Thursday, February 5, 2009

CREDIT SCORES AND YOU

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
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