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US to give debtors refinancing, no matter how risky to taxpayers - (www.bloomberg.com) A U.S. government plan to help borrowers get lower-interest mortgages for their devalued homes drew praise from banks including Wells Fargo & Co. (WFC) while bond traders braced for a wave of refinancings. The Federal Housing Finance Agency said yesterday it would allow qualified homeowners to refinance no matter how much their homes have declined in value, expanding the terms of the 2009 Home Affordable Refinance Program. The agency, which oversees Fannie Mae and Freddie Mac, said it would also eliminate some fees, reduce others and waive some risk for lenders. After Edward J. DeMarco, the agency’s acting director, announced the program, President Barack Obama took the news to Nevada, where he acknowledged that HARP’s refinements and other government efforts weren’t enough on their own to revive home sales or the economy.
How to Contact Bank of America CEO Executive Brian Moynihan - (www.ceo.com) Pretty funny…
Living 'La Vita Bella': Italians Leave Fears of Debt Crisis to Others - (www.spiegel.de) This is where it all began. Starting sometime in the mid-14th century, the leather-bound ledgers the city of Florence used to record its debts were kept hidden in this secret place. Someone in the city government had apparently hit upon the idea of using the citizens' money to fund the next military campaign. After Florence's (supposedly certain) victory, the city would simply repay the debts -- and with interest. The wealthy Florentines, who were required to buy their city's debt securities, had their names recorded in the ledgers at Palazzo Vecchio. But, for them, paying up was still preferable to putting on their own suits of armor to defend the city. Besides, they could also sell these new debt securities to others. The arrangement marked the beginnings of a system of state borrowing and trading in government bonds. Today's $50-trillion (€36-trillion) market in government bonds, which is now forcing governments to their knees, originated in Italy -- first in Venice and, later, in the hills of Tuscany.
Occupy DC Emphasizes Corporate Money in Politics - (www.opensecrets.org) Though the locales and agendas of the Occupy movement have widened, its origins in the financial district of New York City suggest a central theme: the undue influence of Wall Street corporations. To influence Washington, corporations have to spend money. And Occupy protesters say, what better place to organize against corporate money's sway over Washington lawmakers than on K Street, home to many of Washington's lobbyists, and, as of October 7, the Occupy DC organization. "On Wall Street, it's about banks, but those decisions on who to bail out go through here," Kelly, a 25-year-old Virginian, told OpenSecrets Blog. (He did not give his last name to avoid negative consequences from prospective employers.) The presence of Occupy DC and Occupy K Street activists in McPherson Square, protesters insist, is meant to highlight the direct connection between Wall Street and the Capitol building.
Why Politicians Dont Want to Touch the Housing Crisis - (www.theatlantic.com) Barack Obama would have you believe that Mitt Romney is a heartless zillionaire who doesn't think the government should do anything about Americans losing their homes to foreclosure. Romney would have you believe that the foreclosure problem is yet more evidence of Obama's failure to heal the economy. Meanwhile, when the GOP candidates were asked about housing in last week's debate, they all basically dodged the question. And Obama's plan, announced Monday in Las Vegas, is being criticized as too little, too late, by some Democrats. The housing issue, it seems, is a political hot potato -- one every candidate can't wait to toss to the next guy before it burns him up. It's one of those issues that confounds partisan equations and eludes easy messaging, because voters basically want to hear politicians say two contradictory things. They want the government to act to stem the tide of foreclosures. But they don't want their money going to help those they see as irresponsible.
The Class War Has Begun - (www.nymag.com)
The government should have brought in Bill Black - (www.capitalismwithoutfailure.com)
Prop 13: Insidious Budget Cancer or Fiscal Terrorist Threat? - (www.burbed.com)
European Financial Crisis in One Graphic: Dominoes of Debt - (www.oftwominds.com)
An Overview of the Euro Crisis - Interactive Graphic - (www.nytimes.com)
Problem is not lack of consumer spending. It's capital wasted on housing. - (www.dailycapitalist.com)
House mortgage interest deduction may be curtailed or eliminated - (www.irvinehousingblog.com)
One Tampa address handles millions in campaign cash, influences elections - (www.floridaindependent.com)
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