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alstry (35.03)

A Reverse Mortgage Is A Government Insured Program?

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May 13, 2010 – Comments (7)

I just heard this on a TV commercial......UNBELIEVABLE.........

It explains a lot and how government is transitioning America into the Digital Age.......and what is helping to maintain spending in the last days of the Industrial Age....as the taxpayers are now funding the lending to our cash strapped impoverished seniors.

Government is now subsidizing banks draining down equity in homes of the elderly......and the bankers are getting commissions to do it.  How desperate are our politicians to maintain the illusion so they can continue to get ridiculous salaries?

Barney Frank, Chris Dodd, Nancy Pelosi......and the rest of the lot.....this is what we call representation.....and this is not intended to be a partisan issue....BOTH sides are equally culpable.

After spending a lifetime paying off your mortgage and building equity....the government will subsize  your draining it back down to nothing before you die....just so you can continue to spend on nonsense you probably don't even need......especially those toxic products that the same bankers want to sell you.

The backlash from this will be strong once it implodes......there will likely be very little credit/debt in the Digital Age.

And some of you are banking on the current system to fund your retirement?  This is what economist call a recovery?

It is time to stop being sheep........and start eating sheep.

 

 

7 Comments – Post Your Own

#1) On May 13, 2010 at 9:42 AM, ChannelDunlap (< 20) wrote:

:yawn:

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#2) On May 13, 2010 at 9:44 AM, alstry (35.03) wrote:

And the sheep keep yawning....typical sheep.

Until they reailze they are sheep.....

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#3) On May 13, 2010 at 9:55 AM, ChannelDunlap (< 20) wrote:

Even the wolves get tired or same tired rhetoric eventually, Alstry.

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#4) On May 13, 2010 at 9:55 AM, ChannelDunlap (< 20) wrote:

Wow it's friggin' early.  Sorry about that.  Should read;

Even the wolves get tired of the same old rhetoric eventually

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#5) On May 13, 2010 at 3:00 PM, alstry (35.03) wrote:

My favorite sheep is the one who thinks he is a wolf but in the end realizes that sheep is their true nature.

It is now time for Alstrymous to rise up and become the leader of the Foolish Sheep and guide  them into the Digital Age.......

Poor Alstry died trying to save the Industrial Age....but Alstrymous will rise to the occasion.

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#6) On May 14, 2010 at 8:25 AM, reverseguy (< 20) wrote:

Oh...to be so blissfully ignorant.  This is the problem with bloggers - too much of an opportunity to open up your mouth digitally and confirm that you know nothing.

 All you have to do is Google "reverse mortgages" and a plethora of websites come up (including AARP) that will clearly let you know that the HUD - a division of the FHA - insures reverse mortgages under their Home Equity Conversion Mortgage program.  They DO NOT subsidize banks or other lenders - they simply insure the loan, just as they do with all FHA "forward" mortgages.

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#7) On May 14, 2010 at 9:37 AM, iangant (< 20) wrote:

Right on, reverseguy.  The M Fool does not educate, amuse or enrich with these inaccurate comments. Total garbage and total yawn.

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