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Article #1. Homeowners Facing Foreclosure
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Article #2. US Cities Bulldozed
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Article #3. City Group Raises Card Rates
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1. Homeowners Facing Forclosure
More Homeowners Facing Foreclosure
QUESTION:
In the first three months of the year, about 12 percent of all U.S.
mortgages were either delinquent or in foreclosure. What can the country's leaders do to improve this situation? Today, July 26, the housing crisis has deepened and there is no end in sight for homeowners who are in trouble with mortgage debt.
(See the New York Times news article published May 29, 2009 link below)
ANSWER:
There lies in this country a need to understand that the families of this tragedy add to the overall economy by their constant responsibility to pay their mortgages and bills. When they can not do so, the whole country suffers.
There lies in the "middle class earner," the specific of: "Holding the country in a way that is to everyone's good." When this middle class suffers, the whole country suffers. They are the ones who work, consume and keep the circulation of money, goods and services flowing. Without this, the country as a whole, begins to decline economically!
The difference in the United States of America and other countries, is that the USA has a large middle class. It is this fact that makes the American economy strong!
In countries, where there is "No, or very little middle class" one can see that the country's economic base is not stable. Therefore, what should the USA do for the middle class housing mortgage situation? It is very simple. SUPPORT these people in any way it can. For without this, the whole economy suffers. And when these people are out on the street, the country will no longer have a viable economy!
Think about it! To have families on the street is to admit that we, as a country, as a government, as an economy have failed!
THINK ABOUT IT!
News Article:
More homeowners than ever before are falling behind on their mortgage payments and sliding into foreclosure, according to figures released on Thursday, a sign that the country's housing crisis is spreading through the ranks of previously stable borrowers. About 5.4 million of the country's 45 million home loans were delinquent or in some stage of the foreclosure process in the first three months of the year, according to the Mortgage Bankers Association. About 12.07 percent of all mortgages were delinquent or in foreclosure, up from 11.93 percent at the end of 2008. Temporary halts on foreclosures imposed by lenders and mortgage underwriters have mostly ended, and banks are moving quickly against delinquent homeowners.
For more information:
http://www.nytimes.com/2009/05/29/business/economy/29home.html
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2. US Cities Bulldozed
US Cities May Have To Be Bulldozed In Order To Survive
QUESTION:
Flint, Michigan, is so financially devasted that city planners are considering bulldozing entire districts and returning the land to nature. Will this idea be a growing trend in the United States?
(See the Telegraph UK news article published on June 12, 2009 link below)
ANSWER:
There lies in this plan an answer to many social-economic difficulties. There is in the inner cities such as this, nothing that recommends the use of the property as it is currenty being presented.
Both city, and private interests are trapped in trying to be useful to these areas of disrepair. The problem is that the "human attention," that comes from those who would use the land and its structures well, is not present.
These neighborhoods, in their current, decayed condition have little possibilty of use. The motivation, from owners and city-county interests, is simply not present. Still there are a lot of expenses to both city and private interests to maintain these properties for security purposes. This causes huge amounts of money to go into "non-producing assets." This condition is a drag on the budgets and economy of the areas where this situation occurs.
There is nothing that can be done, as these properties stand, to return them to the idea of an "asset." An asset is "that which causes one to seek and to create." There is pride in this creation. Others feel this pride and add to the asset value.
When an asset is destroyed, creative attention is lost. The asset becomes a liability to all. Owner, User, Neighborhood and community lose interest. There is no value left and the property-asset becomes a blight on the whole population.
Land is Mother Earth's legacy to man. When the land no longer supports a "loving way to use it," the gift is no longer present. This is not the way to repay Mother Earth for her legacy. So, to return the land to its former state is a good way to serve all!
There is Hope for the Blighted Cities in this program!
News Article:
The government is looking at expanding a pioneering scheme in Flint, one of the poorest US cities, which involves razing entire districts and returning the land to nature. Local politicians believe the city must contract by as much as 40 per cent, concentrating the dwindling population and local services into a more viable area. The radical experiment is the brainchild of Dan Kildee, treasurer of Genesee County, which includes Flint. Having outlined his strategy to Barack Obama during the election campaign, Mr Kildee has now been approached by the US government and a group of charities who want him to apply what he has learnt to the rest of the country. Mr Kildee said he will concentrate on 50 cities, identified in a recent study by the Brookings Institution, an influential Washington think-tank, as potentially needing to shrink substantially to cope with their declining fortunes. Most are former industrial cities in the "rust belt" of America's Mid-West and North East. They include Detroit, Philadelphia, Pittsburgh, Baltimore and Memphis. In Detroit, shattered by the woes of the US car industry, there are already plans to split it into a collection of small urban centres separated from each other by countryside.
For more information:
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5516536/US-cities-may-have-to-be-bulldozed-in-order-to-survive.html
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3. Citi Group Raises Card Rates
Citi Raises Card Rates On Millions
QUESTION:
Citigroup has announced that it will be sharply increasing interest rates on up to 15 million U.S. credit card accounts. This comes just months after U.S. taxpayers bailed out Citigroup. How does Higher Guidance see Citigroup's interest rate tactics?
ANSWER:
Citi Group and many others see the consuming public as ones to pay their way. They are aware that in the consuming world of the middle class, there is little idea what interest rates really mean to them.
Those of the middle class have very little training regarding interest rates. City Group and many others know that a 1% interest raise will mean little to them. But the truth is that their budgets and debt rations will feel the difference!
Those with higher incomes and educations understand these things.
Within the educations they receive at college levels they become aware of this advanced knowledge. Therefore, they are less likely to be affected by the interest rate raises. There are two reasons for this. One is the higher salaries this class receives to defer higher costs.
The other is that awareness of interest rates will keep them looking for lower rates of interest for their borrowing needs.
When Citi Group raises its interest rates even a part of a percentage point, it can mean millions and millions of dollars in a very short time. Those who use the cards scarcely notice this slight raise, but over time, this can mean a lot to the bottom line of Citi Group, The public gets used to the raise and pays little attention as long as they have a Credit Card to help defray expenses.
What this really means is that Citi Group, and their like, do not really care about their customer's problems. If these customers are ones to consume large amounts of capital for consumption, Citi Group has no consciousness of being out of integrity. The dollar, not integrity, is the aim. So, to bail Citi Group out of financial trouble is the plague of the taxpayer who puts up the money to assist them! It is not of their consciousness to see fairness in any way. They are "a business" and businesses make money. This is their consciousness!
THE BOTTOM LINE IS ALWAYS, THEIR DECISIONS ARE ALWAYS BASED ON WHETHER OR NOT THEY ARE MAKING MORE PROFIT!
News Article:
Citigroup has sharply increased interest rates on up to 15m US credit card accounts just months before curbs on such rises come into effect, in a move that could fuel political anger at the treatment of consumers by bailed-out banks. People close to the situation said that Citi, which is about to cede a 34 per cent stake to the US government as part of its latest rescue, had upped rates on between 13m and 15m credit cards it co-brands with retailers such as Sears. Citi's rate increases emerged on the day the government proposed legislation to create a new regulator with sweeping powers on consumer protection and a week after the bank was attacked by some politicians for raising employees' salaries. Holders of co-branded cards who failed to pay their balance in full at the end of the month saw their rates rise by an average 24 per cent - or nearly 3 percentage points - between January and April, according to a Credit Suisse analysis of data from the consultancy Lightspeed Research.
For more information:
http://www.ft.com/cms/s/0/e1d0c610-65c7-11de-8e34-00144feabdc0.html
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Mark Hanna - Editor, Researcher
Rene Avery - Journalist
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