Friday, January 28, 2011

personal finances help



Washington (CNN) - Republican Christine O'Donnell, who lost her Delaware Senate bid, is scoffing at reports the Justice Department and FBI have launched a criminal investigation into possible misuse of campaign funds, telling CNN Thursday she only learned of the apparent probe from media inquiries.


"I find it awfully suspicious, that if there is an investigation that the [Associated Press] was tipped off before we were tipped off or our lawyer or any other officials," O'Donnell said during an interview on American Morning. "And as we've looked into it, this is simply the same CREW complaint that is obviously politically motivated that's been circulating for the past couple of months."



Justice Department prosecutors and FBI agents have started the investigation, a source with knowledge of the probe confirmed to CNN. The source could not speak on the record because of the investigation is deemed sensitive. The source would not provide any further details and the FBI and Justice Department had no comment. News of the investigation was first reported by the Associated Press.


When O'Donnell ran in the Republican primary and in the general election campaign, she faced repeated questions about her finances, including the use of her home that doubled for a time as her campaign headquarters. She acknowledged using some campaign funds to help pay the rent but is adamant she did not nothing wrong.


"We rent a townhouse that we use for the campaign headquarters," O'Donnell told CNN Thursday. "And because of things like eggs being thrown at my home and my home being broken into and vandalized, I use that townhome as my legal residency, and I pay the campaign rent in order to do that. I give the campaign money to have that as my legal residency. Not the other way around. So these things are being taken out of context."


The former Delaware Senate candidate also attributed the rumors of impropriety to a disgruntled former campaign volunteer, David Keegan, who submitted an affidavit to watchdog group Citizens for Responsibility and Ethics (CREW) alleging misuse of campaign funds in a previous O'Donnell Senate bid.


"Dave Keegan was a volunteer in 2008 so how did he know about anything in 2009?" O'Donnell responded. "We let him go because he gave so many people on the campaign the creeps. Since then, he's become obsessed for whatever reason with putting the charges out there."


CREW subsequently filed complaints with the Federal Elections Commission and the U.S. Attorney's Office in Delaware regarding O'Donnell's finances, asking for investigations of her alleged use of campaign funds for personal expenses.


Justice Department spokeswoman Laura Sweeney acknowledged to CNN that the U.S. Attorney's office in Delaware had agreed to review the initial complaint filed by CREW. However, Sweeney declined to say whether federal prosecutors and FBI agents had gone beyond the initial review.


In a statement issued Wednesday, O'Donnell also suggested the investigation was the work of Vice President Joe Biden, the former longtime senator from Delaware.


"Given that the King of the Delaware Political Establishment just so happens to be the Vice President of the most liberal Presidential administration in U.S. history, it is no surprise that misuse and abuse of the FBI would not be off the table," she said.


A spokesman for Biden's office had no comment on O'Donnell's allegation.


O'Donnell, who shocked Republicans with her surprise primary victory over Rep. Mike Castle last fall, also told CNN the investigation is evidence of the political establishment's ongoing vendetta against her.


"Keep in mind, that we upset the Delaware political establishment," she said. "And we beat their so-called untouchable incumbent. There's a vendetta to stop this movement in its tracks because if the citizen politicians continue to rise up and put the career politicians on notice, we are going to continue to put the political establishment on notice."


– CNN's Kevin Bohn and Alexander Mooney contributed to this report




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Monday, January 24, 2011

Is There A such Thing As online reputation management?

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Tuesday, January 18, 2011

Making Fast Money






Eric Francis/Getty Images




"Should I stay or should I go? - If you say that you are mine - I'll be here till the end of time - But you gotta let me know - Should I stay or should I go?"


—The Clash, "Should I Stay Or Should I Go?"


Nebraska fans are set for another round of uncertainty, as current LSU coach Les Miles has announced he will meet with administrators at Michigan to discuss becoming the next head Wolverine. Miles, a former Michigan player, has strong ties to his alma mater and many sites are reporting that he is seriously considering making the move.


Should Miles leave Baton Rouge for Ann Arbor, Nebraska coach Bo Pelini will likely be on the short list of candidates to replace him. And a move to LSU certainly has more substance than the rumors of Pelini taking the job in Miami, as was rumored last month. So would Pelini pack up and head back to the bayou?


There would certainly be some incentives to do so. Between Nick Saban and Les Miles, LSU has become a national force in recruiting. Louisiana itself is a hotbed of football talent, and LSU gets first pick of that talent in the way rivaled only by Texas. If Pelini wanted a situation where he could load up quickly, LSU would be attractive.


Pelini would be a familiar face in Baton Rouge, having been the defensive coordinator there from 2005-07 and being part of a national championship team. Pelini would have a familiarity both with the area and the competition in the SEC.


The inflation rate in China is approaching double-digit levels (annualized basis).  In Europe, the rate is rapidly exceeding the targets set by the central banks, and in the United States, the Federal Reserve continues to effectively print money while the government goes about its trillion-dollar annual deficit spending spree.  Since 2008, the U.S. monetary base (basic measure of money circulating in the economy) has increased over 200% from $800 billion to $2.1 trillion.  This is unprecedented and is one of the underlying causes of inflation, but more importantly, as the unavoidable inflation picks up in the United States, it could well be a catalyst for hyper-inflation reminiscent of the 1970s.
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Perfect Market, <b>news</b> ad firm, lands $9 million in funding round <b>...</b>

Perfect Market Inc, a start-up that seeks to help news organizations make more money through online advertising, has won $9 million in new funding in a round led by Comcast Interactive Capital, the cable giant's venture arm.

Major earthquake strikes southwestern Pakistan – This Just In <b>...</b>

[Updated at 4:47 p.m. ET] An earthquake with a preliminary magnitude of 7.2 struck Wednesday morning in a remote area of southwestern Pakistan, the U.S. Geological Survey reported. The earthquake occurred at 1:23 a.m. (3:23 p.m. ...

Soap <b>News</b>: &#39;AMC&#39;s&#39; Debbi Morgan Has Lyme Disease and More

A few weeks ago we reported that 'All My Children's' award-winning actress Debbi Morgan would be taking some time off from the soap. This week.


Friday, January 14, 2011

Making Money Scam




or if you aim big you can even advertise with Google Adwords and pay only if someone clicks your add:http://google.com/adwords4. Consider me your real business friend and start your first link exchange with my blog: ad my link to your blog or website and I shell do the same adding your link over here on  http://realbucksonline.blogspot.com/ Also consider that I will post a new method of making real bucks online every week so stay connected here via bookmark or RSS feed. 
 Ok: I am just a average guy like you, who aims to make a real buck on the net.
Now let*s face it: it is hard enough to put cents on cents in a few ptc sites and expect to earn a decent living by that. Plus that all this so called business to be payed to click it*s like rolling the dice: you*re never sure finally you get the money. So what*s the catch with this game?
The most important thing in it is to get referrals : directly or rented ones. And the second important thing is to relay on the most trusted and stable sites. This is like betting on the most probable winner with a Team of Betters behind you.
Now,the first rule in business is to MEAN it. Not necessarily to be mean but to be serious about it. So if you think to make a living online you must be serious, hard working and learn it every step of the way. By all means you will get to SUCCEED IN TIME. With the second important thing, related to paying and stable sites you can get help from average experience or custom search on the net for top paying sites on Google. The really heavy duty thing is to build a Team of Referrals. According to this, the most affordable approach is to rent them with the amount of money you already earned on a site. The difficult part is to convince a direct referral to join in your   downline and be active on every day. This is like direct-sales in the real world: 50% chances (or less) to make them buy something which is more a game than a business. The rest of 50% is advertising or make believe (super-fantasizing) that something is useful and generates a sort of monthly real income. This fantasies go from promises of other great deals to even promises of 10(ten!) dollars per click:) And believe me, there are sites which ”offer” more than that, even the moon from the sky, just to get you join their scam. There are two kind of experiences related to this ”make believes”: one is to be a realistic guy by nature and the second is to try things until they prove lies. Everyone is preferring the first category except the advertisers, who are preferring the second one. Well, if you want to really be in the first category, and play this ptc game, you have to discern between a real buck and a promised one, in Neverland. You may say that each and every dime is just a promise in the ptc virtual world, until that dime profs it*s real in your pocket. It*s true but that does not mean you stop discerning reality from dreams. You must keep your goal to make real money online, gather experience and build a system that really works keeping you satisfied with your decent earnings and little, indecent losses.  
That is why I thought of a system for everyone to get referrals. Scroll down and find out how much you will pay for it!
(just kidding Stay tuned on this site and you will found it soon. Have a winning day everyone! 









While accessing the internet, you will find and run into many, in fact too many, 'too good to be true' deals. You will find expired coupon sites that are built to simply get traffic 'hits', harvest information, or simply to scam customers out of the truth, or more importantly, out of savings. 


Then in steps Jan Leasure, what I coin as today's 'Mother Teresa' of online coupons, recipes and information. A graduate of Northern Illinois University with a Master's Degree, Jan is a famed syndicated columnist for $uper $aver, the premier online coupon saving mega blog. With a clean, colorful look and a growing user base, Jan contributes tips, recalls, ideas and her heart to the matter of saving you money at the register.


So you ask, "Well, there is Groupon and such other savings sites. Why her?"


Well, Groupon is commercialized and lacks the love and attention Jan puts into her work. Besides, could anyone have gone into a grocery store, and literally walked out of the store with $800 worth of food and supplies...AND collected $75 at the register? I think not. That takes a special, angelic woman who has a sharper eye than most, and detail ten times more powerful than a microscope.


$uper $aver 'blogsite' is masterful in both simplistic design and easy of use. Offering a fast load time, you can quickly find and navigate through tips, wonderful recipes, articles and up to date information on food and other product recalls. Topping it off is the fact that Jan is actually an extremely successful senior mortgage loan officer out of Illinois who dedicates her extra time in her blog so you can save money in these economically oppressing times. Now that is a true, full time 'trooper.'


Trust $uper $aver Jan with all of your coupon needs, questions and tips and let her assist you in making a dollar stretch for you and your family. This blog is just the perfect starting, and stopping point, to end any question as to how you can save.



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After slashing 47% of its staff earlier this week, News Corp is considering selling the struggling MySpace, among other strategic options, Bloomberg reports. MySpace relaunched as an entertainment hub in October, and a month later, ...

No, your zodiac sign hasn&#39;t changed – This Just In - CNN.com Blogs

Tattoo parlor owners must be salivating. An assertion in a Minneapolis Star Tribune article that our understanding of the zodiac is off by about a month -- and that therefore people have been identifying themselves with the wrong sign ...

Rupert Murdoch&#39;s <b>News</b> Corp In Talks To Buy Daughter Liz&#39;s Shine <b>...</b>

UPDATE: That's the word from UK news media. It's just one of a number of options being considered by Shine, one of the UK's and America's biggest independent production companies -- it bought Ben Silverman's Reveille -- and thought to ...


Thursday, January 13, 2011

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Enhanced digital camera:
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Giffords&#39; Eye Opening <b>News</b> - Political Punch

President Obama's dramatic news at last night's memorial service in Tucson that Rep. Gabrielle Giffords' has just minutes before opened her left eye for the first time since the shooting has created some confusion ...

&#39;Dragon Tattoo&#39; Star: Better as a punk or a princess? « Entertainment

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Visualize This: Where the public gets its <b>news</b>

Perhaps the label should be something like “Percentage of respondents.” (The folks who collected the data allowed respondents to cite two “main” sources of news, which confused me.) I'll make the change. Thanks! ...

Monday, January 10, 2011

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There are a few different ways to measure the power of a meme in the tech industry. You can run powerful sentiment analysis on blog posts and message boards, scour trending topics on Twitter, or just follow the money. While it’s no absolute indicator, the appearance of well-respected venture capitalists and angels in a sector is usually regarded as a serious market signal.


And “gamification,” or the use of game mechanics to boost interest in non-game applications, is no exception. The notion of engaging consumers using game thinking and game mechanics has transformed both startup pitches and later-stage company strategies. Investors have taken notice and are ramping up their funding in what they perceive as a major, multi-billion-dollar market opportunity.


In the last twelve months alone, over $10 million in seed capital has flowed into a series of disruptive, gamification-centric startups, over $25 million additional capital has gone to businesses betting big on gamification as a core customer strategy, and at least one $100 million fund dedicated in part to gamification has been launched. (Last year, more than $600 million was invested in game companies).


We interviewed key investors and companies they’ve funded to figure out what assumptions are driving their investments. They identified three distinct (but overlapping) theses about gamification’s future: It will transform people, it will transform industries and it will transform everything.


One of the believers in the transformative people power of gamification is Brad Feld, famous blogger and Foundry Group partner. As an early investor in Zynga, he saw the power of games first-hand saying in an interview that “How we interact with computers today is crazy.” Feld has a strong interest in new human-computer interactions, and his portfolio includes gamified startups like Fitbit and Oblong, as well as a lead in the $5 million-plus investment in Seattle-based gamification platform BigDoor Media.


When it comes to transforming industries, Glenn Entis knows a thing or two. He’s one of the co-founders of PDI, and a former CEO and CTO of Dreamworks and Electronic Arts. So when he and his business partner launched VanEdge Capital this spring with a $100 million fund dedicated in part to gamification, the market took notice. In explaining his thesis, Entis said that “gamification is about applying the insights and tools of game design to raise engagement,” continuing that they see “opportunities for disruptively gamified businesses everywhere – personal health care, financial management, retail, education, and more.”


Entis is on to something. Finance, education and health care are each trillion-dollar markets with 20+ years of history experimenting with games and game thinking. Whether it was the runaway success of Mint.com, the blockbuster effect of the Obama administration’s “Reach for the Top” program in education or the consumer behavior changes wrought by the Wii and Brain Age, many experts believe these markets are ripe for gamification investment. The common thread: Finance, education and health affect everyone, are cash rich, have few payers and small behavior changes can yield outsized financial benefits.


For years, major investors like Granite Ventures and Adobe have been putting money into gamification through investments in companies like BunchBall – a service and platform provider. More recently, a number of VCs have made a name for themselves in the space, including outspoken veterans Tim Chang and Josh Goldman of Norwest Venture Partners. In candid discussions, they revealed a belief that major verticals, including healthcare and retail would be transformed most, adding that in order to gain their attention, startups must design gamification “from the ground-up, based on a deep understanding of mechanics and engagement loops.” Chang’s passion for so-called smart gamification has led him to volunteer his expertise, shaping the discussion online and at events like the upcoming Gamification Summit (of which I am conference chair).


Leading the vanguard for companies that believe in gamification everywhere is recent TechCrunch Disrupt audience award winner Badgeville. The six-month-old startup’s CEO, Kris Duggan recently revealed a stellar lineup of investors behind their $3 million initial raise. The company’s early partners include Comcast and TechCrunch, and Kris says “The message is clear: [good] loyalty rewards are sorely missing on the web and mobile, and we’ve met with thousands of companies around the world looking to engage their users, customers, employees, and partners.”


Like Badgeville, Utah-based startup iActionable has raised a seed round from notable angels to transform the world into a more fun place. CEO Ryan Elkins says what makes the market a huge opportunity is that it’s about “instant feedback to consumers that is encouraging, motivating and meaningful, while giving companies data that drives better understanding.” Like Badgeville’s Duggan, Elkins’ success doesn’t hinge on a specific vertical (like healthcare) becoming an early adopter, but rather on the long tail of web and mobile content becoming gamified.


Some investors are notably skeptical of the long-tail philosophy and gamification in general. Others, such as Dave McClure, have skewered gamification in at least one expletive-laden tirade (though he’s invested in gamified companies). And even major proponents like Tim Chang have their concerns, saying, “Every entrepreneur has added game mechanics to their business model slide hoping to jump on the buzz bandwagon.” Notably, Chang and other well-known game-y VCs, such as Bing Gordon, have thus far eschewed investing in gamification platforms.


But in perhaps the most telling anecdote, during coffee on a recent Thursday, Charlie O’Donnell of First Round Capital noted “Now, when a consumer internet startup comes to pitch without game mechanics in their plan, I always ask ‘Why Not?’”


If the standard Silicon Valley hype cycle holds true for gamification, there will be some winners and some losers. A multi-billion dollar company or two (three?) will clearly emerge to dominate their sector, while the concept permeates into society. Much like Facebook/social media or Google/search before it, we come to view the underlying concept as a core part of marketing, product design and strategy long after the “startups” are no longer so small.


Perhaps the best (and last) word on gamification as an investment thesis goes to Brad Feld: “Life is one big game that machines are making us play.  Therefore, I want to make sure I invest in the technology enabling the machines. I want that edge.”


Sounds sharp to me.


Gabe Zichermann is the author of the book, Game-Based Marketing (Wiley, 2010), the upcoming “Gamification by Design” (O’Reilly, 2011) and blogger at Gamification.Co. He’s also chair of the Gamification Summit coming up in January. He wrote this piece for VentureBeat. [photo source: gamification.org]


Next Story: Forrester reveals who uses location-based services the most Previous Story: Bill Clinton: Cloud computing will lead to a smarter, better world






What do you expect of the morale in the workplace under this environment?


The morale in the workplace definitely sinks. The employees are unhappy and they do their best to sabotage the company.


The management has to cope with high turnover. The recruitment cost increases, and the profitability decreases.


The best company does not need so many policies to police the employees. The best company provide a trusting environment for the employees to work, and the management supports and grooms the employees instead of finding reasons to fire them.


The morale in the workplace is at all time high.


That is why high morale is a reflection of good management. The employees will reward company by going the extra mile.


Low morale is the concrete proof of bad management style. The management sees employees as problems instead of resources.


About me:


Scheng1 is a passionate blogger from Singapore.


Rich in every sense reveals my deep desire in enjoying life, and be rich in every possible ways. Personal Finance


is about money, from making money to investing money







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Friday, January 7, 2011

foreclosure

PIMCO, which was one of the firms spearheading the putback push against BofA, has put together a useful and rather objective analysis though Executive Vice President, Global Structured Finance Specialist, Rod Dubitsky, titled "Foreclosure Flaws Trigger New Round of Uncertainty." While not surprisingly the baseline case presented by PIMCO is a moderate one, as the asset manager claims the most likely impact is "moderate" it does acknowledge that there is a possibility for substantial complications (although Fannie's recent bail out of BofA pretty much takes cares of that). The two main adverse consequences are "corrupted title" -  a topic beaten to death previously, and, more importantly, "Tax issues relating to RMBS issuance entities" on which PIMCO says "Some have argued that assigning the note for the
mortgage loan so long after closing would run afoul of REMIC rules,
which could subject RMBS deals to adverse tax consequences." Of course, as an escalation of these developments would bring the entire $8 trillion RMBS structured finance industry to a halt, we are fairly confident that as more and more settlements are instituted, that the whole fraudclosure issue will be very soon completely forgotten.

Foreclosure Flaws Trigger New Round of Uncertainty

Rod S. Dubitsky

In early October a contested foreclosure action on a tiny house in
rural Maine lit the fuse of a blast that has reverberated throughout
the markets, spreading renewed fear of a second downturn in the housing
market and potential gridlock in the mortgage market. Specifically, the
contested foreclosure action led to a deposition of an employee of GMAC
Mortgage (a subsidiary of Ally Bank, fka GMAC Bank), which appeared to
reveal that GMAC was cutting corners while executing the foreclosure
process. The deposition led GMAC to freeze the foreclosure process, and
other servicers quickly followed GMAC into the servicer confessional
and likewise froze foreclosures. Further, the 50 state attorneys
general launched an investigation. 

Though many servicers are in the
process of fixing the flawed procedures, and the long-term market
impact of these revelations is uncertain, in our base case scenario we
see moderate risks to housing prices and to residential mortgage-backed
securities (RMBS) investments. Though the story is months old and
several issues have been clarified since the story initially emerged,
much uncertainty remains and many additional challenges have been
raised with the foreclosure process as well as with the securitization
process in general.




A Brief History of “Robogate”


Though there are several complicated threads to
the story, the primary flawed processes employed by mortgage servicers
can be easily summarized: 1) employees of the servicers were attesting
to facts in affidavits that in fact they often didn’t have explicit
knowledge of and 2) contrary to requirements, the affidavits in many
cases weren’t signed in front of a notary. (We note that this should
not imply there are no other broken servicer processes.) As an
affidavit is a sworn statement of fact that needs to be witnessed,
these two shortcuts rendered the affidavits defective. No witness and
no real knowledge of the facts being attested means an affidavit is not
acceptable to the foreclosure court. The media dubbed this trend of
rapid, automated signing of affidavits “robo-signing” and the ensuing
uproar “robogate.”



The secondary thread of the story that seems to
be growing in importance is potential flaws associated with the
mortgage documents and the process of transferring the documents during
the securitization process. The upshot of the latest stories is that
flaws in the transfer of mortgage documents associated with the
securitization could increase the complexity of the foreclosure process
and, in the extreme scenario, jeopardize the economic interest of the
trust in the associated mortgage. Though the document flaws (as
distinct from the affidavit flaws) currently appear to be limited, we
are watching this thread closely to see if the issues are more
pervasive.



Though some of the earlier moratoria have been
lifted, it’s not entirely clear that the servicers’ processes have
improved enough to satisfy the attorneys general and foreclosure
judges. Further, for some servicers who have not imposed a moratorium
and have indicated that their procedures were correct, in some cases
evidence has emerged that calls into question the procedures of even
these “compliant” servicers.



The attorneys general, who have yet to conclude
their review, are rightly concerned over the possibility that
streamlined foreclosure processes either 1) resulted in some
foreclosures that shouldn’t have occurred (though we expect this is
rare) or 2) didn’t give borrowers an adequate chance to resolve their
mortgage payment difficulties (e.g., via a loan modification or other
resolution). However, we don’t believe the attorneys general want to
see permanent
gridlock in the
REO (Real Estate Owned – i.e., foreclosed homes) housing market; after
all, many voters buy foreclosed homes and most voters don’t like seeing
empty homes blighting their neighborhoods and failing to contribute
property taxes.



Most Likely Overall Impact Is Moderate


At this point it doesn’t appear the legal right
to foreclose will be severely impaired across a large number of
mortgages, nor will the ability to foreclose likely be subject to
massive or terminal delays. Rather, thus far it appears that servicers
will ultimately be able to execute foreclosures on the overwhelming
majority of mortgages. Most of the problems and flawed procedures, in
short, appear to be fixable, and in our base case scenario we see the
long-term impact on housing prices and RMBS as likely to be moderate.



That said, robogate and its fallout do have
several implications for investors. First, the servicers will be
affected by 1) higher costs (in both the short term, as the backlog is
cleared, and the long term, as staffing needs to be stepped up) and 2)
potential legal liability, as the various infractions may result in
legal action on the part of borrowers or the attorneys general. Second,
potential gridlock in the housing market and further delays in
resolving the housing overhang do pose the risk of an adverse impact on
home prices in the longer term, though the short-term effect could be
positive as distressed supply is pulled from and kept off the market.
Third, RMBS investors will likely be affected as delayed liquidations
result in longer duration and higher losses (due to greater costs,
resulting from the longer timelines). On the other hand, credit IO RMBS
will likely benefit, as the IO (interest only) period will last longer,
thereby increasing the value of the interest component of their cash
flows (a credit IO is a bond that is impaired to the degree that no
principal is expected to be received and the only value is remaining
interest payments). Fourth, we note the foreclosure delay’s impact will
depend on the bond structure, since structural nuances vary across and
within deals.



The final implication for investors is very
difficult to quantify: If borrowers know they have a reasonable basis
to legally contest the foreclosure, the recent revelations may embolden
many more borrowers to do so. Even borrowers who know they can’t afford
the home may choose to contest foreclosure if it increases the free
rent period or if they have hope of improving their financial situation
during the prolonged delay. Borrowers may cite an array of reasons to
contest foreclosure: affidavit irregularities, lost notes, improper
standing to foreclose, misapplied payments, incorrect ARM calculations,
excessive delinquency-related expenses (late fees, inspections, force
placed insurance), failure to offer a loan modification (which is
required in some jurisdictions), or problems associated with the
origination of the loan. In most cases, we believe delay will be the
worst outcome from an investor’s perspective. We believe most
title/note mortgage assignment issues appear to be fixable (at some
time and expense), and more to the point, while some borrowers will
challenge and successfully avoid foreclosure, most borrowers who
challenge are likely only delaying the inevitable (as most such
borrowers simply can’t afford the home). Nevertheless, it’s another
area of uncertainty.



And on a positive note, we have no doubt that
some borrowers were rushed to foreclosure when in fact they may have
had a legitimate ability to pay, and to the extent the foreclosure
timeout can save additional borrowers, that is clearly a good thing.



In PIMCO Advisory, we’re accounting for the
impact of foreclosure freezes on RMBS prices by running delays ranging
from three to 12 months across base case and stress scenarios; the
values of the bonds generally don’t change more than a few points in
the more extreme scenarios. In addition to longer foreclosure
timelines, we are assuming higher loss severity because servicers will
need to advance more delinquent interest while the foreclosure is
pending. One element that is difficult to quantify is whether servicers
will incur substantially more fees that may in turn be passed along to
RMBS investors, thereby adding to loss severity. Though some expenses
will likely be borne by investors, at this point we’re not assuming
much additional loss severity other than that strictly from the
extended timelines.



Further, it’s not clear at this point whether the
delay should only be applied to current foreclosures or whether
foreclosure timelines will become permanently longer as servicers and
courthouses now take longer to process each foreclosure. We are
currently applying our lags to the existing foreclosure and REO
pipeline, while leaving our process for current loans unchanged.
Assuming servicers increase staff to clear the backlog and adequately
fix their procedures, we believe it’s reasonable to assume that
foreclosure timelines will revert to pre-robogate levels (which already
reflected lengthened timelines).



Less Likely but More Dire Consequences Are Possible


Following the foreclosure moratorium, market
participants raised two issues that would theoretically have far more
dire consequences for RMBS investors in particular and the mortgage
market in general. Thus far, the likelihood of either of these
worst-case scenarios appears remote, but they are worth considering.



  1. Corrupted title:
    Some have speculated that the legal transfer of the mortgages to the
    trust has been so flawed that investors in RMBS face the risk that they
    don’t even have good title (i.e., ownership) of the mortgages. As a
    result, servicers potentially would have no legal standing to
    foreclose. A mortgage that doesn’t allow the holder to foreclose and
    take title to the property and doesn’t permit the lender to enforce the
    borrower’s obligation to pay is worth no more than kindlin’ wood, as
    the saying goes. Thus far – despite a couple of sensational stories –
    we don’t believe “kindlin’ wood” mortgages are widespread. Yes, there
    was the story of the eight-year foreclosure and the foreclosure on the
    homeowner who didn’t have a mortgage, but stories don’t equal
    statistics. Not that we should dismiss all these stories just yet,
    either; after all, mortgage origination horror stories turned out to be
    the rule rather than the exception. If new information reveals far more
    severe impairment in the note (obligation to pay) or the mortgage (the
    lien on the property), things could get a whole lot worse for RMBS
    investors (as well as other mortgage holders and guarantors, such as
    Fannie and Freddie), but at this point the more extreme outcomes don’t
    appear to be in the cards. However, the situation is fluid and we
    continue to consult with attorneys and are actively evaluating the risk
    of material impairment in the ownership of mortgages.

    Relatedly,
    some have questioned the role of MERS (Mortgage Electronic Registration
    Systems), an electronic registry in whose name more than half of all
    mortgages are registered. MERS was established to streamline the
    process of mortgage assignments by having the mortgage assigned in
    MERS’ name so that any time an ownership interest was transferred,
    sellers could avoid the costly county recording process. Some are
    arguing that MERS doesn’t have standing to foreclose (and indeed some
    states have ruled thusly) and therefore foreclosures in its name are
    invalid. Though this may pose a risk, our understanding is that the
    cure for the MERS problem is simply to assign the mortgage to an entity
    that does have legal standing to foreclose (e.g., the RMBS trustee).
    Therefore, we believe that the MERS issue may result in further delays
    to the foreclosure process, but not permanent foreclosure freezes or
    impairments.

  2. Tax issues relating to RMBS issuance entities:
    RMBS are generally issued by an entity called a Real Estate Mortgage
    Investment Conduit (REMIC) that is exempt from federal taxes at the
    entity level provided it satisfies certain requirements. Broadly
    speaking, REMIC rules provide that a REMIC has three months to acquire
    its initial assets and two years to substitute a new mortgage loan for
    a defective one. Some have argued that assigning the note for the
    mortgage loan so long after closing would run afoul of REMIC rules,
    which could subject RMBS deals to adverse tax consequences. However,
    nothing that we have seen so far would validate this concern, and
    opinions published by securitization attorneys recently give very
    little credence to the REMIC tax risks. (For example, see SNR Denton’s
    “Commentary on Transfers of Mortgage Loans to RMBS Securitization
    Trusts,” October 18, 2010, www.snrdenton.com.) 


I generally agree with yoru statement, all the tricks the FED did to print hosuing dollars are done now, now people have to bring real money, and that means wages. However I disagree with statement "businesses competing with foreign wages CANNOT pay higher wages to American workers". Businesses overpay their CEOs and upper management all the time (boards are made up of cronies, not directors working in best interest of stockowners) and big US businesses are generally making high profits and have record cash reserves. So businesses CAN afford to pay workers high wages, but rather, they simply WON'T because they do not have to (no laws, unions etc to force them) and the WON'T because unlike the waste of over-priced salaries at high-end of coroporate ladders, business are not so stupid and wasteful and low-end and they keep low and middle workers wages as low as they can or they outsource.


But just so you know in real world there is an alternative ( not one you will ever see in US due to our politics and people assumptions like yours) look at Germany. They are an exporting machine. Their companies are very competitive in world market AND their worker wages and benefits are much higher than US. They have higher horuly salaries, their workers get 6 weeks vacation from get go, etc.. Also, they are fairly heavily regulated, their companies are held to high safety standards, high worker fairness standards, and tough environmental standards and also their companies do a lot with expensive alternative energy.


So in my mind there are at least two ways to for a countries companies to be competitve on world market, China or Germany, the only option is NOT China and depressed wages and weak currency.


Again and again, I see smart people assuming we must just do a China to compete, low wages, weak currency, trash the environment, peel back regulations that keep workers safe and keep work place fair. Its like Germany's example does not enter our consciousness. No way we can have a strong social safety net, treat enviroment well, have a strong currency, pay workers well, regulate businesses to ensure fairness and still compete, pay not attention to Germany.


It may not be easy for US to replicate what is working for Germany, primarily simply because most in US media and culture has it so we don't even know it that at least one coutnry is already proven it is possible, but it is crazy not to at least look at what they are doing and see if maybe we could strive for something closer to them. Germany competes and grows and German workers benefit. Germans model is very good for the common wealth, and yet, all we can fixate on is China.


We see same phenomen in business. There are some companies that are very successful and treat their workers much better than average, while other companies see their only way to success is to treat low end workers as badly as possible and to overcompensate upper management. See simply Costco vs. Sam's club.


Stop self-limiting, we can be a globally competitive country and have a solid middle class and have clean air and water, safe workplaces. But we won't if we let crony upper management of US companies decide everything in their interest, because clearly, sh%^ting on workers and over-compensating themselves and their friends, corrupting our government for their purposes is what they will keep doing unless we fight for something better.



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The president's new staff is falling into place, though White House officials say the search for the replacement for departing press secretary Robert Gibbs is just beginning. At a manufacturing plant in Maryland today, the president ...

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Helen Thomas Joins Falls Church <b>News</b>-Press | ARLnow.com

Former White House correspondent Helen Thomas has come out of a seven-month retirement to write a column for the Falls Church News-Press. Thomas was a.


Thursday, January 6, 2011

Making Money Your


Making maple syrup in a hotter world






It's hard to take big-picture global temperature increases and bring them down to a personal level—partly because of that confusion between weather and climate, and partly because scientists simply have a better understanding what is very likely to happen in an averaged-out global system, than they have of how changes in that global system are likely to affect your backyard.



I like the way Climate Wisconsin is trying to bridge that gap. First, they use interactive visuals to show the local symptoms of climate change, like rising average temperatures and fewer days of ice cover of Wisconsin lakes. Then, they connect those symptoms to Wisconsin life. If these trends continue, what impact will they have on things like fishing, forestry, farming and, yes, the making of maple syrup.



It's a hard line to walk. The family featured in this video has recently experienced some of the worst years for making maple syrup in four generations. But, because weather isn't climate, next year could be better for them, even as the climate, overall, continues to warm. At the same time, though, climate change is likely to have long-term impacts on where and how well sugar maples can grow—and when, and for how long, their sap runs in spring.



I think this video and the related essay do a better-than-average job of making that distinction. This family won't be out of business next year. But, over time, climate change is very likely to make this work harder for them. The harder it gets, Wisconsin traditions associated with maple syrup making will become less common—and the 5-million-dollar syrup industry will bring less money to the state.



Also, I just finished re-reading Little House in the Big Woods, and it's fun to see how the process of maple syrup production has, and hasn't, changed since Grandpa Ingalls threw a sugaring-off party at his Wisconsin cabin in the late 1860s. Check out the taps they hammer into the maples. They look just like the Little House illustrations, but instead of draining into wooden buckets, the sap now flows into plastic bags.



Thanks to agroman for Submitterating!




Weekly Pulse: GOP Plays Chicken with the Debt Ceiling

By Lindsay Beyerstein, Media Consortium blogger

Sen. Jim DeMint (R-SC) is calling for a "big showdown" over the upcoming vote to raise the nation's debt ceiling to $14.3 trillion from $13.9 trillion. The debt ceiling is simply the maximum amount the government can borrow.

Congress routinely raises the debt ceiling every year. It's common sense: Since the government has already pledged to increase spending, Congress must authorize additional borrowing. (Remember that the government is now forced to borrow billions of extra dollars to pay for tax cuts for the wealthy, which Republicans insisted on.) If the ceiling isn't raised, the United States will be forced to default on its debts, with catastrophic consequences.

Why would default be catastrophic? The principle is the same for countries and consumers alike: If you have a good track record of paying your bills, lenders will lend you money at lower interest rates. If you don't pay your bills on time, or default on your obligations altogether, lenders will demand higher interest rates.

Congressional Republicans say they oppose raising the debt ceiling because they favor fiscal responsibility. This kind of rhetoric is the height of recklessness. The interest on our debts is a big part of government spending. Even idle talk about defaults could spook some creditors into raising interest rates on U.S. debt and cost taxpayers dearly.

Steve Benen of the Washington Monthly quotes Austan Goolsbee, chair of the White House's Council of Economic Advisers, who says that congressional GOP members are flirting with the "the first default in history caused purely by insanity."

Making work pay (for real)

An astonishing 80% of full-time minimum wage workers can't afford the necessities of life, according to new research by labor economist Jeannette Wicks-Lim of the Political Economy Research Institute, featured on the Real News Network.

Wicks-Lim argues for a two-part solution to the crisis of working poverty in America: i) raising the federal minimum wage to $12.30/hr from $7.50/hr; ii) Increasing the earned income tax credit to 40% of income. She estimates that these two policy changes would raise the income of a minimum wage worker from $15,000 to about $36,000 at a manageable cost to employers and taxpayers.

Her proposal is a revamp of President Bill Clinton's attempt to "reform" welfare by cutting social service benefits and shifting government spending to tax credits. Currently, the Earned Income Tax Credit is a subsidy for the working poor that is designed to "make work pay"--i.e., if workers aren't making enough in wages to secure a decent standard of living, the government provides an income subsidy to reward them for working.

However, if a decent standard of living remains out of reach for 80% of full-time minimum wage workers, Wicks-Lim argues that the minimum wage is too low and the subsidies are too modest to achieve the stated goal of making work pay.

Colorado minimum wage inches up

Speaking of minimum wage issues, Scot Kersgaard of the Colorado Independent reports that the minimum wage in the state ticked up from $7.25 an hour to $7.36 on January 1. The modest increase represents the annual adjustment for inflation. Every bit counts, but Colorado families are falling further behind. According to a new report by the Denver-based Bell Policy Center, 8.3% of working families in Colorado live below the federal poverty line, which is $22,050 for a family of four. Fully one-fourth of Colorado families do not earn enough to meet their basic needs, which requires an income approximately twice the FPL, according to the report.

Colorado is one of only 10 states that automatically adjust their minimum wages for inflation.

Wage theft epidemic

Unscrupulous employers are stealing untold millions of dollars from hardworking Americans, Dick Meister reports in AlterNet:

The cheating bosses don't take the money directly from their employees. No, nothing as obvious as that. The employers practice their thievery by underpaying workers, sometimes by paying them less than the legal minimum wage. Or they fail to pay employees extra for overtime work, or even force them to work for nothing before or after their regular work shifts or at other times. Some employers make illegal deductions from employee wages. And some withhold the final paycheck due employees who quit.

In New York City alone, an estimated $18 million worth of wages is stolen every week. Workers in the restaurant, construction, and retail sectors are at increased risk of wage theft. Wage thieves disproportionately target undocumented workers because they assume that these employees will be less likely to report the crime.

Debt collection from beyond the grave

The dead don't tell tales, but they have been known to sign debt collection papers, Andy Kroll reports in Mother Jones. Martha Kunkle died in 1995, but her printed name and signature appear on paperwork filed by the debt collection agency Portfolio Recovery Associates as late as 2006 and 2007. The ruse was discovered and PRA, facing a fraud lawsuit, agreed in 2008 that the "Kunkle's" documents couldn't be used in court. That didn't stop the agency from trying to use them again in 2009.

The attorney general of Missouri has announced that he will investigate whether any of Kunkle's handiwork was used to support debt collection in his state. The attorney general of Minnesota is already investigating whether debt collectors have used fraudulent paperwork in court.

This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.







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