FannieMae is taking the Kings advice and suspending the use of Credit Scores. In the first edition of "The Angry Black Man´s Guide to Success." I laid out evidence that the credit scoring system as used by Trans Union, Equifax and Experian was defective and a major cause of the mortgagre credit crises. I said that Suze Orman and other talking heads were idiots for continuing to promote a system they did not even understand.
Well today, on February 5, 2009, FNMA is suspending the use of these bogus scores. If you are holding stock in any credit rating agency, get rid of it now. As for my associates, get your documents together and start to prepare to refinance your single family mortgages. Wait a while because the ten year bond is still too high. The ten year bond, which is the basis of 30 year mortgages, has to be in the .80 range before the time is right.
As to my man President Obama, I support all of his moves except for one. That is the ramming through of Treasury Secretary Geithner. This one move burns me up like no other. As a businessperson that has first hand dealings with the Internal Revenue Service, I do not think that the United States Treasury Secretary should get a pass. The taxes he claimed to make a mistake on are higher than the average salary in the United States. He is tainted in the worst way.
Mr. President. DO NOT BE A HYPOCRYTE. The time to clean up mistakes is now. Ask for Secratary Geithner´s resignation before you move any further on your recovery plan. The American People deserve a clean sweep. Besides, HE IS NOT FOR YOU.
KING GEORGE
Well today, on February 5, 2009, FNMA is suspending the use of these bogus scores. If you are holding stock in any credit rating agency, get rid of it now. As for my associates, get your documents together and start to prepare to refinance your single family mortgages. Wait a while because the ten year bond is still too high. The ten year bond, which is the basis of 30 year mortgages, has to be in the .80 range before the time is right.
As to my man President Obama, I support all of his moves except for one. That is the ramming through of Treasury Secretary Geithner. This one move burns me up like no other. As a businessperson that has first hand dealings with the Internal Revenue Service, I do not think that the United States Treasury Secretary should get a pass. The taxes he claimed to make a mistake on are higher than the average salary in the United States. He is tainted in the worst way.
Mr. President. DO NOT BE A HYPOCRYTE. The time to clean up mistakes is now. Ask for Secratary Geithner´s resignation before you move any further on your recovery plan. The American People deserve a clean sweep. Besides, HE IS NOT FOR YOU.
KING GEORGE
6 comments:
King G
You should be known as the Obama of Finance. Not only do I follow your blog but I read your book too. Great read. When is the movie!!!
King George
You are on the money about credit scoring. Scoring destroyed the real estate market along with greedy realtors. It was a perfect storm of incompetent lazy lenders and easy money plus young wall street bankers looking for big scores. I am glad they are all broke now. Look at the record bankruptcy filings. Its going to get a lot worse, bailout or no bailout
First timer
Yor man Obama is toast if he fails to pass this simulus bill. It will stimulate a good kick in his but about how politics really work. So long sucker
King George
You are right again. Today MSN is calling Suze Orman stupid. Her bad advice has been burning me up for years. Especially when she tells people not to pay off credit cards to zero and to leave accounts open. What a dummy. It seems like the only reason she is on TV is beacause her head is so big with that butch cut. I really admire your guts by the way and how you call it the way you see it. I am a fan for life
Suze Orman is a personality with no knowlede of finance. What a waste
My crdit score has always been a mystery to me. Do you really think credit scores will be abolished? Everytime I open Yahoo or MSN there is an ad to check your credit score. Please get rid of that system my Royal King George
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