President Obama Responds

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We have received another letter through Piggybankblog Board Member Gregory Lemke. Board Member Lemke is in charge of handling all letters for the senate. Please read the following response from President Barack Obama , 44th President of the United States.

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Obama hails passage of Wall Street reform measure

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President Barack Obama says the passage of a giant crackdown on the financial sector will provide long-deserved economic security to families and businesses.

The Associated Press

President Barack Obama says the passage of a giant crackdown on the financial sector will provide long-deserved economic security to families and businesses.

Obama says the new legislation ensures there that will be no more taxpayer bailouts and that Americans won’t have to foot the bill for Wall Street’s excesses.

Congress on Thursday passed the stiffest restrictions on banks and Wall Street since the Great Depression.

The legislation comes almost two years after a tanking financial sector helped trigger a massive downturn in the economy.

The law will give the government new powers to break up companies that threaten the economy and create a new agency to guard consumers in their financial transactions, among many other changes.

 

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July 17, 2010       I had an occasion to sit in Morris County court today from 9am – 3pm and I heard a lot of wage garnishment hearings.  I would like you to understand that there are thousands of American’s that have lost jobs and are now just starting to find much lower, part time work.    Please, help me understand how banks that received BILLIONS of tax payers money can then turn around and garnish wages at 10% if you happen to make over $217.00 a week.  I saw mothers with their children begging because they couldn’t afford food, and housing because they lost their jobs, I saw an elderly man stand before the court with a ShopRite bag of medicine, explaining he has fibro Myalasia and diabetes, and he pulled up his pant leg to reveal a bleeding ulcer, and told the court he can’t pay his Capital one bill because they raised his co-pay and Capital one raised his APR, I saw so many of these cases.  I myself was there because my husband and I lost our jobs one week apart from each other in Nov. 2008, I found a part time job this past February making far less than I once had, I have 11 years of customer service, I know 7 different computer systems and I am now wrapping meat at ShopRite, huge difference from just a few years ago.  I must tell you that before I got behind in any bills, I tired to do the responsible thing I contacted all my credit cards and asked if my payment could be lowered, then I called Bank of America and asked about the making homes affordable program in which we were told they showed we had an extra $50 at the end of the month after paying our bills so we didn’t qualify.  Well to make a long story short Bank of America raised my bill from $828.00 to $2,424.00 and said they did it because we asked about the program they automatically escrowed our account, not that we were past due on anything, our taxes were paid up, but they decided to escrow us for future payments.  I’ve written to President and CEO Brian T Moynihan at Bank of America asking him to restore my payments to the original $828, his office contacted me and told me I can’t be let off escrow until I pay them back for the future payments on my taxes, which by the way they escrowed until 2011, but they did tell me they would allow me to pay $896 for 60 months until It is paid off, well the next bill came in at $977 more that what they told me, but I paid it, two days later I get a foreclosure letter in the mail, for another $1,788, and another for $935. So I tried to explain to the judge in Morristown, that I can’t possible pay, Chase bank, until I can get this Bank of America billing and foreclosure  mess straightened out, I explained I needed to save money for a lawyer, which by the way Bank of America is now ignoring his requests and letters.  The judge told me chase wants paid before anyone else gets your money. Plain and simple she told me and all the other AMERICANS there that financial hardship is not a defense for wage garnishment. So as long as your credit card payments are up to date it’s ok as long as you make the payments from under the bridge that you currently reside under!    So tell me Mr. President of the United States of America, how is it Chase bank , Bank of America, Capital One, etcetera have been given billions of dollars from the same people who they are now forcing into the streets and to food pantries. How is this even possible in this country of ours?? I would love for these CEO, Presidents and corporate shumucks to try to support their families on $217.00 a week and then have some one try to take  10% from it.   I know I will probably be receiving another form letter back from you, I’m starting quite a collection, I’ve asked the senators, congressmen ( both sent worthless form letters), judges and a lawyer, I’ve filed a formal complaint with the OCC,  to help solve my Bank of America problem and it’s now 7 months later and things are worse, and all because I asked a question.   So, all I can say is if financial hardship, due to a horrible economy isn’t a reason to stop a wage garnishment then, financial hardship for the banks isn’t a reason to give them BILLIONS of  our tax dollars, which they aren’t  required to disclose, what they are using the money for, corporate jets, multi-million dollar bonus’, lavish million dollar parties and the such.
Do you know how many people can be saved if the banks used even a small portion to pay off some debts owed by people who lost their jobs or here is a crazy idea, the government give the money to the people who are on unemployment.  THAT WOULD BOLSTER THE ECONOMY instead of driving us into the streets and public assistance.  Another funny thought, when I had my other job before the company decided to move out of state because doing business in New Jersey wasn’t viable,  we had income tax refund to look forward to, property tax rebates , and a few perks along the way, that would help us out during the year but then Masses of people lose their jobs and things get real tough and  then to make it even tougher property tax rebates disappear, and so do the rest of the perks, and now if you make over $217 you can lose 10% and you can’t do anything about it.   What you really need to do is, make sure that families have homes and food on the table that is a first priority, not credit card bills.   You need to change the law and make it that if someone comes off unemployment their wages CANNOT be garnished for at least a year, so they can try to re-establish themselves!  Credit card companies, should not be given the legal right to take peoples pay checks , because food and housing are necessities for goodness sake!!!   -

Sincerely,

Kathleen Gearhart

Kgearhart99@aol.com

 

 
  
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3 Comments

  1. Terri Loera says:

    This is a crock hamp is nothing but a joke these banks such as B of a string it along and string it along till they pounce and foreclose and sit back with smiles on there faces a job well done for them then they give themselves apat on the back and big high five to their coherts. nothing has been done to help the American people only alot of hurt and suffering is dished out to them. It ticks me off to hear them say there has been improvements made what about the people who got strung along and screwed? Tell me President Obama are you comfortable is your Family together? I’m sure you are well what about us little people what about all of who weren’t given a chace just strung along and kicked in the teeth tell me what about us? Terri Loera

  2. maria Tsikurios says:

    I recieved the same bull-shit letter from Obama.
    Exactly the same. Lip service is what your getting.
    You know they have a standard letter that they send out, for complaints like ours. Don’t feel special. They’ll take your house too………

    Maria Tsikurios

  3. tonya lovett says:

    Hi I would like to know why it is so hard to get a housing grant for people with no money or a credit card> I’ve tried to get a grant but all they want is a credit card number and i don’t own one i also do not have a bank account i would like to own my own home for me and my son (14) but i can’t afford one I have been trying to get one for the past two years and I have not been abe to succeed at it> I live in a one bedroom apartment and pay 485 a month . I would like to know if there is any way that you can help me with that. I am a 39 year old single mom I’ve also had a heart attack last augest and I’m on several medications I can’t do as much as I used to do in the past. I have been looking for a house for me and my son for the past three years since I’ve been living in this appartment but have had no luck in finding any. So what can you do for me?

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