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March 19th, 2009
06:00 PM ET

Kiran: Thursday Roundup

Hi all-

Thursday morning of AM's Road to Rescue special coverage brought answers to some of your biggest questions. First off, thanks to some great digging by our congressional correspondent Dana Bash we got some answers about just who in Congress and the Obama Adminstration was involved in legislation that ended up allowing the AIG bonuses. Check out her reporting on the issue here.

Also we started the morning with the news that the Federal Reserve bought up a trillion dollars worth of mortgage backed securities.  One effect of that: lowered mortgage interest rates for you.  Our personal finance editor Gerri Willis took your questions on the news.

Christine and I have quick little discussions in the breaks about all of the hot topics we are covering. We talked about whether all of the populist outrage over AIG is taking away from the larger issue of where our trillions of tax-payer dollars have gone and are continuing to go through the bailouts and other attempts to stabilize the economy. We are digging more into that Friday morning. Hope to see you then!

Cheers,

Kiran


Filed under: Roundup
soundoff (9 Responses)
  1. Sharon

    We are one of those people affected by foreclosure. We lost our home of 28 years to a predatory lender – Ameriquest Mortgage. Ameriquest is no longer in business to our knowledge, and prior to closing, it sold our mortgage and many others to Deutsche Bank, a European banking company. Never heard of them before, but we received a letter from their attorney offering to assist us in reaching a resolution. We wrote, provided documentation that we were under water, but offered to pay the full balance of the mortgage if they would lower our interest rate to where it was when we took out the loan. We could of paid this even though it would have been tough. Instead of working with us, they opted to sue us. We obtained legal counsel, threatened a suit against them for predatory lending practices. There isn't enough time or space to spell out everything that happened but suffice it to say the attorney representing the bank is now under investigation by our State Supreme Court for unethical practices. During the course of that investigation, it became known that the bank does not intend to do anything with the property and has foregone any rights it has to it. In other words, it is going to let the property sit and deteriorate further. This breaks our hearts. This was our home, our community. This is where we raised our children. This is not only heartbreaking but infuriating as Deutsche Bank is 1 of the 4 companies identified this week as receiving money from AIG from the bailout. I know this was our loan and we are accountable for that, but it is troubling to me that this bank received taxpayer dollars to help it recover some of its losses, maybe including the loss it suffered in our situation, and it is willing to sit by – let the property decline in value – let the neighborhood suffer from the consequences of foreclosed property – let the county or the city take on the task of selling the property and the cost associated with that endeavor. I'm sure the bank won't decline any proceeds it will claim its entitled to from any sale although it may have already received its moneys from AIG. It saddens us as we would have gladly payed them what we owed, if they would have worked with us on the monthly payments and kept our interest at the 7 or 8% we were paying (pretty hefty compared to the 4 or 5% currently out there). If they don't want the property, then maybe they should offer it up to someone in need. The problem is the banks don't care and the suggestion that these properties be offered up just makes too much sense – something these banks don't understand.

    March 20, 2009 at 10:57 pm |
  2. nancy

    A very good idea!!!

    March 20th, 2009 12:40 pm ET

    Why not lease all these forclosed homes with the option to buy? Why let them run down and futher destroy the economy? Tent cities are springing up all over. I think the banks could generate revenue and help the people stay in their homes. This would also create jobs, as the banks would need people to run a lease option program. Why is nothing, better then something? High interest x’s zero is zero, pure and simple.

    March 20, 2009 at 2:12 pm |
  3. charlotte

    Why not lease all these forclosed homes with the option to buy? Why let them run down and futher destroy the economy? Tent cities are springing up all over. I think the banks could generate revenue and help the people stay in their homes. This would also create jobs, as the banks would need people to run a lease option program. Why is nothing, better then something? High interest x's zero is zero, pure and simple.

    March 20, 2009 at 12:40 pm |
  4. diana floyd

    i found a great place to help with food ////ANGEL FOOD MINISTRIES, they are a network of churches , that distribute food boxes , you must pay 30.00 but you get 2/ weeks of food , I WATCHED CAREFULLY the show about the man who tried to live on food stamps for i mo. its impossible , but with the help of ANGEL FOOD MINISTRIES you can last the month , THERE ARE NO RULES TO QUALIFY , SO ANYONE WITH $ 30. CAN BUY A BOX OF FOOD , ITS VERY FRESH & LOTS OF MEAT IN IT ,

    March 20, 2009 at 9:08 am |
  5. diana floyd

    i love your show i noticed you have so many people networking for jobs/ my family & friends have been networking on on each family/s new ways to save on food shopping , coupons / household items /ways to save , we e/mail , talk on phone , i am older person , all their comments so helpful , i wish there were more tips on your show along this line , HAVE A GREAT DAY

    March 20, 2009 at 8:56 am |
  6. Paul Hunter

    It's obvious that the capital system of the US is in dire straits. Our government, whether being the legistrative branch or being the executive office has apparently lost all faith in it or there wouldn't be bailing out these large companies. If the bail out was not done, the companies go bankrupt and the parts of the company are sold off to companies that must be doing business correctly and can afford to buy them. Bonus's are not paid out as the company is bankrupt and the contracts are handled by the bankruptcy courts. It's funny how many seem to find their way back after chapter 11.

    When you offer bail out programs, it's like throwing chum to the sharks and the feeding frenzy begins.

    The $100,000 to every citizen sounds real inviting until you find that the inflation then make the $100,000 worth about $10 which is going to be a problem with the bail out program in the longer run. What the fed and the legislative branch needs to do is get back to increasing spending projects on building the country's capital (roads, airports, capital goods for schools & governmnet offices, etc.) and creating jobs for Americans that will then have money to buy American and foreign products.

    March 20, 2009 at 8:51 am |
  7. Linda, NC

    David that is so correct! I have said all along that if you just give the money to the people to pay off their mortgages instead of the crooks that hold their mortgages, it would certainly stimulate the economy. If folks have 'extra' money, they spend more. But lets face it, what benefit would the people in Washington have with that sort of rational thinking, the people are not the ones that give them big pay offs at election time!

    March 20, 2009 at 8:04 am |
  8. David L. Cobbs

    what they should do is give everyone in the country 100,000.00 and get rid of the homeless, food stamps, and all the free-bees. It would cost much less to give out 303 million people the money. It would really help the spending.

    March 20, 2009 at 7:29 am |
  9. MINISTER PORTER

    Good morining,

    I, AND MANY, OTHERS WOULD FINE THE EVALUATION,
    TO PAY BACK, 90% OF GIVING COST, OF BOUNES, IS VERY,
    ENGENUOS. IT WOULD BE THE BEGING, OF THE VALUABE,
    STIMULIS (PKG) GIVEN BACK TO THE COST OF MUCH WASTE.
    THE BALANCE, IS WHAT AMERICA, LOOKING FOR. AND YOU/WE
    GOT IT. ALL OF THE RESET, OF ALL WASTE OF BALANCE, IS A MUST. WATCH, AMERICA AND IT'S BALANCES , FLOURISH.

    THANKS AMERICA, WE CAN DO IT RIGHT. .......... MINISTER PORTER.

    March 20, 2009 at 6:39 am |