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California, USA –Chaldean business leaders are fast feeling the pinch as banks are reluctant to even give payroll loans on verified accounts receivables. With the U.S. Economy on the verge of bankruptcy Chaldeans are still befuddled with how this could be possible.
Sarmad Khomoro, of Bay Side Liquor in Los Angeles puts it this way, “If one customer asks me to loan him some money and that he will pay me back next month, I can handle it if he doesn’t pay his debt, it’s only one person. Now, if the city of Los Angeles passes a law that tells me I have to give everyone who asks me a loan and the city will back-me-up if they don’t pay me-back. I am going to give loans to hundreds of people because I want to get more customers and make them happy. I don’t care if they can pay it back or not, since the city promised me they would bail me out if there was a problem.”
Khomoro’s example is pretty much exactly what happened on a national level with banks. Banks were reassured that bad loans would be protected by Fannie Mae and Freddie Mac. www.CHALDEAN.org Michigan columnist Sam Yousif wrote that the blame lies with Democrats. The article created a flurry of e-mails. Over forty-two e-mails were sent asking for more information. So we put our California business reporter, David Najor on the task. This is what Najor reports...
It all began with the CRA (Community Reinvestment Act) that quickly turned into a thief’s bank in the early 90's. The Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress "mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains."
Ever wonder what you can do to become the next Chaldean Millionaire. Well it is not as hard as you may think. Amassing wealth is more than just being able to earn money. Breaking into the Chaldean Millionaire club requires a good understanding of investment.