Finance Articles

Americas Watchdog's Expresses Grave Concerns Over Wall Streets Three Biggest Con Jobs Related To Auction Rate Securities, The Mortgage Mega Disaster,

(PRWEB) April 30, 2008 -- Americas Watchdog is blasting Wall Street for one ethical lapse or failed self promotion after another. These self promotions have all had disturbing consequences for the economy and consumer confidence in Wall Street. According to Americas Watchdog, "Wall Street continues lie, cheat and steal, and at this point only a very foolish person would believe anything coming out of a US stock brokers, or US bankers mouth. Its just one lie, or embellishment after another, with the US consumer or taxpayer picking up the tab."

Here are three perfect examples, according to Americas Watchdog:

1. Auction Rate Securities: Auction rate securities, also known as auction rate shares or auction rate preferred shares are a $320 billion dollar con job sold by Wall Street stock brokers, investment bankers, and US name brand banks, to tens of thousands of unsuspecting US consumers. While Wall Street stock brokers, investment bankers and name brand US banks sold these exotic securities as "same as cash, safe, no risk, backed up two to one." According to Americas Watchdog, "ARPS or ARS were in fact exotic investments that were not the same as cash, they were extremely high risk, and they were not safe." In mid February of this year, the auctions failed, and now tens of thousands of US citizens live in fear that their life savings are gone. $320 Billion in investment limbo, & the Securities and Exchange Commission has done nothing? Americas Watchdog has called for the resignation of SEC Commissioner Christopher Cox for a do nothing approach on the part of his federal agency. $320 billion in peoples life savings, and the banks or stock brokerage firms have not cashed out US consumers on this, "just like cash investment with zero risk?" Lawsuits have been filed against UBS, Citi Group, Merrill Lynch, J P Morgan, Bank of America, Wachovia Bank, Morgan Stanley, Oppenheimer Holdings, TD Ameritrade, Wells Fargo Bank, Deutsche Bank, Sun Trust Bank, Eaton Vance, and many others. (check the Internet for specific case filings). If a person who purchased a auction rate security feels like they were lied to with respect "a safe & liquid investment", they are welcome to call Americas Watchdog anytime at 866-714-6466. Their auction rate securities web site is located at http://ARSWatchdog.com.

2. The US Real Estate Disaster: Wall Street continues to call the current US real estate disaster the "sub-prime mess" or "short term". According to Americas Watchdog, while sub-prime mortgages played a role in the disaster, the bigger issues are non-existent underwriting standards in all categories of borrowers, suicidal mortgage products called "pay option adjustable rate mortgages", banks & home builders intentionally inflating the value of homes nationwide, stated income mortgages, real estate flippers being qualified as owner occupants, two trillion dollars in non-existent equity, etc. According to the Federal Reserve, "Currently 1 in 7 US homeowners owe more on their home than it is worth." With accelerating foreclosures, Americas Watchdog is predicting that by mid 2009, 1 in 4 US homeowners will owe more on their home than it is worth. Americas Watchdog characterizes Wall Street types talking about a US real estate turn around in 2008 as, "a pipe dream". According to Americas Watchdog, "Wall Street is trying its best to sucker consumers or small investors back into the market; when the stock market or real estate market is the last place most US citizens should be at this time."

Note: According to Americas Watchdog, the US Congress (Barney Frank-Democrat & Senator Chris Dodd-Democrat) could do a lot to help millions of US citizens in the future by requiring banks and mortgage bankers to disclose a little known huge mortgage kick back called a yield spread premium. According to Americas Watchdog's National Mortgage Complaint Center, "50 million US homeowners pay a higher monthly mortgage payment, because a bank, or mortgage banker had no obligation to disclose a huge kick back called a yield spread premium. According to Americas Watchdog, mortgage brokers must disclose the kick back, banks and mortgage bankers do not have to disclose---even though they get them too. Americas Watchdog asks, "How, or why can the current Congress allow for ridiculous mortgage double standards?" The National Mortgage Complaint Center's web site is located at http://NationalMortgageComplaintCenter.com.

3. The Federal Reserve & Inflation: Finally Americas Watchdog is deeply concerned about interest rate cuts on the part of the Federal Reserve that appear to be accelerating inflation in gasoline, food, transportation, etc. Americas Watchdog asks, "Why should the Federal Reserve save Wall Street from a mess it got into on its own? Why should the Federal Reserve continue to lower interest rates, given the fact that these actions are diminishing the value of the US dollar? Federal Reserve interest rate cuts could end up destroying the economy." Americas Watchdog is alleging that "a very foolish Federal Reserve got us into this mortgage mess, with an asleep at the switch approach in 2003-2007, and now they are trying to bail out the banks with cheaper money? The result is suffering consumers who are now unable to afford gas or food. Perhaps its time for a shake up at the Federal Reserve."

Americas Watchdog is demanding that Wall Street clean up its act on issues related to auction rate securities, they are demanding that Congress create consumer friendly legislation that protects consumers from hidden mortgage kick backs like the yield spread premium, that will apply to banks and mortgage bankers, and they are demanding that the Federal Reserve stop mindless interest rate cuts, designed to help Wall Street, that in fact end up hurting the average US citizen and the US economy.

Americas Watchdog is all about consumer protection and corporate fair play.

###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

LeagueSafe.com Launches New Fantasy Sports League Finance Management Tool
LeagueSafe, LLC announced today the launch of www.LeagueSafe.com, a free fantasy sports league finance management tool.

WHAT'S UP IN FINANCE Online Challenges Young People to Tackle Essential Money Matters: Thirteen/WNET Web Site Offers Simulation Games, Video, And
WHAT'S UP IN FINANCE? Online (www.thirteen.org/finance) uses games, videos, interviews, and much more, to help today's youth use money smarts to realize personal and professional goals like affording an apartment or launching a career. The Website is a companion to the award-winning reality television program WHAT'S UP IN FINANCE?, hosted by Kwame Jackson (The Apprentice), which can be viewed in its entirety online. The Website and on-air program were made possible by The Moody's Foundation.

Mortgage Leads, Taking Applications Not Rejections
For those of you that are mortgage brokers or loan officers you know that cold calling is an essential part of the sales game.

Barclays Introduces 'PINsentry' - Pioneering New Security for Online Banking
Barclays introduces 'PINsentry' to replace the need for passcodes and memorable words.

Banking Basics: The Advantages Of Banking
Nearly everyone has access to some sort of account with which to conduct the regular business of banking. Access to a financial institution's accounts and other services is often taken for granted. The advantages of banking can become clearer if you review some of the basics. This is even more relevant if you happen to be one of the few that have yet to open a checking or savings account with their local bank. You not only need to know what sort of obvious advantages a bank offers, such as the different features that are available to customers, but also how these relate to you particular needs.

Five Mortgage Marketing Concepts

Deborah Benaim Joins Forces with Imperial Finance & Trading, LLC as Senior Vice President, Retail Premium Finance
Imperial Finance & Trading, LLC, a leader in premium finance for life insurance, announces the appointment of Deborah Benaim as Senior Vice President, Retail Premium Finance.

How to Get Your Home Mortgage Loan
If you are thinking of purchasing a new home soon you will need to know how to qualify for a new home mortgage. If you have a good credit history you will find it much easier to get approved for your home loan.

If You're Looking For Low Cost Car Finance, Loan Companies Offer Some Great Deals
These days having a reliable and safe vehicle to drive is more important than ever. With public transport packed to the hilt and often unreliable, many people have learned to rely on their vehicles to get to college or work, pick up the kids, do the shopping and even to perform their jobs.

ACF Car Finance Moves Out of the Bike Sales and Bike Finance Market
ACF Car Finance, UK car finance provider, has made a strategic business decision to stop selling bikes and bike finance.

ChoicePoint's MARI Introduces New Mortgage Loan Fraud Alert Service
The Mortgage Asset Research Institute (MARI(sm)), a ChoicePoint® (NYSE: CPS) company, today announced the release of its new MARI Loan Fraud Alert Service (LFAS). MARI LFAS is a mortgage industry-contributed loan process database that enables lenders and investors to identify potential application risk, patterns of fraud and hidden relationships among transaction parties.

So You Agreed To Take A Seller Held 2nd Mortgage To Help Sell Your Property?Now What?
With any soft real estate market the seller needs to be more flexible to move the property. If a seller is motivated to sell and tells the world through say an Multiple Listing Service (MLS) and is offering to pay all the buyers closing costs and prepaids and perhaps hold a second mortgage will generate lots of buyer activity. Assuming a natural market exposure has already taken place with no offers resulting then drastic measures have to be considered by a seller. Perhaps the house is now vacant. The sellers by necessity have moved on and need to sell. A series of price reductions resulted in still no activity. Fortunately, the seller?s had made a good purchase five years ago and have some equity to play with. Buyers and/or their agents lo...

Investing in Your Home: Will I see a return on my investment?
How much money you spend on a renovation project really depends on what you plan on getting out of it. Are you doing it to improve your every day way of life, or are you planning on selling your house and want to increase the value. As a seasoned veteran in the remodeling industry, I am constantly being asked the question "What I can do to have the biggest impact on the value of my house?".

Opus Solutions Adds Finance Executive, Nine Staff to Team
Continuing its commitment to growth and industry leadership, Opus Solutions, a Beaverton-based provider of integrated event management solutions, announces the addition of a senior executive and nine team members to various divisions within the organization.