The Kevin Trudeau Show: 8-18-12

Today, Kevin explains exactly why he is predicting a collapse in the American government. Then the star of Ancient Aliens and publisher of Legendary Times Magazine, Giorgio Tsoukalos, stops by to go over the facts and evidence of extraterrestrial life on Earth.

Self Help:
Revolutionary Supplement Program
Stay Safe In Economic Turmoil
Convince Kevin To Run For Office!

Health:
Nestle Recalls Lean Cuisine Spaghetti After Plastic Pieces Found In Meals
Pierre Foods Recalls ‘PB Jamwiches’ Over Possible Listeria Contamination

Government:
Why Monsanto’s GM Seeds Are Undemocratic

NWO:
James Arthur Ray & The Sweat Lodge Accident

Everything Kevin:
Become An Insider!
Support Kevin!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
Follow Kevin on Twitter
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Debt Slavery: 30 Facts About Debt In America That Will Blow Your Mind

February 10, 2012

Prison Planet

By The American Dream

When most people think about America’s debt problem, they think of the debt of the federal government. But that is only part of the story. The sad truth is that debt slavery has become a way of life for tens of millions of American families. Over the past several decades, most Americans have willingly allowed themselves to become enslaved to debt. These days, most of us are busy either going into even more debt or paying off the debt that we have accumulated in the past. When your finances are dominated by debt, it makes it really hard to ever get ahead. Incredibly, 43 percent of all American families spend more than they earn each year. Even while median household income continues to decline (now less than $50,000 a year), median household debt continues to go up. According to the Federal Reserve, median household debt in America has risen to $75,600. Many Americans spend decades caught in the trap of debt slavery. Large numbers of them never even escape at all and die in debt. It can be a lot of fun to spend lots of money and go into lots of debt, but it can be absolutely soul crushing to toil and labor for years paying off those debts while making others wealthy in the process. Hopefully this article will inspire many people to try to escape the chains of debt slavery once and for all.

Because the truth is that the American people need a wake up call. Consumer borrowing rose by another $19.3 billion in December. Right now it is sitting at a grand total of $2.5 trillion according to the Federal Reserve.

Overall, consumer debt in America has increased by a whopping 1700% since 1971.

We always criticize the federal government for going into so much debt, but we rarely criticize ourselves for our own addiction to debt.

Debt slavery is destroying millions of lives all across this country, and it is imperative that we educate the American people about the dangers of all this debt.

The following are 30 facts about debt in America that will absolutely blow your mind….

Credit Card Debt

#1 Today, 46% of all Americans carry a credit card balance from month to month.

#2 Overall, Americans are carrying a grand total of $798 billion in credit card debt.

#3 If you were alive when Jesus was born and you spent a million dollars every single day since then, you still would not have spent $798 billion by now.

#4 Right now, there are more than 600 million active credit cards in the United States.

#5 For households that have credit card debt, the average amount of credit card debt is an astounding $15,799.

#6 If you can believe it, one out of every seven Americans has at least 10 credit cards.

#7 The average interest rate on a credit card that is carrying a balance is now up to 13.10 percent.

#8 According to the credit card calculator on the Federal Reserve website, if you have a $10,000 credit card balance and you are being charged a rate of 13.10 percent and you only make the minimum payment each time, it will take you 27 years to pay it off and you will end up paying back a total of $21,271.

#9 There is one credit card company out there, First Premier, that charges interest rates of up to 49.9 percent. Amazingly, First Premier has 2.6 million customers.

Click here for the full report.

Fannie’s Squeeze Makes 4% Mortgage Too Good to Be True

October 25, 2011

Bloomberg

By Jody Shenn

Government efforts to make lenders pay for soured mortgages may be keeping potential borrowers from record-low interest rates, slowing home sales and refinancing as banks tighten standards to avoid more demands for refunds.

Lenders are insisting on higher credit scores and more documents than required by the Federal Housing Administration and government-backed Fannie Mae and Freddie Mac. Quicken Loans Inc. and Vision Mortgage Capital are among firms saying they are increasing scrutiny of would-be borrowers in response to pressure to cover losses incurred on U.S.-backed housing debt.

“You’ve got to take measures now to protect yourself,” John B. Johnson, chief executive officer of Birmingham, Alabama- based MortgageAmerica Inc., said during a panel discussion this month. Demands that lenders repurchase bad mortgages from Fannie Mae and Freddie Mac are “casting a pall over the market. I fear that it will face a much longer recovery because of this.”

Mortgage rates as low as 3.94 percent are proving insufficient to revive housing. Sales of existing homes fell 3 percent last month, National Association of Realtors data show, and 18 percent of the group’s members reported contract cancellations, at least twice as high as in normal circumstances. Among the reasons were refusals of loan applications after appraisals came in below sales prices.

Faulty mortgage lending and foreclosure practices have cost the five biggest U.S. home lenders more than $68 billion since 2007, according to data compiled by Bloomberg News. Much of the amount has stemmed from losses tied to Fannie Mae, Freddie Mac and the FHA, which together buy or insure more than 90 percent of new mortgages.
‘More Onerous’

Fannie Mae and Freddie Mac have drawn $170 billion of U.S. aid since being seized 2008. The companies are under orders from their regulator to recover as much as they can for taxpayers.

Lenders’ contracts with Fannie Mae and Freddie Mac allow them to force buybacks of mortgages if the loan originators fail to properly vet debt, such as by accepting inflated borrower incomes or appraisals. Flawed paperwork can lead to pressure from Fannie Mae and Freddie Mac even on performing mortgages.

“Documentation standards are getting more and more onerous because no one wants to manufacture an imperfect loan, even if the imperfection is really insignificant,” said Quicken Loans CEO Bill Emerson, who leads the eighth-largest U.S. home lender and No. 1 online mortgage originator.

The response by his Detroit-based company includes having each of its loans reviewed by a second underwriter to ensure the quality isn’t later questioned, Emerson said in an Oct. 11 interview during the Mortgage Bankers Association’s annual conference in Chicago.

MortgageAmerica has had to deal with repurchase demands for seemingly minor issues or ones outside a lenders’ expertise, according to Johnson. In one case, the septic tank for a home was located slightly beyond the mortgaged property. The natural response, he said, is to limit lending.

The Justice Department sued Deutsche Bank AG (DBK) in May for more than $1 billion for alleged failures by the company’s shuttered lending unit to meet FHA standards. The U.S. sued under the False Claims Act, which allows damages three times the size of loss. Deutsche Bank has said the case targets conduct that occurred before it bought the unit and a spokeswoman for the company called the allegations “unreasonable and unfair.”

Lenders are probably “overcompensating” for the risk they face from soured mortgages, said Robert C. Ryan, a senior adviser to the head of U.S. Department of Housing and Urban Development, which oversees the FHA. “We’re not in the business of trying to scare lenders.”
‘The Right Balance’

The government must “strike the right balance between providing financing and access to borrowers and, at the same time, making sure the loans originated are fair and sustainable for the borrowers,” Ryan said in an interview.

Freddie Mac is doing what it should to protect itself and taxpayers, and is being reasonable in its demands, said Brad German, a spokesman for the McLean, Virginia-based firm.

“We don’t want to pay for mortgages that should never have been sold to us,” German said in an interview. “When minor defects in a loan file are found, it does not necessarily trigger a repurchase; it triggers a request to the lender to remedy the defect, either by finding a missing document or taking similar corrective actions.” Andrew Wilson, a spokesman for Washington-based Fannie Mae, declined to comment.

“Mortgage originators are more closely adhering to underwriting guidelines resulting in fewer of the mortgage defects of prior years,” said Corinne Russell, spokeswoman for the Federal Housing Finance Agency, which regulates so-called government sponsored enterprises Fannie Mae and Freddie Mac. “This lowers default risk to the GSEs.”
‘Substantial’ Relief

President Barack Obama’s latest push to help more borrowers refinance into cheaper rates may hinge on the effectiveness of changes to Fannie Mae and Freddie Mac repurchase rights. FHFA acting Director Edward DeMarco told reporters yesterday that the companies would offer “substantial” relief from buyback demands without providing “blanket or absolute” protection as they expand the federal Home Affordable Refinance Program for borrowers with little or no equity in their houses.

While the average rate on a 30-year fixed loan was 4.11 percent in the week ended Oct. 20, the historically low costs don’t capture the “very, very harsh underwriting standards” that potential home buyers face, said Ron Peltier, CEO of HomeServices of America, the property brokerage owned by billionaire Warren Buffett’s Berkshire Hathaway Inc. The process is “the most embarrassing, difficult thing you can imagine,” Peltier said in an Oct. 13 interview at Bloomberg headquarters in New York.
‘Gone too Far’

The average time between mortgage application and closing rose to about 52 days last year, three weeks longer than in 2008, according to J.D. Power and Associates surveys.

Pressure from the GSEs has “definitely stanched the flow of credit to the mortgage market, but we had clearly gone too far,” said Richard Eckert, an analyst in San Francisco at securities firm B. Riley & Co. who wrote research on subprime lenders during the housing boom and then joined a hedge fund betting against property loans during the collapse. “We’ve got to return to some kind of happy balance.”

Bank of America Corp. (BAC) has scaled back mortgage lending as CEO Brian T. Moynihan prepares for new capital requirements and grapples with demands that it compensate investors including Fannie Mae and Freddie for losses.
‘Increasingly Inconsistent’

“Our repurchase experience with the GSEs continues to evolve and their repurchase requests and resolution processes has become increasingly inconsistent with our interpretation of our contractual obligations,” the Charlotte, North Carolina- based bank said in a slide presentation last week.

Terry Francisco, a spokesman for Bank of America, had no immediate comment. Wells Fargo & Co. (WFC), the largest U.S home lender, had no comment, according to Vickee Adams, a spokeswoman.

The prospect of reimbursement demands has hurt home sales, said Brian Chappelle, a partner at consulting firm Potomac Partners LLC, during a panel at the mortgage conference. While the FHA allows down payments as low as 3.5 percent from borrowers whose credit scores are at least 580, lenders are setting the bar higher, such as at 620, he said.

Lenders “feel like they’re being held accountable for things beyond their control,” he said. “The only thing the industry can do is tighten up on the front end.”

Vision Mortgage Capital President Regina Lowrie has her staff conduct extra quality-control reviews on all of its loans before closings, up from 10 percent before housing slumped. “That adds cost to the process,” hurting consumers who ultimately must pay for the work, she said at the conference.

The unit of Plymouth Meeting, Pennsylvania-based Continental Bank also started taking additional looks at consumers’ credit files shortly before completing loans, based on Fannie Mae and Freddie Mac guidance, Lowrie said. It finds more situations like the potential borrower who took out a new car lease while waiting for the application to clear, “and now that loan’s going back to underwriting again,” she said.

Click here for the full report from Bloomberg.

Mortgage Rates Rise Sharply From Historic Low

October 13, 2011

USA Today

By: Derek Kravitz

The average interest rate on 30-year fixed mortgages rose sharply this week after falling below 4% for the first time in history.

Freddie Mac said Thursday that the average interest rate on 30-year fixed loans rose to 4.12%. That’s up from 3.94% last week, lowest rate ever according to the National Bureau of Economic Research.

The average rate on 15-year fixed mortgages, a popular refinancing option, increased to 3.37% from 3.26%, which also was a record.

Super low rates haven’t been enough to lift the housing market, which has struggled with anemic sales and declining home prices.

Rates have been below 5% for all but two weeks the past year. Just five years ago they were closer to 6.5%.

Yet sales of previously occupied homes this year are on track to be among the worst in 14 years. And sales of new homes are on pace to finish the year as the lowest on records dating back a half-century.

For many Americans, buying a house is too big a risk in this economy. Unemployment has been stuck near 9% for more than two years, raises are scarce and millions of foreclosures are forcing down home prices.

Others can’t qualify for the historically low rates. Banks are insisting on higher credit scores and 20% down payments for first-time buyers. Many repeat buyers have too little equity in their homes to qualify for loans.

Just half of Americans say they’ll ever be able to save enough money for a down payment, according to a survey by the National Foundation for Credit Counseling.

Mortgage rates tend to track the yield on 10-year Treasury notes. The yield is up this week after falling steadily in previous weeks.

Low mortgage rates have fueled a modest boom in refinancing. Still, most people who can afford to refinance have already locked in rates below 5%.

Economists say rates need to fall at least a full percentage point before it makes sense to refinance again. The reason is homeowners typically pay a few thousand dollars in closing costs when they refinance.

The low rates being offered also don’t include extra fees, known as points, which many borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.

And more Americans refinancing their mortgages are not likely to provide much benefit to the economy. At least 25% of U.S. homeowners have little or no equity in their homes. So unlike in the past, people who refinance now don’t tend to keep cash out for home-improvement projects or other big expenditures that would contribute to economic growth.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday each week.

Click here for the full report from USA Today

The Kevin Trudeau Show: 3-19-11

Today, Kevin explains exactly why he is predicting a collapse in the American government. Then the star of Ancient Aliens and publisher of Legendary Times Magazine, Giorgio Tsoukalos, stops by to go over the facts and evidence of extraterrestrial life on Earth.

Self Help:
Revolutionary Supplement Program
Stay Safe In Economic Turmoil   
Convince Kevin To Run For Office!

Health:
Nestle Recalls Lean Cuisine Spaghetti After Plastic Pieces Found In Meals
Pierre Foods Recalls ‘PB Jamwiches’ Over Possible Listeria Contamination

Government:
Why Monsanto’s GM Seeds Are Undemocratic

NWO:
James Arthur Ray & The Sweat Lodge Accident

Everything Kevin:
Become An Insider!
Support Kevin!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
Follow Kevin on Twitter
Become A Fan of Kevin on Facebook
Kevin’s Film Club
Kevin’s Book Club

Take Trudeau on the Go! Click here to download this show to your iPod, mp3 player, or PC through iTunes!

Click below to watch the Kevin Trudeau Show!

The Kevin Trudeau Show: 9-28-10

Today, Kevin exposes the corruption within the banking and credit card industry! Get the truth behind credit card interest and find out who decides what charges should go on your bill!

Self Help:
Get Out of Debt
Free Money
Loss A Pound A Day
Purify Your Water
Support The Show
Food Inc

Health:
8 Secrets To Keep The Weight Off For Good
FDA May Approve Genetically Modified Salmon
Are Organic Eggs Safer?

Wealth:
New Bank Charges Hit Accounts

NWO:
Independent Thinkers May Be Considered Mentally Ill
Terror Text Contained Punk Lyrics
Fidel Castro Showcases Book About Bilderberg Group

Everything Kevin:
Become An Insider!
Support Kevin!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
Follow Kevin on Twitter
Become Kevin’s Friend on Facebook
Kevin’s Film Club
Kevin’s Book Club

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Click Below to watch The Kevin Trudeau Show LIVE!

Feds Believe They Can Spur Growth By Buying Government Debt

August 11, 2010

Bloomberg News

by Scott Lanman

Federal Reserve officials decided to reinvest principal payments on mortgage holdings into long-term Treasury securities, making their first attempt to bolster growth since March 2009 to keep the slowing U.S. economy from relapsing into recession.

“The pace of economic recovery is likely to be more modest in the near term than had been anticipated,” the Federal Open Market Committee said in a statement in Washington. “To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve’s holdings of securities at their current level.” The Fed retained a commitment to keep its benchmark interest rate close to zero for an “extended period.”

With growth weakening in the second quarter and company job gains in July falling short of estimates, today’s step signals that risks of a downturn have increased enough for the Fed to delay its exit from unprecedented stimulus. Chairman Ben S. Bernanke told Congress last month that the Fed was “prepared to take further policy actions as needed.”

The Fed said it will “continue to roll over the Federal Reserve’s holdings of Treasury securities as they mature.” The reinvestment policy applies to agency debt and agency mortgage- backed securities held by the central bank.

The central bank left the overnight interbank lending rate target unchanged in a range of zero to 0.25 percent, where it’s been since December 2008. High unemployment, low inflation and stable price expectations “are likely to warrant exceptionally low levels of the federal funds rate for an extended period,” the Fed said, repeating language from every policy meeting since March 2009.

“The pace of recovery in output and employment has slowed in recent months,” the FOMC said. The Fed will “continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.”

U.S. central bankers repeated that inflation is “likely to be subdued for some time.” Prices in June rose 1.4 percent from a year earlier, the third straight month of slowing gains under the Fed’s preferred index, which excludes food and energy costs.

Kansas City Fed President Thomas Hoenig dissented from the decision for the fifth straight meeting.

Fed policy makers, at their last meeting in June, judged that the central bank “would need to consider whether further policy stimulus might become appropriate if the outlook were to worsen appreciably,” according to minutes of the session. Records of today’s meeting will be released Aug. 31.

Bernanke said in an Aug. 2 speech that “we have a considerable way to go to achieve a full recovery in our economy.” Still, he avoided signaling that the central bank would reverse months of reductions in record stimulus and liquidity programs, including the end to $1.7 trillion in purchases of housing debt and Treasuries.

St. Louis Fed President James Bullard said July 29 that while he expects a continued recovery, policy makers should be ready to buy Treasuries if the economy slows further.

The Fed’s last move in favor of easier policy came in March 2009, when policy makers agreed to buy $300 billion of Treasuries and more than double planned mortgage-debt purchases to $1.45 trillion while starting a pledge to keep the benchmark rate close to zero for an “extended period.”

This year the central bank stopped buying assets, raised the rate on direct loans to banks and shut emergency-lending programs for corporations, bond dealers and money-market mutual funds. It’s also developed tools for raising rates with a near- record $2.3 trillion balance sheet.

Today’s decision defied easy prediction after a report Aug. 6 showed U.S. private employers added 71,000 jobs in July, below the 90,000 median estimate of economists surveyed by Bloomberg News. The unemployment rate was unchanged at 9.5 percent. Including government workers, the U.S. lost 131,000 jobs in July, compared with the median estimate of 65,000.

The weak job market has inhibited growth in consumer spending, which accounts for about 70 percent of the economy. Such expenditures rose at a 1.6 percent pace last quarter, down from a 1.9 percent rate in the previous three months that was smaller than previously estimated.

“They’re supposed to keep inflation under control, but they’re also supposed to promote full employment,” Christopher Low, chief economist at FTN Financial in New York, said in a Bloomberg Television interview before the announcement. “The Fed is starting to worry about hitting that full-employment goal any time in the next three or four years.”

Aeropostale Inc., a retailer to teenagers whose sales rose in July at one-seventh the pace analysts predicted, said changing consumer preferences and a “challenging” retail environment hampered spending. Sales at J.C. Penney Co., a department-store chain, fell 0.6 percent last month.

Still, Bernanke and other officials in recent weeks had maintained their outlook for a pickup in the economy over the next year. Corporate spending on equipment and software jumped at a 22 percent annual rate last quarter.

While weakness in housing and commercial real estate will restrain the recovery, and the job market’s “slow recovery” weighs on consumers, “rising demand from households and businesses should help sustain growth,” Bernanke said in a speech last week in Charleston, South Carolina.

United Parcel Service Inc., the world’s largest package- delivery company, raised its annual profit forecast last month and posted second-quarter earnings that climbed more than analysts estimated on increased demand overseas.

The S&P 500 Index has rebounded 12 percent as of yesterday from its low this year on July 1.

Investors don’t expect the Fed to raise the federal funds rate until late 2011, based on futures contracts on the Chicago Board of Trade.

The housing market has faltered since a federal tax incentive for first-time homebuyers expired in April. Sales of previously owned homes fell 5.1 percent in June from May, housing starts slid to the lowest level in eight months and the 330,000 annual pace of new-home sales was the second-lowest in data going back to 1963 after May’s 267,000 rate.

The National Bureau of Economic Research, an academic group with a committee that marks the start and end of recessions, has yet to announce a date for the end of the downturn that started in December 2007, even after four straight quarters of growth. Some panel members including Stanford University’s Robert Hall and Jeffrey Frankel of Harvard University have said it’s clear the contraction has probably ended.

Click here to read the full report

America Has Good Reason to Worry About Greece

May 10, 2010

FT.com

by Clive Crook

At the end of last week, the US looked hard at Greece and was scared. So tiny an economy should not be bringing all of Europe low and even threatening to explode the euro, but it is. What started as a US financial crisis plunged Europe into recession; was Europe about to return the compliment? What, Americans began to wonder, did Europe’s problems tell them about their own?

The cause of the present turmoil, Greek public debt, has aroused fears of a wider sovereign-debt crisis and heightened concern about US government borrowing. More immediately, investors are asking, what if the European Union keeps making a hash of the problem? Will there be a second European banking crisis, and would it infect the US financial system? Even if the answer is no, the US recovery is still fragile. The economy would not be immune to another slump in EU demand.

These fears can be exaggerated, but none is unfounded. In any event, fears do not have to be well-reasoned to make a bad situation worse and justify themselves.

The least substantial line of alarm is Greece as fiscal harbinger. The US might not be Greece, say pessimists, but California could be. Here is a state so strapped for cash that it recently resorted to paying its workers with IOUs rather than money. (If that is not default, it is the next best thing.) Could California do for the US what Greece is doing for the EU?

Unlikely, is the answer. California is a bigger economy: in that sense its problem is on a larger scale. But its debts and deficits are puny compared with Greece’s. Other defences and safety-valves, notably lacking in Europe, are to hand: an activist federal government, a compliant central bank, a currency that cannot conceivably split apart.

The parallel should not be dismissed altogether. A country whose government borrows beyond its capacity must eventually pay the price. Greece does teach that lesson, in case anybody had forgotten it – and in the US, some have. But the greater worry for the US at the moment is not that Europe shows where it is heading but that secondary effects from Greece and any widening emergency will squash its fledgling recovery.

These influences are pushing in opposite directions. A flight to safety from European markets brings investors back to US bonds and pushes US interest rates lower. On the other hand, it depresses the euro, which makes US exports less competitive in a crucial market. If Europe’s economic recovery – which is both weak and delayed as compared with the US – should fail altogether, the US will not be immune.

Financial contagion is the other big risk. Suppose Greece defaults. That will spread losses across the European banking system. Pressure to default could mount on other European countries, starting with Portugal and Spain but maybe spreading further. Just how badly US banks and non-banks are exposed to to these risks – directly, or through credit default swaps and other derivatives – may be unclear until it happens. Any new financial waves would crash over a US government whose fiscal capacity is all but maxed out and a country whose willingness to rescue banks is exhausted.

Up to now, the US has wanted to think that Greece was a European problem that could be left to the EU to solve. Both parts of that supposition have turned out to be wrong. In recent days, the administration said it pressed for a speedier resolution of the Greek mess, and the involvement of the International Monetary Fund in the deal to supply new lending gave the US formal standing on the issue. Yet the problem is no closer to being solved.

The EU-IMF adjustment programme for Greece improves on the previous EU position that Greece must bear all the costs of its troubles alone – but not by much. European and international taxpayers are now on the hook, too. Greece’s creditors are not, however, which is wrong. Partly for that reason, the new plan is nearly as delusional as the old one. As Arvind Subramanian argued on this page last week, it implies three years of crippling austerity, at the end of which Greece’s flattened economy will have to support a far larger public debt than today’s. (This is assuming things go well.) The plan resolves nothing. It is a delaying action at best, and a pretty desperate one at that.

Default looks ever more likely. This can be planned, with some hope of keeping things orderly – though the best chance of that has now been missed. Or it can be unplanned, after a further period of denial in which the problem worsens. Notice the irony. Conventional wisdom holds that early-resolution mechanisms are needed for failing banks and non-banks: the key thing is to get in front of the problem. But a similar logic applies to distressed governments, especially where sharing pain with creditors is concerned. This lesson, evidently, will have to be learnt all over again.

The harder question is whether even a Greek default will resolve Europe’s difficulties. My bet would be no. Greece has a huge primary budget deficit. At least for a time after a debt restructuring it would struggle to find lenders. So even with its debts written down to nothing, it faces a period of fiscal austerity that will be wrenching at best and politically impossible at worst – with no central bank to support demand, and no currency of its own to devalue.

The EU says that default must be avoided at any cost. I say default will happen. The EU says exit from the euro is not an option. I would not count on that, either. In any event, the US had better brace itself.

Click here to read the full article