About Me 0050: Making Money Through

It's as if the Fed was functioning in a complete vacuum and has never heard of foreclosure fraud.

WASHINGTON — As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms....

Since 1968, the Truth in Lending Act has given homeowners the right to cancel, or rescind illegal loans for up to three years after the transaction was completed if the buyer wasn't provided with proper disclosures at the time of closing.

Attorneys at AARP have used the rescission clause for decades to protect older homeowners stuck in predatory loans with costly terms. The provision is also helping struggling homeowners to fight a wave of foreclosure cases in which faulty and sometimes-fraudulent disclosures were used....

Critics say the proposed change by the Fed would render the rescission clause useless. The Fed proposal would require homeowners who seek a loan rescission through the courts, to pay off the entire loan balance before the lender cancels the lien.

"This, of course, would be almost impossible for most consumers to do because they can't come up with the money until they get out of the loan. And they can't get out of the loan until the lien is released," said Barry Zigas, director of housing and credit policy at the Consumer Federation of America. "None of us are quite sure what purpose is being served by this proposal or what prompted it."

According to the New York Times which ran an editorial against the proposal earlier in the week, the Fed wants to eliminate this protection for homeowners because of their “concern over banks’ compliance costs." Since the Fed certainly can't be concerned about banks fraudulently taking people's homes from them.

What Zach Carter says:

It’s hard to imagine a way for the Fed to disgrace itself any further than it did by failing to rein in the mortgage mess over the past decade. But if it proceeds with this effort to protect banks that engaged in predatory lending, it will not only be guilty of falling down on the job and looking the other way, but of actively encouraging illegal mortgage lending.

Over the weekend I noted that Germany had achieved a degree of economic recovery after that country’s government implemented a relatively aggressive government austerity program, cutting a lot of unnecessary spending and regulation. In other words, doing the exact opposite of what Obama and Democrats have been doing here in America.

In Sweden they’re also doing the opposite of what Obama and Democrats want to do in America. Sweden has seen 6.9% growth in their GDP, year-on-year, after that country’s central bank raised interest rates and cut taxes for all citizens. Even the rich ones.

Sweden’s economy increased 6.9 percent in the third quarter after recording a revised 4.5 percent growth in the second quarter, the statistics office said Monday.

The record expansion — the fastest since 1971 — were much stronger than expected, making the krona swell to a one-month high versus the euro.

GDP rose 2.1 percent quarter-on-quarter versus expectations for 1.20 percent, with the year-on-year increase rising to 6.9 percent against forecasts of 5.25 percent, according to a Reuters poll. …

Sweden’s central bank raised its benchmark interest rate by 0.25 points to 1.0 percent last month, the third increase since July as the country’s economy makes a strong recovery from recession.

The article also credits Sweden’s economic boom to spending hikes and tax cuts:

In contrast to most of Europe, the Swedish government has been able to stimulate growth through spending hikes and tax cuts.

Of course, here in America we’ve tried the spending hikes. They haven’t worked. It’s clearly the tax cuts, along with the country’s push toward responsible finance practices with higher interest rates, that have resulted in the country’s prosperity.

We should do the same here in America, without the debt-creating spending hikes as we clearly can’t afford more debt as a nation.

By the way, it’s worth noting that Ireland is currently being bailed out to the tune of $90 billion thanks to the European Union’s low-interest rates and cheap money policy. Sweden, it should be noted, is a member of the EU but did not adopt the euro and thus is not under the auspices of the EU central bank.

Ireland’s collapse is a direct and immediate consequence of the euro. As early as 2001, Irish economists were warning that the boom was getting out of control, and that interest rates needed to go up. But, of course, therewere no Irish interest rates any more: There was only the European Central Bank. Its policy of cheap money was arguably excessive even for the core European economies; for Ireland, it amounted to catastrophically pro-cyclical monetary policy. A credit bubble was inflated; the bust, when it came, was commensurately painful.

We wouldn’t have these problems if we kept governments from playing games with monetary policy.

Tags: Economy, european union, ireland, sweden, tax cuts

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

eMarketer, a New York-based research firm estimates spending on US internet advertisements, will grow 13.9 percent to $25.8 billion for the full year. It expects a 10.5 percent increase in US online ad spending in 2011, ...

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Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

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Jabón Noticias : Días festivos ' ' de nuestras vidas "Tierras de Big Fish y másLa están saltando en el mundo de las telenovelas, con nuevos personajes que entran y caras familiares que regresan. La semana pasada, se informó que la CBS le dio 'La.

Cambios en Facebook Perfil: Más medios de comunicación de jugar que Noticias Facebook que ha llegado la hora de establecer los medios de comunicación tradicionales, ya que utiliza 60 minutos (de manera más ...

? Noticias Alerta: gran crecimiento para los anuncios de Internet a través de 2014: Tecnología Noticias «eMarketer, una firma de investigación de Nueva York, estima el gasto en anuncios de Internet en EE.UU., crecerá un 13,9 por ciento a 25,8 mil millones dólares para todo el año se espera un aumento del 10,5 por ciento en el gasto de EE.UU. de publicidad en línea en 2011, ....

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

It's as if the Fed was functioning in a complete vacuum and has never heard of foreclosure fraud.

WASHINGTON — As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms....

Since 1968, the Truth in Lending Act has given homeowners the right to cancel, or rescind illegal loans for up to three years after the transaction was completed if the buyer wasn't provided with proper disclosures at the time of closing.

Attorneys at AARP have used the rescission clause for decades to protect older homeowners stuck in predatory loans with costly terms. The provision is also helping struggling homeowners to fight a wave of foreclosure cases in which faulty and sometimes-fraudulent disclosures were used....

Critics say the proposed change by the Fed would render the rescission clause useless. The Fed proposal would require homeowners who seek a loan rescission through the courts, to pay off the entire loan balance before the lender cancels the lien.

"This, of course, would be almost impossible for most consumers to do because they can't come up with the money until they get out of the loan. And they can't get out of the loan until the lien is released," said Barry Zigas, director of housing and credit policy at the Consumer Federation of America. "None of us are quite sure what purpose is being served by this proposal or what prompted it."

What Zach Carter says:

It’s hard to imagine a way for the Fed to disgrace itself any further than it did by failing to rein in the mortgage mess over the past decade. But if it proceeds with this effort to protect banks that engaged in predatory lending, it will not only be guilty of falling down on the job and looking the other way, but of actively encouraging illegal mortgage lending.

Sweden’s economy increased 6.9 percent in the third quarter after recording a revised 4.5 percent growth in the second quarter, the statistics office said Monday.

The record expansion — the fastest since 1971 — were much stronger than expected, making the krona swell to a one-month high versus the euro.

GDP rose 2.1 percent quarter-on-quarter versus expectations for 1.20 percent, with the year-on-year increase rising to 6.9 percent against forecasts of 5.25 percent, according to a Reuters poll. …

Sweden’s central bank raised its benchmark interest rate by 0.25 points to 1.0 percent last month, the third increase since July as the country’s economy makes a strong recovery from recession.

The article also credits Sweden’s economic boom to spending hikes and tax cuts:

In contrast to most of Europe, the Swedish government has been able to stimulate growth through spending hikes and tax cuts.

We should do the same here in America, without the debt-creating spending hikes as we clearly can’t afford more debt as a nation.

Ireland’s collapse is a direct and immediate consequence of the euro. As early as 2001, Irish economists were warning that the boom was getting out of control, and that interest rates needed to go up. But, of course, therewere no Irish interest rates any more: There was only the European Central Bank. Its policy of cheap money was arguably excessive even for the core European economies; for Ireland, it amounted to catastrophically pro-cyclical monetary policy. A credit bubble was inflated; the bust, when it came, was commensurately painful.

We wouldn’t have these problems if we kept governments from playing games with monetary policy.

Tags: Economy, european union, ireland, sweden, tax cuts

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

Soap News: 'Days of Our Lives' Lands Big Fish and More

The holidays are hopping in soap opera world, with new characters moving in and familiar faces returning. Last week, we reported that CBS gave 'The.

Facebook Profile Changes: More Media Play Than News?

Facebook sure has arrived when it comes to the traditional media set as it used 60 Minutes (in more ways ...

News Alert: Big Growth for Internet Ads Through 2014: Tech News «

bench craft company rip off

It's as if the Fed was functioning in a complete vacuum and has never heard of foreclosure fraud.

WASHINGTON — As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms....

Since 1968, the Truth in Lending Act has given homeowners the right to cancel, or rescind illegal loans for up to three years after the transaction was completed if the buyer wasn't provided with proper disclosures at the time of closing.

Attorneys at AARP have used the rescission clause for decades to protect older homeowners stuck in predatory loans with costly terms. The provision is also helping struggling homeowners to fight a wave of foreclosure cases in which faulty and sometimes-fraudulent disclosures were used....

Critics say the proposed change by the Fed would render the rescission clause useless. The Fed proposal would require homeowners who seek a loan rescission through the courts, to pay off the entire loan balance before the lender cancels the lien.

"This, of course, would be almost impossible for most consumers to do because they can't come up with the money until they get out of the loan. And they can't get out of the loan until the lien is released," said Barry Zigas, director of housing and credit policy at the Consumer Federation of America. "None of us are quite sure what purpose is being served by this proposal or what prompted it."

What Zach Carter says:

It’s hard to imagine a way for the Fed to disgrace itself any further than it did by failing to rein in the mortgage mess over the past decade. But if it proceeds with this effort to protect banks that engaged in predatory lending, it will not only be guilty of falling down on the job and looking the other way, but of actively encouraging illegal mortgage lending.

Sweden’s economy increased 6.9 percent in the third quarter after recording a revised 4.5 percent growth in the second quarter, the statistics office said Monday.

The record expansion — the fastest since 1971 — were much stronger than expected, making the krona swell to a one-month high versus the euro.

GDP rose 2.1 percent quarter-on-quarter versus expectations for 1.20 percent, with the year-on-year increase rising to 6.9 percent against forecasts of 5.25 percent, according to a Reuters poll. …

Sweden’s central bank raised its benchmark interest rate by 0.25 points to 1.0 percent last month, the third increase since July as the country’s economy makes a strong recovery from recession.

The article also credits Sweden’s economic boom to spending hikes and tax cuts:

In contrast to most of Europe, the Swedish government has been able to stimulate growth through spending hikes and tax cuts.

We should do the same here in America, without the debt-creating spending hikes as we clearly can’t afford more debt as a nation.

Ireland’s collapse is a direct and immediate consequence of the euro. As early as 2001, Irish economists were warning that the boom was getting out of control, and that interest rates needed to go up. But, of course, therewere no Irish interest rates any more: There was only the European Central Bank. Its policy of cheap money was arguably excessive even for the core European economies; for Ireland, it amounted to catastrophically pro-cyclical monetary policy. A credit bubble was inflated; the bust, when it came, was commensurately painful.

We wouldn’t have these problems if we kept governments from playing games with monetary policy.

Tags: Economy, european union, ireland, sweden, tax cuts

bench craft company rip off

Monday, 6 December 2010

Making Money Through

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