| The Conservative Origins of the Sub-Prime Mortgage Crisis
The restructuring of the mortgage industry came to its full stride under the Democratic administration of Bill Clinton. To even pretend that the Democrats (who recieve enormous sums of cash from the financial services industry) were not directly culpable for what has happened is deceitful. And to imagine that the Democrats will participate in any serious steps to reign in predatory capitalism is seriously delusional. .
Upstate investment firm starts dissolving
An Upstate investment firm is being dissolved and can't guarantee about 650 noteholders who are owed about $39.8 million that they will get all of their money back. However, the limited liability company is solvent and doesn't plan to file for bankruptcy protection, its manager said Friday. Arthur Field, a Greenville symphony supporter who built and financed his own pops orchestra, expressed optimism that his firm, Capital Investment Funding LLC, will repay the noteholders and return an additional 5 percent to each one. He said, however, the company's plans could go awry if the economy worsens and there is a further weakening of the real estate market. Since its inception, CIF has made more than $105 million in loans to commercial borrowers. .
Residents open hearts and wallets for troops overseas
The women of the Kern Valley came together last Friday, Nov. 2, to 'Support U.S. troops in style,' when Lore's Loft held a benefit fashion show at Kernville Elementary School to purchase Christmas presents for the 3rd Infantry Division serving in Iraq. Lore Hiney, owner of Lore's Loft, described the outfits modeled by Margie Barbosa, Valerie Cassity, Katharine Edmonson, Cindy Hood, and Nancy Walker, as they strutted down the stage wearing the newest Fall fashions from Tianello, Katherine, Patrick Chee, Spenser Alexis, David Kline, Curio, Citron, and more. 'I wanted to do something for the community, and this seemed like the right thing to do,' said Hiney. Originally, the Christmas presents were to go Zach Martin's 3rd ID unit. Martin is the son of local ceramicist James Martin.
Pro football’s political cheerleaders
The wild card in this game of musical chairs is who will inherit Parks' seat on the City Council should Parks move to the Board of Supervisors. We do not know who that person will be or what position on the NFL that person will take.
However, looking for something that would "affect the dynamics of football in the city" is not just about elections. The way we do things in L.A., an NFL team is a private investment. As I said yesterday, government's role is to provide leadership and help make the investment attractive with a good regulatory and tax climate. But government should not spend our tax money on this. Investors with deep pockets who are acceptable to the NFL must step forward and take the financial risk to make this happen. The emergence of such a person or persons is what will have the most effect on the dynamics of bringing the NFL to Los Angeles.
Rogue trader held in French bank scandal
The possible motivations of the 31-year-old trader, Jerome Kerviel, remained a mystery, and the bank said it appeared that he made no personal gain from the unauthorized trades. Judicial officials said Kerviel was taken into custody earlier in the day _ two days after Societe Generale's announcement that he was responsible for one of history's biggest frauds. The officials spoke on condition of anonymity because the investigation was ongoing. Under French law, Kerviel can be held up to 48 hours. The debacle further rattled an already nervous banking sector and has fueled a debate about risk management. "If we can make profits in a matter of hours, we can also have huge losses," President Nicolas Sarkozy said during a visit to India. "We must stop with this system that has gone haywire and that has lost track of its aim." He added: "It appears to be time to ...
Get out of the Pile of Debts with a Debt Consolidation Loan
We all want to accumulate happiness and pleasures in life. We try to gather them in the form of various items of worldly pleasures. It is a fact that our dreams and desires know no limits. We get so swayed by them that we forget that our finances do have certain limits. And in the end, what do we accumulate? Happiness? No. But in fact, loads of debts and loads of hassles! Today, financial distress in the form of unmanageable debts is one of the burning problems in the lives of many Britons. Thanks to the propaganda by the credit card companies projecting the credit card as an 'instant never-ending source of finance' and 'plastic money', people are using the credit cards indiscriminately for satisfying their (insatiable) dreams and desires. There are many people who are neck deep in credit card debts and are clueless regarding how to deal with the situation.
Montana escapes subprime meltdown
Thousands of people at risk of losing their homes. Mortgage lenders going out of business. Home sales slumping. Such is the nationwide fallout from the subprime mortgage market meltdown. But here in Montana, and particularly Gallatin County and the surrounding area, the good news might be that there is no news.The financial crisis that hit states such as California hasn't had much of a visible impact on the local housing market. The number of local foreclosures is low and consistent with what the area has seen in recent years, and local lenders say many people can still qualify for home loans at reasonable interest rates.“The fallout of the subprime market has not truly had much of an affect on my clientele or my community," said Cyndy Rigler of the Livingston-based Western Home Mortgage.Subprime mortgages have never been a big part of what Western Home Mortgage does.
UPDATE 2-NYC mayor presents $58.5 bln budget, 3.7 pct hike
Because we didn't squander our resources when times were good, we're much better prepared to deal with these more challenging times," he said in a statement. Wall Street's evaporating profits could cut city tax revenues by $660 million. The billionaire mayor, who won his first four-year term in 2001 by stressing his business experience as the founder of information company Bloomberg LP, was repeatedly asked about the risk of a recession. "My gut says everybody including me thinks the economy is going south so we're all probably wrong." Continued... .
|
