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Rick Santelli Leads the Great American Tax Revolt!

Rick Santelli on CNBC tells the Obama administration EXACTLY what the MAJORITY of AMERICANS FEEL right now! Which is THIS... Why should ANY ...

More Americans are choosing not to tap into their home equity

American homeowners are doing something surprising: Despite record amounts of home equity available to them — an estimated $1.5 trillion worth — they are tapping into it less via home-equity credit lines (HELOCs) and cash-out refinancings.

The big question is why. Are people simply getting more frugal? Or are other forces at work? Economists who specialize in housing aren’t totally sure, but everyone agrees: Homeowner behavior has changed from previous years.

Cash-out refinancings use the home’s increased equity as collateral to extract money. After the refinancing, the borrower has a new loan, but with a larger amount of debt on the house. HELOCs leave the owner’s existing mortgage intact but add a second mortgage that takes the form of a line of credit, allowing the owner to withdraw funds whenever desired.

Both forms of equity extraction have been popular for decades and hit historic highs during the housing boom years a decade ago. Recently, however, activity has declined.

In defense of Big Business, a scapegoat of our polarized age

It’s sadly true that Americans have come to hate Big Business.

In opinion surveys, Big Business ranks lower than the presidency or the medical system. It is trusted less than labor unions or (egads) newspapers.

Among young people, more disapprove of capitalism than favor it. According to much public discourse, including from some presidential candidates, Big Business is corrupt, loathsome and responsible for just about everything bad.

Have we forgotten that business makes the stuff that we consume and enjoy and also gives a great many people jobs? Have we forgotten that the charities that do good works are funded by profits that came from private business — likewise the taxes that fund our schools, Defense Department and national parks?

Tyler Cowen, the George Mason University economist and prolific blogger, has written a defense of, in particular, American Big Business. “Big Business” is a contrarian polemic, a cri de coeur that, he protests, “ought not to be contrarian at all.”

Do you have a great mortgage idea?

These mortgage companies don't seem to know what the client wants and I would like to know what every great red blooded American thinks a great mortgage product would be.

How about a declining interest rate? As on-time payments are reported, say over the course of 2-5 years, your rate declines by a certain basis point amount.

Think of it this way...banks would love to maintain customers.

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