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Getting Personal
Getting Personal
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About the author
Tess Vigeland is the host of Marketplace Money, where she takes a deep dive into why we do what we do with our money. Follow Tess on Twitter @radiotess
Dear Marketplace Money,
I just wanted to add a personal story to the question that was asked a couple of weeks ago regarding car insurance when you give up yours. I am originally from Minnesota and have lived on and off in Germany for the better part of the last decade and wanted to applaud the gentleman who called in for giving up his car.
I am so happy to be able to live a car-free live. Now, my carbon footprint is still big since I try to fly back to Minneapolis once a year to visit my family but the financial freedom of not having a car allows me to be able to afford those flights. I hope more people in the US are able to do this and that public transportation use increases.
Thanks for keeping me in touch, Kat Lehmann keeping the Minnie-Apple alive in the Bear-Town.
I am curious. On the subject of "Toxic Mortgages" I have these questions:
1. If these were 'bundled' and sold to other entities, a) Where is the original mortgage? b) who actually earns the mortgage? c)who has authority to foreclose-- the bank, the mortgagee, or the buyer of the 'security' bundle? 2. If the toxic mortgage was sold as part of a security bundle and the buyer uses the mortgage(s) as collateral for a different loan, how will that affect the person who took the mortgage out in the first place? If the mortgage has been foreclosed, how will that affect the bank, the mortgagee or the purchaser of the foreclosed property? Can anyone answer these questions or do I just not understand the term 'toxic mortgages bundled & sold as securities'?
A question: I am 63, the victim of a major investment fraud here in Los Angeles. Total life savings = gone.
Here's the SEC link.
http://www.diversifiedreceivership.com/
SEC / FBI investigation ongoing.
While it was NOT a pure Ponzi scheme like Madoff, it was also not a licensed security, and over 1,000 investors here in Southern Califoria -- most near retirement like myself -- have lost their entire life savings and a lot of invested home equity.
I don't need sympathy; I need help.
Joe Nocera (NY Times) has reported that the Federal gov't is giving Madoff victim special tax breaks and loan help.
What is it? Where can I apply? And why won't my lender re-negotiate my loan? I'm NOT upside down -- I have $200,000 in equity by their own BPO and sufficient income for a new loan.
I'm on forebearance (50% payments) with Citi -- a program they set up -- and want to get off it. I can now pay up my late 3-months in full, and they STILL won't re-negotiate a new loan.
After billions in taxpayer TARP money to keep zombie Citi afloat, this is infuriating.
Please advise programs Madoff victims are getting. Having lost everything, we qualify. After all, they give low-interest loans to hurricane/tornado/flood victims -- why not economic tonado victims?
Any help would be greatly appreciated.
And thank you for your excellent program.
My parents just remodeled and rebuild their home. The got a loan from the bank to do the work. Know the bank wants then to get financing for the house. They have talked to a lot of different lenders. They have been denied because my father spent the year working on the house. When you filled his taxes he did not clam any income. Now that lenders does not want to give them a loan. They are about ready to loose there home they have had for over 20 years. Is there a way for them to find a way to get a loan or have my father re due his taxes so he would have been paid for his work on the house?
