Detroit to bulldoze thousands of homes in fight for survival

David Bing, a businessman and former all-star basketball player who entered politics late in life, says he has no choice. Large chunks of neighbourhoods would be razed and converted to parks, urban farms or simply abandoned. As an opening bid, Mr Bing has vowed to demolish 3,000 homes this year, and a further 7,000 over the following three years. Some are speculating that up to 40,000 homes could eventually go.


READ MORE

Major US lender seeks $8.4bn more aid

Troubled US mortgage lender Fannie Mae has asked for more federal funds to survive, as the American housing market continues to struggle with huge losses.

The government-sponsored company announced on Monday that it lost over $13 billion in the first three months of this year.

It now says that it needs $8.4 billion to stay afloat. The new appeal - if accepted - will bring the total cost of the government's bailout of Fannie and its sibling company, Freddie Mac, to $145 billion.

The company has also stated that "Freddie Mac expects to request additional draws." The bailout of the two mortgage giants is turning out to be one of the most expensive after-effects of the 2007 US financial meltdown.

READ MORE

Business owners, like homeowners, are now strategically ditching their overpriced mortgages.

Strategic default is rising despite efforts being made by the government and mortgage lenders to stop the high foreclosure rates. In a recent study released in March over 30% of recent foreclosures were planned by the homeowner as a way out of a bad mortgage. These homeowners have the ability to pay their mortgages but choose not to do so because they owe so much more than the home is worth. This is a 10% increase from the same time last year.

The new study found that homeowners who know someone that have been foreclosed upon or have had their mortgage forgiven are more likely to walk away from their own mortgage. Home owners are also making the move to purchase a second home while their credit is still good then foreclose on the first to get out from the upside down mortgage. It is a trend in the housing market that was neither anticipated by lenders or real estate speculators.

If this trend continues the housing market may see another bubble burst as mortgages once thought safe now default. This trend is also flowing over into the commercial market where business owners are trying to save their businesses by ditching their overpriced mortgages.

International Forecaster May 2010 (#2) - Gold, Silver, Economy + More

There are only two kinds of gold and silver to own.  Physical gold and silver that are located above the ground and that are also in your possession (which can be owned via coins, bullion, jewelry, etc.), and physical gold and silver that is located below the ground (which can be owned through producer shares which represent an ownership interest in the ore containing the raw and unprocessed metals).  That is because while owners of bogus paper interests in above-ground gold and silver such as ETF shares, COMEX and LBME contracts, mint certificates and OTC derivative contracts in gold and silver are subject to fraudulent claims of ownership, storage, possession, inventory levels, security issues, insurance issues and metal content, those who take physical possession of their above-ground gold and silver need only worry about security and insurance issues, easily resolved with a private safe/secret hiding place and a call to your insurance carrier.

READ MORE

Rioters kill three bank workers in Athens protests as EU warns Britain's debt crisis will be worse than Greece's

Three bank workers died in a blaze at their Athens office block today after violence broke out in a mass demonstration against Greece's government.

Greece ablaze: A riot policeman falls after being hit with Molotov cocktail near the Greek parliament in Athens as demonstrations turned violent today
READ MORE

Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts

America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate.

READ MORE

PROTESTERS DESCEND ON WALL STREET, NEW YORK BANKS

      Protesters rallied in downtown New York City Thursday to voice their anger over the roles Wall Street and big banks played in America's economic crisis.
Marching from City Hall to Wall Street, the protesters chanted "good jobs for all," and held signs with messages including "Hold banks accountable," "Make Wall Street Pay," and "Reclaim America."
READ MORE

Chicago-area foreclosure auctions hit new high

More Chicago-area homeowners lost their homes to foreclosure in the first three months of the year than in any quarter in the past five years. This disturbing statistic raises doubts about the effectiveness of mortgage loan modification efforts and could put more downward pressure on property values.
FULL ARTICLE HERE