My background from 1996-2008 was in the title business. In August of 2005 I approached the President of the Title Company about a concern that I had. I had told him then that I could forsee a tsunami of foreclosures that would make the 80's look good. I could tell by the caliber of loans that were being approved and closed that the majority of people buying were setting themselves up for failure. I told him that the best marketing strategy for our company was to build relationships with mortgage companies....because I could forsee them holding a HUGE VOLUME of foreclosed homes on their books. Sadly, it took several years from my prediction for this to happen, but the outcome was just as I had predicted...leading to the financial meltdown in 2008.
I have to tell you that the concerns were being raised since apx 2002 about this potential disaster and every time legislation was introduced to reign in this out of control lending, it was blocked by the DEMOCRATIC PARTY. They are as responsible for this disaster as any bank, lender or broker.
I am very proud to say that the title company I worked for had a high level of integrity, thus if there was any incling of fraud or risk on a file, we were encouraged to submit our concerns to our underwriter. 100% of the time, they would tell us to let the customer know that we could not close their transaction. In other words, they would rather lose the revenue, and possibly lose a customer (realtor, builder) than close a transaction that was questionable. The problem is, the customer would then move the closing to another title company. Even when we would alert them to potential issues, they would go forward with the closing.
Fast forward to 2010...story after story that I read these days has to do with unfunded or underfunded pensions. I have to tell you this is our next tsunami. While I don't have a pension to worry about, I do have a 401K that lost about 40% of it's value and is still not near where it was. Is someone going to bail me out? Is someone going to have to lose their job because the city or state has to pay my retirement? The answer is NO. NOONE is going to bail me out.
This is something that is going to take center stage very soon. The Unions are already doing their "plotting and planning" on how they are going to get us to fund their underfunded pensions.
Hold on to your wallets......it looks like it's going to be you and me picking up the tab for the abuse and mismanagement of the pension funds. If this doesn't make your blood boil, nothing will. I am sick and tired of having to pay for everyone elses inability to manage their money while at the same time I am completely and wholly responsible for my savings and retirement. We must let Congress know that we will not tolerate this bailout...it is not or duty or responsibility!!!
Check out some of the things they are working on to date:
(make sure to follow all of the links to get a full picture of who and what is behind this....many unions, progressive and socialist organizations)