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]]> By: enjoy0rs http://washingtonindependent.com/25516/democrats-in-congress-prepared-to-defer-to-obama/comment-page-1#comment-37738 enjoy0rs Thu, 15 Jan 2009 08:07:55 +0000 http://washingtonindependent.com/?p=25516#comment-37738 Rep. Barney Frank is passionate about setting aside $50 Billion for Foreclosure Relief. I would like to alert Rep. Frank that Congress should focus on a group who is especially vulnerable to Foreclosure and whose failure will result not only in loss of home, but also result in millions of lost jobs. I am referring to the millions of Self-Employed Small Business owners who are at-risk of default, foreclosure, and business failure. <br>A recent national survey determined the extent of involvement of this segment of the small business community in the risky “Toxic” mortgages that are expected to “reset” in 2009, thereby resulting in the 2nd “Tsunami” Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.<a href="http://www.4uaf.com/Nike_Men_Air_Force_1_Low.html" rel="nofollow">Nike Men Air Force 1 Low</a><br><a href="http://www.4uaf.com/Nike_Women_Air_Force_1_Low_Mid_High.html" rel="nofollow">Nike Women Air Force 1 Low Mid High</a> Rep. Barney Frank is passionate about setting aside $50 Billion for Foreclosure Relief. I would like to alert Rep. Frank that Congress should focus on a group who is especially vulnerable to Foreclosure and whose failure will result not only in loss of home, but also result in millions of lost jobs. I am referring to the millions of Self-Employed Small Business owners who are at-risk of default, foreclosure, and business failure.
A recent national survey determined the extent of involvement of this segment of the small business community in the risky “Toxic” mortgages that are expected to “reset” in 2009, thereby resulting in the 2nd “Tsunami” Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.Nike Men Air Force 1 Low
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]]> By: enjoy0rs http://washingtonindependent.com/25516/democrats-in-congress-prepared-to-defer-to-obama/comment-page-1#comment-15606 enjoy0rs Thu, 15 Jan 2009 00:07:55 +0000 http://washingtonindependent.com/?p=25516#comment-15606 Rep. Barney Frank is passionate about setting aside $50 Billion for Foreclosure Relief. I would like to alert Rep. Frank that Congress should focus on a group who is especially vulnerable to Foreclosure and whose failure will result not only in loss of home, but also result in millions of lost jobs. I am referring to the millions of Self-Employed Small Business owners who are at-risk of default, foreclosure, and business failure. <br>A recent national survey determined the extent of involvement of this segment of the small business community in the risky “Toxic” mortgages that are expected to “reset” in 2009, thereby resulting in the 2nd “Tsunami” Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.<a href="http://www.4uaf.com/Nike_Men_Air_Force_1_Low.html" rel="nofollow">Nike Men Air Force 1 Low</a><br><a href="http://www.4uaf.com/Nike_Women_Air_Force_1_Low_Mid_High.html" rel="nofollow">Nike Women Air Force 1 Low Mid High</a> Rep. Barney Frank is passionate about setting aside $50 Billion for Foreclosure Relief. I would like to alert Rep. Frank that Congress should focus on a group who is especially vulnerable to Foreclosure and whose failure will result not only in loss of home, but also result in millions of lost jobs. I am referring to the millions of Self-Employed Small Business owners who are at-risk of default, foreclosure, and business failure.
A recent national survey determined the extent of involvement of this segment of the small business community in the risky “Toxic” mortgages that are expected to “reset” in 2009, thereby resulting in the 2nd “Tsunami” Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.Nike Men Air Force 1 Low
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]]> By: ProfSamuelDBornstein http://washingtonindependent.com/25516/democrats-in-congress-prepared-to-defer-to-obama/comment-page-1#comment-15564 ProfSamuelDBornstein Wed, 14 Jan 2009 13:31:58 +0000 http://washingtonindependent.com/?p=25516#comment-15564 Rep. Barney Frank is passionate about setting aside $50 Billion for Foreclosure Relief. I would like to alert Rep. Frank that Congress should focus on a group who is especially vulnerable to Foreclosure and whose failure will result not only in loss of home, but also result in millions of lost jobs. I am referring to the millions of Self-Employed Small Business owners who are at-risk of default, foreclosure, and business failure. <br>A recent national survey determined the extent of involvement of this segment of the small business community in the risky “Toxic” mortgages that are expected to “reset” in 2009, thereby resulting in the 2nd “Tsunami” Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.<br>On December 14, 2008, CBS’s “60 Minutes” had a segment on the 2nd Wave of Foreclosures. CBS indicated that experts were expecting another wave of mortgage defaults on ALT-A and Option ARMs mortgages which will dwarf the Subprime Mortgage Crisis. CBS MISSED A VERY IMPORTANT FACT!<br>Many fail to realize that there are millions of self-employed smaller businesses that are holding these “toxic” mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs. <br>So, here we have a major problem. Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that JOB RETENTION IS AS IMPORTANT AS JOB CREATION. <br>I authored a survey which was conducted by the National Association for the Self-Employed (NASE) to its national membership. The NASE survey is at <br><a href="http://advocacy.nase.org/research.asp" rel="nofollow">http://advocacy.nase.org/research.asp</a><br>See the NASE News for the Survey on Toxic Mortgages. Please read my Commentary.<br>According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other “toxic” mortgages. Of this number, 3 million are “very worried” about their ability to make the monthly payment due at “reset” , and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. <br>The solution lies in the hands of Congress as they meet in January to structure an Economic Stimulus package. Congress should take note of this survey and be “proactive” in addressing the situation, rather than “reactive” as the case has been in the Subprime Mortgage Crisis. <br>It is a tragedy when an individual borrower defaults on the mortgage and loses his/her home. The tragedy is magnified when the borrower is a small business owner, employing from 1 to 10 employees. The loss of jobs related to mortgage defaults and the resulting business failures will further weaken our economy and prolong the recession. <br>We can’t afford another shock to our economic system at this time. This 2nd Wave of Foreclosures which will be caused by the ALT-A and Option ARMs will not only result in Foreclosures, but also Job Loss.<br>I would appreciate if you would bring this info to light in Washington.<br>Thank you,<br>Samuel D. Bornstein<br>Professor of Accounting & Taxation<br>Kean University, School of Business, Union, NJ<br>Tel: (732) 493 - 4799<br>Email: <a href="mailto:bornsteinsong@aol.com" rel="nofollow">bornsteinsong@aol.com</a> Rep. Barney Frank is passionate about setting aside $50 Billion for Foreclosure Relief. I would like to alert Rep. Frank that Congress should focus on a group who is especially vulnerable to Foreclosure and whose failure will result not only in loss of home, but also result in millions of lost jobs. I am referring to the millions of Self-Employed Small Business owners who are at-risk of default, foreclosure, and business failure.
A recent national survey determined the extent of involvement of this segment of the small business community in the risky “Toxic” mortgages that are expected to “reset” in 2009, thereby resulting in the 2nd “Tsunami” Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.
On December 14, 2008, CBS’s “60 Minutes” had a segment on the 2nd Wave of Foreclosures. CBS indicated that experts were expecting another wave of mortgage defaults on ALT-A and Option ARMs mortgages which will dwarf the Subprime Mortgage Crisis. CBS MISSED A VERY IMPORTANT FACT!
Many fail to realize that there are millions of self-employed smaller businesses that are holding these “toxic” mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs.
So, here we have a major problem. Not only will these small business owners lose their homes, but there will be the resulting JOB LOSSES on their business failure. Although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that JOB RETENTION IS AS IMPORTANT AS JOB CREATION.
I authored a survey which was conducted by the National Association for the Self-Employed (NASE) to its national membership. The NASE survey is at
http://advocacy.nase.org/research.asp
See the NASE News for the Survey on Toxic Mortgages. Please read my Commentary.
According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other “toxic” mortgages. Of this number, 3 million are “very worried” about their ability to make the monthly payment due at “reset” , and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012.
The solution lies in the hands of Congress as they meet in January to structure an Economic Stimulus package. Congress should take note of this survey and be “proactive” in addressing the situation, rather than “reactive” as the case has been in the Subprime Mortgage Crisis.
It is a tragedy when an individual borrower defaults on the mortgage and loses his/her home. The tragedy is magnified when the borrower is a small business owner, employing from 1 to 10 employees. The loss of jobs related to mortgage defaults and the resulting business failures will further weaken our economy and prolong the recession.
We can’t afford another shock to our economic system at this time. This 2nd Wave of Foreclosures which will be caused by the ALT-A and Option ARMs will not only result in Foreclosures, but also Job Loss.
I would appreciate if you would bring this info to light in Washington.
Thank you,
Samuel D. Bornstein
Professor of Accounting & Taxation
Kean University, School of Business, Union, NJ
Tel: (732) 493 – 4799
Email: bornsteinsong@aol.com

]]> By: Democrats in Congress Prepared to Defer to Obama - The Washington Independent.com | Business Online Information http://washingtonindependent.com/25516/democrats-in-congress-prepared-to-defer-to-obama/comment-page-1#comment-15557 Democrats in Congress Prepared to Defer to Obama - The Washington Independent.com | Business Online Information Wed, 14 Jan 2009 12:07:44 +0000 http://washingtonindependent.com/?p=25516#comment-15557 [...] Read More … ) Related Tags: barney frank, bailout, oversight, wall street, [...] [...] Read More … ) Related Tags: barney frank, bailout, oversight, wall street, [...]

]]> By: » Democrats in Congress Prepared to Defer to ObamaHousing Options: Finding the right home is easy! http://washingtonindependent.com/25516/democrats-in-congress-prepared-to-defer-to-obama/comment-page-1#comment-15556 » Democrats in Congress Prepared to Defer to ObamaHousing Options: Finding the right home is easy! Wed, 14 Jan 2009 11:52:46 +0000 http://washingtonindependent.com/?p=25516#comment-15556 [...] is the original:  Democrats in legislature Prepared to Defer to Obama Tags: barney-frank, capitol, frank, friday, house, house-financial, mahurin, own-proposal, [...] [...] is the original:  Democrats in legislature Prepared to Defer to Obama Tags: barney-frank, capitol, frank, friday, house, house-financial, mahurin, own-proposal, [...]

]]> By: » Democrats in Congress Prepared to Defer to ObamaHousing Options: Finding the right home is easy! http://washingtonindependent.com/25516/democrats-in-congress-prepared-to-defer-to-obama/comment-page-1#comment-15555 » Democrats in Congress Prepared to Defer to ObamaHousing Options: Finding the right home is easy! Wed, 14 Jan 2009 11:52:14 +0000 http://washingtonindependent.com/?p=25516#comment-15555 [...] example here: Democrats in legislature Prepared to Defer to Obama Tags: congress, frank, house, house-financial, services, setting-itself, street, [...] [...] example here: Democrats in legislature Prepared to Defer to Obama Tags: congress, frank, house, house-financial, services, setting-itself, street, [...]

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