Global Economy Bursting?

[Riick]

Banks May Get Hit Again, This Time by FHA
​

Banks are facing claims by both government-sponsored enterprises
(Fannie Mae and Freddie Mac) and private investors.
The Reuters Agency reported that if FHA denied claims, banks would probably tighten lending standards,
"...which would exacerbate an already troubled housing market".

But, then again, maybe we need more homeownership by people who
both pay their bills, and who can put away a portion of their income for
years, & come up with more than a 3% down-payment.

Who knows?? Maybe this fiasco we're in right now was caused by artificially
low interest rates and loose lending standards. Who knows?

[/sarcasm mode]

Not to rant too too much, but what ever happened to hardball questions,
and reporters who recognize and respond appropriately to the increasingly
silly answer they get to their questions??

All appear to have died out.

What ever happened to adult discussion & discourse, such as our current
President promised we'd have under his administration?
All I hear from both sides are speeches (read "rants"), & "talking points"
repeated ad nauseum by pundits on both sides of the aisle.

-- A plague on both your houses --

/

 

[Randolph Kinney]

Muni bankruptcy filings like Harrisburg’s are rare

http://www.marketwatch.com/story/mu...-harrisburgs-are-rare-2011-10-12?siteid=nwhpm

Bankruptcies like the one brought by Pennsylvania’s capital, Harrisburg, on Wednesday remain very rare for local governments and don’t necessarily mean they won’t pay their debt when it comes due.

The other municipality seen as teetering on the edge of bankruptcy is Jefferson County, Ala., related to about $3 billion in sewer debt.

 

[Randolph Kinney]

California says, “No more foreclosures”

http://blog.hsh.com/index.php/2011/10/california-says-“no-more-foreclosures”/

Under the proposed referendum to create a Foreclosure Modification Act, lenders in California would lose the right to foreclose.

“No citizen of the State of California shall lose or have that deemed as their personal home or property taken by foreclosure or any instrument thereof or similar to,” would be the law of the state if the referendum passes.

 

[Couch Potato]

California says, “No more foreclosures”

http://blog.hsh.com/index.php/2011/10/california-says-“no-more-foreclosures”/

Under the proposed referendum to create a Foreclosure Modification Act, lenders in California would lose the right to foreclose.

“No citizen of the State of California shall lose or have that deemed as their personal home or property taken by foreclosure or any instrument thereof or similar to,” would be the law of the state if the referendum passes.

Passage would likely be followed by the Bankers Business Decision to no longer issue mortgage loans on California property. I can think of no better way to depress the housing market in California even more.

 

[Randolph Kinney]

Passage would likely be followed by the Bankers Business Decision to no longer issue mortgage loans on California property. I can think of no better way to depress the housing market in California even more.

Well the article points out that they don't believe it to be legal although there were historical events where states suspended foreclosures and that was adjudicated as legal.

More of a problem is told in this article:

Is U.S. on the Verge of a Prime Mortgage Crisis?

http://appraisersforum.com/showpost.php?p=2180440&postcount=13625

 

[Riick]

California says, “No more foreclosures”
On Monday or Tuesday the California Legislature plans to:

(a) Set Pi equal to 3.00000 - who needs all those extra digits?; makes no sense!
(b) Repeal the Law of Gravity - it's inconvienent to our constituents
​

Why not? These two new rules make just as much sense woohoo
Ayn Rand, are you rolling over in your grave - laughing?

.

 

[Randolph Kinney]

Just remember, if I wasn't here to post all these nutty laws and regulations that California is passing, what sort of day and humor would you have?

California politicians are really smart; they cheat all those who they declare as undesirable and pass along the savings to the desirable people. woohoo

 

[Riick]

Signs of the Times

Signs of the Times:

Thieves dismantle, cart off steel bridge in Pennsylvania

LINK

Bridge theft, is rare, but not unheard of. Russian thieves dismantled and hauled off a 200-ton, 38-foot-long bridge in only one night, per a report from Britain's Daily Mail.

.

 

[Austin]

The actions of California politicos reminds me of my time in California during the Vietnam War. I went through the Oakland Army procession center which is the point most troops going to Vietnam and the far east processed through. Troops would sneak out of formation line and miss formations for days at the time. Sometimes go over the fence for one more night out in the world. When someone would say we would get in big trouble the troops would say: "What can they do to us, draft us and send us to Vietnam?"
That is what underlies what the CA politicos are doing. "Hey we are screwed anyway so lets have just one more night in the world. What can they do to us, bankrupt the state? We are as good as dead any way so what the hell."

 

[Terrel L. Shields]

I wasn't here to post all these nutty laws and regulations that California is passing, what sort of day and humor would you have?

true...keep them laffs coming.

No bridges but 4000' of copper wire? Missing from virtually every abandoned farm around here. The generator gets stolen, the wire is stolen and stripped out of the houses. they cut the wires in the corners and control room and even take the controllers and electrical boxes.