Today, 7/13/2008, on CNN Money, I read an article called:
The $5 trillion mess
Fannie Mae and Freddie Mac were created by Congress to help more Americans buy homes. Now their shaky condition threatens the entire housing market.
Scary, is what I say.
This means that from 2008 until about 2012, getting a mortgage for a home you wish to purchase will be at best difficult and expensive, as the article clearly points out.
Worst case, the entire US Banking system will collapse and we will have 20% or higher unemployment and food lines everywhere. The Great Depresssion of 2008.
Of course, there is a viabl solution for the smart American or non-American, as well.
Use Check101.com's barter program and guaranteed lifetime employment guarantee program launching in October 2008. I hope it launches in time.
The way it works is you join Check101.com as a Gold member for arounf $30 per month. You immediatley get a $50K credit line that you can use to purchase goods and services from other members.
To qualify for the lifetime guarantee program, you must attend Tom Psillas's Millionaire Boot Camp program that costs $9500.00 cash one-time payment, or $2,500 down in cash, plus around $100 per month cash. If you miss a payment, the lifetime employment guarantee is void. You must also refer 50 contacts each month to the program, which can be anyone you know.
The lifetime program is expensive, but is worth it, if you are concerned about the future. According to Tamion CEO, Tom Psillas, 90% of the jobs would be at Tamion, hence the guarantee and boot camp training requirement.
The boot camp program is also somewhat difficult to be approved for. Tamion does not want deadbeats in its programs. Tom says, "We need people with a can do attitude that can be the best in anything they do".
Check101.com, a Tamion division, plans to offer barter mortgages, administer lease-purchase programs, people leasing, and of course, normal batering, at a very reduced cost to spur activity. Merchants will be required to accept barter for 20% of their credit card volume at minimum, even if no customer opted for only barter. This will make the credit lines available to bater buying members. However, to qualify, buyers may have to quit claim their homes or assign other assets as collateral. Stay tuned for more information, as it becomes available.
Also, in conjuction with above, Tamion is soon launching SeedBucks.com, a peer-to-peer loan site, similar to Prosper.com, but mainly for business loans. Tamion SeedBucks.com loans will require a fee up front before applying for loans greater than $1,000.
So, if you want to find out about the Lifetime Employment guarantee programs, register at http://www.linktomeet.com so you will be notified when the program is launched. Also register for all other programs, as well. Once the other sites launch, you will be invited to participate. Your login user id is used on all Tamion sites.