Good economic news! + metalworking

If your clearance procedures are at all similar to our procedures in the UK, then probably none of them are eligible. We have to know who our fathers and grandfathers were for Security Clearance :-)
Mark Rand RTFM
Reply to
Mark Rand
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As a federal silly servant, my security clearance had to be reviewed every five years, or, before any promotion. My last promotion came 2 years into the cycle so it was no problem to copy the photocopied data from the previous data sheet to the new. Come time for my new salary rate to show up on my pay stub, it didn't show up. On investigation, the answer was that I had not as yet submitted the data sheet for the required security check to which my answer was to show my suitably annotated photocopy of the required document. Within a week, I received a check for the difference in pay and a signed apology from the regional manager of the verification agency (filed downstairs in my personnel file, along with enough documentation to somewhat embarrass quite a few members of middle management) One of these days, I should clean out a couple drawers of my file cabinet as this information is at least 15 years old. Gerry :-)} London, Canada
Reply to
Gerald Miller
I wouldn't say I know Barry well but I know him and he has a shop as a hobby at home. He also has one of my software products and his training - and mine - included more than one weekend of work by day and eat well, drink hearty ( Sutter Home Reserve Merlot ), while solving the worlds problems after dark.
Reply to
John R. Carroll
That's actually a pretty good idea. A deposit is a liability which a bank has to offset with an asset (a loan) on its books. Handing them piles of capital gives them no incentive to do anything.
One can make an assumption that, if they are not making loans, something is amiss. Open the books and show us what or we'll assume its insolvency and take them over.
Trouble is (like you stated) some people don't deserve loans. Nobody in their right minds is going to underwrite residential construction in regions where there's a surplus due to past speculative building.
We missed the boat with the last handout in not getting a seat on the BoD (even a non-voting one) in every bank we (the gov't) invested in. In some cases, we (the taxpayers) are the largest single owners of these banks. And we can't even peek in the books.
Reply to
Paul Hovnanian P.E.
=========== If you can't show me the money, at least show me the note....
An additional problem with existing residential montages of all grades, both stand alone and bundled into CDOs, has just surfaced in a big way.
Basically the mortgage holder or loan servicing company cannot produce a valid mortgage contract and/or TILA [truth in lending act] documentation when they attempt to foreclose, with the result the cases are thrown out of court.
It is becoming increasing apparent that there is literally *NOTHING* behind large numbers of residential, and quite likely commercial mortgages and mortgage backed securities, and very likely much of the vehicle, credit card and student loan debt, thus this debt/CDOs are grossly overvalued, even at 15 cents on the dollar.
============= Homeowners' rallying cry: Produce the note
By MITCH STACY, Associated Press Writer Mitch Stacy, Associated Press Writer ? Tue Feb 17, 3:54 pm ET
ZEPHYRHILLS, Fla. ? Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork.
And just like that, the foreclosure proceedings came to a standstill.
Lovelace and other homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess.
During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse or destroyed.
Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage.
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And these were the financial "masters of the universe."
Unka' George [George McDuffee] ------------------------------------------- He that will not apply new remedies, must expect new evils: for Time is the greatest innovator: and if Time, of course, alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end?
Francis Bacon (1561-1626), English philosopher, essayist, statesman. Essays, "Of Innovations" (1597-1625).
Reply to
F. George McDuffee

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