I'm a 37 year old, unemployed male. I hold a bachelors degree in construction management, and have over 12 years experience. I'm currently attending graduate school for an international MBA. I consider myself lucky I am not homeless (at least not yet). I'm able to pay the essential bills (i.e. mortgage, gas, electrical, etc.) with the combination of unemployment benefits (soon to run out), and student loans. Contrary to our elected officials and others who feel people are choosing not to look for work for the sole purpose of collecting unemployment benefits, I prefer the opportunity in developing my own personal wealth, and not constrained to living in poverty.
I'm unable to relocate to find work, due to the fact that I'm currently $54k upside down in my mortgage, however, if the opportunity arose where I were able to relocate, the chances of qualifying for another mortgage or pass a credit check for an apartment, have been ruined by Bank of America during the process of applying for a loan modification; a process whose purpose is to help people keep their homes. Well, thank you Bank of America, because I have no other choice but to stay in my home. During the process of the loan modification, Bank of America decided to take my monthly mortgage payments I was sending, and set them aside (most likely in an account used to invest and make additional profit for the themselves) instead of applying them to the account for which they were intended. This process showed I neglected to pay my mortgage and that I was defaulting on my loan. So what happened? A different department within Bank of America sent me to collections, hence ruining my credit. At the end of that process, Bank of America did apply those payments to my mortgage; however, the damage was already done, my credit was ruined, I couldn’t even receive a loan even when I had the funds available in my bank account that exceeded the amount of the loan I was requesting.
With very little job openings available in the area for my field, the inability to relocate due to the devaluation of my home, and my dilapidated credit, I went back to school where my accumulated student loan debt will most likely be in excess of $50k when finished. The thought of finding a job with compensation to be able to pay back those loans, live a life where I'm able to purchase groceries, clothing, and reliable transportation, churns my stomach to the point where I can feel the ulcer increasing. But maybe that's a good thing, since I won't be able to afford health insurance I won't live long enough to see the outcome. People are working harder, longer hours, and have 5x the stress for less money. If we choose not to accept the additional responsibilities and possible decrease in pay, we find ourselves out of a job.
I guess to sum it all up, if we don't put a stop in allowing private, public, nonprofit, or any other entity the opportunity to influence our elected officials (i.e. donations to elect a politician running for office, or for the continuation of an elected official to stay in office. And, in addition, the elimination of lobbying) our liberties and posterity will continue to decline until one day instead of the name "United States of America", we will see the United BANKS of America.
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Oct. 24, 2011