Fund proposed for FRM investors

robmac · 12-06-2010, 10:48 AM

Did anyone else find it incredible that there is a proposal to create a fund for those that lost money invested with FRM. Where were these folks when they were getting 15% return on their money,not one complaint. I always thought that an investment was just that an investment and along with that came risks. When it was paying dividends they weren't calling legislators crying that they were making to much but when the bottom falls out and they find they were scammed everybody else should agree that they should be compensated. What about a family business that fails not due to mismanagement or theft but simply due to economic conditions or the businesses that are struggling to stay afloat and loseing money should they line up as well. I don't think they will or would. If it looks to good to be true IT IS.

Argie's Wife · 12-06-2010, 11:03 AM

Where's the money coming from? Taxpayers?

robmac · 12-06-2010, 11:06 AM

The article was in the Citizen on the 4th. Rep. Lou Del Assandro is proposing it. don't think I spelled his name correctly

ishoot308 · 12-06-2010, 11:06 AM

Quote:

Originally Posted by Argie's Wife

Where's the money coming from? Taxpayers?

Eventually, isn't this where it always comes from??...

Dan

fatlazyless · 12-06-2010, 11:58 AM

It's my guess that a lot of bills get filed by the 400 different state reps just as a service to their constuents, while the rep does not support it themself. It gives their constituent a good feeling and helps build support locally for the state rep, or at least support from the person requesting the new law.

How much effort does it take for a state rep to file for a new state law? Probably, not very much. So, this thinking opens up another way to look at a proposed law.....is it just a constituent service....which the rep likely knows will get tagged 'inexpedient to pass' by the appropriate legislative committee, or is it something that stands a chance to pass?

If a state rep can race down Route 93 at 90-mph presumably to get to the State House, then a state rep can sponsor a bill as a favor which he knows will be 'dead on arrival' when it gets its' first hearing!
...................

Here's a related item:

Frank Marino of Meredith vs. State of New Hampshire, Re: Financial Resource Management of Meredith NH.

Believe there's a pending lawsuit waiting to go to court, it has been in the local newspapers...maybe in a letter to the editor or something? As I understand: Frank Marino of Meredith vs State of New Hampshire; based pretty much on his being lied to by an employee of the NH State Banking Commission when he asked about the record on FRM. Mr Marino was researching FRM, before writing out a check, and was asking about the company at the banking commission office in Concord in terms of FRM's history with the state, and pretty much got flat out 'fat-manned' by the state banking commission employee.

If and when that case gets to a trial, it should be a good one to watch!

Does the state banking commission have an obligation to truthfully answer questions with regards to a state regulated mortgage company, and can a banking commission employee knowingly misstate some very pertinent history, by saying that FRM had little to no problems and had a clean record, when in fact the state banking commission employee knew otherwise?

Who does the NH State Banking Commission really work for? Does it work to protect the citizens of NH, or to protect the banks and mortgage companies that it regulates and its' politically connected banking commissioner? ...

Here's hoping that Frank is legally able to take his case all the way to a courtroom decision based on the merits of his case, and does not settle for less, or get legally redirected to a NH legal oblivion.....WAY-TO-GO FRANK!.......hope you are able to stay legally strong! Bringing a lawsuit against the State of NH, what with all their resources, must be a difficult thing to do.
...............

Google "Frank Marino vs. State of New Hampshire," and you should find a May 6, 2010 article in the Concord Monitor.

robmac · 12-09-2010, 10:23 AM

Looks from reading the Mr Marino will have a steep hill to prove his claim.IMHO

gravy boat · 12-11-2010, 09:46 PM

Buyer beware. You take a chance with any investment. Just because you make a bad choice, don't expect ME to bail your butt out. But you do and I have no choice.

Some of us...me included as my husband has been out of work for 7 months, are tired of the whining. Start over like the rest of us who lost most of our savings in the last two downturns within 10 years.

GB

robmac · 12-12-2010, 05:01 AM

Very well said.

fatlazyless · 12-17-2010, 09:13 AM

http://www.citizen.com/apps/pbcs.dl/...9888/-1CITIZEN

and, hopefully that link will work! From the Dec 17 Laconia Citizen, www.citizen.com, "Meredith man makes his case against banking commissioner" by John Koziol is an excellent piece of local journalistic talent on display here!

Three cheers for the Laconia Citizien......hut-hut-hut!

12-06-2010, 10:48 AM	#1
robmac Senior Member Join Date: Jan 2005 Location: Nashua,Meredith Posts: 951 Thanks: 213 Thanked 106 Times in 81 Posts	Fund proposed for FRM investors Did anyone else find it incredible that there is a proposal to create a fund for those that lost money invested with FRM. Where were these folks when they were getting 15% return on their money,not one complaint. I always thought that an investment was just that an investment and along with that came risks. When it was paying dividends they weren't calling legislators crying that they were making to much but when the bottom falls out and they find they were scammed everybody else should agree that they should be compensated. What about a family business that fails not due to mismanagement or theft but simply due to economic conditions or the businesses that are struggling to stay afloat and loseing money should they line up as well. I don't think they will or would. If it looks to good to be true IT IS. Last edited by robmac; 12-06-2010 at 10:49 AM. Reason: missing word

12-06-2010, 11:58 AM	#5
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,734 Blog Entries: 1 Thanks: 300 Thanked 1,005 Times in 733 Posts	It's my guess that a lot of bills get filed by the 400 different state reps just as a service to their constuents, while the rep does not support it themself. It gives their constituent a good feeling and helps build support locally for the state rep, or at least support from the person requesting the new law. How much effort does it take for a state rep to file for a new state law? Probably, not very much. So, this thinking opens up another way to look at a proposed law.....is it just a constituent service....which the rep likely knows will get tagged 'inexpedient to pass' by the appropriate legislative committee, or is it something that stands a chance to pass? If a state rep can race down Route 93 at 90-mph presumably to get to the State House, then a state rep can sponsor a bill as a favor which he knows will be 'dead on arrival' when it gets its' first hearing! ................... Here's a related item: Frank Marino of Meredith vs. State of New Hampshire, Re: Financial Resource Management of Meredith NH. Believe there's a pending lawsuit waiting to go to court, it has been in the local newspapers...maybe in a letter to the editor or something? As I understand: Frank Marino of Meredith vs State of New Hampshire; based pretty much on his being lied to by an employee of the NH State Banking Commission when he asked about the record on FRM. Mr Marino was researching FRM, before writing out a check, and was asking about the company at the banking commission office in Concord in terms of FRM's history with the state, and pretty much got flat out 'fat-manned' by the state banking commission employee. If and when that case gets to a trial, it should be a good one to watch! Does the state banking commission have an obligation to truthfully answer questions with regards to a state regulated mortgage company, and can a banking commission employee knowingly misstate some very pertinent history, by saying that FRM had little to no problems and had a clean record, when in fact the state banking commission employee knew otherwise? Who does the NH State Banking Commission really work for? Does it work to protect the citizens of NH, or to protect the banks and mortgage companies that it regulates and its' politically connected banking commissioner? ... Here's hoping that Frank is legally able to take his case all the way to a courtroom decision based on the merits of his case, and does not settle for less, or get legally redirected to a NH legal oblivion.....WAY-TO-GO FRANK!.......hope you are able to stay legally strong! Bringing a lawsuit against the State of NH, what with all their resources, must be a difficult thing to do. ............... Google "Frank Marino vs. State of New Hampshire," and you should find a May 6, 2010 article in the Concord Monitor. __________________ ... down and out, liv'n that Walmart side of the lake! Last edited by fatlazyless; 12-07-2010 at 09:40 AM.

12-11-2010, 09:46 PM	#7
gravy boat Senior Member Join Date: Apr 2004 Location: Gilford year round, West Alton summers Posts: 589 Thanks: 596 Thanked 199 Times in 100 Posts	Fund this... Buyer beware. You take a chance with any investment. Just because you make a bad choice, don't expect ME to bail your butt out. But you do and I have no choice. Some of us...me included as my husband has been out of work for 7 months, are tired of the whining. Start over like the rest of us who lost most of our savings in the last two downturns within 10 years. GB

12-17-2010, 09:13 AM	#9
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,734 Blog Entries: 1 Thanks: 300 Thanked 1,005 Times in 733 Posts	http://www.citizen.com/apps/pbcs.dl/...9888/-1CITIZEN and, hopefully that link will work! From the Dec 17 Laconia Citizen, www.citizen.com, "Meredith man makes his case against banking commissioner" by John Koziol is an excellent piece of local journalistic talent on display here! Three cheers for the Laconia Citizien......hut-hut-hut! __________________ ... down and out, liv'n that Walmart side of the lake!

12-06-2010, 11:03 AM	#2
Argie's Wife Senior Member Join Date: Oct 2004 Location: Alton Posts: 1,908 Blog Entries: 1 Thanks: 533 Thanked 579 Times in 260 Posts	Where's the money coming from? Taxpayers?

12-06-2010, 11:06 AM	#3
robmac Senior Member Join Date: Jan 2005 Location: Nashua,Meredith Posts: 951 Thanks: 213 Thanked 106 Times in 81 Posts	The article was in the Citizen on the 4th. Rep. Lou Del Assandro is proposing it. don't think I spelled his name correctly

12-09-2010, 10:23 AM	#6
robmac Senior Member Join Date: Jan 2005 Location: Nashua,Meredith Posts: 951 Thanks: 213 Thanked 106 Times in 81 Posts	Looks from reading the Mr Marino will have a steep hill to prove his claim.IMHO

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12-12-2010, 05:01 AM	#8
robmac Senior Member Join Date: Jan 2005 Location: Nashua,Meredith Posts: 951 Thanks: 213 Thanked 106 Times in 81 Posts	Very well said.