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Generations of Valerie Magee’s family, from her grandparents to her children, have deepened their roots in the black middle class, finding a pathway to prosperity through college education and the support of family members.
But as Magee, 56, watches college tuition skyrocket and wealth and incomes plummet, she worries that college might be moving beyond her young grandchildren’s grasp. So Magee, a divorced nurse administrator, recently sold her pricey south suburban Matteson [...] NatWest said on its Twitter feed: “Some customers may have issues with their online banking and using their debit cards at the moment. Working as hard as we can to resolve. We’ll post updates as soon as we have more information.” Cash machine withdrawals using debit cards are also affected, the bank added. Earlier in the summer the bank suffered a major systems collapse when millions of customers were unable to check their balances, [...] BOSTON (CBS) – He says it became an obsession, but a 35-year-old dream became a reality for a Milford man as he paid off his mortgage with pennies. “It started out as a joke,” says Thomas Daigle. “I said I’m going to pay the last mortgage payment off on this place in pennies.” WBZ NewsRadio 1030?s Jeff Brown reports Thomas Daigle says he was looking for a hobby during those long rainy and [...] The crisis in Europe is boiling over yet again. The central connecting factor of all of this is too much debt relative to production. Debt in itself is not a bad thing. If you borrow modestly for a home and have sufficient income to cover your mortgage payment then this might actually be beneficial. When things go haywire is when you leverage up. You had people buying homes that were 10 to [...] The crisis in Europe is boiling over yet again. The central connecting factor of all of this is too much debt relative to production. Debt in itself is not a bad thing. If you borrow modestly for a home and have sufficient income to cover your mortgage payment then this might actually be beneficial. When things go haywire is when you leverage up. You had people buying homes that were 10 to [...] by Laura Shin We were recently heartened by news that unemployment had reached its lowest point in the last four years. Until we saw this recent study cited in The Wall Street Journal. University of California at Berkeley economics professor Emmanuel Saez analyzed the income gains and losses of the 1% over the last two economic growth periods and recessions. And … yikes. From 2009-2010, the 1% captured 93% of the income growth. Seriously. 93%. To put it another way, in [...] Wow, why didn’t I think of that?!? A million-dollar mortgage goes unpaid for Years While Couple Fights Foreclosure (March 3, 2012) The banks, bank examiners, and underwriters should have known the risks of shoving unplayable debt down peoples throats. It was a bad gamble on the part of the banks and they should stop wining like sore losers over their gambling loses and and suck it up. There’s nothing wrong with strategic default just like these people are doing; The U.S. Foreclosure Crisis, Beverly Hills-style “Welcome to foreclosure Beverly Hills-style. Some 180 houses in Beverly Hills, the [...] Activist Post In another example that we appear to be rapidly moving into a cashless society, Bank of America in California refused to accept cash for a mortgage payment. The manager of the bank said it was against their policy to accept legal tender physical currency (aka U.S. dollars) as payment for BoA mortgages. The customer attempting to pay his mortgage, firefighter Robert Somerton, recorded the ordeal in Lakeport branch which made the [...] http://truthingold.blogspot.com/2012/01/taxpayer-money-for-mortgages-more.html I need to unload two huge sources of irritation today based on reports that I guarantee you will not be presented on Fox News, Fox Business, CNBC, Bloomberg, CNN etc. I sourced these from an excellent source for housing market news, http://www.housingwire.com/. I mentioned the other day that FRE had implemented a program to enable those without a job to go for up to 12 months without making a mortgage payment. While the [...] From HUFFPOST: WASHINGTON — The Obama administration is introducing a new program on Monday designed to lower monthly mortgage payments for more troubled homeowners. But a key new condition in the plan would shift the financial liability for refinanced loans from Wall Street banks to the American taxpayer. And by focusing on lower payments, the program does not confront what housing experts view as the core problem [...] Uh oh – are we rapidly reaching another major economic tipping point? According to a new CNN/ORC International Poll, 90 percent of the American people believe that economic conditions in the United States are “poor”. This represents a significant increase from when the same question was asked in June. Back then, 81 percent of the American people considered economic conditions to be “poor”. To put [...] Millions are staying in their homes without paying their mortgages. NEW YORK (CNNMoney) — Charles and Jill Segal have not made a mortgage payment in nearly five years — but they continue to live in their five-bedroom West Palm Beach, Fla. home. Lynn, from St. Petersburg, Fla., has been living without paying for three years. In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost [...] by Richard Booth Over the past 75 years this country has weathered many housing cycles. However this current crisis is much different and the fallout will be felt for many years to come. Here is why. First: Homeownership was once a privilege, but over the past 20 years it was turned into a right like free speech. The government through its incessant tinkering has perverted the entire housing [...] Unless you have been asleep or hiding under a rock for the past five years, you already know that we are experiencing the worst real estate crisis that the U.S. has ever seen. Home prices in the United States have fallen 33 percent from the peak of the housing bubble, which is more than they fell during the Great Depression. Those that decided to buy [...] by MacroStory JP Morgan Q1 2011 Earnings On the headline JP Morgan (JPM) beat with $1.28 versus estimates of $1.15 on EPS. Comparing Q1 2011 to Q1 2010 net revenues is down 8.8% while EPS is up 72%. Sounds OK unless you ask two very simple questions (1) what is the direction of income before provisions for loan losses and (2) what is the direction of asset prices. Question [...] Talk about stimulus. Ponzi baby. via fundmymutualfund: Nearly a year and a half ago I was one of the first to identify a huge stealth stimulus the government, Fed, and banking system was creating – the strategic default stimulus. [Nov 25, 2009: America's Stealth Stimulus Plan; Allowing It's Home "Owners" to be Deadbeats] By the spring of 2010, Cramer and quite a few in the financial blogosphere began [...] From Housingwire: California residents who are unemployed or owe more on their mortgages than what their homes are worth now have four new state programs that will help them stay in their house and current on their mortgage. The California Housing Finance Agency fully implemented the programs under its “Keep Your Home California” initiative, a nearly $2 billion endeavor funded by the U.S. Treasury‘s Hardest Hit Fund. [...] by Donald Ingram According to new data, people who default on their mortgages can expect to stay in their homes rent-free for 492 days, or more than 16 months, up form 382 days last year and 244 days in August 2007. This will drag out the uncertainty in the housing sector beyond any reasonable expectations. The weak mortgage resets don’t peak for another 18 months. Fannie and Freddie’s toxic mountain still exists. [...] by zh The shopping day that was supposed to signal the renaissance of the US consumer, and justify the massive overhiring by US retailers (not to mention the completely dislocated from reality surge in stock price for razor thin margin retailers like Amazon), is increasingly seeming to be a dud. WSJ reports, citing channel checker ShopperTrak, that “Black Friday sales rose only slightly from a [...] by Gonzalo Lira The Coming Middle-Class Anarchy True story: A retired couple I know, Brian and Ilsa, own a home in the Southwest. It’s a pretty house, right on the manicured golf course of their gated community (they’re crazy about golf). The only problem is, they bought the house near the top of the market in 2005, and now find themselves underwater. They’ve never missed a mortgage payment—Brian and Ilsa are [...] “‘Let’s get rid of the evidence of the failure.’ That’s what they mean when they say shut down Fannie Mae and Freddie Mac.” “We have people who have promulgated this. We have the partisan political operative media who have facilitated this intricately woven web of deceit and confusion, all for the purposes of getting their party elected to power so as to advance their agenda, at the expense, in fact, of [...] On a side note, probably one of the primary reasons that we have had a sane housing market is because of the obvious insanity of the NYS legislature which has crushed most incentives for businesses to locate in Upstate NY. Our house prices have risen at a bit less than the CPI over the past couple of decades. I live in a comfortable 2300 sf house built in the 1990s [...] First, if it is same store sales, a lot is due to the loss of competition and driving the same number of total consumers to fewer stores. That may or may not be part of this number but, it is a factor. What is also going on is a growing number of people who stopped paying the mortgage and are now spending the mortgage payment on other things while they wait [...] |
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