Send us your questions for the next CNN Money Summit!
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Americans are coping with a terrible trifecta of wealth destruction. Workers are being laid off in numbers never seen before - almost 700,000 jobs lost last month alone. Have you been affected?
This week the Obama Administration released details on its $75 billion loan modification and refinancing program. So what will this do for homeowners and how will it help you?
We want to know what you're thinking. Do you have a question for the CNN Money Summit team about your job, your income or your savings?
We'll examine the problems and explore the solutions in the next CNN Money Summit Saturday, March 7 at 8 p.m. ET.
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I am on disability as well as my son. His disability check was cut over 50%and he has to pay for medicare charges when he had extra help because we are below poverty level. Now, we are really over poverty level. Once the bills and house payment is payed, we live on 200 to 300 a month, thats for food, gas, medication and of course now paying for my son`s extra medicare expenses. I guess the poorest get the most cuts. In fact I have not heard much about what is going to be done for the poverty level folks, mostly the middle class, and they are suffering too. So, my 150.00 stimulis check is supposed to make up for all the cuts we are having to abide by shame is all I can say.
If I am financially stable (w/o debt and money saved) and am looking into buying stocks where do I start? I've been watching the show and there was a comment made " If you see your favorite shirt for 50% off you would buy it, so if there are stocks out there at a discount why wouldn't you invest?"
So where do go, who do I talk to and how do I know i'm not going to be ripped off?
Thanks
Jessica
We need to lower our interest rate. We currently have a Jumbo loan at 6% for $456,000. We have $100K of equity in our house. We purchased our house in 2005 at $630K and is now worth $550K, Any suggestions???
Thanks,
Linda in NJ
If we keep our emotions aside and not be anti-greed. The fact is that Mr. Liddy suggested that not paying $170M of bonuses that could risk the $1.6TT of money that would eventually hurt tax payers. We are acting like penny wise pound foolish.
I am surprised that no one suggested during the testimony that – why can't AIG link the $ 170MM to the eventual success of winding down the $1.6MM. In other words attach another condition to the contract that would calm down the tax payers and will establish accountability and true performance. Also do the math if we don't pay the bonus and the executives resign and a new team is hired to replace them which is only 99% (1% less) efficient as the present team – that would result in $16BB (roughly 10 times more that the bonuses)
AIG is a Corporation of contracted agreements, not a group of caring people who are grateful they still have a job. AIG doesn't care. How long will "we the people" continue to bail out a corporation that could care less about doing the right thing. The Government is powerless to make this work.
whats the deal with aig? if it was severance pay thant the taxpayer might buy it
Question: Why can't the banks place a lean on the individuals that benefit from home bailout? They could negotiate with the bank to stay in their home and lower their payments (problem solved). However, if they elected to stay in their home, they would get a personal "Lean" like a student loan that they would have to pay back. Like the student loan, it is not fogiven over their lifetime. This solves the problem of giving to those who do not deserve it. This sounds pretty simple to me; am I missing something?
Tom from Chicago
Hi Ali, would you do me a favor please, ask Mr. McCain why he is questioning the "experience" of the new embassador appointment for Iraq when he appointed Sara Palin as the VP? "experience? I think he needs to retire! Thanks.
When are we the tax payers going to see a second stimulas check?
I will graduate with my masters this spring in education in NYC and will find a job teaching...with a teachers salary of 50K what should I invest in?
I am one of the unfortunate is this economic depression. I am a month behind on my mortgage plus the monthly fees that they keep tacking on – and they are huge. My partner lost their job and my bonuses were cut out, this has left us in a hardship trying to make ends meet. I have watched CNN and all the news about Obama making help available to folks like me. Yesterday I received a letter of intent of foreclosure from my mortgage company – Wells Fargo. I contacted them today to see if I could something out, perhaps a loan modification. They refused and said that they would not modify the loans of anyone that was behind in their payments. This is ironic because it is the ones that are behind through no fault of their own that need help. I also saw on CNN where Wells Fargo was part of Obama’s loan modification program, apparently they are not. They said I had thirty days to pay the one month that I am behind, plus my regular payment, plus all of the late fees. I simply do not have the money. I already work sixty hours per week and I’m a type one diabetic that wears an insulin pump just to stay alive and the stress is beginning to take a toll on me. My partner has literally already put in over one thousand applications and not even an interview. What is someone like me supposed to do? Who was Obama’s help intended for? Apparently it isn’t for people that have worked hard all their life and paid there bills on time. Now when I need help or a solution, none is to be found. After living in my home for eleven years now I face losing it.
Tom
Morristown, TN
i have a question:iI assume that most of the lenders required PMI insurance from the people taken out these mortgages.If this is so why are they in such finicial trouble . Bill from Roswell
I have heard it said that some banks are "too big to allow them to fail." Well, doesn't that just invite abuse of the system and give these stimulus recipients the impression that they can just keep coming back to the well? Where is their incentive to correct their past behavior?
Also, isn't time to remove some of the CEO's who were at the helm as the ship ran aground?
Philadelphia, PA
I loss 20-thousand dollars in my 401- k can any one tell me what happening to the money loss in stock-market where goverment put it i hope goverment did not help mortgages company with my 20-thousand they did not rejust my mortgages I send in heart -ship letter 01/28/09 had not herd from the company .... they of not help people with there mortgages
How did Rush Limbaugh become the voice, but not representative, of the Republican party? its PATHETIC!! he should shut up and go away in some retirement home where American does not have to put up with is nonsence. The Bush Administraion is finally history and so must become of him. We need someone to combat with Limbaugh because Limabaugh is too sleezy, pathetic and idiotic to try to combat with such a great leader, speaker and man of the people like Obama is. I am only 20 and have been keeping a good eye on politics for only a few years and even i know he is full of nonsence. SOMEONE, ANYONE, combat with Limbaugh so the Democratic Party can truly show their strength and showing how wrong and corrupt the Bush Administration was for the last 8 years and how it is their fault we are in the mess today. (despite Obama's "officaial" responsibility over the economy the second he signed the stimulus bill)
yes i would like to know what is mr. presdnt ganna do for those on ssi low income famileys sec.8 famileys and those that cant get shelter see here in tuscaloosa these folks dont care about you unless u have money my rent right know is 450 a month plus lights 125 plus food 150 plus house hold stuff 120 i only recieve 674 a month from ssi how do i live on that thats all i have i cant take my kids to a movie on that and on top of that i had to get a freind to coesighn for my apt cause they wanted me to make 3times the rent how do i do that? i cant work and i only reecieve 674 so what about those in that situation?
I'm writing for my son who has been in the U.S. Navy for 22 years, but has to retire this year with hopes of finding a job. His wife place of employment has decreased her hours. Two years ago he bought a home with no money down through a VA loan at 6.5%. The loan has been sold at least five times and is now with Wells Fargo. The home is way down in value, he has another very large personal loan that was done to consilidate debt. He's been told he's not eligible for re-financing.
What can be done?
I have been watching the news and keeping close track of the stimulus bill. What really gets me is we are giving these banks so much money to bail them out and I just got a notice from Capital One that they are raising my credit card rate from 9% to 17.9%. I think this is absolutely outragious. How can they be allowed to do this? They are getting it at both ends. How is this helping Middle Class Americans? Talk about keeping them honest, where is the honesty in that?
Ive been watching the news and seeing obamas stimulus bill and all the earmarks, some of the most ridiculuos stuff ive ever heard of states need the money for. News is saying we as consumers need to spend money to help economy obama should give all taxpayers a tax check cant spend money if we dont have it.
how ironic,,,Obama said "no lobbyists,,no earmarks,,,but the new budget is chock full of pork!! is this what he defines as "stimulus"?
I recently calld 2 of my credit card companies and asked for a lower APR and they did lower the rate. I than called Lowes Home improvement store and aked for the same thing. I was told by the supervisor that everyone has the same rate, regardless. My question is this: Macy's recently closed 13 stores , let go of 5000 employees, Lowes posted a 4th qtr loss in profits, so if these companyies are losing money,,,why wont they lower the credit rates and lower their prices? wouldn't that make a bit more sense to get back the customer base?
Why do we continue to poor millions into banks who continue to refuse to "let some credit go" and do what they will with the money – wouldn't it make much more sense to begin putting the money directly into the market via a sort of "federal credit union" which could not only directly rewrite mortgages (thereby giving millions more spendable cash and some hope of not becomming homeless!), and also write commercial loans, so we can get the money flowing again and get the nation working like it always has? Do you agree with everyone I've run this idea by that this would have the effect of forcing banks to become competitive instead of just grabbing all the money AND assets and leaving the consumers and businesses out in the cold, nad getting money moving – which is the secret to a healthy economy – cash flow?!
Mr. Cooper: Are we going to send pallets of money to Afghanistan like we did in Iraq to keep them from fighting? Also do you have any idea how much each American owes including bailouts, deficits, etc.? Also, when will the world declare bankruptcy?
AIG /Bank Bait and switch: Do I have this right ? Banks had bad paper.
So they insured its self against a loss with AIG. SO When the paper went bad they collected from AIG. AIG took too many policies and can't pay off on the insurance policy.So The goverment comes to the rescue of AIG. and the Banks!!!. TO COVER THE LOSSES TWICE. Do I have this right?
Banks are now crying that the credit card debt is the next disaster for them.
My question.
Will this open a can of worms about the banking industries wrongful practices with credit card rate jackups? Are the banks actually positioning themselves to ask for another ballout to cover the extra fees that they imposed?
Looks like they may have raised the rates on millions of Americans for the sole purpose of showing fake losses to get bailout money they do not deserve.
I have been watching the financial coverage on AC 360 and other shows. Nowhere do I see any mention of the fact that every time a company announces results and there is an earnings shortfall, there is an announcement of a layoff in the same press release. It seems this is fashionable thing to do now a days.
While everyone (other than Wall Streeters and CEOs) is concerned about layoffs, I am surprised there is no mention in the press about the layoff announcement being preceded by the bad earnings. Don’t these CEOs know they are overstaffed already and bring costs in line beforehand rather than using the bad earnings announcement to justify layoffs. This shows they have no clue about what is going on or are real hypocrites. In my opinion such behavior is outrageous and probably one of the reasons for this bad state of economy. God help us!
We need to impeach any and every politician who has not read the stimulus bill, who votes for something they have not even read? regardless of party and regardless of the issue, is their job not to read and think critically about the issue's presented?
Do you think that the American's who have died fighting in the name of capitalism are rolling in their grave's?
Unless the rule of law is respected and we leave our opinions at home, this nation is heading for mediocrity and possible civil war. The will of the people must be respected, whatever that will may be. We were a democracy when we were truly great. We must become a democracy once more.
The biggest problem this great nation faces it the ever increasing corruption in it government. As a result the people are becoming more and more disillusioned with their ability to effect change. Washington lobbyists are an area that also needs immediate attention. Another just as crucial area is the wave of activist judges that have managed to turn the will of the voting public time and time again. A third, and just as important, is the media and its inability or unwillingness to do its job.
The Doom and gloom talk of the past few months seems to have eased a little bit. Is that simply due to a change is strategy from the Administration or have things legitimately leveled out?
What is the next possible "Shoe to drop" if any?
@David: I agree with your points about GM. The first step is the execs need to be replaced (fired). Reorg the entire auto industry. Build quality products that people want to buy.
I am in favor of giving GM a bailout providing they raise an equal amount of money and we (government) control the entire amount. ie: GM CEO's, Unions and their high paid officials, Oil companies who need the auto industries to survive and the employes pool all the money they can raise and we will match it dollar for dollar and control it to make sure it is spent properly. Why should we give them the money without collateral or some personal comitment? I want the money back plus some profit so we can help pay off our national dept.
Matching funds is the only way. GM has to make some sacrifices first.
This news about GM this morning – at this point why should they be given more money if they can't survive anyway. May as well flush the money down the toilet. I know this would put a lot of people out of work and potentially be devastating to the economy. but maybe there is something that can be done rather than give money to a company that is probably going to fail anyway.
Anderson I worked for AIG for 2 weeks and was absolutely disturbed on the way they were handling the money they had been given as ball out. First my boss in garden grove, CA office told me not to worry about the financial status because they could sell off a division and it would keep them financially stable. So why did they not do this before they cost the tax payers all this money on there bailout. Second, they told me they had been caught after receiving money for there little escapade in CA so instead of doing this they had given all there sales employee's a raise in commission by as much as 10 percent. This individual Quat Luu Lutcf also only works from 9 to 12 o'clock every day taking the rest of the day off. Meaning he's not worried about his job his salary. He's been with the company 28 years, I'm not sure but how many people do you know whether they have been with a company that lenght of time or not being able to do this and having money handed to them like our government is doing with no accountability. Why would we want to help AIG or even think about giving them more money. Let them fail. They deserve it.