"Foreclosure rate drops for third month; Rising job loss threatens trend, analysts report" by J.W. Elphinstone, Associated Press | November 12, 2009
NEW YORK - The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers.
But foreclosure filings are still up 19 percent from a year ago, RealtyTrac Inc. said today, and rising job losses continue to threaten the stabilizing trend....
No bailout there, huh?
We all would have been better off if government just paid off all the mortgages -- which YOU WILL BE DOING anyway, America!
"FHA runs low on cash, fueling bailout concerns; Fears hit if prices slip; But audit sure of solvency" by Joseph Williams, Globe Staff | November 13, 2009
WASHINGTON - The Federal Housing Administration.... might need a taxpayer bailout.
The agency, which guarantees loans for many first-time homebuyers, could be hit if housing prices lose ground or if a new wave of mortgage defaults, triggered by double-digit unemployment, crashes into the market in the coming months. If the FHA runs into financial trouble, it could make it more difficult for borrowers to get loans, particularly first-time buyers.
Housing Secretary Shaun Donovan said while an independent audit showed that the FHA burned through its backup fund as defaults and foreclosures spiked during the mortgage crisis, the analysis also showed that the agency should remain solvent under “most economic scenarios,’’ including higher unemployment and mortgage defaults....
This from the guys who said unemployment would remain at 8 percent because of the stimulus. Gimme that salt shaker, please!
Homebuyers are not immune to default - particularly if job losses keep soaring and the recent increase in home prices doesn’t stick....
“Real risks remain to the taxpayers,’’ said Sarah Rosen Wartell, a former FHA official who is now executive vice president of the Center for American Progress, a Washington think tank. The agency, she said, “has a lot of serious problems’’ as it navigates an uncertain housing market and a fragile economy....
Representative Barney Frank of Massachusetts, chairman of the House Financial Services Committee, said he has proposed taking $2 billion from funds repaid after the Wall Street bailout to “lend money to people facing foreclosure because of unemployment. I am pressing hard to get that done....’’
Well, whereTF you been, Barn?
*********************
The FHA does not make loans itself, but insures against default. Borrowers are willing to buy the insurance because FHA-backed loans require down payments of only 3.5 percent of the purchase price. But Donovan said the agency is considering raising the minimum down payment, as well as insurance premiums for borrowers - moves that would mean fewer people would be able to get loans.
?????
Why, 'cuz we ain't banks!?
So the DESTRUCTION of this economy IS INTENTIONAL?
And WHERE, oh, WHERE did all those TRILLIONS in LOAN LIQUIDITY the Fed pumped out go?
When credit markets seized up at the height of the financial crisis, Donovan said, FHA picked up the slack and now holds as much as 30 percent of the mortgage market - including guaranteeing more than half of all home loans held by African-Americans and nearly 60 percent of mortgages held by Latinos....
Yeah, it is ALL ABOUT BANKS getting PAID!
Yesterday, RealtyTrac Inc., a foreclosure listing firm, reported that the number of households that received a foreclosure-related notice fell in October, the third straight monthly decline.
Donovan said:
“Foreclosures are still far higher than we want them to be, but we do appear to have them on the right path now. None of us has a crystal ball. None of us knows what the economy is going to look like. The issue is, we need to return those reserves to a higher level to protect taxpayers [and avoid asking Congress for bailout money].’’
That is the FIRST THING I AGREED with!
So you gonna shuffle around some accounts, or borrow it from banks?
The FHA audit “is a major wake-up call for FHA and the lending community, but no reason to panic,’’ John A. Courson, the Mortgage Bankers Association’s president and chief executive officer, said in a statement yesterday.
Ever jump out of bed at the exact time that you needed to be at an appointment?
Think of how you react, then ask yourself if this guy serious.
The reserve requirement, he said, was set up to make sure the agency could survive “the stress of a major housing and mortgage event. It is safe to say that FHA is facing that type of event today.’’
Bailout on the way, right?
--more--"
I gotta get away, readers.
Airlines
"US looks to repair airline industry; Economic woes, safety top issues at today’s forum" by Joan Lowy, Associated Press | November 12, 2009
WASHINGTON - The Obama administration is taking its first step toward trying to fix the ailing airline industry, mired in a severe economic slump and facing safety worries.
Transportation Secretary Ray LaHood is holding a forum today to discuss the state of the industry and ways government can help provide economic stability for air carriers.
So what, they are getting a BLANK CHECK from the government?
The industry has been rocked by repeated crises in recent years, including the 9/11 terror attacks, the SARS virus, and the current economic downturn...
Didn't they get like $15 BILLION after 9/11? So where did all that loot go?
And SCREW the GROPING and MOLESTING AIRLINES and THEIR PROBLEMS!
BLOW the WHISTLE on the FALSE FLAG of "terror" or SHADDUP, 'kay?
Airlines are extremely wary of any discussion of a return to economic regulation. They contend they are already heavily regulated and taxed. Airline deregulation has been regarded as a success for consumers because airfares have declined. But other trends have raised concerns about whether airlines are offsetting low fares at the expense of safety. A report last year by a government watchdog said nine large US airlines farm out 70 percent of major maintenance. Overseas repair shops handled one-quarter of the work, challenging the ability of US inspectors to determine whether it is done properly, the report said.
Oh, now I'm feeling really safe up there.
SO MUCH for AMERICAN JOBS, huh?
I guess Americans DO NOT WANT HIGH-PAYING AIRLINE MAINTENANCE JOBS!
Heck, those are just above swabbing toilets!
Major airlines have also farmed out short-haul trips to regional carriers, which now account for half of all domestic flights. Regional airlines often hire pilots with significantly less experience and pay lower wages than major airlines. Both issues have been raised in the National Transportation Safety Board’s investigation of the crash of Continental Connection Flight 3407, which crashed near Buffalo, N.Y., in February, killing 50 people. The flight was operated for Continental by regional carrier Colgan Air Inc. of Manassas, Va.
Related: Hani Hanjour Was Pilot of Flight 3407
I'm tired of MSM lies and cover-ups, aren't you?--more--"
"LaHood to create panel to develop airline blueprint" by Joan Lowy, Associated Press | November 13, 2009
WASHINGTON - Transportation Secretary Ray LaHood said yesterday he will create a special panel to develop a plan to restore health to the ailing airline industry, which is losing billions of dollars, shedding jobs, and facing charges it is using a business model that critics say undermines safety....
As they OUTSOURCE MAINTENANCE!!!
Airlines were quick to tell the Obama administration what it can do to help - they want the government to pick up the entire tab for a new air traffic control system based on GPS technology instead of World War II-era radar technology.
The Federal Aviation Administration, which has been working on the new system for more than a decade, had already anticipated spending $15 billion to $22 billion on the “NextGen’’ program. But FAA’s plans also call for airlines to shell out an additional $14 billion to $20 billion to install equipment in their planes needed to use the new system.
Since a new system is a national priority that will benefit the entire nation, “it should be paid for by the federal government,’’ the Air Transport Association said yesterday....
THAT MEANS YOU, taxpayers!
--more--"
My advise to you, America, is DO NOT FLY NO MATTER WHAT -- not even if your LIFE DEPENDS ON IT!!!!
Maybe if we take down the airline industry it will take down tyranny with it.
"Banks to prepay $45b in insurance fees" by Marcy Gordon, Associated Press | November 13, 2009
WASHINGTON - Many smaller banks have protested the insurance assessments. They complain that they had nothing to do with the excesses of big Wall Street banks, reckless mortgage lending, and risky investments that precipitated the financial crisis but are being forced to pay to help clean up the mess....
While WALL STREET is SWIMMING in BILLIONS!!
Still, depositors’ money is guaranteed - up to $250,000 per account - by the FDIC....
That is JUST ABOUT the SIZE of the BONUSES, yeah!!
And guaranteed by who? This bankrupt government?
You are simply BAILING YOURSELVES (with usurious interest owed banks) out on that one, America!!!
--more--"
Trying to KILL COMMUNITY BANKS now that WALL STREET is GORGING ITSELF in profits?
Slow Saturday Special: The FDIC's First Priority
FDIC in a Fix
Gee, there isn't a bailout line for you, average American.
WTF?
