tagged w/ Home Foreclosures
-
So you got laid off... no big deal right!?!
You are extremely employable, you've been working for 40 years... each new job has elevated your income, your self-esteem, your value to your company and your ability to feel successful and be successful.
But something's not right... you completed the 3 month session with a top career advisory firm, your resume is pitch perfect and your business marketing plan is top-notch!
READ: Full story here
http://hubpages.com/t/1ff2de
Actions have consequences... inaction has consequences... the consent of the governed is required to serve... voting is the 'Right of the People to alter or to abolish".So you got laid off... no big deal right!?!
You are extremely employable,... more
-
-
According to the Washington Post, the recession's jobless toll is draining unemployment-compensation funds so fast that according to federal projections, 40 state programs will go broke within two years and need $90 billion in loans to keep issuing benefit checks.According to the Washington Post, the recession's jobless toll is draining... more
-
-
When word spread earlier this year that American International Group had paid more than $165 million in retention bonuses at the division that had precipitated the company's downfall, outrage erupted, with employees getting death threats and President Obama urging that every legal avenue be pursued to block the payments. New York Attorney General Andrew Cuomo threatened to publicize the recipients' names, prompting executives at AIG Financial Products to hastily agree to return about $45 million in bonuses by the end of the year. But as the year 2009 came to a close, a majority of that money remained unpaid.When word spread earlier this year that American International Group had paid more... more
-
-
On Christmas Eve, the Obama administration pledged to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac. The eleventh-hour move allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress. As the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that 12 top executives will receive $42 million in compensation packages. This includes up to $6 million each to Fannie Mae and Freddie Mac's chief executives.On Christmas Eve, the Obama administration pledged to provide unlimited financial... more
-
-
A Wells Fargo executive is accused of allegedly moving into a foreclosed California beachfront home.A Wells Fargo executive is accused of allegedly moving into a foreclosed California... more
-
-
ANP: In the third quarter, 765,558 American properties received default notices or were foreclosed on.
While mortgage giants Fannie Mae and Freddie Mac announced last month they would temporarily halt foreclosures and evictions from Thanksgiving to Jan. 9, the moratorium is likely to affect only a small percentage of homeowners facing foreclosure. On a cold December morning, Washington Independent reporter Mary Kane and ANP videographer Garland McLaurin were on the hand to bear witness to an increasingly common, but rarely documented, tragedy: someone being evicted from their home.ANP: In the third quarter, 765,558 American properties received default notices or... more
-
-
Communities crushed by the foreclosure crisis are dealing with hundreds, and sometimes thousands, of abandoned and deteriorating houses. As local governments scramble to grapple with the problem, Congress, who bailed out Wall Street to the tune of $700 billion, has provided little relief. Four billion dollars has been set aside by Congress to help communities buy up and repair foreclosed houses, but will it be enough?Communities crushed by the foreclosure crisis are dealing with hundreds, and sometimes... more
-
-
by: Dean Baker, t r u t h o u t | Perspective
Politicians often prefer complex solutions to simple problems. Nowhere is this more apparent than with the long list of complicated and convoluted proposals to address the country's foreclosure crisis.
Millions of people face the loss of their homes over the next few years. While the politicians in Congress have developed a wide variety of complex schemes in order to hold back this flood of foreclosures, including one passed into law last summer that provided up to $300 billion guarantees for new mortgages on homes facing foreclosure, none have had much impact thus far.
The unavoidable problem with these schemes is that it is difficult to design a plan that aids families facing foreclosure without giving an incentive to other homeowners to also default on their mortgage. In addition, it is hard to justify taxing the people who are struggling to keep up with their own mortgages in order to help those who default. It is even harder to justify taxing ordinary people to help out the bank executives, who issued hundreds of billions of dollars of bad loans.
As a result, to date these programs have not prevented a tidal wave of foreclosures and evictions. The number of foreclosure filings (there are typically two or more filing for every actual foreclosure) is now approaching 300,000 per month.
For those not offended by simplicity, there is an easy solution. Congress can temporarily modify the rules on foreclosure to give families facing foreclosure the right to rent their homes at the market rate for a substantial period of time. Rep. Raul Grijalva proposed such a change in the Saving Family Homes Act, which would allow homeowners the option to remain as renters for up to 20 years following a foreclosure.
This bill would immediately give families security in their home, so that if they like the home, the neighborhood, the school for their kids, they would have the option to stay in the house for a substantial period of time. This also has the great benefit for the neighborhood that homes will remain occupied.
Perhaps more importantly, this change in foreclosure rules will give banks a real incentive to negotiate conditions under which homeowners can stay in their homes as owners. Banks do not want to become landlords. The bank will own the house after a foreclosure, but a house with a renter is worth much less to them than a house over which it has complete control.
contby: Dean Baker, t r u t h o u t | Perspective
Politicians often prefer complex... more
-
-
As the classified ads put it, everything must go. Socks. Christmas ornaments. Microwave ovens. Three-year-old Marita Duarte’s tricycle was sold by her mother, Beatriz, to a stranger for $3 even as her daughter was riding it.
On Mission Ridge Drive and other avenues, lanes and ways in this formerly booming community, even birthday celebrations must go. “It was no money, no birthday,” said Ms. Duarte, who lost her job as a floral designer two months ago. The family commemorated Marita’s third birthday without presents last week, the occasion marked by a small cake with Cinderella on the vanilla frosting. They will move into a rental apartment next month.
An eternity ago, people in this city in northern San Joaquin County braved four-hour round-trip commutes to the San Francisco Bay Area for a toehold on the dream. Today, Manteca’s lawns and driveways are storefronts of the new garage-sale economy — the telltale yellow signs plastered in the rear windows of parked cars Friday through Sunday directing traffic to yet another sale, yet another family.
“You can get great deals,” said Sharrell Johnson, 32, who was scouting for toys in the Indian summer heat last Friday amid boxes of tools and DVDs and forests of little skirts and shirts dangling from plastic hangers on suspended rope. “Sad to say, you’re finding really good things. Because everybody’s losing their homes.”
The garage-sale economy is flourishing here and in many other regions of the country, so much so that some cities have begun cracking down. With more residents trying to increase their income, the city of Weymouth, Mass., limited yard sales to just three a year per address. Detective Sgt. Richard Fuller said it was now common to see 15 cars parked in front of a house.
Richmond, Ind., has had such an onslaught of garage sale signs posted in the right of way that the city has placed stickers on prominent light poles warning of violations and fines.
But it is a Sisyphean task: Manteca’s ordinance, restricting residents to two sales a year, is widely ignored.
The sales are part of the once-underground “thrift economy,” as a team of Brigham Young University sociologists have called it, which includes thrift stores, pawn shops and so-called recessionistas name-brand shopping at Goodwill. As the classified ads put it, everything must go. Socks. Christmas ornaments.... more
-
-
What housing market crash? Domestic bliss is only new countertops away on Home & Garden Television.
infoMania is a half-hour satirical news show that airs on Current TV. The show puts a comedic spin on the 24-hour chaos and information overload brought about by the constant bombardment of the media. Hosted by Conor Knighton and co-starring Brett Erlich, Sarah Haskins, Ben Hoffman, and Sergio Cilli, the show airs on Thursdays at 10 pm Eastern and Pacific Times and can be found online at current.com/infomania. And make sure to check out our facebook profile for special features at infomaniafacebook.com.
What housing market crash? Domestic bliss is only new countertops away on Home &... more
-
