Tuesday, April 17, 2012

Americans brace for next foreclosure wave

US Econ Collapse - Frisk a Lib
Tony Newbill shows how bad government business decisions are aiding in the destruction of the traditional Free Market system of America.

JRH 4/17/12
Americans brace for next foreclosure wave
The $4.4 Trillion Pension Fund Bust
State and Local Government Defined Benefit Plans Are "Inherently Flawed"

By Tony Newbill
Sent: 4/7/2012 11:21 AM
Posted April 17, 2012

We can see that all the lack of Promoting a Free Market private sector Wealth Expansion and wealth creation Monetary Policy that Revenues can be generated and Pay debt at the Government level of the economic system is leading us all down the road to Government Enforced Lock down and Martial law being Implemented after the Collapse of the Current free market system - yes???

Americans brace for next foreclosure wave

"We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio's People (ESOP), a counseling group with 10 offices in Ohio.

In 2011, the "robo-signing" scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.

Mortgage servicing provider Lender Processing Services reported in early March that U.S. foreclosure starts jumped 28 percent in January.

More conclusive national data is not yet available. But watchdog group, which helped uncover the "robo-signing" scandal, says it has turned up evidence of a large rise in new foreclosures between March 1 and 24 by three big banks in Palm Beach County in Florida, one of the states hit hardest by the housing crash.

Zillow expects the resurgence in foreclosures this year, combined with excess inventory of unsold, bank-owned homes will contribute to a 3.7 percent national decline in prices before the market hits bottom in 2013 and stays there until 2016.

There is other evidence that many of the foreclosures that did not happen in 2011 will happen this year.

A January report by the Neighborhood Economic Development Advocacy Project in New York found that in the first half of 2011 the number of 90-day pre-foreclosure notices in New York City outnumbered court foreclosure actions by a ratio of 14 to one, indicating that while proceedings were initiated against many homeowners, they were left incomplete.

"Now the banks have a settlement, foreclosure numbers for 2012 are going to be high," said NEDAP co-director Josh Zinner.

"Until banks engage in meaningful principal reduction as a matter of course," ESOP's Seifert said after a recent protest at a Chase branch in Cleveland, "this crisis will not end." (Reuters; by Nick Carey; GARFIELD HEIGHTS, Ohio | Wed Apr 4, 2012 7:09pm EDT)

The $4.4 Trillion Pension Fund Bust

State and Local Government Defined Benefit Plans Are “Inherently Flawed”

On January 10, 2012, Senator Orrin Hatch (R-Utah) released a report on state and local government defined benefit pension plans in which he detailed the risks associated with the nation’s $4.4 trillion public pension debt, calling the defined benefit pensions structure “inherently flawed in the state and local government setting.”  This massive liability is dangerous for taxpayers and could mean future cuts in services, reductions in benefits, higher taxes, or a combination of these less-than-desirable options.

Defined benefits lie at the heart of the issue.  While 40 legislatures enacted 48 separate pension reform laws in 2010 and 2011, most left the basic defined benefit structure in place.  According to the National Conference of State Legislatures, only two states –Alaska and Michigan – and Washington D.C. have required all new hires to participate solely in a defined contribution plan.  Georgia, Indiana, Oregon and Rhode Island (as of July 2012) have introduced mandatory “hybrid” plans for new employees, under which employees are required to participate in both a defined benefit and a defined contribution plan.  In some cases, these pension requirements do not apply to public school teachers as their powerful union lobby has managed to receive special carve-outs. …

Despite the best efforts to increase the level of employee contributions paid toward pensions, raise the retirement age, or modify the annual cost of living adjustment, failure to make a complete switch from the traditional defined benefit plans to more stable defined contribution models guarantees that underfunded pensions will continue to be a growing problem for state and local governments.

State and local governments’ diminishing coffers should not be ignored, nor should they become dependent on federal bailouts to ensure the fiscal soundness of their pension plans. …

Government accounting standards show states’ unfunded pension liabilities to be much lower than estimates that rely on more accurate market-based discount rates.  The undervaluation is due to the fact that government accounting standards require state and local governments to base their estimates on unrealistically high rates of return on their assets. 

These faulty accounting practices are misleading and dangerous.  …

With a growing $15.3 trillion debt, the federal government and taxpayers cannot and should not be responsible for fiscally irresponsible states.  Nor is it fair to punish taxpayers in those states which have properly managed their budgets. …

State and local governments can no longer defer remedial action on their pension liabilities, quietly hoping for a federal rescue package later.  States and local officials must grasp the urgency of the situation and change course before they are faced with filing bankruptcy, or worse, forcing their financial problems beyond their borders onto the American people. (By Erica Gordon; Citizens Against Government Waste; Feb. 2012; READ IN ENTIRITY)   

And reading this from Bloomberg, we can assume that the support of Interest Incomes for the pensions could be threatened by this and helping to expose the phone Interest Income payments in these Instruments that’s been paying the pensions systems.

Investors complain that Iksil’s trades  may be distorting prices, affecting bondholders who use the instruments to hedge hundreds of billions of dollars of fixed-income holdings. Analysts and economists also use the indexes to help gauge interest rates that companies must pay for new credit. (Read more:     

So we can see why the Federal Reserve will further the policy of QE Bond Buying and the devaluing process of the US dollar .....
  Pimco’s El-Erian: Central Banks Will Likely Ease Further -

Financial markets tumbled around the world this week over concern that central banks won’t ease monetary policy any further.

But while it is questionable what they should do, the central banks will likely take the plunge into easing, says Mohamed El-Erian, CEO of money management titan Pimco.

The central banks are in a difficult spot, he writes in a blog on CNBC. “They are dealing with what Federal Reserve Chairman Bernanke correctly called an ‘unusually uncertain outlook.’ They are forced to use blunt tools. They receive very little support from other government agencies.” (By Dan Wei; Money News; 06 Apr 2012 07:31 AM;
And then considering the Oil production policy that Obama has taken in the USA it can be said that Extraction of personal Wealth from US consumers will help to herd and Divide the Classes of USA citizens using their Incomes ad Wedges .....

Drilling for oil seems to be the answer for the Russians and Arabs, so cutting supply in the USA is helping Russia and Arab nations because they are the Largest Oil Exporters, while this makes Americans less and less able to afford their LIVES!!!
Where is the Bill of Rights and the Declaration of Independence in all this???

Drilling for oil seems to be the answer for the Russians and Arabs. I guess they don't want the USA cutting into their profits? That is the real reason why the Communists are not approving new offshore oil drilling projects. They are giving you double talk and stalling for time as Russia and the Arabs are making a FORTUNE.

Putin wants oil to be $200 per barrel and that means gas will be $8. Vladimir is running the show now. Expect prices to double after the Democrats steal the election with voter fraud. Obama will be whispering to Vladimir a lot more in 2013.


How Accurate is this New Gallup Poll that Gives Obama a 50% Approval Rating?
A new Gallup Poll resulted in a 50% approval rating for the dear leader, Obama. I believe that these polls are being released to subliminally have people think positive of Obama so the 'undecided' (clueless sheep) vote for him. I am curious what the ratio of Democrats to Republicans were questioned.

Gallup claims that this poll was done by phone with 1,500 registered voters. What was their party affiliation? What time of the day were these calls made?

First, most of the people that are going to vote against Obama are not home to answer the phone, because they are out looking for jobs unlike the Obama dead beat, welfare base.

Second, how many people that lost their jobs and can't afford a phone were NOT questioned?

The Nazi's divided people according to race and religion

The Nazi's divided people according to race and religion. The Communists divided people according to class. I think we all know how this story ends.

Give us the child for 8 years and it will be a Bolshevik forever.
Vladimir Lenin

How old is your child?

Our program necessarily includes the propaganda of atheism.
Vladimir Lenin

More Lenin quotes at Brainy Quote 
Editing by John Houk and Spellcheck

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