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FUBO & JP Morgan CHASE
4/1/09 | Leo Carpatian

Posted on 04/01/2009 7:19:56 PM PDT by Leo Carpathian

Thank you 0'great one for all the help you extended to small businesses! Teleprompter lambasted great days ahead for the small businesses, the backbone of US economy, blah, blah, blah...

Finally it is starting to filter down to us in the trenches.

The reality is like this:

Just received a letter from JP Morgan CHASE himself that my home equity line of credit has been frozen, I can not draw any more funds from it. As of 3/27 (letter mailed on 3/27) no mo' money for the purpose of funding the expansion and employment of staff. Using my own private home as collateral.

Apparently banks are freezing loans, I was told that maximum amount of equity used is 65% of the present market value of the property, based on their evaluation. Looks like another attempt on destroying backbone of American economy.

Obama is "fixing" GM and other biggies, now looks like they are set to screw the rest of us.

So if anyone has line of credit still active, just take as much as you can before the "frost" hits it. So much for bailout. More proof that Zero is saying one thing, doing completely opposite and now selling out US at G20.

Time to take off to barricades before is too late. Soviet socialist "experiment" took 80 years to undo.


TOPICS: News/Current Events
KEYWORDS: bank; loan; obama

1 posted on 04/01/2009 7:19:56 PM PDT by Leo Carpathian
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To: Leo Carpathian
Soviet socialist "experiment" took 80 years to undo.

Itwas modified, not undone. Put simply the KGB aparatchiks took over. In our case the democrat aparatchiks are taking over here. Read Milovan Djilas "the new class".

2 posted on 04/01/2009 7:27:25 PM PDT by Cacique (quos Deus vult perdere, prius dementat ( Islamia Delenda Est ))
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To: Leo Carpathian

Not that long ago O’s people were insisting that small businesses create few or no jobs.


3 posted on 04/01/2009 7:54:32 PM PDT by Carley (President Obama Dropped a MOAB on America)
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To: Leo Carpathian

I want to know where all that money went.

We were robbed people. We were flat out robbed.


4 posted on 04/01/2009 7:59:50 PM PDT by autumnraine (Freedom's just another word for nothing left to lose- Kris Kristoferrson VIVA LA REVOLUTION!)
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To: Leo Carpathian
I own a small business and am currently merging with a larger one. I have never seen it tougher to get money. Typically both have lived on “Hey Mr Banker, I have a PO and I need $200K to finance some of my costs over 2 months and wah lah, you get a majority of it, no questions asked...now forget about it, you better have some serious capital!

Since money has been tight, I've also changed my terms on most of my clients. I never asked for any money down, but now I am asking for 50%. The problem is and even being on the “inside” you just don't know which will be the next business to fall and they sure are dropping like flies!

5 posted on 04/01/2009 8:10:08 PM PDT by METARZAN
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To: Leo Carpathian

If you have to mortgage your home to pay new employees, you might need to review your business plan.


6 posted on 04/01/2009 8:15:01 PM PDT by PAR35
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To: Leo Carpathian

You must have been with WaMu before the Chase take over. Maybe Chase can’t meet the capital requirements if it extends WM credit lines.


7 posted on 04/01/2009 8:19:16 PM PDT by Orange1998
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To: Leo Carpathian

FUBO: F***ed Up By Obama!


8 posted on 04/01/2009 10:55:06 PM PDT by getarope (I will give Obama as much respect as the MSM gave W.)
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To: Leo Carpathian

FUBO: F***ed Up By Obama!


9 posted on 04/01/2009 10:55:57 PM PDT by getarope (I will give Obama as much respect as the MSM gave W.)
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To: getarope

Sorry about the double-dipping.


10 posted on 04/01/2009 10:56:58 PM PDT by getarope (I will give Obama as much respect as the MSM gave W.)
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To: Leo Carpathian
Chase has my financial dealings but I have not received that yet. Yikes
11 posted on 04/01/2009 11:01:18 PM PDT by eyedigress
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To: Orange1998
You must have been with WaMu before the Chase take over. Maybe Chase can’t meet the capital requirements if it extends WM credit lines.

Nope, have 4 bus accounts and credit cards, excellent credit. Seems that CHASE is another big bank, impersonal, run by incompetent. Looks like the ruling is mortgages up to 65% of the value of the house as assessed by them. Time to change to more friendly bank. Maybe TD?

12 posted on 04/02/2009 6:25:30 PM PDT by Leo Carpathian (fffffFRrrreeeeepppeeee-ssed!)
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To: PAR35
If you have to mortgage your home to pay new employees, you might need to review your business plan.

Restoring the property and trying to minimize the cost of borrowing, using own equity before forced to go more expensive way, higher interest rates.

13 posted on 04/02/2009 6:30:47 PM PDT by Leo Carpathian (fffffFRrrreeeeepppeeee-ssed!)
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