids at school, pick up groceries or go out on the weekends without a car? As if those scenarios weren't bad enough, owning a car can be some people's biggest financial asset. If the car is taken away, so goes the money it was worth.
Some states have laws that force the lenders to pay you the difference of the loan once a lender has repossessed and sold your car, but some don't. It is possible to default on the loan and not get any money back for your car, even if you only borrowed a few hundred dollars.
This occurs because car title loans are also over-secured. Typically, the maximum amount most lenders will give you is 25 to 50 percent of what your car is actually worth. However, if you can't pay back the loan they may be able to sell your car and keep 100% of the profit. Some lenders won't take possession of a vehicle but instead take the customer to court for the money. They then tack on court costs and finance charges on top of the existing loan amount.
Many car title loan lenders defend their business practices by saying they offer loans to people who would otherwise not be able to gain financial assistance. Although this may be partly true, signing over one of your most valuable assets for several hundred dollars is not the only option.
Some credit unions, like in North Carolina, have begun providing loans that have low interest rates of about 12% APR, a fixed 31-day repayment plan (to keep from rolling over a loan) and set up direct deposit out of the borrower's paycheck so that loans will be paid off in full.
Other options may be paycheck cash advances from your employer, cash advances on credit cards, emergency community assistance, small consumer loans, or borrowing from friends or family.
If you find yourself contemplating a car title loan, check out these alternative options and read the information for yourself at www.responsiblelending.org or www.consumerfed.org. If you still need to sign over your car for cash, educate yourself on the decision and know the possible repercussions of these types of loans
I showed in the past that labor unions are now in the business of pushing these loans through their credit unions. They know this crash is coming and yet they are still marketing these home and auto loans. The NAACP was given a 'donation' from Wells Fargo for mortgage assistance in lieu of paying a trillion dollars in mortgage fraud to the people actually victims of fraud. Looking at NAACP investments it appears that bolus of money went right into Baltimore Development/Wall Street urban development that everyone hates.
Who was pedalling subprime loans in 2006? They are probably the same ones pedalling subprime loans today. This is why in the US our national labor union and justice organization leadership is not working for the people----WE NEED TO GET OUR LABOR AND JUSTICE ORGANIZATIONS OUT OF THE BUSINESS OF WALL STREET.
The State of Maryland is Wall Street which is why all pols are Clinton neo-liberals or Bush neo-cons. The State as with the City of Baltimore actually preys on its citizens----sets them up to be fleeced----you don't have to be working class. Below you see our criminally operated cartel of a government marketing mortgage loans that are probably funds from the subprime mortgage settlement that never made it to the victims of fraud---many of which were in Baltimore. Maryland knows this bond market crash is coming----O'Malley and Maryland Assembly and Baltimore City Hall worked hard to make sure government is positioned for maximized losses. Yet it has for the last few years marketed these mortgage loans this time to the middle-class with equity knowing huge job losses are around the corner. So, Baltimore is giving breaks to lure middle-class professional to buy in the city as the crash will no doubt end with these families in bankruptcy and losing these houses. IT'S LIKE A VENUS FLY TRAP-----LURE THOSE WITH ASSETS IN AND THEN FLEECE THEM. This is the Ivy League Johns Hopkins lying, cheating, and stealing their way to global corporation. If you look at these Maryland State websites they look like a front for a shell corporation-----
KEEP IN MIND----THE WALL STREET MODUS OPERANDI IS MOVING FEDERAL, STATE, AND LOCAL REVENUE THROUGH THESE PROGRAMS TO WALL STREET LOANS THAT THEY ALL KNOW WILL LEAD TO DEFAULT----WE LOSE TAXPAYER MONEY IN THE ORIGINAL DEAL AND THE PEOPLE LOSE THEIR HOMES/PHYSICAL ASSETS.
MARYLAND MORTGAGE PROGRAM
Who is the CDA? The Department of Housing and Community Development’s Division of Development Finance, also known as the Community Development Administration (CDA), is the housing finance agency for the State of Maryland. CDA comprises three branches: Multifamily Housing, Single Family Housing and CDA Finance.
CDA Multifamily Housing expands quality, affordable rental and transitional housing opportunities for Marylanders by financing the development, rehabilitation, and preservation of rental communities and transitional housing, and by administering rental assistance programs and the Federal Low Income Housing Tax Credit program.
CDA Single Family Housing provides homebuyer assistance programs by offering mortgage loans and down payment and closing cost assistance to eligible homebuyers with low-to moderate-income, programs to rehabilitate single family rental housing to improve basic livability, and programs to meet unique housing needs, including lead paint reduction, weatherization assistance and financing for persons with special needs.
CDA Finance raises capital in the national municipal bond markets to provide financing at below-market interest rates for individuals to purchase single family homes, for nonprofit and for-profit entities to construct and rehabilitate multifamily properties, and for local governments to improve and construct public infrastructure. CDA’s primary financing sources are municipal bonds and State-appropriated funds.
Raise your hand if you understand that having Baltimore Development Corporation administer MICRO loans under the guise of Baltimore City government means no access to transparency, oversight, or accountability and it means you will be paying back loans to an entity that is known to be corrupt and in the business of moving money to itself.
MICRO loans at a time of financial instability will have the poor tied to the COMPANY STORE FOR GOODNESS SAKE. That is what this is-----permanent indebtedness. Small business loans were given by the Federal and State Government with easy terms meant to give small businesses opportunity to grow and stabilize. A citizen owing the government was not worried about corruption and the goal of taking all assets that might be built AS WE KNOW BALTIMORE DEVELOPMENT WILL.
You can be assured if anyone takes a MICRO loan from Baltimore Development any assets you buy will revert to them. What are small business loans to citizens in Baltimore is given freely as corporate subsidy to corporations in the city. Enterprise Zone funding is all about GIVING THESE FUNDS TO CITIZENS TO OPEN A SMALL BUSINESS----THEY ARE GRANTS. Instead, Enterprise Zone grants are saved for global corporations while citizens are tied to loans that they will not be able to pay because of the coming economic crash.
WHO CREATED THE CONDITIONS FOR LEVERAGE THAT WILL SEND BALTIMORE INTO BANKRUPTCY? BALTIMORE DEVELOPMENT CORPORATION.
Keep in mind that Maryland State Credit Unions MECU and SECU are partnered with this and they know where these deals lead!
BaltimoreMICRO Revolving Loan Fund
Description and Purpose
Administered by the Baltimore Development Corporation (BDC), the purpose BaltimoreMICRO is to provide small businesses with financing for the working capital (the difference between current assets and current liabilities) essential for businesses to meet operational needs, and to remain financially viable. Loan funds will also be available for capital purchases such as furniture, fixtures, machinery, and equipment. BaltimoreMICRO is designed to assist small businesses that may not be able to secure financing from a traditional lender. BaltimoreMICRO will provide critical financing when credit access is limited, supporting the development and expansion of small, local businesses. The primary objective of BaltimoreMICRO is to stimulate employment, assist small businesses in obtaining fixed rate financing, and to encourage private sector investment in Baltimore City.
How does the program work?
- Potential applicants must meet with the Small Business Resource Center to review eligibility
- Submit application
- BDC determines whether proposed use is consistent with program’s guidelines
- BDC staff seeks approval from BDC Loan Committee
- BDC staff prepares loan documents
- Applicant executes loan documents
- Disbursement of funds
- Small businesses, including retail, service providers and contractors located in Baltimore City
- Personal credit report score of 650 or higher
- Applicants must be one of the following for profit entities: sole proprietor, partnership, corporation, or LLC
- Small business cannot exceed $1,000,000.00 in annual revenue
- Working Capital
- Building improvements
- Machinery , equipment, furniture, and fixtures
- Can be used to finance City, State, or Federal contracts
- Inventory Purchase and certain other costs associated with opening or expanding a small business
- Contract mobilization
- Minimum loan of $5,000 with a maximum loan of $30,000 not to exceed a loan to value of 95% of total project costs. Additional borrower may be required (refinancing is prohibited under this program)
- $100.00 application fee (nonrefundable)
- 1.0% closing fee of the loan amount; for example, a $20,000 loan would require a $200 fee at closing
- Real estate related loans will incur a higher closing cost
- Documentation preparation fee of $200 to $300 due at closing plus any filing fees and credit report fees
- Interest rate to be determined upon approval, but not to exceed 8.0% over the Wall Street Journal Prime Rate
- Loan term is based upon use of funds but not to exceed 7 years
- Personal guarantees required
- Collateral may be required
- No prepayment penalties
- Project viability and potential
- Commercial improvements
- Impact of the project on its neighborhood
- Introduction of needed goods or services to a neighborhood
- Creation of new jobs
- Readiness to proceed
- All federal, state, and local taxes must be up-to-date
- No outstanding judgments or liens
- Priority is given to projects that strengthen neighborhood commercial districts and are part of a greater revitalization strategy. The following types of projects and activities will not be considered for BaltimoreMICRO financing:
- Speculative developments or Real Estate Investment properties
- Housing or rental properties
- Facilities such as: community halls, fire stations, hospitals, colleges, or universities. Adult bookstores, adult video shops, other adult entertainment facilities, gambling facilities, gun shops, liquor stores, blood or plasma donor center, massage parlors, pawn shops, or tanning salons
We are going to hear all kinds of propaganda on who did what and which party philosophy is best as this crash occurs. Let's be clear-----it is coming. Ron Paul has a commercial promoting himself and Libertarianism as the solution to protecting civil rights and it is laissez-faire----complete deregulation and allowing everyone to do what they want. WHICH IS WHAT NEO-LIBERALISM HAS BEEN ABOUT. Neo-liberalism is libertarianism except that libertarians are tied to US national sovereignty and neo-liberals are tied to a global corporate tribunal. AYN RAND is the voice of Libertarianism and its extreme wealth and inequity. As Ron Paul calls social welfare a trap for people he is right----if we allow the rich to gain complete power as we have------third world nations use social programs to keep people impoverished and quiet.
WE THE PEOPLE DO NOT NEED TO ALLOW THE RICH TO CONTROL GOVERNMENT WHICH IS WHY SOCIAL PROGRAMS ARE NOT WORKING.
Under Libertarianism there is the same conditions of extreme wealth inequity and deregulated free-for-all. This does not lead to civil rights. This is why we fought for civil rights for goodness sake. Ron Paul is right----the US FEDERAL RESERVE is the problem but guess what-----Alan Greenspan who allowed for all this systemic financial fraud under the guise of complete deregulation IS AN AYN RAND DISCIPLE----A LIBERTARIAN. Think Ron Paul named his son Rand after Ayn Rand? ABSOLUTELY.
America is in the grips of the rich and our political parties in all directions are pushing philosophy that will not end well for a social democracy with a strong middle-class and civil liberties and rights.
PLEASE FIGHT FOR SOCIAL DEMOCRACY WITH A PROGRESSIVE LABOR AND JUSTICE POLICY -----EDUCATE AS TO WHY THESE POLS ARE SELLING POLITICS THAT WILL KILL OUR DEMOCRATIC BASE.
- AYN RAND
- Although she rejected the labels "conservative" and "libertarian", Rand has had continuing influence on right-wing politics and libertarianism. Jim Powell, a senior fellow at the Cato Institute, considers Rand one of the three most important women (along with Rose Wilder Lane and Isabel Paterson) of modern American libertarianism
Since the 1980s, the term has been used primarily by scholars and critics in reference to the resurgence of 19th century ideas associated with laissez-faire economic liberalism beginning in the 1970s and 1980s, whose advocates support extensive economic liberalization policies such as privatization, fiscal austerity, deregulation, free trade, and reductions in government spending in order to enhance the role of the private sector in the economy
Ron Paul: Economic collapse is imminent 2015
Ron Paul: Economic collapse is imminent 2015.By: Dollar collapse 2015
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Ron Paul: Economic collapse is imminent 2015 – Video