JPMorgan and Citigroup? This is our confidence?

The push to credit 'mortgage-back securities' as the causal effect of our financial crisis is very troubling and misleading.
Yes,the home mortgage crisis is a huge contribution, however do you honestly believe Iceland, a Country, has gone bankrupt because of 'low income'or 'mortgage backed securitues'?

We cannot continue to allow the false rhetoric to soar and the truth to be buried. If we continue to blame 'mortgage-backed securites" as the root of the problem, justice will never be ceased.

We need to get to the root of this Global Financial Crisis, whatever the outcome.

Remember, Corporate Bankruptcy,Debtor in Possession Financing,(Darla Moore's invention-Richard Rainwater's wife), Healthcare Fraud and REIT's would be a great start.

I believe we should go back to 1997. The year Healthcare Reform was passed.

In 1997, the largest healthcare company in the nation was the "Frist Family" and friends' Hospital Corporation of America , HCA, or any one of their affiliates...There are many players here so try to keep up!

FOR IMMEDIATE RELEASE
THURSDAY, JUNE 26, 2003
WWW.USDOJ.GOV
LARGEST HEALTH CARE FRAUD CASE IN U.S. HISTORY SETTLED
HCA INVESTIGATION NETS RECORD TOTAL OF $1.7 BILLION

WASHINGTON, D.C. - HCA Inc. (formerly known as Columbia/HCA and HCA - The Healthcare Company) has agreed to pay the United States $631 million in civil penalties and damages arising from false claims the government alleged it submitted to Medicare and other federal health programs, the Justice Department announced today.

One must wonder about the mortgage-related securities JPMorgan is taking onto its books. The following are not the only questionable liabilities JPMorgan has taken on that Richard Rainwater was directly involved with and I am not referring to oil.

JPMorgan is taking on about $176 billion of WaMu home loans, and marking down almost $31 billion of that right off the bat.

Just before the Real Estate crash in 2007, JPMorgan Chase financed Richard Rainwater’s REIT, Crescent (CEI) sale. (Many investors wondered about this move)

Jul 28, 2003
2003-87
SEC Settles Enforcement Proceedings against J.P. Morgan Chase and Citigroup
FOR IMMEDIATE RELEASE
J.P. Morgan Chase Agrees to Pay $135 Million to Settle SEC Allegations that It Helped Enron Commit Fraud
Citigroup Agrees to Pay $120 Million to Settle SEC Allegations that It Helped Enron and Dynegy Commit Fraud

The following is an excerpt from a 10-K SEC Filing, filed by J P MORGAN CHASE & CO on 3/9/2006: Enron litigation. JPMorgan Chase and certain of its officers and directors are involved in a number of lawsuits arising out of its banking relationships with Enron Corp.

The three current or former Firm employees are sued in their roles as former
members of NCFE's board of directors
National Century Financial Enterprises litigation. JPMorgan Chase, JPMorgan
Chase Bank, JPMorgan Partners, Beacon Group, LLC and three current or former
Firm employees have been named as defendants in more than a dozen actions filed in or transferred to the United States District Court for the Southern District of Ohio (the "MDL Litigation"). In the majority of these actions, Bank One, Bank One, N.A., and Banc One Capital Markets, Inc. are also named as defendants.
JPMorgan Chase Bank and Bank One, N.A. are also defendants in an action brought by The Unencumbered Assets Trust ("UAT"), a trust created for the benefit of the creditors of National Century Financial Enterprises, Inc. ("NCFE") as a result
of NCFE's Plan of Liquidation in bankruptcy.

"...the Order finds that JPMorgan Chase was a cause of NCFE's violations of Section 17(a)(3) of the Securities Act, requires JPMorgan Chase to cease and desist from committing or causing any violations and any future violations of Section 17(a)(3) of the Securities Act, and orders JPMorgan Chase to pay disgorgement of $1,286,808.82 and prejudgment interest of $711,335.76. JPMorgan Chase consented to the issuance of the Order without admitting or denying any of the findings therein."

JP Morgan Settles SEC Proceeding Relating to Activities as Trustee to National Century Financial Enterprises

The SEC settled administrative proceedings against JPMorgan Chase & Co relating to its activities as an asset-backed indenture trustee for certain special-purpose subsidiary programs (programs) of National Century Financial Enterprises, Inc. (NCFE), formerly a Dublin, Ohio healthcare financing company, during the approximate period 1999-2002. According to the SEC's Order, JPMorgan Chase and Bank One Corporation, which merged into JPMorgan Chase in 2004, at the instruction of NCFE, made transfers between reserve accounts in the programs that contradicted NCFE's representations to investors about how the reserve accounts would be used and contravened the requirements of the indentures governing the programs. In addition, the Order finds that pursuant to NCFE's instructions, JPMorgan Chase and Bank One made month-end transfers of huge amounts of reserve account funds and that these transfers helped NCFE mask substantial and growing reserve account shortfalls. Based on the above, the Order finds that JPMorgan Chase was a cause of NCFE's violations of Section 17(a)(3) of the Securities Act, requires JPMorgan Chase to cease and desist from committing or causing any violations and any future violations of Section 17(a)(3) of the Securities Act, and orders JPMorgan Chase to pay disgorgement of $1,286,808.82 and prejudgment interest of $711,335.76. JPMorgan Chase consented to the issuance of the Order without admitting or denying any of the findings therein. In the Matter of JPMorgan Chase & Co.

A little history of National Century Financial Enterprises (NCFE):

Prior to bankruptcy, NCFE provided financing to various healthcare providers through wholly-owned special-purpose vehicles,including NPF VI and NPF XII, which purchased discounted accounts receivable to be paid under third-party insurance programs. NPF VI and NPF XII financed the purchases of such receivables, primarily through private placements of notes.

TUESDAY, JULY 10, 2007
FOR IMMEDIATE RELEASE
http://www.usdoj.gov/usao/ohsn
SUPERSEDING INDICTMENT CHARGES FORMER EXECUTIVES OF HEALTH CARE FINANCING COMPANY WITH CONSPIRACY, FRAUD, MONEY LAUNDERING

COLUMBUS – A federal grand jury here today returned a superseding indictment charging eight former executives of National Century Financial Enterprises (NCFE) with conspiring to defraud investors by diverting millions of dollars in investors’ funds, fabricating data in investor reports, and moving money back and forth between accounts in order to conceal investor fund shortfalls. NCFE, based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November, 2002.

All defendants, except for James K Happ, were initially indicted in May, 2006. United States District Judge Algenon L. Marbley will preside over the case which is scheduled for trial on November 5, 2007.

“All defendants, except for Happ...”
Who is James K Happ?

James K Happ has an interesting employment history.

SEPTEMBER 9, 2003
Source: ANNUAL MEETING OF STOCKHOLDERS-SEPTEMBER 9, 2003-Med Diversified Inc.
JAMES K. HAPP has served as chief executive officer of our subsidiary,
Tender Loving Care Health Care Services, Inc., since October 2002.
Previously, Mr. Happ served for three years as executive vice president of NCFE,
during which time he restructured the servicer department to improve operational
Performance and accelerated the utilization of technology to increase operational
efficiency. Mr. Happ also served as chief financial officer of the
Dallas-based Columbia Homecare Group, Inc., a home care company with more than 500 locations nationwide and more than $1 billion in revenue in 1997.

In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations. (All of which are in the Bankruptcy case in Tennessee) Who owned Columbia Homecare Group, Inc.?

JP MORGAN CHASE & CO., Med Diversified,NCFE and James K Happ

The following is an excerpt from a 10-Q SEC Filing, filed by MED DIVERSIFIED INC on 2/19/2003


LANCE POULSEN, HAL POTE, NPF VI, NPF XII, BANK ONE, JP MORGAN CHASE & CO.



In November 2002, we filed a complaint, along with our subsidiary Chartwell
Diversified Services, Inc. and OrthoRehab, Inc. ("OrthoRehab"), against two
principals of NCFE, Lance K. Poulsen ("Poulsen") and Hal Pote ("Pote"), two
legal designees of NCFE, NPF VI, Inc., NPF XII, Inc., and two banking
organizations, Bank One NA, Trustee ("Bank One"), and JP Morgan Chase & Co.,
Trustee ("JP Morgan") (Med Diversified, Inc.; Chartwell Diversified Services,
Inc.; and OrthoRehab, Inc. v. Lance K. Poulsen; Hal Pote; NPF VI, Inc.; NPF XII,
Inc.; Bank One NA, Trustee and JP Morgan Chase & Co., Trustee, U.S. District
Court District of Massachusetts, Civil Action No. 02-12214 NG). We contend that
Poulsen and Pote made false representations to us about NCFE's ability to fund
us, as well as NCFE's financial condition. In reliance, we entered into
contractual relationships for financing with NCFE and its affiliates. We believe
that NCFE's liquidity problems and the nature of the "ponzi scheme" which NCFE
engaged, was known for some time prior to NCFE's breach of the Sales and
Subservicing Agreements by certain of its principals and independent board
members. Had we known, we would not have continued these financing arrangements
and would have searched for alternate financing. Because of NCFE's eventual
financing difficulties, we were harmed as a result. We also contend that at the
time Poulsen and Pote assured us that NCFE would provide funding to us, they
were conspiring to conceal from us the true status of NCFE's business and
financial condition.


Further, we contend that Poulsen and Pote demanded that NPF VI and NPF XII
withhold funding, completely depriving us of all necessary monies from which we
operate our business. We also believe that Bank One and JP Morgan caused NPF VI
and NPF XII to withhold funds, which were guaranteed under contractual
agreements. We also contend that NPF VI and NPF XII breached their contracts
with Chartwell and OrthoRehab in refusing to honor their funding commitments.


We seek monetary damages to be proven at trial. As NCFE is in bankruptcy
(meaning actions against it are subject to an automatic stay), we are
investigating our alternatives in pursuing this litigation against all named
defendants.



TLCS LITIGATION




PRIVATE INVESTMENT BANK LIMITED




FOR IMMEDIATE RELEASE
TUESDAY, JULY 10, 2007
http://www.usdoj.gov/usao/ohs
CONTACT: Fred Alverson
614-469-5715
FAX: (614) 469-5503

SUPERSEDING INDICTMENT CHARGES FORMER EXECUTIVES OF HEALTH CARE FINANCING COMPANY WITH CONSPIRACY, FRAUD, MONEY LAUNDERING
COLUMBUS – A federal grand jury here today returned a superseding indictment charging eight former executives of National Century Financial Enterprises (NCFE) with conspiring to defraud investors by diverting millions of dollars in investors’ funds, fabricating data in investor reports, and moving money back and forth between accounts in order to conceal investor fund shortfalls. NCFE, based in Dublin, Ohio, was one of the largest healthcare finance companies in the United States until it filed for bankruptcy in November, 2002.
Currently, there are two people that have yet to go on trial in the NCFE, 'larger than Enron' case: the CEO, scheduled this coming week October 6, 2008; but most interesting is the last, ex-Executive, James K Happ. Why last? The ex-executive will go last, after everyone else involved has been sentenced, one of which has already completed her sentence and is now free. I wonder why?

This ex-executive, James K Happ, was a prior employee of Richard Rainwater, GW Bush’s ex-partner. James K Happ left Columbia/HCA and went to work to NCFE. I wonder why?

SEPTEMBER 9, 2003
Source: ANNUAL MEETING OF STOCKHOLDERS-SEPTEMBER 9, 2003-Med Diversified Inc.
JAMES K. HAPP has served as chief executive officer of our subsidiary,
Tender Loving Care Health Care Services, Inc., since October 2002.
Previously, Mr. Happ served for three years as executive vice president of NCFE,
during which time he restructured the servicer department to improve operational
Performance and accelerated the utilization of technology to increase operational
efficiency. Mr. Happ also served as chief financial officer of the
Dallas-based Columbia Homecare Group, Inc., a home care company with more than 500 locations nationwide and more than $1 billion in revenue in 1997.

In this role, he directed the company through the challenging reimbursement climate, known as the interim payment system, and participated in the divestiture of all of Columbia/HCA's home care operations. (All of which are in the Bankruptcy case in Tennessee) Who owned Columbia Homecare Group, Inc.?

Where is James K Happ? The ex-employee of Richard Rainwater's?

Trust must be earned and Truth must be told for any bailout or rescue plan to work in any capacity intended.

"re-regulate the industry along the lines of Glass-Steagall" but what happened shortly after this de-regulation? We need to get to the root of this problem! And this is a start.

It is a leap of faith that any one citizen must have in their government. However, due to the escalation of the 'Newt Gingrich' style of politics, which has dummied down the nation by dividing, will be the demise of our country.

We cannot trust the government to tell us the truth. This is the reason we will not get out of this easily; because we cannot understand how we got here. We export financial services. That is what American exports and the American people cannot understand that.

Thus, it is hard to listen, especially when we are so uninformed and uneducated. Our country has become a

financial service export leader; that is what our economy and ultimately, our country has transformed into. We must begin to understand the true 'value' of one's country's currency. We need to get back to the basics.

If we are to believe the fact that this is a 'sub-prime' mortgage-related Securities then we will never get to the root of the real truth.

Bailout Begins With Healthcare in America

In 1999, the 'Largest Bankruptcy case' in the history of Western Tennessee Bankruptcy Court in Memphis, Tennessee was filed. (Not Nashville, where HCA is located)

In 2000, in Dublin Ohio, FBI raided offices of the largest private financial lender to 'failing healthcare companies'.

NCFE, National Century Financial Enterprises, Inc., the 'LARGEST' private financial lender to 'failing healthcare companies'. Federal Prosecutors in Ohio state, this case is the one that "no one has heard of ". I wonder why?

Federal Prosecutors in Columbus, Ohio proclaim this case is 'larger than Enron' and still 'no one has heard of' or is paying attention.

Currently, there are two people that have yet to go on trial in the NCFE, 'larger than Enron' case: the CEO, scheduled this coming week October 6, 2008; but most interesting is the last, ex-Executive, James K Happ. Why last? The ex-executive will go last, after everyone else involved has been sentenced, one of which has already completed her sentence and is now free.

This ex-executive, James K Happ, was a prior employee of Richard Rainwater, the notorious oilman.

And we want to place the financial crisis to 'low-income housing'?

The smaller companies didn't have to wait for insurance reimbursement, and National Century kept a fee or percentage of what was collected.

National Century was founded in 1991 to offer financing to small hospitals, clinics, nursing homes and other health-care providers. National Century agreed to buy the providers' debt, or accounts receivable, and give them cash to cover expenses. The smaller companies didn't have to wait for insurance reimbursement, and National Century kept a fee or percentage of what was collected. When National Century went under, at least 275 health-care companies collapsed in its wake.


National Century agreed to buy the providers' debt, or accounts receivable, and give them cash to cover expenses. The smaller companies didn't have to wait for insurance reimbursement, and National Century kept a fee or percentage of what was collected. When National Century went under, at least 275 health-care companies collapsed in its wake.



National century trial
Money questions upset CEO, ex-director testifies
Friday, October 3, 2008 3:10 AM
By Jodi Andes

THE COLUMBUS DISPATCH
One National Century employee said he learned quickly that Chief Executive Lance K. Poulsen did not like to have his company's business practices questioned.

It was in January 1997, William Parizek said, when Poulsen called him. Poulsen, who had named Parizek director of corporate finance for National Century Financial Enterprises two months earlier, wanted to know why Parizek was asking colleagues how much money clients had been loaned.

National Century had become a financing giant by buying accounts receivable from health-care providers such as small hospitals and nursing homes, and collecting the money for a fee. In return, the providers didn't have to wait months for insurance and government medical payments.

Parizek said he was preparing presentations for potential investors in National Century when he noticed that some providers had been given loans "two and three times" what their accounts receivable would cover.

So he began asking more questions. That's when he got a call from Poulsen, Parizek testified yesterday, the second day of Poulsen's trial in U.S. District Court in Columbus.

He is accused of securities and wire fraud and money laundering. He was convicted in March of witness tampering and obstruction of justice for trying to bribe the government's key witness in the fraud case.

Poulsen told his underling he had no business asking those questions and to keep quiet with his "holier-than-thou morality," Parizek said.

Parizek said his attorney negotiated a $50,000 severance package after he resigned, on condition that Parizek not talk about the company's practices.

He hadn't mentioned anything to anybody, he said, until the FBI called.

In all, federal officials have charged 11 National Century executives with fraud, tied to the company's November 2002 collapse that cost investors more than $1.9 billion.

Prosecutors contend that the company used investors' money to offer risky loans to health-care companies in which National Century executives were stakeholders. It was "an outright misuse of investor money," a scheme Poulsen masterminded from "Day One," Assistant U.S. Attorney Doug Squires said.

The defense questioned how such a fraud could have been carried out when some of the nation's most elite banks, rating agencies and auditing firms were constantly watching National Century.

"Things did fall apart, and everyone is just looking for someone to blame," defense attorney William Terpening posed to jurors in his opening statements.

Even investors should have known the risks, Terpening said.

"The bond-holders made mistakes," he said. "If the bond-holders didn't carefully look at NCFE documents and ask questions, then shame on them."

Five other National Century executives have been convicted of fraud in the company's demise and sentenced to prison terms ranging from five to 15 years.

jandes@dispatch.com

The case in brief
• Lance K. Poulsen, former chief executive of National Century Financial Enterprises, is on trial in federal court on fraud and money-laundering charges connected to the collapse of the former health-care financing giant. Investors lost more than $1.9 billion when the Dublin-based company filed for bankruptcy in 2002 in the nation's largest case of private-sector fraud.

• This is Poulsen's second trial this year. He was sentenced in August to 10 years in prison for obstruction of justice and witness tampering for trying to get a key government witness to fake amnesia.

• Five former executives of National Century were convicted on fraud charges in March. Four have pleaded guilty. One has yet to stand trial.

• National Century was founded in 1991 to offer financing to small hospitals, clinics, nursing homes and other health-care providers. National Century agreed to buy the providers' debt, or accounts receivable, and give them cash to cover expenses. The smaller companies didn't have to wait for insurance reimbursement, and National Century kept a fee or percentage of what was collected. When National Century went under, at least 275 health-care companies collapsed in its wake.

National Century was advancing more money to ...

I wonder..what companies were those?

Maybe we can ask James K Happ? The ex-employee of NCFE and HCA INC/TN!
(Richard Rainwater)

National Century was advancing more money to certain companies than it should have. The government has alleged National Century overfunded health-care companies owned by Poulsen and other company

"...boss put investors’ money at risk by providing excessive financing to some health-care firms out of the company’s reserves."

Friday, October 3, 2008 - 1:10 PM EDT | Modified: Friday, October 3, 2008 - 4:30 PM
Testimony: Poulsen put investors' money at risk
Business First of Columbus - by Kevin Kemper

Painting a portrait of a CEO at the center of an alleged fraud, a former National Century Financial Enterprises Inc. executive told jurors Friday his boss put investors’ money at risk by providing excessive financing to some health-care firms out of the company’s reserves.
Jon Beacham, National Century’s former director of securitization, was on the stand a second day in the criminal fraud trial of National Century founder Lance Poulsen, 65, who grew Dublin-based National Century to become the nation’s largest financier of medical providers before it collapsed into bankruptcy in 2002. Poulsen’s on trial in U.S. District Court in Columbus on conspiracy, wire fraud, money laundering and securities fraud charges amid accusations he headed a fraud that resulted in the loss of as much as $2.84 million in investor funds.

Beacham told jurors he began noticing problems at National Century in July 2001. He testified he found what investors were being told was different than what was happening at the firm – specifically, Beacham said National Century was advancing more money to certain companies than it should have. The government has alleged National Century overfunded health-care companies owned by Poulsen and other company principals in a ploy to enrich themselves. By overfunding certain companies, Beacham told jurors, reserve accounts designed to protect investors were being depleted.

Recounting a meeting he had with Poulsen at a conference in the Bahamas in fall 2002, Beacham said the CEO told him he made an “executive decision” to fund certain companies from reserve accounts because National Century was facing a liquidity crunch. Beacham advised Poulsen that investors had to know about that, and he said he told Poulsen to inform the company’s attorneys and bankers.

Beacham admitted he never told investors about the irregularities despite knowing for more than a year that National Century wasn’t operating correctly, which he acknowledged was a lie by omission.

Beacham has been cooperating with the prosecution since pleading guilty to a count each of conspiracy and securities fraud. He testified in the February trial of five other National Century executives accused of similar crimes. Those executives were convicted.

Peter Anderson, Poulsen’s attorney, tried to show the jury that National Century was heavily regulated and under the scrutiny of outside businesses by asking Beacham about National Century’s trustees and the companies that rated its securities. Beacham said National Century was subject to random inspections and audits by securities ratings firms.

“There were certainly many sets of eyes looking at the company and the programs while I was there,” he said.

To drive home his point, Anderson also asked Beacham about anonymous letters someone began sending to ratings agencies in April 1999 that suggested National Century was operating fraudulently. Beacham said he heard about the series of three letters immediately after he started at National Century that year because industry journals were reporting on them.

“What ultimately happened?” Anderson asked.

“I think the ratings (of National Century securities) were affirmed,” Beacham said.

Building on the defense’s strategy of focusing on the complex details of National Century’s business, Anderson also questioned Beacham about the company’s governing documents and if Beacham understood all the definitions in them.

“There was some vagueness in the documents,” Beacham said, noting that he needed to ask for an explanation by the company’s attorneys at times. “The documents themselves can be pretty flexible in certain areas.”

Poulsen’s attorneys argued in opening statements that the government has misinterpreted National Century’s governing documents, which actually make everything Poulsen did legal.

Defense lawyers are expected to conclude their cross examination of Beacham when court reconvenes Monday.

National Century packaged medical practice receivables into bonds and sold them to investors. It bought the receivables at discounts, which allowed doctors and other health care providers to quickly secure the cash they needed to run their businesses, rather than waiting for payments, especially delayed ones from insurers.

Associated Press has failed...

I question the fact that he started anything.I wonderwho was behind the insurance company and also who was behind the founding of NCFE?
We do now know all of the facts. We must find out the facts and then we will find the real founder.
Associated Press has failed to mention that there is one,one, ex-executive,who has yet to go on trial.Why is this? Who is this ex-executive? Before joining NCFE , James K Happ was employed at Columbia Homecare Group/HCA subsidiary.While at Columbia ,this ex-CFO was responsible for dumping the 'losing home healthcare companies' after Welfare Reform was passed.Where did he dump these losing companies? NCFE. James K Happ has yet to go on trial? A little familar with the 'mortgage related securities' dumped into other private investment firms.


Poulsen slowly worked his way up in the business world, from a marketing assistant for a beer company to the owner of an auto parts company, he told jurors. Eventually he formed an insurance company, then created National Century Financial Enterprises in Dublin in suburban Columbus in the early 1990s.

At its height National Century employed more than 300 people. Executives made millions, with Poulsen alone earning more than $9.1 million between 1996 and 2002, according to the government. He also owned a yacht, a private corporate jet and a Florida mansion.

The company's bubble burst in November 2002. A meeting with angry investors that month deteriorated into a shouting match with Poulsen screaming at investors and threatening to have them thrown off the property.

FBI agents raided National Century the weekend of Nov. 16-17, 2002, carting away boxes of documents and computers.

The business offered financing to small hospitals, nursing homes and other health care providers by purchasing their accounts receivable, usually for 80 or 90 cents on the dollar, so they wouldn't have to wait for insurance payments. National Century then collected the full amount of the payments.

The company raised the money to fund its business by selling bonds to investors.

Prosecutors argued Poulsen and other executives of the company authorized millions in unsecured loans to the health care providers, then misled investors about the loans. The government says company officials moved money between accounts to cover shortfalls, fabricated data and loaded false information on a company computer system.

Poulsen says the government has misunderstood a complex business model and failed to explain exactly what he did that was illegal.

At least nine former National Century executives have been convicted of corporate fraud related to the case to date.

'cash-starved medical providers' , corporate fraud on the scale of Enron or WorldCom

Where is James K Happ?



Executive’s Trial to Begin in $1.9 Billion Corporate Fraud Case
October 1, 2008
Entrepreneur Lance Poulsen founded an innovative business helping cash-starved medical providers pay off their bills. Along the way, he became a yacht-owning multimillionaire and grew National Century Financial Enterprises into one of the United States' largest health care financing businesses. Federal prosecutors in a $1.9 billion trial allege Poulsen did something else: perpetrate corporate fraud on the scale of Enron or WorldCom by fabricating data, misleading investors and covering up shortfalls.
Written by Law.com - Newswire · Filed Under Corporate Legal, Latest News

Letter to Mother Jones ...HELP!

10-01-08
Letter to Mother Jones:
Bailout Begins With Healthcare in America
In 1999, the ‘Largest Bankruptcy case’ in the history of Western Tennessee Bankruptcy Court in Memphis, Tennessee was filed. (Not Nashville, where HCA is located)
In 2000, in Dublin Ohio, FBI raided offices of the largest private financial lender to ‘failing healthcare companies’.
NCFE, National Century Financial Enterprises, Inc., the ‘LARGEST’ private financial lender to ‘failing healthcare companies’.
Federal Prosecutors state, “no one has heard of “. I wonder why?
Federal Prosecutors in Columbus, Ohio proclaim this case is “larger than Enron that no one has heard of ”.
Currently, there are two people yet to go to trial in the NCFE larger than Enron case: the CEO, scheduled this coming week, and last, the ex-Executive> The ex-executive will go last?
This ex-executive was a prior employee of Richard Rainwater, the oil-man.
And we want to place the financial crisis to ‘low-income housing’?

LARGER than ENRON ....and where is the Press?

Trial to begin for Ohio exec in $1.9 billion fraud case




A case LARGER than ENRON and this is the coverage for the CEO's upcoming trial.



Associated Press - October 1, 2008 1:33 AM ET

COLUMBUS, Ohio (AP) - Jury selection is scheduled to start Wednesday in the corporate fraud trial of the founder of National Century Financial Enterprises.

Federal prosecutors allege that 65-year-old Lance Poulsen fabricated company data, mislead investors and covered up shortfalls by moving money between accounts.

National Century is a health care financing company that was based in suburban Columbus, Ohio.

Poulsen has pleaded innocent.

The trial is expected to cover much of the same ground as a similar trial in March. That jury convicted 5 of Poulsen's co-defendants of multiple charges of fraud and money laundering in the $1.9 billion case.

Poulsen has already been convicted and sentenced to 10 years in prison on charges of trying to bribe a witness scheduled to testify at his trial.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

Either way we will have bank failures anyway...Whatever happens, we need to get on with it

What would ultimately be the best thing to do is what Wachovia (WB Quote - Cramer on WB - Stock Picks) wants: Split into good and bad banks and have the government buy stakes in the bad banks.

Whatever happens, we need to get on with it. We cannot get bogged down, because the issue is the fire, and it must be put out before unemployment skyrockets and banks fail nationwide.

I am hoping that Warren Buffett, who totally gets the plan, is going to be listened to by Congress. I hope they listen to how important he knows it is and how we will revert to last Thursday's obliteration and destruction, which I believe could wipe out probably a fifth of the S&P 500.

Some underwriters were so bogus and some buyers so speculative that you have to wonder how in the heck we should buy those mortgages. The negative amortization, pick-and-pay type of loans, I think should not be bought until the very end. Those could be worthless. The banks that lent them are going to have to take a severe hit.
Other than those, though, I see no reason why an easy scale can't be made and the disposals be made orderly.

We should first be buying the mortgages that are 30-year-fixed where there are foreclosures, and we should buy them by the most hard-hit geographies where the pull down is endless -- Florida and California. We have to keep those people in their homes. Then I would do the teaser-type loans. And only then would I do pick-and-pay exotics.

FDIC plan to blanket money funds can keep that money flowing to the commercial paper market; that will stop the contagion from leaping to industry. The bailouts so far will keep the housing market from collapsing and will keep the nuclear option of derivatives gone haywire -- the ones insured by AIG (AIG Quote - Cramer on AIG - Stock Picks) -- from exploding. The people who are trying to wrest AIG from the government can only do it with the bridge loan from the government, so that should not be allowed to happen, as the company has always been undercapitalized and can't possibly pay for its obligations, so buying that security could be a big mistake.

But the biggest need is to find a way to get rid of these mortgages in a comprehensive fashion that frees up capital that is tied up financing this junk.

The plan is vital, and if it fails, we will have a string of bank failures. House price depreciation continues to crush the value of both the whole loans and the collection of home loans that are bundled into collateralized debt obligations.


Speaking of Warren Buffett, he is making it very clear that we are still on the precipice and will be right back to it if we do not approve the Paulson plan. That's the takeaway from his comments about the plan in print and on his excellent interview on CNBC this morning, which is a total must-view.



Originally published on Monday, Sept. 22, at 10:55 a.m. EDT

It's a fire. Not just a fire, it's a chemical fire. We have to throw everything at it. We need to throw a stimulus package at it to get people to spend, we need to fund the mortgage trust to buy mortgages -- more in a moment about the best ways to do it -- and we need rate cuts.

After the 1929 market crash, the government did everything wrong: rate increases, tripling of tax rates, money supply shrunk. We got bank closings galore and 30% unemployment. FDR came in and gave us the FDIC, Social Security, a big bank bailout through the Reconstruction Finance Corp. to buy stakes in banks.

It wasn't enough. The depression lingered. There are studies galore about whether the depression didn't end until the war. But the catastrophic employment/bank failures ended, and that kept us from facing a revolution or permanent depression or a Japan-style deflation that has wrecked their economy for years.

Now we are faced with the need to do everything. The FDIC plan to blanket money funds can keep that money flowing to the commercial paper market; that will stop the contagion from leaping to industry. The bailouts so far will keep the housing market from collapsing and will keep the nuclear option of derivatives gone haywire -- the ones insured by AIG (AIG Quote - Cramer on AIG - Stock Picks) -- from exploding. The people who are trying to wrest AIG from the government can only do it with the bridge loan from the government, so that should not be allowed to happen, as the company has always been undercapitalized and can't possibly pay for its obligations, so buying that security could be a big mistake.

But the biggest need is to find a way to get rid of these mortgages in a comprehensive fashion that frees up capital that is tied up financing this junk.

The plan is vital, and if it fails, we will have a string of bank failures. House price depreciation continues to crush the value of both the whole loans and the collection of home loans that are bundled into collateralized debt obligations. The CDOs are almost impossible to unwind, that's what we have learned from this last year. But there are plenty of whole loans that can be sold to the government. Everyone is worried about the hit to capital the banks will have to take -- and the hits that other banks that have not written down the loans to date will have to take.

There are three ways to approach this:

1. Put out a bid list of mortgages and make it so it is high enough to not wipe out the banks but low enough to make money for the government. You might want to bid 50 cents for 2006 vintage for some ZIP codes with good loan to value, or 60 cents for 2005 vintage with excellent loan to value. But regardless, that's detail we should not get lost in.

2. The government can take equity stakes in the banks or just pay them outright for the money. I am indifferent, but the equity stakes allow the government to profit from the automatic increase in value the banks should have if they have already written down the portfolios. Banks that haven't taken the hit will have to, because the banks with similar assets will have to mark them down unless we suspend the ridiculous mark-to-market stranglehold and we allow losses to be taken over time. That's why we need a rate cut, because the banks will be able to rebuild capital against the losses very quickly through the net interest margin increases.

Either way we will have bank failures anyway, and we can then have a formula where the feds just seize the bad loans, dump them into the program to get them off the market and sell the deposits to the Wells Fargos (WFC Quote - Cramer on WFC - Stock Picks) or the Goldmans (GS Quote - Cramer on GS - Stock Picks) of the world.
The problem is that these details must not be allowed to derail the plan, because the depression is what we are trying to stop. If the regulators simply look the other way for now, house price depreciation can subside and many banks won't have to do anything at all.

3. Further, we are in a position where if the government sets a floor and we have different prices for different geographies, vintages, FICO scores and the like, then the private sector might want to buy them.

What would ultimately be the best thing to do is what Wachovia (WB Quote - Cramer on WB - Stock Picks) wants: Split into good and bad banks and have the government buy stakes in the bad banks.

Whatever happens, we need to get on with it. We cannot get bogged down, because the issue is the fire, and it must be put out before unemployment skyrockets and banks fail nationwide.
At the time of publication, Cramer was long Goldman Sachs



--------------------------------------------------------------------------------

Ignorant Resistance to the Plan Is Baffling

Originally published on Wednesday, Sept. 24, at 9:27 a.m. EDT

Speaking of Warren Buffett, he is making it very clear that we are still on the precipice and will be right back to it if we do not approve the Paulson plan. That's the takeaway from his comments about the plan in print and on his excellent interview on CNBC this morning, which is a total must-view.
The resistance to this plan is amazing to me. It is a testament to how hard it is to explain that people are up in arms about it and the money that could be
What people do not understand is that the number of firms that could have gone under last week pretty much included everything but the food and drug stocks.

The world revolves on credit and confidence. Both disappeared last week, and the reason behind that is simple: foreclosures.

Let's go over the nexus again. Banks can't lend and are fearful to lend. Why? So much money is tied up in failing mortgages throughout the system that the banks don't have the capital even if they want to lend.

I have said for two years now -- two years! -- that we need a market for this stuff, by ZIP code, by vintage, by loan-to-value, by geography. The SEC refused to insist on this, the bank examiner won't give it to us, so Treasury has to give it to us.

The presumption is that these mortgages are worthless. Chris Matthews said the same thing last night.

That's just not true. If you wrote even the worst mortgages down, if you were to value them at, say, 50%, think of it. You buy a house for 100% loan-to-value for $300,000, roughly the average price of a home in California in 2006. The average house price has fallen 25% from when that house was built. Let's say that it is 33%, factoring in the last month and the skyrocketing foreclosures. Now the house is worth $200,000. The mortgage is for $300,000. You bid 50% for that mortgage, $150,000, then you have a mortgage that's realistic.

You want to get that mortgage current, so you renegotiate the terms. I don't like principal adjustments, but I do like interest rate adjustments. Let's say for the next year, we say, "You are forgiven" for a year, maybe even two, and then you go low-interest for the next five years. That keeps the person in the house. That means that a foreclosure is averted, one less home on the market You multiply that over and over again -- and keep in mind that a 100% loan-to-value California house is about the worst other than the piggyback loans that were made with home equity that went to 120%, but I believe in the last two years those people have already been foreclosed -- and you get a firmer market. A firmer market means house price depreciation ends. If house price depreciation ends, then if the home is sold, the mortgage gets paid back and then some. That's where the profit comes in for the government.

Now, you don't have to write these down to 50% to make this work, as you see from the math. You could do it higher.

The thing you need to know is that banks holding these mortgages are either valuing them much lower -- as in Merrill's (MER Quote - Cramer on MER - Stock Picks) pricing to Lone Star, or the writedowns that Bank of America (BAC Quote - Cramer on BAC - Stock Picks) has taken and that Wells Fargo (WFC Quote - Cramer on WFC - Stock Picks) is taking -- or too high, a la Washington Mutual (WM Quote - Cramer on WM - Stock Picks). Either way you could either price these so it is in the interest of an acquirer to buy WM and write the mortgages down and then sell them to the government, or have Bank of America sell them and write them up to build earnings.

Either way, the banks can loan more and get the economy's oil flowing again. They can't unless they have a market for these mortgages.

That's why this is so important.

Now, there are certainly issues. How do you keep BAC from making so much money off you and me? We can craft some sort of equity stake that the taxpayer can take. The executives' benefit? We tax it or regulate it. We need to worry about the winners later; let's worry about the loser now, which is the U.S. economy.

Oh, and let's not forget what else goes right if the plan is approved. We get a real boost to the damaged portfolios of Fannie (FNM Quote - Cramer on FNM - Stock Picks) and Freddie (FRE Quote - Cramer on FRE - Stock Picks), which we own now. The values could go up big, the foreclosures on those properties go down, and these two go profitable off their guarantee fees, which are gigantic.

Or how about the bank owners of CDOs, impossible-to-value instruments that have to be worth more if housing simply stops depreciating or even starts increasing. That takes the pressure off all of the insurance that AIG (AIG Quote - Cramer on AIG - Stock Picks) wrote on these, which gives the U.S. government still one more windfall. All of these occur if this plan succeeds.

I am hoping that Warren Buffett, who totally gets the plan, is going to be listened to by Congress. I hope they listen to how important he knows it is and how we will revert to last Thursday's obliteration and destruction, which I believe could wipe out probably a fifth of the S&P 500.
The math is pretty simple. The fact that there will be some winners who shouldn't win is a price we have to pay. Until this plan, everything that Ben Bernanke tried was piecemeal and designed to avoid any scrutiny. Until this plan, the government has simply been reactive to the damage, damage done in part because of a philosophy that pervades this administration, that a market unregulated is a market that is perfect.

This is the first plan that might cost us nothing and solves the problem, and yet this is the plan that gets the most resistance.

If this plan fails, I want nothing to do with this market except for the foodbank stocks. Sounds like Warren Buffett doesn't, either.

I am worried about the plan. It cannot be nickel and dimed. We cannot let Washington Mutual, the next Lehman, fail. We see what happens -- the unintended consequences of Lehman are still roiling us. We cannot have the largest savings and loan go down.

We also cannot have the commercial paper market go away, which is what the major industrial companies live by. All of these will happen in this country if the plan fails.

I have become convinced that we have been hurtling toward Great Depression Two without a resolution of the mortgage crisis.

This is the best way to stop that Great Depression. It would be shocking to me if we went into a Great Depression with foreclosures spiking, home prices plummeting, deflation rampant and unemployment doubling or even tripling, all because we worried about what institutions will make money. The ones who make money are the good ones, as I demonstrated with the math. The bad ones get swallowed up and management booted. What more can you ask for?

At the time of publication, Cramer had no positions in the stocks mentioned.



--------------------------------------------------------------------------------

The Plan Isn't So Hard

Originally published on Thursday, Sept. 25, at 11:07 a.m. EDT

We will make money on the plan. It is almost impossible not to, if the pricing is right. From the very beginning, we have lacked a ladder, a scale, that tells us what kind of mortgages are worth what. From the very beginning, the absolutely outrageous SEC demanded no disclosure of mortgage vintage, geography, FICO score and loan-to-value.

There simply aren't that many other variables. You can produce models. You can figure out what this stuff is worth.

The only real variable is which loans should not be bought no matter what. Some underwriters were so bogus and some buyers so speculative that you have to wonder how in the heck we should buy those mortgages. The negative amortization, pick-and-pay type of loans, I think should not be bought until the very end. Those could be worthless. The banks that lent them are going to have to take a severe hit.
Other than those, though, I see no reason why an easy scale can't be made and the disposals be made orderly.
I know the CDOs are complicated. But I think the feds should be able to break them up by loan. They should not buy them whole, because without unwinding them, the government is going to get killed.

We should first be buying the mortgages that are 30-year-fixed where there are foreclosures, and we should buy them by the most hard-hit geographies where the pull down is endless -- Florida and California. We have to keep those people in their homes. Then I would do the teaser-type loans. And only then would I do pick-and-pay exotics.
I would put more effort into getting certain ZIP codes to bottom so that we can stop the reeling in major metropolitan areas. That's where the issue is, because 60% of these loans are in just a couple of places.

Why do I think this deal will make us money? Because those areas represent great value already, but we can't bring the values out as long as the foreclosures never end.

There are only certain kinds of mortgages and certain kinds of vintages and certain ZIP codes and certain geographies. The notion that this is "too difficult" to do, too hard to value, and too confusing is nonsense. But the feds must be able to bust the CDOs and unwind the tranches, or they will be scalded. NO HELOC!

Random musings: The Fannie (FNM Quote - Cramer on FNM - Stock Picks) and Freddie (FRE Quote - Cramer on FRE - Stock Picks) trade continues as a way to play the improvement of the portfolios of the two of them.

At the time of publication, Cramer had no positions in the stocks mentioned.

NCFE: Death-Dealing Side of the Bubble

NCFE, National Century Financial Enterprises, Inc., was a private Healthcare FINANCIAL company, the largest 'private' bankruptcy and dubbed by Federal Prosecutors in Columbus Ohio 'larger than Enron'.

NCFE: Death-Dealing Side of the Bubbleby John Hoefle
As a private company not required to make public filings with the Securities and Exchange Commission, much about NCFE remains shrouded in secrecy. But one can tell a lot by looking at its board, which consisted of four of the company's founders and two executives of J.P. Morgan Chase, which controls 16% of the company through its Beacon Group III private equity fund. In addition, Morgan Chase and Bank One are trustees for NCFE's bond trusts. The bonds themselves were underwritten by Crédit Suisse First Boston, the investment-banking arm of Switzerland's Crédit Suisse banking/insurance giant. The top purchasers of the bonds included PIMCO, the world's largest bond fund and a subsidiary of insurer Allianz, the world's third-largest financial institution; Alliance Capital Management, an arm of French insurance giant Axa; and ING, the Dutch insurance/banking conglomerate.

It is this combination of monetary policy, deregulation and financial asset-grabbing which created the dot.com bubble, the related telecom bubble, and the Enron/energy pirates' Wall Street bubble; all of which have subsequently exploded and are now revealed to be what LaRouche had said they were—scams. Now, with the bankruptcy of NCFE, another aspect of this post-1998 looting comes out of the shadows and into the light.

The Asset-Backed Securities Danger
NCFE was basically a financial "factor," advancing cash to hospitals, physicians, and other health-care facilities in exchange for their receivables—the delayed payments made by insurance companies and government agencies for patients' treatment. NCFE would place these receivables into pools, then issue derivative securities—known as asset-backed securities—backed by the expected insurance payments.

All in all, NCFE appears to fit the profile of a looting operation, whose existence served mainly to divert a portion of the health-care income stream into the pockets of some of the biggest financial institutions in the world. Now it has collapsed, leaving a bankruptcy wave which is now spreading among medical providers, with disastrous consequences for the health-care system and its patients.
NCFE serves about 100 healthcare providers nationwide, including hospitals, nursing homes, home healthcare agencies, specialty clinic physician groups, durable medical equipment providers, laboratories and other disciplines within the healthcare
industry. NCFE buys medical providers' bills at a discount (reportedly up to 20% after various fees), securitize those receivables and sell bonds to institutional and other investors.
Collections and insurance reimbursements, in turn, pay down the
bonds. The excess of collections over what it pays to buy the
receivables is NCFE's income. Healthcare providers, when NCFE
pays, receive the benefit of immediate cash to fund their
operations without having to wait for reimbursement.

All of the Debtors' outstanding bonds at this time consist of:

Amount Issuer Indenture Trustee
------ ------ -----------------
$924,995,000 NPF VI, Inc. JP Morgan Chase & Co.

$2,047,500,000 NPF XII, Inc. Bank One, N.A.

In papers filed with the Bankruptcy Court this week, the Company
reports that, as of September 30, 2002, its books and records
reflected approximately $3.8 billion in assets and approximately
$3.6 billion in liabilities.

An Investor Report dated October 23, 2002, and delivered to Bank
One reports that:

(a) NCFE held $851,993 in a Seller Credit Reserve Account as
of October 1, 2002, when there was supposed to be around
$145 million in that account on Oct. 1;

(b) NCFE held $498,321 in an Offset Reserve Account on
Oct. 1, when $44 million should have been on deposit; and

(c) an Equity Reserve Account, supposed to have a $217
million deposit on Oct. 1, only had $10 million on
deposit.

When those facts bubbled to the surface, Bank One ran to the
state and federal courts in Ohio seeking appointment of a
Receiver and prompted agents from the Federal Bureau of
Investigation to descend on NCFE's corporate offices.

Lance Poulsen, the Company's founder, has resigned as chairman
and chief executive. The Company's workforce has fallen from 325
to 103 this week. The Company's main office is located in
Dublin, Ohio, and maintains three regional offices in Scottsdale,
Arizona; Durham, North Carolina; and Port Charlotte, Florida.

NATIONAL CENTURY DEBTORS' CHAPTER 11 DATABASE
-----------------------------------------------------------------

Debtor entites filing separate chapter 11 petitions:

Entity Case No.
------ --------
National Century Financial Enterprises Inc. 02-65235
NPF XII Inc. 02-65236
National Premier Financial Services Inc. 02-65237
NPF VI Inc. 02-65238
Memorial Drive Office Complex LLC 02-65239
National Physicians Funding II Inc. 02-65240
Anesthesia Solutions Inc. 02-65241
NPF-CSL Inc. 02-65242
NPF-LL Inc. 02-65243
NPF-SPL Inc. 02-65244
NPF X Inc. 02-65245
NPF Capital Partners Inc. 02-65246
NPF Capital Inc. 02-65247
NCFE.com Inc. 02-65248

Chapter 11 Petition Date: November 18, 2002

Bankruptcy Court: United States Bankruptcy Court
Southern District of Ohio
Eastern Division
170 North High Street
Columbus, Ohio 43215
(614) 469-6638

Judge: Donald E. Calhoun, Jr.
LIST THE DEBTORS' 40-LARGEST UNSECURED CREDITORS
-----------------------------------------------------------------

Entity Nature Of Claim Claim Amount
------ --------------- ------------
Bank One Trust Company Indenture Trustee $2,047,500,000
N.A. for secured notes
Darlington Cummings issued by NPF
Corporate Trust XII, Inc.
Account Adm.
OH1-0380
255 West Shrock Road
Westerville, OH 43081
Tel: 614-244-9356
Fax: 614-248-1123

J.P. Morgan Chase Bank Indenture Trustee $924,995,000
Structured Finance for secured notes
450 W. 33rd Street issued by NPF
14th Floor VI, Inc.
New York, NY 1001
Tel: 212-946-8600
Fax: 212-946-8302

Pacific Investment NPF XII, Inc. $283,300,000
Management Company Notes (unsecured
Mohan Phansalkar deficiency claim)
840 Newport Center Dr
Suite 300
Newport, CA 92660
Tel: 949-717-7022
Fax: 949-720-4590

Credit Suisse First NPF XII, Inc. $283,000,000
Boston Corp. Notes (unsecured
Michael Criscito deficiency claim)
New York Branch
11 Madison Avenue
New York, NY 10010
Tel: 646-935-0299
Fax: 212-325-8232

Alliance Capital NPF XII, Inc. $188,500,000
Management Corp. Notes (unsecured
Katalin E. Kutasi deficiency claim)
1345 Avenue of
Americas
38th Floor
New York, NY 10105
Tel: 212-969-1000
Fax: 212-969-6820

III Finance, Ltd. NPF XII, Inc. $180,000,000
Julio Maceira Notes (unsecured
c/o AVM, L.P. deficiency claim)
250 S. Australian Ave.
6th Floor
West Palm Beach
FL 33401

Metropolitan Life NPF XII, Inc. $102,600,000
Insurance Notes (unsecured
Charles Scully deficiency claim)
10 Park Avenue
Morristown, NJ 07962
Tel: 866-226-5638
Tax: 973-254-3052

Ambac Insurance Corp NPF XII, Inc. $54,000,000
Joe Ramos Notes (unsecured
One State Street Plaza deficiency claim)
New York, NY 1004
Tel: 212-607-2200
Fax: 212-797-5272

Lincoln Capital NPF XII, Inc. $49,500,000
Management Co. Notes (unsecured
Rick Schneider deficiency claim)
200 S. Wacker Drive
Suite 2100
Chicago, IL 60606
Tel: 3125592880

Howery, Simon, Arnold $2,147,888
& White, LLP
Gary Hall
1299 Pennsylvania Ave.
NW, Washington, DC
20004-2402
Tel: 202-383-7169
Fax: 202-383-6610

Purcell & Scott, LLP $470,801
Cary Purcell
6035 Memorial Drive
Dublin, OH 43017
Tel: 614-761-9990
Fax: 614-761-9474

Gerbig Snell/Weisheimer $413,566
& Associates
Bill O'Dell
500 Olde Worthington Rd.
Westerville, OH 43082
Tel: 614-643-6471
Fax: 614-848-3477

Westcott Strategic $127,273
Management

Novell, Inc. Trade Debt $121,350

Bricker & Eckler Trade Debt $114,290

Peabody & Arnold LLP Trade Debt $98,225

First Merit Bank Trade Debt $90,676

ISHI Systems Inc. Trade Debt $88,049

Crown Partners Trade Debt $87,991

Expert Technical Trade Debt $67,200
Consultants

Object Ovation, Inc. Trade Debt $61,420

Perlman & Assoc Trade Debt $60,646

Freeman & Mills, Inc. Trade Debt $54,354

CNA Insurance Trade Debt $41,450

SARK Trade Debt $39,842

Norman Reitman Company Trade Debt $36,944

Krivcher Magids PLC Trade Debt $34,917

Leitess, Leitess & Trade Debt $32,294
Friedberg

Insight Trade Debt $30,012

Solutions for Manage- Trade Debt $28,998
ment, Inc.

PricewaterhouseCoopers Trade Debt $27,648
LLP

Deloitte & Touche LLP Trade Debt $25,000

Jeanne Cabral Trade Debt $23,566
Architects

Dell Marketing, Inc. Trade Debt $20,209

Biomar Technologies Trade Debt $20,000

IOS Capital Trade Debt $19,627

Abby Lane Temps, Inc. Trade Debt $17,147

Rockey & Wahl, LLP Trade Debt $15,809

Great Lakes REIT Trade Debt $15,679

Results International Trade Debt $14,500
Systems

The Debtors name these known Sellers as Defendants in this
Adversary Proceeding:

Sellers to NPF XII
------------------
* Lincoln Hospital Medical Center, Inc.
* OrthoRehab, Inc.
* RX Medical Services Corp.
* CHC Clintwood Clinics, Inc.
* CareServices of the Heartland, LLC
* CareServices of South Florida, LLC
* CareServices of the Treasure Coast, LLC
* Mobile Medical Industries, Inc.
* Innovative Services, Inc.
* Emergystate, Inc.
* Med Express LLC
* Emergystat of Sulligent
* Extended Emergency Medical Services, Inc.
* ACCI/Allcare of Pennsylvania, Inc.
* BGI of Brandywine, Inc.
* BGI of St. Tammany, Inc.
* BGI of Pensacola, Inc.
* BGI of South Dakota, Inc.
* Comprehensive of Addiction Programs, Inc.
* Glalax Treatment Center, Inc.
* Stonehenge Convalescent Center, Inc.
* Wilmington Treatment Center, Inc.
* Greater Southeast Community Hospital Corporation I
* Pacifica of the Valley Corporation
* Garland Physicians' Hospital, Ltd.
* Thera-Kinetics, Inc.
* International Philanthropic Hospital Foundation
d/b/a/ Granada Hills Community Hospital
* Korman, LLC
* Living Hope Southwest Medical Services LLC
* Locumtenens Acquisition LLC
* Oak Park, Inc.
* Prime Med Pharmacy Services, Inc.
* Quantum Health
* Rock Glen Healthcare, Inc.
* SCCI Hospitals of America, Inc.
* SCCI Hospital Ventures, Inc.
* SIS Acquisition, LLC
* Safecare Ambulance Services, Inc.
* Braintree Manor Nursing, LLC
* Fall River Nursing LLC
* Hollingsworth Nursing LLC
* South Boston Nursing LLC
* Stoughton Nursing LLC
* PriMed Medical Corporation
* Pain Net Northern California Management Corporation
* National Psychiatric Services, Inc.
* Infusion Management Systems, Inc.
* Aurora Home Care, Inc.

Sellers to NPF VI
-----------------
* Chartwell Pennsylvania, LLC
* Chartwell Diversified Services, Inc.
* Chartwell Southern New England, LLC
* Chartwell Midwest Wisconsin
* Chartwell Home Therapies Limited Partnership
* Chartwell Midwest Indiana, LLC
* Chartwell UC Davis, LLC
* Chartwell Michigan, LLC
* Chartwell Mountain Regional Services
* Chartwell Ohio
* Chartwell Care Givers, Inc.
* Chartwell Care Givers of New York, Inc.
* Atlis Health Services, Inc.
* Hunt Country Home Health, Inc.
* Hunt Country Nursing Services, Inc.
* National Nurses Service, Inc.
* Oak Springs Nursing Home, LP
* ACCI/AllCare, Inc.
* ACCI/AllCare of Massachusetts, Inc.
* Brea Community Hospital
* Michael Reese Medical Center Corporation
* Pacin Healthcare-Hadley Memorial Hospital Corporation
* Highland Behavioral Health Services, Inc.
* Highland Hospital Association
* Lifecare Solutions East, Inc.
* Lifecare Solutions, West, Inc.
* New England Home Therapies, Inc.
* P.N.A.
* Pain Net of Arizona, Inc.
* Pain Net, Inc.
* Rovertown Surgery Center, LLC
* PhyAmerica Correctional Healthcare, Inc.
* Texas NPI, Inc.
* Home Medical of America, Inc.
* Nations Healthcare of California, Inc.
* Nations Healthcare of Florida, Inc.
* Nations Healthcare of Greenville, Inc.
* Nations Healthcare of Northern California, Inc.

Other Sellers
-------------
* Advance Home Medical, Inc.
* AllMed Services, Inc.
* Bay Cities Pharmaceutical Services
* Bayer Restorative Center, Inc.
* Care Home and Healthcare Services, Inc.
* Care Medical Group, Inc.
* Care Nursing Associates
* Consolidated Health Corp. of Pittsburgh, Inc.
* Consolidated Health Corporation Management, Inc.
* Continuecare, Inc.
* Florida Health Plan Management, Inc.
* Habitat Healthcare, Inc. dba Procare Home Health
* Health Care Funding Corp.
* Health Management Southeast, Inc.
* Healthplan Southeast, Inc.
* Interstate Environmental Medical Group, P.S.
* Louisiana Helping Hands, Inc.
* Managed Patient Care
* Med Four, LLC
* Medical Management Consulting Group
* Medimanager, Inc.
* Miami Valley Respiratory Care, Inc.
* National Corrections and Rehabilitation Corporation
* National Rehab of Florida, Inc.
* Nations Healthcare of Tampa Bay, Inc.
* Needham/Hamilton House Convalescent Center, Inc.
* Northern Indiana Interim Healthcare Company, LLC
* Orlando Interim Acquisition Company, LLC
* Pain Control Consultants, Inc.
* Pine Grove Hospital Corporation
* Procare of Tennessee, Inc.
* Quality Health Initiatives, Inc.
* Quality Health Systems, Inc.
* Quality Lifestyles, Inc., dba Quality Lifecare, Inc.
* Quest Staffing Solutions, Inc.
* Robertson Interim Acquisition Company LLC
* Schillinger Emergency Physicians Medical Group, P.C.
* Spectrum Medical Care
* Strongin Health Services Corporation
* Sunrise Regional Medical Center, Ltd.
* Superior Home Health Care of Livingston, Inc.
* Tailored Care, Inc.
* Tampa Interim Acquisition Company, LLC
* Tennessee Homecare, Inc.
* The Nurses Station of America, Inc.
* Triad Health Management of Georgia, LLC

and name the five Lockbox Custodians as Defendants in their
lawsuit:

* Huntington National Bank
* Wachovia Bank, NA
* PNC Bank
* Bank of America
* Bank One, NA

Without this injunctive relief, Judge Calhoun sees, the Debtors
face an immediate and substantial threat to the preservation of
their estates' going-concern value and an unwarranted and
irreversible dissipation of their estates. Accordingly, Judge
Calhoun issued a Temporary Restraining Order at a hearing
yesterday in Columbus. The Court directs each Defendant to file
an Answer to the Debtors' Complaint by December 18, 2002, and
will convene a hearing thereafter to consider entry of a
permanent injunction.


*** End of Issue No. 1 ***

Where will the 700 BILLION Dollar Bailout go?

HEALTHCARE?
Sun Healthcare Group Inc INSIDER TRADING

Last 10 Insider Actions for Sun Healthcare Group Inc
Date Name Shares Stock Transaction
08/25/2008 CHAUNCEY J HUNKER
Chief Compliance Officer 22,500 SUNH Exercise of Stock Options
at cost of $173,475.00

08/22/2008 RICHARD L PERANTON
President 4,934 SUNH Exercise of Stock Options
at cost of $40,508.13

08/22/2008 RICHARD L PERANTON
President 2,478 SUNH Exercise of Stock Options
at cost of $19,452.29

08/22/2008 RICHARD L PERANTON
President 84 SUNH Exercise of Stock Options
at cost of $647.63

08/22/2008 RICHARD L PERANTON
President 300 SUNH Open Market Sale
proceeds of $5,088.00

08/22/2008 RICHARD L PERANTON
President 1,703 SUNH Open Market Sale
proceeds of $28,865.84

08/22/2008 RICHARD L PERANTON
President 800 SUNH Open Market Sale
proceeds of $13,536.00

08/22/2008 RICHARD L PERANTON
President 2,800 SUNH Open Market Sale
proceeds of $47,348.00

08/22/2008 RICHARD L PERANTON
President 1,600 SUNH Open Market Sale
proceeds of $27,040.00

08/22/2008 RICHARD L PERANTON
President 2,797 SUNH Open Market Sale
proceeds of $46,989.59

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rightchange.com Just how ignorant do you think Americans are?

Before you look at the websites list for'Obamanamics' , let us look at President Bush's 'Proclamation' on June 13,2003.
Yes, 2003!

For Immediate Release
Office of the Press Secretary
June 13, 2003
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation
Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.




Below is on this so-called non-profit disguise of REPUBLICANS.



10 Things You Need to Know About Senator Obama’s Tax Proposals
Under the tax plans of Barack Obama and his Democratic friends in Congress, American families will only be left with… the change in their pockets.

In 2009, Barack Obama and the Democratic Congress have an idea for a bill. Well, really, it’s a lot of bills that will be paid for by nearly every American in the form of higher taxes and higher costs for food, energy and other products.

So if you have a retirement account, work in or shop at a small business, are close or in retirement, or even flip on a light switch, then there are a few things that you should consider.

Under that plan:

Small main street businesses would be forced to pay tax rates as high as 62.3% under Senator Obama’s tax proposals.1
Senator Obama’s tax plan would tax small businesses at a higher rate than large corporations!2
Taxes on retirement income and savings could increase by at least 33%, hitting millions of seniors when they need these resources the most.3


4 million workers over the age of 50 – those eagerly looking forward to retirement – would be hit with increased tax bills. 4
Millions of Americans would only keep 38 cents of every dollar that they earn.5
Senator Obama’s tax plan would reduce the after tax wages of millions of workers by 17.7%.6
It will take 227 days per year, nearly 8 months, just to pay your tax bill!7
97,065 carpenters, 110,908 police officers, 254,992 nurses, 208,562 postsecondary teachers and 237,000 dentists would see tax increases, if the earnings cap was successfully eliminated.8
10.3 million workers would see an average of $5,650 taken from their paycheck and given to government programs.9
Even YOU might be considered “Rich.”


But don’t just take our word for it.
Be a geek. Click Here. Learn More.



Citations

Federal Prosecutors in Columbus Ohio 'larger than Enron'

I oppose the proposed bailout plan because we have not even addressed the root of this problem. We hear deregulation but that is not good enough.
I believe someone needs to address the' PONZI Scheme' that was created all the way back to 1999, during the Republican Congress.

The largest 'private' bankruptcy, dubbed by Federal Prosecutors in Columbus Ohio 'larger than Enron' with National Century Financial Enterprises, Inc.(NCFE). The CEO and VP Executive, who by chance was an ex-employee of HCA/TN and Richard Rainwater, GW Bush's ex-partner. This was a healthcare dumping ground for those entities affected by Welfare Reform.

Where is the 700 Billion going? To JP Morgan? It was in 2007, after all, when JPMorgan Chase financed Richard Rainwater’s REIT,Crescent (CEI) sale, just before the Real Estate bust; which all experts thought was a loser.

Then, in 2003, who or what was involved in the " Administration-wide effort to bring new tools and resources to would-be homeowners.” ?

In 2003? NewTools? New Resources?

For Immediate Release
Office of the Press Secretary
June 13, 2003
National Homeownership Month, 2003
By the President of the United States of America
A Proclamation

Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.
The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.
Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.

May 2006...we both committed to make consistent strides towards financial sector liberalization.

Last May, when senior Chinese officials came to Washington for our second meeting of the Strategic Economic Dialogue, we both committed to make consistent strides towards financial sector liberalization. As a result, a major U.S. bank recently announced plans to establish at least ten rural banks and loan companies in China's countryside. It will join the Chinese government's pilot program to allow foreign investors to operate in the rural areas of western and central China. Such transactions, over time, will bring transformational benefits to China's economy and to U.S.-China economic ties.




November 8, 2007
hp-671

Remarks by Secretary Henry M. Paulson, Jr.
before the 2007 China Institute Executive Summit
on Shared Responsibilities and Shared Benefits in U.S.-China Economic Relations

New York, NY-- Good evening. Thank you, Ginny, and the China Institute for inviting me to address your Executive Summit. The China Institute's more than seven decades of work, promoting educational and commercial exchanges with China, underscore the value of a long-term, constructive approach to U.S.-China relations.

This conference, China Goes Global: New Perspectives and New Strategies, could not be more timely. The U.S.-China economic relationship is among my highest priorities. It is also among the most challenging.

A Strategy for Economic Engagement with China

China and the United States are two of the largest and most influential economies in the world. That prominence brings responsibilities. Addressing these responsibilities together will create greater benefit for both our peoples. That proved true when we worked together to bring China into the WTO. The requirements of WTO accession led to an acceleration of reform in China. China now has the responsibilities and must fulfill the obligations of a major WTO member, just as China has reaped the rewards of the rapid growth that followed WTO accession.

The United States and China have a unique role to play in the coming decades in assuring a strong global economy and shaping the global economic agenda. Greater coordination and enhanced cooperation is required – indeed, demanded – of us in order to meet those responsibilities.

These dynamics informed the creation of the Strategic Economic Dialogue (SED) by President Bush and President Hu Jintao in 2006. They have established a forum that allows both governments to communicate at the highest levels on issues of long-term and strategic importance to ensure bilateral economic stability and prosperity. Through the SED, we also work to produce tangible short-term results which are necessary to demonstrate progress towards achieving our long term objectives.

Our economic dialogue now focuses on going beyond China's WTO commitments. Admission to the WTO represents a minimum level. It is important that China fully meet those commitments but an equally important challenge is to accelerate reform beyond those commitments. China's leaders understand the role of markets in attaining stable, non-inflationary growth to meet the needs and aspirations of their people. Our discussions have not been about the direction of reform, but rather about the pace. As China's economy rapidly evolves, the challenges that it faces and the policies required to continue China's development have also changed. While some in China and elsewhere may see danger in moving too quickly with reforms, I believe moving too slowly is the bigger risk to Chinese and world prosperity.

Understanding Shared Responsibilities and Realizing Shared Benefits

As major global economic players, we both have responsibilities to maintain open trade and investment regimes, implement domestic policies that promote the health of our own economies and of the global economy, enhance the safety and integrity of trade, and promote energy conservation and environmental protection.

Shared Responsibility for Open Economies

The first of the responsibilities that the United States and China share in the global economy is to maintain open trade and investment regimes. Open economies spur competition, improve productivity, and create good jobs – in our countries and around the globe.

The U.S. economy is one of the most open in the world, and I am committed to working to maintain this openness, even in the face of rising protectionist sentiments in the U.S. Almost thirty years ago, Chinese leaders clearly recognized the value of an open economy; but China still has much more work to do. This challenge is becoming more difficult as it confronts strong protectionist sentiment from its domestic companies which, like all market-driven firms, welcome competition in other industries much more than in their own.

The efforts of each of us to maintain open trade and investment regimes at home strengthen the efforts of the other. The United States is working to reinforce our open economy policy and keep our markets open to investment and trade. Frankly, it is easier to keep the U.S. economy open if the American public sees China continuing to open up their markets. By joining efforts, we will be more effective in working against this protectionist tide and in promoting the competition and openness to investment that drive greater innovation and productivity.

Just as openness to competition has kept the U.S. economy on the cutting edge, further openness to trade and competition is clearly in China's interest. For China, further opening of key sectors to competition is critical to achieving the growing prosperity that the Chinese people expect and deserve. For example, opening the financial services sector to foreign participation will enable China to leap-frog years of costly and problematic practices. Chinese households across the nation would more quickly gain access to a wider range of higher-yielding savings instruments they need to build assets more rapidly for higher living standards today and in retirement.

Opening markets to trade and competition would further signal to the international community China's willingness to assume a role as a responsible global economic power. Also, given growing protectionist sentiments around the world, if Chinese reforms slow, China may confront a backlash from other nations.

Shared Responsibility for a Healthy Global Economy

The U.S. and China also share a responsibility to support the health of the global economy. By working together on this, we can create greater benefits for the people of both our nations.

Balanced growth – growth that does not generate large trade imbalances -- is vital to each of our country's prosperity and to sustained global economic growth. In the United States, we remain committed to advancing policies that maintain strong growth and enhance international confidence in our economy, financial markets and securities. We are reducing our budget deficit, and we need to address rising entitlement costs. This is in our interest, and is also key to addressing global imbalances in the medium term. We must also maintain the robust productivity growth that has allowed the United States to be a key driver of global prosperity in recent years.

For China, balanced growth requires continuing economic reform. The resource-intensive, export-intensive economic model that has driven China's extraordinary growth has led to growing imbalances that threaten internal harmony and spur trade conflict. Sustaining China's development in the future will require growth that is based more on increases in productivity, rising domestic household demand, and a greater role for services. All of this depends on a greater role for the market in allocating capital and a reduced reliance on administrative decisions.

China's leaders have pledged to carry out the economic reforms necessary to rebalance their economy. Of course, implementation is the name of the game. The expanding size and complexity of the Chinese economy, in particular the influence of provincial governments in policy implementation, make meeting these responsibilities more challenging. The question is not whether China can grow quickly over the short term; the question is whether it can grow differently and consistently over the long term.

To enable market forces to efficiently rebalance the economy and spread prosperity to all the Chinese, China needs more flexible prices, including a much more flexible, market-driven exchange rate. Exchange rate flexibility is also key to allowing monetary policy – the most potent instrument for guiding an economy – to focus on assuring stable and non-inflationary growth.

Also, the RMB's exchange rate is increasingly being viewed by many countries as a source of unfair competition. China is increasingly seen as out of step with international norms and expectations, as evidenced by the growing number of national leaders and multilateral institutions calling for currency appreciation. The G-7 Finance Minister's meeting held in Washington two weeks ago concluded with a communiqué that specifically called for RMB appreciation.

The United States has a stake in China's structural economic reforms because we have a stake in a prosperous, stable China. We do not fear an economically stronger and more competitive China, which benefits the Chinese people, the American people, and the prosperity of the global economy.

Working together is already bringing benefits to both our nations, but we have the potential to do much more. We will only realize that potential through direct and intense engagement such as the Strategic Economic Dialogue.

Last May, when senior Chinese officials came to Washington for our second meeting of the Strategic Economic Dialogue, we both committed to make consistent strides towards financial sector liberalization. As a result, a major U.S. bank recently announced plans to establish at least ten rural banks and loan companies in China's countryside. It will join the Chinese government's pilot program to allow foreign investors to operate in the rural areas of western and central China. Such transactions, over time, will bring transformational benefits to China's economy and to U.S.-China economic ties.
Shared Responsibility for the Integrity of Trade

WTO accession and integration into the world economy has allowed China to dramatically grow and thrive. As large beneficiaries of global integration, the U.S. and China share a responsibility to maintain the integrity of trade. The benefits of trade can only continue to flow when consumers around the world have confidence in the quality and integrity of the goods they buy. While the safety of food and product imports is a global problem, it has touched our bilateral trade relationship in an acute way in recent months.

We need to work together through respectful, science-based processes to ensure that products coming to America from China are safe. Effective management of these safety issues will have a long term, positive impact on U.S.-China trade relations. As China overcomes these issues, it will be further integrated into the global trading system and this will benefit China's people and help sustain China's economic growth.

Through the SED framework, we have expanded bilateral consultations to improve the U.S. government's ability to certify the safety of food and product imports coming from China. The United States will continue to seek opportunities to work with China – by sharing our extensive experience – as China builds the regulatory infrastructures necessary for safe and secure trade in a globally integrated world. On Tuesday, the Bush Administration announced a significant expansion of Food and Drug Administration and Consumer Product Safety Commission authority to inspect and certify imports, and an effort to work with Congress to implement measures to ensure effective inspection of imports. We can use this as a model as we work with China in this crucial area.


Shared Energy and Environmental Responsibilities

The United States and China also share the responsibility of ensuring secure and clean energy supplies, and protecting the environment. China's acute environmental problems are degrading the health of its population and ecosystems as well as undermining China's long-term economic potential. My perspective is not that of an official of a rich, developed nation, but one borne out by economic truths and past American experiences balancing these priorities. A healthy environment and a strong economy are not mutually exclusive; they are mutually necessary. As I learned during my July trip to Qinghai Province, no one understands this better, or is more concerned about it, than the Chinese people. I applaud the Chinese leadership's recent effort to expend extensive financial resource to save Lake Tai.

Addressing the issue of climate change by working together on a post-2012 framework will help the United States and China meet our global environmental responsibilities more effectively, and bring greater benefit to our citizens. And, if we are to be successful in this, it must be against the backdrop of strong economies. I was especially pleased that China participated in the recent Major Economies Meeting hosted by President Bush.

As the world's largest consumers of oil and as net-importers, we clearly share an interest in energy security and energy conservation. We should expand cooperation in the development of new sources of supply and in minimizing supply shocks. Through cooperation in the development of new alternative energy technologies, we can help ensure that the benefits of a clean, healthy environment endure for coming generations.

Advancing U.S.-China Economic Relations at SED III

In December, cabinet-level officials from both China and the United States will meet in Beijing for the third round of the Strategic Economic Dialogue. We have a robust and comprehensive agenda which will require focused and consistent leadership in both Washington and Beijing. We will focus on long-term strategic issues, as well as manage short term issues to show progress and concrete results along the way. By addressing the most pressing, short-term issues we can build the confidence to maintain the long-term, strategic relationship that will define the trajectory of U.S.-China economic ties.

As our two proud and powerful nations work together to meet our responsibilities, our citizens and the global economy will benefit. This relationship may ultimately determine many of the patterns of global prosperity, international security, and economic stability in the 21st century.

Thank you.

What 'NEW TOOLS and RESOUCES' is the President suggesting?

For Immediate Release
Office of the Press Secretary
June 13, 2003

National Homeownership Month, 2003
By the President of the United States of America
A Proclamation




Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.

The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.

Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.

Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation.

NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2003 as National Homeownership Month. I call upon the people of the United States to join me in recognizing the importance of offering every American the opportunity to realize their dream of homeownership and to help work towards making that dream a reality.

IN WITNESS WHEREOF, I have hereunto set my hand this thirteenth day of June, in the year of our Lord two thousand three, and of the Independence of the United States of America the two hundred and twenty-seventh.

GEORGE W. BUSH

Think about it...5 mil foreclosures, multipy by average $300,000 home? Where is the MONEY?

For Immediate Release
Office of the Press Secretary
June 13, 2003

National Homeownership Month, 2003
By the President of the United States of America
A Proclamation




Homeownership is more than just a symbol of the American Dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership. I am committed to helping more families know the security and sense of pride that comes with owning a home.

The Department of Housing and Urban Development is leading an Administration-wide effort to bring new tools and resources to would-be homeowners. We are providing financial assistance to qualified families through the American Dream Downpayment Fund, funding educational programs that stress financial literacy, and offering a compassionate hand to those who dream of moving from subsidized housing into homeownership. And through the Self-Help Homeownership Opportunity Program, my Administration partners with nonprofit organizations that offer homeownership oppor-tunities to families willing to contribute their skills and labor to help build a home of their own. We are also proposing ways to make it easier to shop for a mortgage and to make mortgages available to more families through the Federal Housing Administration.

Today, the United States is fortunate in that our homeownership rate is at an all-time high, and low interest rates continue to encourage millions of Americans to become first-time homeowners. Although a record number of Americans own their own homes, we continue to see a gap between the homeowner-ship rates of minorities and nonminorities. By a significant margin, minority families are less likely to own their own homes. Therefore, I have called upon the entire housing industry to join with my Administration to expand minority homeownership across the Nation. Our goal is to help at least 5.5 million minority families become homeowners by the end of this decade, and our Blueprint for the American Dream Partnership is taking bold steps to make this a reality.

Across our Nation, every citizen, regardless of race, creed, color, or place of birth, should have the opportunity to become a homeowner. Homeownership represents a pathway to pride and prosperity for many families, encourages values of responsibility and sacrifice, creates stability for neighborhoods and communities, and generates economic growth that helps strengthen the entire Nation.

NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2003 as National Homeownership Month. I call upon the people of the United States to join me in recognizing the importance of offering every American the opportunity to realize their dream of homeownership and to help work towards making that dream a reality.

IN WITNESS WHEREOF, I have hereunto set my hand this thirteenth day of June, in the year of our Lord two thousand three, and of the Independence of the United States of America the two hundred and twenty-seventh.

GEORGE W. BUSH