Showing posts with label credit crises. Show all posts
Showing posts with label credit crises. Show all posts
Friday, November 25, 2011
Bankruptcy: Largest Ever Municipal Bankruptcy
Alabama county filed for bankruptcy over a $3 billion dollar sewer project. The bottom line here is the county over extended itself, borrowed a boat load of money, putting their taxpayers on the hook, to build a sewer system. While those that entered this deal, on the county side, are obviously grossly incompetent local governments across the country are facing similar stresses. While this case can be blamed on a sewer project - -how apt-- the underlying problem is local governments with promises to pay pensions and healthcare obligations that their now stressed out tax base can not afford-----less income and estates to tax, coupled with a substantially lower expectation of ROI on investments, given the FED's zero interest rate policy. Alabama is the largest bankruptcy today, let's see how long they hold the title.
Monday, August 16, 2010
Debt Debt Debt!
let's take a look:
Debts Rise, and Go Unpaid, as Bust Erodes Home Equity
PHOENIX — During the great housing boom, homeowners nationwide borrowed a trillion dollars from banks, using the soaring value of their houses as security. Now the money has been spent and struggling borrowers are unable or unwilling to pay it back.
The delinquency rate on home equity loans is higher than all other types of consumer loans, including auto loans, boat loans, personal loans and even bank cards like Visa and MasterCard, according to the American Bankers Association.
Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared.
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.
“When houses were doubling in value, mom and pop making $80,000 a year were taking out $300,000 home equity loans for new cars and boats,” said Christopher A. Combs, a real estate lawyer here, where the problem is especially pronounced. “Their chances are pretty good of walking away and not having the bank collect.
Collectors are buying these debts for pennies on the dollar and many are still waiting for the economy to recover somewhat before they take collection action. If you have questions about your credit report or a collection account give Consumer Credit Capital a call or visit their website at credit-repair-houston.
Sunday, June 13, 2010
Madoff spotted Advising NY State
let's take a look
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ALBANY — Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.
And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
As word of the plan spread, some denounced it as a shell game and a blatant effort by state leaders to avoid making difficult decisions, like cutting government spending or reducing pension benefits.
“It’s a classic Albany example of kicking the can down the road,” said Harry Wilson, the Republican candidate for comptroller, who holds an M.B.A. from Harvard.
Pension costs for the state and municipalities are soaring, a result of enhanced retirement benefits for public employees and the decline in the stock market over the past two years. And, given declines in tax revenue and larger budget shortfalls, the governments are struggling to come up with the money to make the contributions.
Under the plan, the state and municipalities would borrow the money to reduce their pension contributions for the next three years, in exchange for higher payments over the following decade. They would begin repaying what they borrowed, with interest, in 2013.
http://www.nytimes.com/2010/06/12/nyregion/12pension.html
Monday, June 7, 2010
What would Reagan do?
Tax Hikes and the 2011 Collapse
Today's corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.
Wednesday, December 9, 2009
Credit bureau can't track information by itself
Credit bureau admits it can't handle information flow: Let us take a look
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Sunday, October 25, 2009
Credit Cards Canceled
Citi is canceling credit cards. Let's take a look.
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Citi closes Gas linked credit card without warning.
Shannon Burdette tried to pay with her Shell Mastercard after filling up her gas tank this weekend but found the card rejected. Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed because of something that appeared on her credit report. But when the Sykesville Md., resident got a copy of her credit report online, the only negative thing she saw was "closed at credit grantor's request" on the Shell MasterCard account.
www.oregon-credit-repair.com, www.consumercreditcapital.net, www.oregoncreditcapital.com, www.creditscorecounseling.com, credit, repair, report, bad, improve, companies, fix, information, services, service, help, software, legal, own, rebuild, dispute, file, credit report, repair credit, credit report, fix bad, auto loan, reverse mortgage, improve credit, credit repair companies, fix credit, credit repair information, credit repair services, credit repair software, legal credit repair, repair own credit, rebuild credit, dispute credit, credit file, foreclosure, short sale, bankruptcy, loan, refinance, Oregon, Portland, Medford, Salem,
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