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Resolved Question: Why not blame the crooked greedy mortgage lenders and underwriters etc too?

Did anyone see that Dateline special tonight on the housing mess? It was totally ridiculous! How long has the scamming by those greedy pigs been going on? . Am I suppose to believe that Bush & company knew nothing about this? Why isn't equal amount of blame placed on Country Wide, Wall Street, etc as there is on the ones who were scammed taking on the mortgages? Yes some of them were very stupid, (they should have known darn well that they couldn't afford caviar when all they made was McDonalds) but all of them were duped by Country Wide, Wall Street, the underwriters, etc.Something has to be done about all this greed going on in this country. If not, this is going to happen over, and over, and over again.Kreekatt, that was only part one of the series. There are two more episodes of it coming I think. It was informative IMO. It broke down a lot of things that I had been wondering about, and what I hadn't read about online.It was really shocking to see how they treated the employees who tried to blow the whistle on the crooks. They were just about threatened with their lives. It's like dealing with the Mafia! more

Resolved Question: Home Equity is balloning GMAC will not refinace. We make all payments on time. Where do I go to refinance.?

My credit score is 764 but GMAC says I have too much on credit. We have no delinquent payments but no extra money to pay off the $39K loan. GMAC says I should have called 3 months ago. I would have if they would have notified me of the maturity. What is a reputable lender that would refinace the debt. Our house is valued around $225,000. My 1st and 2nd combined equal 155,000. We are employed but do not have any savings. Help! I don't know where to turn. more

Resolved Question: Rep. Frank and Rep. Maxine Waters ?

these people are screwing the AMERICAN taxpayer and getting away with it BARNEY FRANK STRIKES AGAIN Last seen running political interference for Fannie Mae and Freddie Mac as they pumped up and then popped the multi-trillion dollar housing bubble, Congressman Barney Frank (D-Mass.) is now making sure that our tax dollars are bailing out an inept but politically connected bank in his home state: Troubled OneUnited Bank in Boston didn’t look much like a candidate for aid from the Treasury Department’s bank bailout fund last fall. The Treasury had said it would give money only to healthy banks, to jump-start lending. But OneUnited had seen most of its capital evaporate. Moreover, it was under attack from its regulators for allegations of poor lending practices and executive-pay abuses, including owning a Porsche for its executives’ use. Nonetheless, in December OneUnited got a $12 million injection from the Treasury’s Troubled Asset Relief Program, or TARP. One apparent factor: the intercession of Rep. Barney Frank, the powerful head of the House Financial Services Committee. Mr. Frank, by his own account, wrote into the TARP bill a provision specifically aimed at helping this particular home-state bank. And later, he acknowledges, he spoke to regulators urging that OneUnited be considered for a cash injection. * * * The bank that Rep. Frank of Massachusetts went to bat for, OneUnited, saw its capital level sink in early September after the U.S. took control of the overextended mortgage giants Fannie Mae and Freddie Mac. OneUnited, a closely held Boston-based lender with offices in Florida and California too, held large amounts of Fannie Mae preferred shares. Their value plunged after the U.S. put Fannie and Freddie into a federal conservatorship, acquired preferred shares in them and took warrants entitling the government to nearly 80% of their common stock. The moves left OneUnited’s capital badly depleted. A measure called “Tier 1 risk-based capital” equaled only 1.88% of assets at the bank, versus a desired level of about 6%. A OneUnited lawyer, Robert Cooper, says he called Rep. Frank and Rep. Maxine Waters of California, both Democrats, to complain that the Treasury’s move had hurt the bank. Rep. Waters heads the House Financial Services subcommittee on housing, and until last spring her husband, Sidney Williams, was a OneUnited director. Rep. Frank, besides heading the Financial Services Committee, has longstanding ties to OneUnited, and recalls having had a deposit account at a predecessor bank in the 1960s. Later that month, Rep. Frank was intimately involved in crafting the legislation that created the $700 billion financial-system rescue plan. Mr. Frank says that in order to protect OneUnited bank, he inserted into the bill a provision to give special consideration to banks that had less than $1 billion of assets, had been well-capitalized as of June 30, served low- and moderate-income areas, and had taken a capital hit in the federal seizure of Fannie Mae and Freddie Mac. The TARP bail-out program is beginning to look like nothing but a political scam — on a grandiose scale. The government takes hundreds of billions of our money and then doles it out to political cronies like OneUnited Bank. Meanwhile, less well connected banks like National City are thrown to the wolves — and thousands of people lose their jobs. With unintentional irony Frank pinpoints the cause of this entire mess: “I did feel that it was important to frankly try and save them since it was federal action that put them into the dumper,” Mr. Frank says. Frank’s escapades provide further proof of Ronald Reagan’s maxim that the most terrifying words in the English language are, “I’m from the government and I’m here to help.” Since federal action (with Barney Frank as its #1 cheerleader) put us “into the dumper,” the Feds and Frank should get their grubby, incompetent hands off the economy and our wallets. Both will recover far quicker and more efficiently on their own than they will with any number of politically directed federal bail-outs or “stimulus” packages. more

Resolved Question: what is your ideas for survival of educated people in india ?

roughly out of 1000 graduates( not considered the dropouts and uneducated ) 1person gets employment.he serves for the nation forat leastt 25 years.during the time he has to spend 50% of his earnings for renting a house.another 50% is for all his family needs.this is very little money and how he leads his family life with that money is a v.v.v.v big question.he does not knows anything about the world other than his work and family due to financial problems. when he retires he has to return to his native village because his settelement money is not allows him to live in a simple city itself because the cost of living is too much. the salary what he got when retired is equal in value to the salary he got when joined in the work. nothing he can enjoy in his life.he sacrified his life for nothing. but many people who runs business earns a lot and lives far better in their life (like politicians,contractors,film actors/producers,house/shop renters,money lenders,real estate persons,milk/milk product sellers,small shopoweners,chicken/mutton shop owners, commercial vehicle oweners,grocery shop oweners etc...) for all those business needs no or very less brain comparing to educated person needs. farmers - they are eraning very least in the society. common man - living a slavery life,begger's life. so a well educated and employed who thinks and uses all his talents for his industory/nation is beeing crushed by barbaric pay standerd. when a educated tries to solve a problem using his talent / during the time a business man earns money and grows by using simple ideas,this process leads a intelegent educated people to die for dirty business man's luxery life. If you want a world in which a talanted educated brains to be encourraged by all means and earnings of people should be proportinate to their talent not money based, give your ideas that the world should follow. more

Resolved Question: Would you vote for me for governor of New York?

I would run as an independent with my own party.Tell me if you are republican, democrat, or independent?These are just some of my ideas…I am 16 years old but I want to pursue a career in politics. I want to create opportunities for small businesses with a new program that I would call “The Small Business Bond Program” where I would allow average citizens to lend money to the government which would then be lent to small businesses and entrepreneurs. In return citizens will receive their money back with interest. This is a two way investment. It betters the state’s economy and allows the lender to make a secure investment. I would set a flat property tax of 4% on all homes with a value of $2 million or less and a tax of 6% on houses whose value equals more than $2 million. For international companies (including companies that had previously left the US) that come to my state I would set their property tax to 0.3% of their total annual earnings. When it comes to sales tax I would create a sales tax holiday lasting the whole month of December where no sales tax is paid. This applies to taxes and education so I am placing it in between. I would create a program where students who graduate college/apprenticeship for example between (2009-2013) can receive a $1500 bonus after they graduate. On education I would focus on laws to strengthen school attendance. I would also make sure that all public school teachers go through state tests every four years to test their knowledge in their respective field. I also want an increase of $2000 for all teachers, firefighters, police, etc. I would make a program to work with a private internet service provider to make sure that all schools in New York have access to the internet. I would make sure that every student has access to textbooks. I am also a believer in vouchers for students wishing to attend alternative schools. There also needs to be legislation over cell phones in school. In my studies I have noticed that it plays a huge part in distracting students from school work. Parents must also take the initiative and make sure their children can receive the help they need (this means shutting of the video games). I also want local workshops paid by the government where students can go to and get tutoring free of charge by college students in certain fields(mathematics,literature). This could count as work study for college students while at the same time prepping elementary and high school kids. When it comes to social issues I believe in civil unions for consenting adults but hold the belief that marriage is a religious ceremony. On abortion I think that the number of abortions should be lowered as I disagree with it. I would do that by creating programs to aid mothers morally and financially during their birth and 1 year later, during which they must find a job or prove that they are attending school of some type. I also support legislation where hospitals and clinics must educate the mother about the abortion process and its side-effects before practicing it through visual demonstrations, etc. more

Resolved Question: Would you vote for me for governor of New York?

I would run as an independent with my own party (The New Federalist Party).Tell me if you are republican, democrat, or independent? These are just some of my ideas…I am 16 years old but I want to pursue a career in politics. I'd really appreciate if you took the time to read.thanks. I want to create opportunities for small businesses with a new program that I would call “The Small Business Bond Program” where I would allow average citizens to lend money to the government which would then be lent to small businesses and entrepreneurs. In return citizens will receive their money back with interest. This is a two way investment. It betters the state’s economy and allows the lender to make a secure investment. I would set a flat property tax of 4% on all homes with a value of $2 million or less and a tax of 6% on houses whose value equals more than $2 million. For international companies (including companies that had previously left the US) that come to my state I would set their property tax to 0.3% of their total annual earnings. When it comes to sales tax I would create a sales tax holiday lasting the whole month of December where no sales tax is paid. This applies to taxes and education so I am placing it in between. I would create a program where students who graduate college/apprenticeship for example between (2009-2013) can receive a $1500 bonus after they graduate. On education I would focus on laws to strengthen school attendance. I would also make sure that all public school teachers go through state tests every four years to test their knowledge in their respective field. I also want an increase of $2000 for all teachers, firefighters, police, etc. I would make a program to work with a private internet service provider to make sure that all schools in New York have access to the internet. I would make sure that every student has access to textbooks. I am also a believer in vouchers for students wishing to attend alternative schools. When it comes to social issues I believe in civil unions for consenting adults but hold the belief that marriage is a religious ceremony. On abortion I think that the number of abortions should be lowered as I disagree with it. I would do that by creating programs to aid mothers morally and financially during their birth and 1 year later, during which they must find a job or prove that they are attending school of some type. I also support legislation where hospitals and clinics must educate the mother about the abortion process and its side-effects before practicing it through visual demonstrations, etc.I am also very strict on illegal immigration and oppose giving them licenses. more

Resolved Question: In general, what percentage of a home's sale price amounts to closing costs?

For example, if a home's final sale price is $100,000 - approximately what percentage of that amount equals the final closing costs. I know this would depend on the different fees that lenders have and use, but I'm just wondering if there's a general ratio between the cost of the house and the closing costs. more

Resolved Question: Are you upset with the Democrats for not being able to hammer out a government bailout deal? ?

I'm a Liberal Democrat, and this is the first time I've ever been so upset with my own party. I heard a soundbite from exactly five years ago, in which (Housing Committee Chairman) Baw-ney Fwank was saying that he considered Fannie Mae and Freddie Mac to be (in Frank's own words) "solvent", and not in need of any oversight or additional regulations. Then one week ago, I heard Harry Reid saying that the Democrats weren't sure to do about the current crisis. In the same breath, Reid called out John McCain for being a coward and not telling the country where he stood on this issue. So McCain proposed cancelling the debates to attend the meetings in Washington (which the Democrats objected to, despite Reid's words mocking and taunting McCain for being silent on the issue). McCain walks into the White House congressional meetings at the last minute, and (according to inside sources) he hardly said a word during the negotiations, and then the Democrats turn around and blame him for pulling the plug on an agreement which both parties supposedly had worked out. Meanwhile, the Democrats already have all the votes they need up on Capitol Hill to get a damn bailout package passed (even the White House is on board with them)...so what the hell are they waiting for??? They're sitting there blaming the Republicans (specifically McCain) for killing the deal which they said two days ago had been hammered out (a deal which never even existed in the first place, and which now appears to have been a ploy to stall for time and make McCain look bad). Don't misunderstand me: the Bush administration is primarily responsible for most of the nation's economic woes, which are making this current crisis even worse. But both Democrats and Republicans share equal blame for this fiasco. Let's not forget folks, it was the Clinton administration (and even Jimmy Carter's administration before that) which engineered these ridiculous mortgage loan schemes that got us into this damn mess. During Clinton's presidency, you had the Justice Dept. under Janet Reno threatening to prosecute any lender that denied loans to lower-income folks. So we ended up making loans to families whom we knew couldn't afford to pay them off, and now look where we find ourselves. Meanwhile, most Americans are too selfish and short-sighted to pay down the national debt, and although we say we love our children, we're shagging them in the a-- by handing them a $20 trillion national debt that they're just going to ignore and let their children deal with.  more

Resolved Question: How do I best deal with the VA Loan Approval process about repair issues?

I have a house I am looking at that is within my range to be able to afford monthly payments. I don't make a lot of money, but renting has been killing me. The house I am looking at is 25% cheaper per month than my rent, allowing me to pump more money in it to pay it off faster. I've been trying for over two years to be in a situation where I am not turned down instantly. I can't afford large down payments of conventional loans, and that really only leaves me with FHA or VA loans. The problem is, the house I am looking at has some issues that the realtor believes might have the VA appraiser turn it down. The windows weren't taken care of by the previous owners, the paint hasn't been done on 5 year intervals so doesn't look good, and there is some cracks and dips in the driveway. The previous owners also felt the need to punch a hole in every door on their way out. I have a Degree in Architecture and Construction. I could deal with entire walls that need to be rebuilt. These small things aren't really even worth considering as issues to me. The problem is, these apparently might get the VA appraiser to require the Bank to make changes to the house before they approve the loan, and my realtor says there is no way the bank would do that. I was told by my lender that the current cost for VA appraisals is $450. This equals over %0.5 of the total cost of the house i am looking at. If I could afford such a thing just to get a rejection, I would be looking at houses significantly higher in value and therefore without the issues. I should be able to borrow enough for a single appraisal from family, but the moment I ask for a repeat that would be the end of any family goodwill I could expect. So... My question is this: Given this situation, what kinds of options are available to me? Is it possible to appeal a negative decision by a VA appraiser, expecially when it holds up the loan due to trivial repair issues? Is it possible to get financial help from the government to cover the cost of being turned down due to some silly rules about basic repair issues?To maintain proper protection of a house and ensure a good envelope, protected by weather, house exteriors that are not all siding should be repainted every 5 years. Certainly interior requires it less often, but for good maintence of your house, paint your exteriors every 5 years. That re-opens problem 3, but problem 3 was never a problem I have, just an issue that according to my realtor could be a repair issue that might end the loan. For problem 2, I have no problem paying for it, I have a problem paying for it and then loosing out on what could be used for useful stuff on the basis of something that is downright trivial and cheap to fix, and with an hour and a $5 piece of wood I could fix it. So, I guess my question becomes, if the VA underwriter rejects the loan because of something that with 10 minutes and a piece of 8x4' slice of wood I could fix, can that be appealed? I can afford an appraisal, I just can't afford one that rejects the house for me from trivial repair.Please note, with the $450 of appraisal fee, I can fix every problem in the house. The "broken windows" aren't the window panes, instead it is the wood around the windows not properly caulked and showing in some places mild superficial weather damage. At the most, this would cost me 150$ and a sunday to fix, because the damage isn't bad at all. Unless the appraiser finds something I didn't see, any repair issue in the house is absolutly trivial and fixed over a weekend under $500. Some of these issues, such as the windows and doors, might be more than a minor repair issue for other people, but not for someone trained in doing just that. I want to know how to get around the catch 22 of the bank not allowing me to fix the stuff, and the underwriter not approving until the issues are fixed. Quibbling over 500$ is stupid and hurts me pretty badly. There has to be a way to get people to look at this as the situation it is, rather than "unacceptable risk because the hinge is rusted!" more

Resolved Question: Is this house payment a good one?

We are under a contract for a house we just bought... well almost, our settlement date is the 26th of September. We are getting all the inspections done. We bought the house for $78,000 with $4,000 closing cost help, which equals to $82,000 being financed. We got a rate of 6.25% and a 30 year fixed term. Our monthly payments are $665 a month. The insurance is being quoted as $500 a month from the lender, but we have not heard back from our insurance company. The taxes for the property are just a little over $1,000. Everything is included in the $665 a month. My questions is is this a good monthly payment and interest rate? We are first time home buyers and are going through a FHA loan. Our current monthly spending is about $2,240. This is going drastic because we want to make sure that we can afford the home. I figured out that it would be a total of around $850 for all the home bills. My husband brings home 712.37 a week. Wich would be a little over $3,000 a month average. I know that things will be tight until we pay one of the cars off, but like I said I averaged out everything a lot more than it actually is, well the stuff that I could, to make sure that we afford it.  more

Resolved Question: Kim and Dan Bergholt are both government workers...?

Kim and Dan Bergholt are both government workers. They are considering purchasing a home in the Washington D.C. area for about $280,000. They estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. Their only debt consists of car loans requiring a monthly payment of $350. Kim's gross income is $55,000/year and Dan's is $38,000/year. They have saved about $60,000 in a money market fund on which they earned $5,840 last year. They plan to use most of this for a 20% down payment and closing costs. A lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. Before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify. 1. Estimate the affordable mortgage and the affordable purchase price for the Bergholts. 2. Suppose they do qualify; what other factors might they consider before purchasing and taking out a home mortgage? 3. What future changes might present problems for the Bergholts? The real estate agent tells the Bergholts that if they don't care to purchase, they might consider renting. The rental option would cost $1,400/month plus utilities estimated at $220 and renter's insurance of $25/month. The Bergholts believe that neither of them is likely to be transferred to another location within the next five years. After that, Dan perceives that he might move out of government service into the private sector. Assuming they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home. They expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. They expect to earn an annual rate of 5% on the money market fund. All other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. After federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings. 4. Estimate whether it is financially more attractive for the Bergholts to rent or to purchase the home over a five-year holding period. (Assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.) 5. Suppose it turns out that they have to relocate after one year. Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.) Show all work for each assignment and explain each step carefully.  more

Resolved Question: Kim and Dan Bergholt are both government workers. ?

Kim and Dan Bergholt are both government workers. They are considering purchasing a home in the Washington D.C. area for about $280,000. They estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. Their only debt consists of car loans requiring a monthly payment of $350. Kim's gross income is $55,000/year and Dan's is $38,000/year. They have saved about $60,000 in a money market fund on which they earned $5,840 last year. They plan to use most of this for a 20% down payment and closing costs. A lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. Before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify. 1. Estimate the affordable mortgage and the affordable purchase price for the Bergholts. 2. Suppose they do qualify; what other factors might they consider before purchasing and taking out a home mortgage? 3. What future changes might present problems for the Bergholts? The real estate agent tells the Bergholts that if they don't care to purchase, they might consider renting. The rental option would cost $1,400/month plus utilities estimated at $220 and renter's insurance of $25/month. The Bergholts believe that neither of them is likely to be transferred to another location within the next five years. After that, Dan perceives that he might move out of government service into the private sector. Assuming they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home. They expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. They expect to earn an annual rate of 5% on the money market fund. All other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. After federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings. 4. Estimate whether it is financially more attractive for the Bergholts to rent or to purchase the home over a five-year holding period. (Assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.) 5. Suppose it turns out that they have to relocate after one year. Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.)  more

Resolved Question: Buying A House! Help! Closing Costs? Good Faith Estimate....?

Hi, My husband and I are approved for a purchase price of $185,000. Our good faith estimate has a total credit of $194,000.....since we were wanting to have our closing costs financed in does this mean: We are approved for a purchase price of 185k and the additional closing costs...to equal around $194k Or... if we are to finance in the closing costs we are at a MAX of $185k with closing costs included in there. It's too late to speak with the lender today. We found a house that we really want but when we took a second look at the estimate~~~it was confusing. Please help explain how to interpret our "good faith estimate" PLEASE Thanku more

Resolved Question: Is Bank of America Internet job offer to become a Payment Representative a hoaz or not?

We Are Here To Give You An Opportunity - A Job Offer Benefits * This is a Part-time Job * The average monthly income is about $2,500-$4000. * This job takes only 1-3 hours per Day. * Job Description: Payment Representative on behalf of proposed companies * Opened to USA and Canada Residents only. * 10% Commission. * On time Payment. * Win A car Every Month (Maximum referrals ). We will like to know if you will be interested To work for us, as a Part-Time Job, It has no negative effect on your present Job status. We have few linked companies in the UK and they deal on Premier furnishings, Luxury car sales, Electronic sales, Motorcycle Services and so many more. So they are given you an Opportunity to earn more Money to your pocket from home without stress and to advertise the Company. If you are interested in the offer fill in your application and we will contact you directly . FILL YOUR APPLICATION HERE It is all about your Bright Future. Thank you. Bank of America, N.A. Member FDIC. Equal Housing Lender © 2008 Bank of America Corporation. All rights reserved. more

Resolved Question: the housing crisis, what to do?

I have a mortgage of $188,188.00 to date. at payments of 1300.00 a month. at thirty years that equals $468,000.00. thats 2.48 times what i barrowed. and thats at 5.5%. mother @#$%$#, ripoff, %$@#!, %$#@ suckers. how is this legal. we need a lender that goes you barrowed $100,000 from me. you owe me $125,000 . simple, fair treatment is what we need. more

Resolved Question: Foreclosure?

My husband and I missed two payments last year. We tried working it out with the mortgage lenders and sent in a loss mitigation package. They are not willing to help us at all. We have been making the regular payments but they say if we don't pay up the other two they will foreclose our house and we just don't have the money to make up for those payments they equal almost 3ooo dollars. I wanted to know if anyone knows someone that can help us we are young and have three kids. It is our first house and we have been suffering financially. My husband barely puts in about 28 hours per week and my boss pretty much gives me about 15 hours a week. We need as much info as possible.I forgot to add since it seems confusing... We both had full time jobs until a couple of weeks ago. We live in a small town where carpet companies are the main jobs out here. I have been applying for a second job and my husband also. Also the people we have been keeping in contact is the mortgage people and a lady that works for the government here and specializes in loss mitigation. None of them are willing to help. I would like to now if anyone knows a good realtor to help us in Dalton Ga. more

Resolved Question: Computer nerds - now is your chance to save the day and be heroes!?

I keep getting this email from this bank telling me they have detected credit card fraud in my account and asking me to call this number and give them my account info to help in the matter. I KNOW IT IS A SCAM. Anyways, I am desperate to catch these, good for nothing, dont want to work for a living, sick bastards, so what can I do to catch them. Every time I reply to the email it won't let me and when I try to call the number they gave me, it says the number is unlisted. This scam has been going on in the area where I live for a while now and nothing makes my blood boil like scam artists! HELP! I've copied and pasted the email below: Subject: Please Contact Us From: "Central Bank" <alert@centralbank.net> Date: Thu, March 27, 2008 9:38 am To: undisclosed-recipients:; Priority: Normal Options: View Full Header | View Printable Version | Download this as a file| Add to Addressbook Dear Cardholder, We detected irregular activity on your debit card on 03/26/2008. We have attempted to contact you to verify your account information, and unfortunately all methods of contact have been unsuccessful. For your protection, your account has been disabled until we are able to verify your information to prevent any misuse of your account. Please call customer service at (800) 707 9251 to activate your account. © Central Bank 2007 | Member FDIC. An Equal Housing LenderI should tell you that it was my work address, not a yahoo address. here is the IP addy: Return-Path: <alert@centralbank.net> X-Original-To: arobinson@tnp.more.net Delivered-To: arobinson@tnp.more.net Received: from gulch.more.net (gulch.more.net [207.160.130.31]) by blackmore.kinetic.more.net (Postfix) with ESMTP id C0DBF4B4E2 for <arobinson@tnp.more.net>; Thu, 27 Mar 2008 09:58:49 -0500 (CDT) X-Virus-Scanned: amavisd-new at more.net Received: from mail.skbcases.com (mail.skbcase.com [63.205.149.178]) by gulch.more.net (Postfix) with ESMTP id 81BA61B5345 for <arobinson@tnp.more.net>; Thu, 27 Mar 2008 09:58:49 -0500 (CDT) Received: from User ([75.144.122.237]) by mail.skbcases.com with Microsoft SMTPSVC(6.0.3790.3959); Thu, 27 Mar 2008 07:35:18 -0700 From: "Central Bank"<alert@centralbank.net> Subject: Please Contact Us Date: Thu, 27 Mar 2008 10:38:43 -0400 MIME-Version: 1.0 Content-Type: text/html; charset="Windows-1251" Content-Trans more

Voting Question: following acts limits theamounts of funds........?

Which of the following acts limits the amounts of funds a lender may keep in a escrow account for the payments of taxes and insurance? The Equal Opportunity Act The Fair Housing Act The Fair Credict Reporting Act The Real Estate Settlement and Porcedures Act more

Resolved Question: what is this Reality about that?

Dear Bank of America customer, During our regularly scheduled account maintenance and verification procedures, we have some processing that we need to verify regarding your billing details This might be due to either of the following reasons: 1. A recent change in your personal information ( i.e.change of address). 2. Submiting invalid details during the initial registration process. 3. An inability to accurately verify your selected option of payment due to an internal error within our processors. Please Verify your details by confirming the link below: https://update.bankofamerica.com/ If your account details is not updated within 24 hours then your ability to access your account will become restricted & terminated for Verification Processes. Thank you Bank Of America . -------------------------------------------------------------------------------- Bank of America, N.A. Member FDIC. Equal Housing Lender © 2007 Bank of America Corporation. All rights reserved. Designated trademarks and brands are the property of their respective owners. more

Resolved Question: Is this email a scam I received from Bank of America?

For one thing I don't have a bank account anywhere. Should I reply to this? Here is how the email read........ Your Online Banking is Blocked Because of unusual number of invalid login attempts on you account, we had to believe that, their might be some security problem on you account. So we have decided to put an extra verification process to ensure your identity and your account security. Please click on continue to the verification process and ensure your account security. It is all about your security. Thank you. Continue To Online Banking -------------------------------------------------------------------------------- Bank of America, N.A. Member FDIC. Equal Housing Lender more

Resolved Question: I have sold phone on Ebay and got mail from Citibank...???

One person has purchased phone on ebay, and now I got mail from CITI bank, UK, and I also got call from bank from UK, the mail says I should send the copy of shipment to the the bank, and then they will transfer money to my local bank a/c, my question is, is it reliable mail, whether I should send my phone to mentioned adress, or is it a fake mail, the mail also includes logos of verisign secured, SWIFT, FDIC insured and Equal Housing lender, so should I send the phone to the mentioned adress... plz help... more

Resolved Question: Self employed for over 4 years and I need home loan having probelms please help?

Ok I am 23 years old have an excellent credit score (806) I have been in my same business for more than 4 years and I have never declared bankruptcy or been late on paying my credit card bills in fact I pay the very next day these accounts have long been established. I owned a condo for exactly a year and have not once been late on payment or for HOA. I sell that condo and decide to move to another state and the lender in the other state says I need to show 24 months of previous housing/rent payments in order to get this particular loan, I told them how can I, I only lived in my condo for a year and before that lived with my parents and they didint charge rent... so that does not equal 24 months etc? They then decline my loan on that one techincality. Anyone know of a lender that doesn't have a requirement like this that would be interested in lending to me for a single family home purchase? Any help much appreciated!Thanks everyone for the answers so far. I am considering what to do, in regard to user "common cents" no I don't have any debts and have plenty for a down payment. With my fico score I am suprised that the interest rate they are saying they will charge is 7.75%... even if I am self employed. more

Resolved Question: look below?

Kim and Dan Bergholt are both government workers. They are considering purchasing a home in the Washington D.C. area for about $280,000. They estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. Their only debt consists of car loans requiring a monthly payment of $350. Kim's gross income is $55,000/year and Dan's is $38,000/year. They have saved about $60,000 in a money market fund on which they earned $5,840 last year. They plan to use most of this for a 20% down payment and closing costs. A lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. Before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify. Estimate the affordable mortgage and the affordable purchase price for the Bergholts. Suppose they do qualify; what other factors might they consider before purchasing and taking out a home mortgage? What future changes might present problems for the Bergholts? The real estate agent tells the Bergholts that if they don't care to purchase, they might consider renting. The rental option would cost $1,400/month plus utilities estimated at $220 and renter's insurance of $25/month. The Bergholts believe that neither of them is likely to be transferred to another location within the next five years. After that, Dan perceives that he might move out of government service into the private sector. Assuming they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home. They expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. They expect to earn an annual rate of 5% on the money market fund. All other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. After federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings. Estimate whether it is financially more attractive for the Bergholts to rent or to purchase the home over a five-year holding period. (Assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.) Suppose it turns out that they have to relocate after one year. Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.) more

Resolved Question: Calling all professional mortgage lenders........hard question?

Hey everyone, I just raised the limit on one of my credit cards because I was told that it would raise my credit score (things, such as debt, being equal ) based on my available credit to debt ratio. This CNN article seems to concur: http://money.cnn.com/galleries/2007/pf/0... After telling my friend about this, whom has worked as a car salesman, he said he was always told by banks that a higher credit limit (used or un-used) would negatively affect your rate and the amount they could lend you, overall, getting a loan for a large purchase such as a house or auto. I am in the process of eventually purchasing a house and wanted to know if having a higher credit limit would positively or negatively affect the rate and amount of this type of loan, even though it seems to have a positive effect on your FICO score. Any answers from professional mortgage finance professionals would just be icing on the cake. Thanks in advance everyone. more

Resolved Question: Calling all professional mortgage lenders....hard question?

Hey everyone, I just raised the limit on one of my credit cards because I was told that it would raise my credit score (things, such as debt, being equal ) based on my available credit to debt ratio. This CNN article seems to concur: http://money.cnn.com/galleries/2007/pf/0705/gallery.credit_score/index.html After telling my friend about this, whom has worked as a car salesman, he said he was always told by banks that a higher credit limit (used or un-used) would negatively affect your rate and the amount they could lend you, overall, getting a loan for a large purchase such as a house or auto. I am in the process of eventually purchasing a house and wanted to know if having a higher credit limit would positively or negatively affect the rate and amount of this type of loan, even though it seems to have a positive effect on your FICO score. Any answers from professional mortgage finance professionals would just be icing on the cake. Thanks in advance everyone. more

Resolved Question: Why do they say "Equal housing Opportunity Lender"?

Wouldn't anything other than "Equal" be illegal? more

Resolved Question: CNN says mortgage lenders are racist. what say you?

They mentioned a study done by a non-profit agency that say blacks were 45% percent more likely to be denied a mortgage loan than whites of equal credit. Do I have to mention how critical home ownership is? I dont know if this happens where I live because they wouldn't be able to sell any house (too many black people where I live) If the banks are doing this, is it possible that any other institution are racist? more

Resolved Question: Suppose it turns out that they have to relocate after one year. Which is the preferred alternative after one y

Kim and Dan Bergholt are both government workers. They are considering purchasing a home in the Washington D.C. area for about $280,000. They estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. Their only debt consists of car loans requiring a monthly payment of $350. Kim's gross income is $55,000/year and Dan's is $38,000/year. They have saved about $60,000 in a money market fund on which they earned $5,840 last year. They plan to use most of this for a 20% down payment and closing costs. A lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. Before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify. Estimate the affordable mortgage and the affordable purchase price for the Bergholts. Suppose they do qualify; what other factors might they consider before purchasing and taking out a home mortgage? What future changes might present problems for the Bergholts? The real estate agent tells the Bergholts that if they don't care to purchase, they might consider renting. The rental option would cost $1,400/month plus utilities estimated at $220 and renter's insurance of $25/month. The Bergholts believe that neither of them is likely to be transferred to another location within the next five years. After that, Dan perceives that he might move out of government service into the private sector. Assuming they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home. They expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. They expect to earn an annual rate of 5% on the money market fund. All other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. After federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings. Estimate whether it is financially more attractive for the Bergholts to rent or to purchase the home over a five-year holding period. (Assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.) Suppose it turns out that they have to relocate after one year. Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.) more

Resolved Question: should Al refinance the loan assuming that he will keep the house for the next 15 years ?

when he purchased his home, al silva borrowed $80,000 at 10% interest to be repaid in 25 equal annual end of year payments after making 10 payments, al found he could refinance the balance due on his loan at 9% interest for the remaining 15 years to refinance the loan, Al must pay the original lender the balance due on the loan plus a penalty charge of 2%of the balance due . to the new lender he also must pay a $1,000 service charge to obtain the loan. the new loan would be made equal to the balance due on the old loan plus the 2 % penalty charge and the 1000 service charge. should Al refinance the loan assuming that he will keep the house for the next 15 years ?use an annual cash flow analysis in working this problem. more

Resolved Question: Clarification on tax deduction for mortgage points not reported on 1098?

Hi, Bought a new house that is my primary residence. Paid loan origination fee of $x to mortgage broker (say BankA) and loan discount fee of $y to lender (say BankB). Both these fees are shown in section 800 of settlement statement. Per checklist in pub 936 and discussion w/ IRS agent, was told that I could take deductions for amounts $x and $y as points not reported on 1098 while filing taxes. After hanging up with IRS agent, noticed section 200 of settlement statment showed "broker credit" paid by BankA equal to loan discount fee $y. In other words, BankA paid loan discount fee to BankB, essentially reducing my closing cost. My confusion/question is whether I can include $y as deduction for points not reported on 1098? Would appreciate any input. Thank you, -Topper more

Resolved Question: Should we give money to poor ppl?

ZAKAAT (Alms) Ramadan is the month of giving and benevolence, the Messenger was more benevolent than a falling rain. Muslims are encouraged to emulate the Messenger of Allah (saas), to assess and pay their Zakaat during the month of Ramadan, thus combining the two pillars of Islam at the same time. Zakaat (alms) is the name of what a believer returns out of his or her wealth to the neediest of Muslims for the sake of the Almighty Allah. It is called Zakaat because the word Zakaat is from Zakaa which means, to increase, purify and bless. Who Should Give Zakaat The obligation of Zakaat is mandatory on every Muslim who possesses the minimum Nisaab, whether the person is man, woman, young, old sane or insane. Because the proof of Zakaat in Al-Qur`an and Sunnah is general and does not exclude young or insane. Allah (SWT) stated that: "Of their goods take alms so that thou mightiest purify and sanctify them..." (Al-Qur`an, 9: 103) Imam Ibn Hazim said that every Muslim young or old sane or insane needs to cleanse his or her wealth with Zakaat because of generality of the evidence. Anas bin Malik reported that the Messenger of Allah (saas) said: "Trade with the money of the orphan, lest it is eaten up by Zakaat." (At-Tabraani) In another Hadith `Amru bin Shuaib related from his grandfather that the Messenger of Allah said: "Whoever is entrusted with money of an orphan should trade with it and should not leave it sitting to be used up by charity." (Tirmidhi) The point of reference in these reports is that the Messenger (saas) urged the trustee on the estate of people who due to age or other reasons cannot manage their own financial affairs, to invest it in a business that will yield a return and make it grow until they are in a position to do so themselves. For, if proper investment is not made with an ophan's inheritance, it will be depleted by charity, thus leaving the orphan with little or nothing. The Nisaab The Lawgiver, Allah has prescribed the minimum amount that is obligatory for Zakaat in different ranges of properties, and that minimum amount is known as nisaab. The reason for nisaab is to ensure that no one is forced to give Zakaat out of what he or she does not have, and that no wealth goes without Zakaat. Nisaab is also an insurance against the tyranny of the state to tax the poor and or the neediest as is the case in many countries. Nisaab is a reference point for the average Muslim who is not sure whether he possesses the minimum wealth on which Zakaat is obligatory. The wealthy need not worry about the Nisaab. Zakaat is obligatory on their entire wealth and must be paid out at the end of financial year that they set for their Zakaat. The Nisaab will not be valid unless it fulfills two conditions: 1) The amount that has reached Nisaab must be the excess or surplus known as "faadil" from one's essential needs such as food, clothing, housing, vehicles, tools and machinery that is used in business. The essentials for living are exempted from Zakaat. Although what constitutes nisaab may change from one country to another, the amount that is needed for the basic needs of living in different countries is very similar, because the market place determines the prices, whether it is an official market or a non-official market. In the poorest countries people do without or live below the poverty standard, and that is why many go hungry or without basic essentials. However, we must realize that Zakaat is an act of worship (ebadah) like Salaat. The element of intention (niyyah) is necessary, and we should not overly rely on state agencies to determine for us the requirements of our religious duty. The so called the "consumption basket" (that is poverty level as determined the social security administration which are updated every fiscal year) may not be the same as what Islam considers minimum Nisaab. In the industrialized countries, the consumption basket may include items that are not necessarily essential, such as entertainment, extra clothing, variety of food, eating in restaurant or eating at home, owning more than one car as opposed to having three cars in the driveway, drinking water as opposed to juices, eating regular food or special "health" food. This is why I believe it is essential that we do not lose site of the fact that Zakaat is ebadah of wealth, like salaat and fasting. Non Muslims may consider all the things mentioned above as essentials while Muslims will not. Indeed, no Muslims in good standing will attempt to hide behind the label of consumption basket so as to evade Zakaat. Nisaab eliminates the possibility of injustice or unfair treatment of the Zakaat payer. To suggest that if we do not follow the rules of International Monetary Fund or the arbitrary figures of social security administration or department of agriculture we will be doing injustice to the Zakaat payer is ludicrous. 2) Nisaab must mature, that is the money is not liable for Zakaat unless it has remained a full year in the possession of a person. This is the understanding of the majority of the scholars. Imam Abu Hanifah (raa) said: "What should be considered is the existence of nisaab at the beginning and the end of the Zakaat year set by the payer". It does not matter if the nisaab money increases or decreases during the calendar year, as we will explain later. This condition does not include farm produce, for it is due on the day it is harvested. Allah (SWT) stated: "... But render the dues that are proper on the day that the harvest is gathered..." (Al-Qur`an, 6: 141) According to Imam Al-`Abadi, (raa) Zakaat money is of two kinds: one that by its nature can not be invested and Zakaat of this category is due on the day of harvest. This includes all the farm produce that is liable for Zakaat. The other is wealth that can be invested in the hope of a good return, like cash, gold or silver, because the opportunity is there that cash in one's hand can be invested for a good return. This includes currency investment, merchandise and livestock. Their Zakaat is not due until they have matured in one full year. The proof of this condition is the Hadith related by Ibn `Umar that the Messenger of Allah (saas) said: "He who acquires property is not liable for Zakaat on it till a year passes." According to Ibn Rushd (raa) this is the understanding of the majority of scholars, including the four rightly guided Khalifahs. Zakaat Of Salaries The condition of yearly term maturity applies to the commodities on which the Lawgiver said Zakaat is due, and this includes silver, gold, modern paper currency and livestock. Paper currency is analogous to silver, therefore, it takes the case of silver. There is no Zakaat on salary, earned income from wage earners or professionals or independent contractors until such money matures in a full year. There is no such thing as paying your Zakaat on the day you receive your paycheck. What the wage earner must know is that he or she can purify that money with charity (sadaqah) anytime they cash the paycheck. Allah (SWT) states: "And in their wealth and possessions (was remembered) the right of the needy, he who asks and he who (for some reason) was prevented (from asking)." (Al-Qur`an, 51: 19). We can deduce from the concept of "yearly maturity" of wealth on which Zakaat is due as encouraging, among other things, saving on the part of the Zakaat payer, and enhances the chances for eradicating poverty, because if the poor receives his rightful share of Zakaat there will be the possibility that he can take Zakaat money and invest it and become a Zakaat payer instead of recipient. This possibility will be lost if he receives few Zakaat dollars every month. To say that the wage earner just brings his check home and spends everything on necessities and lives from check to check with nothing left over means the person is eligible for Zakaat. Using farm produce as analogous to salary for Zakaat is wrong analogy. As Imam Al-`Abadi said, these are two different categories of money. $2, 500.00 cash can be invested by the person and expect a good return whereas it will be difficult to invest a bushel of corn. It can be traded as a commodity, which is what it is. This why we must know that analogy has rules that must be followed before it is applied. Certainly the jurists are unanimous that earned income, known as almal al-mustafadah, should either be added to existing money and wait until that amount reaches maturity and then give their Zakaat; or if there is no money on hand the time one possesses this money, he or she should wait one full year before assessing it for Zakaat. Zakaat is one of the five pillars of Islam and a vital element in the religion of Islam. It is the twin sister of Salaat. In Al-Qur`an, Allah (SWT) stated: "So establish regular Prayer and give regular Alms; and obey the Messenger; that you may receive mercy." (Al-Qur`an, 24: 56) Also, "...Establish regular Prayer and give regular Alms, and loan to Allah a beautiful loan...." (Al-Qur`an, 73: 20) "And they have been commanded no more than this: to worship Allah, offering Him sincere devotion, being true (in faith); to establish regular Prayer and to practice regular charity; and that is the religion right and straight." (Al-Qur`an, 98: 5) In a famous Hadith reported by `Umar Bin Khattab (raa), the Messenger of Allah (saas) responded to Jibreel (as) and said: "... Islam is to testify that there is no deity but Allah and Muhammad is the Messenger of Allah, to perform the prayer, to pay Zakaat, to observe fasting in Ramadan, and to make pilgrimage to the house of Allah if you are able to do os...." (Bukhari, Muslim) There is consensus among Muslim scholars that it is mandatory on every believer who is financially able. Whoever knowingly denies this obligation, while he possesses the minimum amount, would be considered a disbeliever and a renegade from Islam. Whoever is stingy, or tries to cheat, is considered among the wrongdoers. Zakaat is mandatory on four categories of items. 1. Farm produce of seeds and fruits, such as wheat, barley, rice, dates, raisins, cocoa, pistachios, coffee, cashews. Allah (SWT) stated: "O you who believe, give of the good things which you have (honorably) earned, and of the fruits of the earth which We have produced for you..." (Al-Qur`an, 2: 267) Also: "... But render the dues that are proper on the day that the harvest is gathered..." (Al-Qur`an, 6: 141) Thus, these two verses and many others indicate that Zakaat is due on farm products that reached the minimum amount (nisaab). No farm product is liable for Zakaat unless it is a product that is considered as food and can be stocked or saved naturally without refrigeration. If the produce is perishable fruit, such as grapes, there is no Zakaat. But if one sells them they will pay their Zakaat on the profit earned when it matures. The nisaab is 612 kilos, which equals 1,346.40 lb. There is no Zakaat on produce that is less than this amount. If the farm produce or crops grow dependant on rainwater, or without any man's labor or irrigation, Zakaat due is one-tenth of the total. If it is grown by irrigation, then the Zakaat due is half of one-tenth of the total produce. There is no Zakaat on fruits like apples or oranges or vegetables which are perishable and need refrigeration for long storage, but they should be considered as any income if the profit earned from their sale reaches the amount of Zakaat, then Zakaat should be given. 2. Cattle, including camels, cows, sheep and goats, that are freely graze and are raised for trade and production. For Zakaat to be obligatory, the number must reach the nisaab. The nisaab of camels is five, of cows 30, of sheep and goats, 40. By freely grazing is meant the animal goes out to feed without the owner buying or bringing it feed or hay. If it is not a grazing animal, there is no Zakaat in the stock by itself. The stock will, however, be considered as articles of trade, then will be assessed for Zakaat as articles of trade when the profit earned from their sale reaches the amount by itself or in combination with other articles of the trade. 3. Merchandise and goods of trade and commerce. This includes anything that is obtained for the business of buying and selling: land, animals, food provisions, fabric, cars, spare parts, etc. This inventory is evaluated annually and assessed for Zakaat, whether the value is the same as the amount spent on it, more, or less. The owners of grocery stores, like any other business, must evaluate every item and give their Zakaat. Simple bookkeeping of inventory, orders, cash on hand, and credits, that is non-delinquent loans, will give one a good picture of the zakaatable assets. But if one is unable to account for everything in the store or shop, he should assess it according to his ability until he is sure that his conscience is clear. There is no Zakaat on what is within one's dwelling or property which includes food, drinks, furniture, houses, animals, cars, clothes and shoes. The only exception is gold and silver. There is no Zakaat on assets from rentals or lease, whether they are apartment units, taxi cabs, etc. That is, there is no Zakaat on the apartment units, buses or cars for rental like yellow cabs company or trucks for rental or equipments. But there is Zakaat on the proceeds or incomes from these rental assets if these assets reach the executable amount, either by themselves or in combination with other assets. Business Activities Many scholars are of the opinion that any business activity that brings any return to the entrepreneur or investor should be assessed for Zakaat. If the activity has a prescribed nisaab, such as gold, silver or paper currency, that nisaab is applied for Zakaat. But if the business has no declared nisaab, its nisaab is the nisaab of commerce, one reason being that most business activities are considered as commerce and because, in actual fact, it is not factitious business name, such as GM, Apple or GE that is taxed for Zakaat, it is the individual investor. We do not tax cooperations such IBM, Apple, GM or Rajihy Bank but the individual investors, share holders and owners of these corporations. Indeed, there are enough rules in Zakaat books to cover all types of business activity, be it cash or risk investment. If the business activity is analogous to commerce, it should be assessed the same rate as commerce. To subject the business to a different Zakaat rate of 10%, which is the rate of farm products instead of its correct rate of 2.5%, the rate of commerce, is unfair and unjustified. Besides, there is no proof, even a weak one, to justify this unfair arbitrary taxation. The difference between 2.5% and 10% is high. The Zakaat system is not like a state revenue collection, but Allah's `ebadah. However, if a business person decides to give more than 2.5% after deducting all the expenses including depreciation, Allah (SWT) will accept it from him. 4. Gold and silver, whether used for commerce or jewelry. Allah (SWT) states: "...And there are those who bury gold and silver and spend it not in the way of Allah: announce unto them a most grievous penalty. On the day when heat will be produced out of that (wealth) in the fire of hell, and with it will be branded their foreheads, their flanks and their backs. This is the (treasure) which you buried for yourselves: taste you, then, the (treasures) you buried." (Al-Qur`an, 9: 34-35). By hoarding is meant refusal to give it in the path of Allah, which includes Zakaat. In a hadith reported by Abu Hurairah (raa), the Messenger of Allah (saas) said: "For the owner or possessor of gold and silver who does not fulfill its obligation, on the Day of Resurrection it will be cast into sheets of fire and be branded on his forehead, side and back. Whenever it cools it is to be repeated for him in a day whose length is the length of fifty thousand years, until the judgement is rendered among the people." (Muslim). By its obligation is meant assessing it for Zakaat. In another version: "No possessor of a treasure who does not give its Zakaat." Zakaat is mandatory in gold and silver, irrespective of its form: in coins, raw or nugget, or jewelry for wearing, or for rent, because of the generality of evidence of Zakaat without any detail. In a report by Abdullah bin `Amr bin `Aas (raa), he related that a woman came to the Messenger of Allah with her daughter. On the daughter's wrist were two heavy gold bracelets. The Messenger asked her, "Do you pay Zakaat on this?" She replied, "No." The Messenger said: "Would it please you that Allah will encircle you with two bracelets of fire?" The reporter commented that she took them off and threw them down in front of the Messenger, and said: "They are for Allah and his Messenger." (Ahmed, Tirmidhi). The Messenger's wife reported that: "The Messenger entered into my house and saw in my hand a huge ring made of silver, so he asked, `What is this?' I replied, `I made them to beautify myself for you, O Messenger of Allah.' He inquired, `Do you give their Zakaat?' I said, `No,' or `Allah willing.' He said: `It will suffice you in the hellfire.'" (Abu Dawuud). Zakaat is due on gold when it reaches the amount of (nisaab), which is 20 Dinaar. According to a hadith, the Messenger said: "No Zakaat on you is due until it reaches 20 dinaar." (Abu Dawud) The Islamic dinaar (currency) is one mithqal, a unit of weight which weighs four and one quarter of a gram. Thus, the nisaab is 85 grams. This is equal to $30.00 US dollars. Similarly, there is no Zakaat on silver until it reaches five oqiyah, because the Messenger said: "There is no Zakaat on less then five oqiyah." (Muslim/Bukhari) Oqiyah is equal to forty Islamic dirhams. The nisaab is 200 dirhams. One dirham is equivalent to 595 grams. The zakaatable amount in both the gold and silver is a quarter of a tenth only. Paper Currency There is Zakaat on modern paper currency because it is equivalent to silver. During the early days of Islam, silver and gold were the currency of exchange minted into dirham for silver and dinaar for gold. Silver, not gold, had a larger circulation. Thus many scholars are of opinion that silver should be the standard for the paper currencies of today because that is more advantageous to the Zakaat payer, as it raises the minimum nisaab whereas gold lowers it. Although both metals are no longer circulated, they are still considered as a security against ever fluctuating paper money. Silver should be used as a standard to assess Zakaat annually, not paper currency, even if the currency is hard currency like the US dollar, Yen and Deutch Mark or Pound Sterling. Because these currencies are backed by political decisions that may not have anything to do with the economy, the value and strength of this paper money depends largely on all haram usury system of interest rates. Thus, the Zakaat payer should look up in the local newspaper's financial or business section for the price of silver which is currently about $3.82. per ounce. The nisaab, then, is 596 x .04=28.80 ounce multiplied by$3.82= 90.91. therefore. The nisaab is about $100.00, as of December 17, 1991. The nisaab should be based on the market value of the currency. If the money is hard currency, there will be no problem, but if the money is a non-marketable currency, like most currencies in the third world countries, the nisaab should be based on the black market, which realistically reflects the value of the currency on the money market. In any case, the silver rate should be used to assess the Zakaat. If the nisaab is determined, the zakaatable amount is 2.5%, or .025 multiplied by the amount. For instance, if the zakaatable amount is $56,000.00 it will be 56,000. x .025 = $1,400.00. Zakaat is due on gold, silver, and or paper currency, whether it is cash in hand or credit in the hands of borrowers. Zakaat is due on debts or cost of merchandize or rental money. If the borrower is a wealthy person that you know will pay back the debt, the lender (that is Halaal lending free of usury) should include that money in the assessment and give its Zakaat. However, one can delay Zakaat on a loan until he receives payment, then return its Zakaat for the past years that he was unable to assess for Zakaat. If the borrower is poor or is refusing to pay the debt, there will be no Zakaat on the money until the lender receives the money. Then he will assess it for Zakaat of one past due year, but there will be no Zakaat in the years before that. There is no Zakaat on precious stones such as diamonds, or metals such uranium, regardless of their value. Gold and silver, of course are assessed for Zakaat. However, if a person possesses any of these stones or metals, he should give their Zakaat like any other articles of trade. If a person possesses diamonds or any other precious stones as an edge against inflation or for ornaments, there will no Zakaat on these. How To Give Zakaat Zakaat may be assessed and returned in two ways: a) Make a record of all money earned, either daily or monthly, which has reached the nisaab and remains in the treasury. The Zakaat of that money would be due one year later on the same day the money was earned and reached nisaab. This means every month's income must be set aside and assessed for Zakaat and so will be the case for the rest of the months. For instance, the income of January, 1991 will be assessed for Zakaat in January, 1992, and the income of February, 1991 will be assessed for Zakaat in February 1992, etc. This method of assessing Zakaat is very difficult because it entails complete bookkeeping of daily or monthly earnings. b) The best way is to set a day or a month, preferably Ramadan, for your annual Zakaat return calendar, say Ramadan 1st, 1412. One year later on the same day Ramadan, 1413, your Zakaat is due and payable. Whatever is in the savings is due for Zakaat, regardless of whether all the amount in the savings reaches a year or not. For instance: if you have $20,000.00 in the savings account on the 1st of Ramadan, 1412 and one year later by the 1st of Ramadan, 1413 there is $50, 000.00, your Zakaat will be assessed for $50,000.00, that is: $50.000.00 x .025= $1,250.00. If, on the other hand, by the 1st of Ramadan, 1413 the amount in the savings is $15,000.00, your Zakaat will be for the amount in the savings, that is $15,000.00 x .025= $375.00. This method is the best because it is easy to assess, meets one's obligation and relieve one's conscience. The Recipient Of Zakaat Knowing who qualifies as recipient of Zakaat is an important aspect of Zakaat collection in Islam. Fortunately, Allah (SWT) has been merciful to us in that He Himself spelled out the people eligible to receive Zakaat. In Surah Tawbah He stated: "Alms are for the poor and the needy; and those employed to administer (the funds); for those whose hearts have been (recently) reconciled (to truth); for those in bondage and in debt; in the cause of Allah; and for the wayfarer: (thus is it) ordained by Allah, and Allah is full of knowledge and wisdom." (Al-Qur`an, 9: 60) In this verse Allah enumerated the people who deserve this divine welfare, and they are as follows: The poor and the needy. These are individuals, and those under their care, to live on. By the poor and needy is meant the people whose income or salaries, or whatever material goods they have, fall short of the cost of living in a given environment and economy. The poor and the needy should be given what will suffice them and their families for one full year. The needy who want to get married and have no means should be given enough for this purpose, and so, too, the student who needs money for tuition, rent, food, and books. The working poor should be given supplementary Zakaat. But the wealthy, or any person with enough income to live on should not be given Zakaat, even if they asked for it. Instead, they should be warned and admonished for asking for what does not belong to them. In a hadith reported by Abdullah bin `Umar, the Messenger of Allah (saas) stated: "A man keeps on asking others for something till he comes on the day of Resurrection without any piece of flesh on his face." (Bukhari/Muslim). This hadith indicates a humiliating appearance before Allah (SWT) that awaits a person who asks illegally. Some said: this hadith implies Allah will punish a person with the very limb, the face, that he used to impress on others to give him their money unlawfully. In another hadith reported by Abu Hurairah, the Messenger of Allah said: "Whoever asks people for their money so as to get rich, he is asking for flames of fire. It is up to him to ask for more or less (he should beware)." (Muslim) This hadith indicates the severity of the punishment, the more one asks the more punishment, the less one asks the less the punishment. In another hadith, reported by Hakeem bin Hizaam said: I begged the Messenger of Allah and he gave me. I begged again, and he gave me. I begged again and he gave me. He then said: "This money is green and sweet; he who receives it from people with a cheerful heart, Allah will bless him in it; he who receives it, with an avaricious mind would not be blessed in it. He will be like the person who eats without being satisfied; and the upper hand is better than the lower hand" (Muslim) This hadith gave an analogy between money and green, ripened fruit that people love to eat. Thus, it indicates that both are greatly loved but easily finished. For money that is easy come easy go, one must be careful about the punishment that awaits the illegal eater. If a person asks for Zakaat and there are no signs of wealth, and he does not know that he should not ask, or a person who is well and able, who can work, but does not; if these people do not know that it is not permissible for them to ask, it may be given anyway. In a hadith reported by Ahmed, Abu Dawud, and Nasa'e, two men came to the Messenger of Allah (saas) and asked for Zakaat. He looked at them closely and found them strong and able, he said, "If you want I will give you. But you should know that the wealthy or an able person who can work has no share in Zakaat" (Ahmad) Those who administer the Zakaat department, assigning people for collecting, bookkeeping, making lists of people eligible for Zakaat, and a financial calendar. These people will receive Zakaat as compensation for their work, even if they are wealthy. This does not include a person who works as an agent for one or two wealthy people to take Zakaat for himself. They should donate their time for Zakaat disbursement and do it with honesty and truthfulness. If they can not, they should be paid or rewarded for their time. In a hadith related by Abu Musa Al-Ashi`ari (raa), the Messenger of Allah said: "A trustworthy Muslim executor is the one who executes completely what has been entrusted to him of Zakaat money in good faith." (Bukhari) That is, he will give the Zakaat money to any of the eligible recipients of Zakaat. He should carry on the duty voluntarily, but if he can not distribute the money without being paid, the Zakaat payer should pay him for his work. The payment for the service of distributing Zakaat should not come out of Zakaat money. The new converts to Islam whose hearts we want to harmonize into the fold of Islam, either because their faith is weak or we are afraid of their being harmed, should be given Zakaat to strengthen their Iman or until we no longer fear their harm. The bonds person who has contracted with his master to buy himself out of bondage deserve Zakaat and should be given enough to pay off their debt to the master and be freed themselves; similarly, Muslim prisoners of war if their freedom is tied to monetary payment, deserve Zakaat sufficient enough to secure their release. On the other hand, if a pearson accidently killed someone and have no means to pay off the blood money, he should be helped from Zakaat funds. The people in debt are of two kinds: (A) The guarantor, who takes the responsibility of someone else's debt so as to reconcile the two warring parties, to extinguish the fire of fitnah between them. If the person requests Zakaat money to pay off this debt he should be given it, which will encourage him to continue in this noble cause. In a hadith reported by Qubaysah Al-Hilaaly (raa), he said I was under debt (hamaalah) and I came to the Messenger (saas) and begged him to help me pay it off. The Messenger told him: "Wait until we receive charity, so we will command that it be given to you." However, the Messenger stated: "O Qubaysah, begging is not permitted except for one of three categories of people: A man who has incurred debt (as guarantor to reconcile blood wit) for him begging is permissible till he pays that off, after which he must stop it; a man whose property has been destroyed by calamity which has smitten him; for him begging is permissible till he gets what will support life or will provide him reasonable subsistence; and a man who has been smitten by poverty, the genuineness of which should be confirmed by three knowledgeable members of his people; for him begging is permissible till he gets what will support him, or will provide him subsistence. Besides these three, Qubaysah, begging is forbidden for every other persons, and one who engages in such consumes that which is forbidden." (Muslim) (B) Whoever incurs debt and has no money to pay it back will be given from Zakaat to help pay his debt, whether the amount is large or small; or his creditor should be paid directly on his behalf, so long as it is paid off. Zakaat can be given in the path of Allah. By this is meant to finance a Jihad effort in the path of Allah, not for Jihad for other reasons. The fighter (mujahid) will be given as salary what will be enough for him. If he needs to buy arms or some other supplies related to the war effort, Zakaat money should be used provided the effort is to raise the banner of Islam. The wayfarer. This is the traveller who in a strange land runs out of money. He or she deserves Zakaat, enough money to take him back to his country, even if he is wealthy and can find someone to loan him the money. On his part, he should take with him on his trip sufficient money, if he is wealthy, so that he will not need Zakaat. Zakaat money can not be used to pay off other obligations, such as giving Zakaat money to people you are obligated to take care of by law; or Zakaat money can not be used to pay for hotel and food expenses. It is, however, permissible to give Zakaat to a wife or family member, provided it is not part of their daily living expense money, but is needed to pay off a debt for one's wife if she can not pay it. So is the case for one's parents if they can not pay their debt. Zakaat money may be given to members of the family for their expenses if one is not obligated to take care of them financially. The wife can pay off a debt of her husband with Zakaat money, because he may be among the eight eligible recipients and she is not obligated to spend on him as he is on her. The eight eligible recipients of Zakaat can be denied their right to Zakaat without proof from Al-Qur`an or Sunnah. In a hadith reported by Ibn Mas`ud, his wife Zaynab heard the Messenger of Allah order women to give Zakaat, so she asked the Messenger (saas): " O Messenger of Allah, you commanded us to give Zakaat, and I have jewelry that I wanted to assess for Zakaat, but my husband Abdullah bin Mas`ud claimed that his son deserves it more than anyone." The Messenger replied: Your husband Ibn Mas`ud is right. Your son deserves your charity more than anyone." In another hadith reported by Salman bin `Aamir, he said the Messenger of Allah said: " Charity to the poor is only charity, but charity to the rest of kind is charity and maintenance of relations (sillah)." (Nisaee) No loan should be written off as Zakaat because Zakaat is taken and given. Allah (SWT) said: "Of their goods take alms...." (Al-Qur`an, 9: 103) And in a Hadith the Messenger has been reported as saying: "Allah has mandated on you Zakaat to be taken from the wealthy and to be given to the poor." Thus, writing off debt is not taken. For instance, If you loan a person money, you can not write off that loan as a Zakaat. However, it could be written off as sadaqah charity. Furthermore, loan, delinquent or not, is considered an absent money, therefore, it should not be transacted in Zakaat. for Zakaat is assessed only in cash in hand. Besides, debt money is valued less than cash in the hand, and using that money for alms is like exchanging good money for bad. The assessor of alms should try to give his Zakaat to an eligible person, but if he makes a mistake and gives it to an ineligible person it is accepted. In a hadith related by Abu Hurairah, he said the Messenger said: "A man expressed his intention to give charity, so he came with his charity and placed it in the hand of an adulteress. In the morning the people were talking and saying charity was given to an adulteress last night. The donor said: O Allah, to thee be the Praise - charity to an adulteress! He then again expressed his intention to give charity, so he went out with it and placed it in the hand of a rich person. In the morning the people were talking and saying charity was given to a rich person. The donor said, O Allah to You be the praise - charity to a rich man! He then expressed his intention to give charity, so he went out with his charity and placed it in the hand of a thief. In the morning the people were talking and saying charity to the thief. So the man said, O Allah to You be the praise (what a misfortune that charity has been given) to the adulteress, the rich and the thief! Then someone came to him and told him your charity has been accepted. As for the adulteress the charity might become the means whereby she might restrain from fornication. The rich man might perhaps learn a lesson and spend from what Allah has given him, and the thief might thereby restrain from committing theft. (Muslim/ Bukhari) http://www.islamfortoday.com/beliefs.htm more

Resolved Question: CNN says mortgage lenders are racist. what say you?

They mentioned a study done by a non-profit agency that say blacks were 45% percent more likely to be denied a mortgage loan than whites of equal credit. Do I have to mention how critical home ownership is? I dont know if this happens where I live because they wouldn't be able to sell any house (too many black people where I live) If the banks are doing this, is it possible that any other institution are racist? more

Resolved Question: Email scam/fraud?

I have just received a phishing email to my ntl email address from service@egg.co.uk asking for my bank account details...........I don't even bank with them and anyway Egg Bank is egg.com not egg.co.uk When I held the cursor over a link entitled "Equal Housing Lender" at the bottom of the email it said it opens Equal Housing Lender pop up window and when I clicked on it IT OPENED UP MY YAHOO.COM EMAIL!!!!!!!!!!!!!!!! How on earth has that happened? I will not be using my email account with you until you can tell me how to prevent this and will be warning all my contacts of the problems with your service. I look forward to your reply. more

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