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Errors Afflict More Checks Issued to Aid Homeowners

Thu, 09 May 2013 00:00:00 -0700

New York Times - By Ben Protess, Jessica Silver Greenberg - May. 09 (News Report) - DealBook: In Latest Foreclosure Glitch, Some Checks Come Up Short

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Shell presses ahead with world's deepest offshore oil well

Thu, 09 May 2013 00:00:00 -0700

The Guardian - By Simon Goodley - May. 09 (News Report) - Company will drill almost two miles underwater in Gulf of Mexico as part of next generation of deep-water developments Royal Dutch Shell is pressing ahead with the world's deepest offshore oil and gas production facility by drilling almost two miles underwater in the politically sensitive Gulf of Mexico. The move is being viewed in the oil industry as a demonstration of Shell's confidence that its technology can deliver returns on expensive and risky offshore projects, despite a recent downturn in oil prices. It comes a day after ExxonMobil said it would start work on a $4bn (£2.6bn) project to develop the Julia oilfield, also in the North American ocean basin, and weeks after BP delayed development of its biggest Gulf of Mexico project – Mad Dog Phase 2 – citing rising costs. John Hollowell, a Shell executive vice-president, said: "This important investment demonstrates our ongoing commitment to usher in the next generation of deepwater developments, which will deliver more production ...

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While Wronged Homeowners Got 300 Apiece in Foreclosure Settlement, Consultants Who Helped Protect Banks Got 2 Billion

Sat, 04 May 2013 00:00:00 -0700

Rolling Stone - By Matt Taibbi - May. 04 (Investigative Report) - not only were these consultants not so independent, not only did they very likely skew the numbers seriously in favor of the banks, and not only were these few consultants paid over $2 billion (over 20 percent of the entire settlement amount) while the average homeowner only received $300 in the deal – in addition to all of that, it appears that federal regulators will not turn over the evidence of impropriety they discovered during these reviews to homeowners who may want to sue the banks

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Where Have All the Jobs Gone?

Sat, 04 May 2013 00:00:00 -0700

New York Times - By Jared Bernstein - May. 04 (Opinion) - Where Have All the Jobs Gone?

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Crisis for Europe as trust hits record low

Thu, 25 Apr 2013 00:00:00 -0700

The Guardian - By Ian Traynor - Apr. 25 (News Analysis) - Poll in European Union's six biggest countries finds Euroscepticism is soaring amid bailouts and spending cuts Public confidence in the European Union has fallen to historically low levels in the six biggest EU countries, raising fundamental questions about its democratic legitimacy more than three years into the union's worst ever crisis, new data shows. After financial, currency and debt crises, wrenching budget and spending cuts, rich nations' bailouts of the poor, and surrenders of sovereign powers over policymaking to international technocrats, Euroscepticism is soaring to a degree that is likely to feed populist anti-EU politics and frustrate European leaders' efforts to arrest the collapse in support for their project. Figures from Eurobarometer , the EU's polling organisation, analysed by the European Council on Foreign Relations (ECFR), a thinktank, show a vertiginous decline in trust in the EU in countries such as Spain, Germany and Italy that are historically very pro-European. ...

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Carbon bubble will plunge the world into another financial crisis

Fri, 19 Apr 2013 00:00:00 -0700

The Guardian - By Damian Carrington - Apr. 19 (Opinion) - Trillions of dollars at risk as stock markets inflate value of fossil fuels that may have to remain buried forever, experts warn The world could be heading for a major economic crisis as stock markets inflate an investment bubble in fossil fuels to the tune of trillions of dollars, according to leading economists. "The financial crisis has shown what happens when risks accumulate unnoticed," said Lord (Nicholas) Stern, a professor at the London School of Economics. He said the risk was "very big indeed" and that almost all investors and regulators were failing to address it. The so-called " carbon bubble " is the result of an over-valuation of oil, coal and gas reserves held by fossil fuel companies. According to a report published on Friday, at least two-thirds of these reserves will have to remain underground if the world is to meet existing internationally agreed targets to avoid the threshold for "dangerous" climate change. If the agreements hold , these reserves will be in effect ...

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Not Every Republican Hates Obama's Progressive Labor Secretary Nominee

Thu, 18 Apr 2013 00:00:00 -0700

Mother Jones - By Adam Serwer - Apr. 18 (Opinion) - Thomas Perez, the head of the Justice Department's civil rights division and President Barack Obama's nominee to head the Department of Labor, is getting some support from unexpected corners: Republicans, particularly in his home state of Maryland. "I think he's going to be a very fine secretary of labor for us," says Michael Steele, former chair of the Republican National Committee who first met Perez when he was a member of the Montgomery County Council and Steele was Lt. Governor of Maryland. "He's honest, direct, approachable and willing to work hard to get it right." Steele isn't the only Maryland Republican praising Perez. "He's just a trustworthy guy," says John Kane, a former chair of the Maryland GOP. "If I had to put a trust together to manage my affairs after I was gone, Tom would be one of the top three guys I would pick to do that, even though I disagree with him more than half the time." Monday, John R. Dunne, a Republican who was head of the civil rights division during the ...

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Spinning Obama’s Budget

Fri, 12 Apr 2013 00:00:00 -0700

FactCheck - By Robert Farley - Apr. 12 (Fact Check) - Both parties are putting political spin on the deficit reduction contained in President Obama’s $3.78 trillion budget plan. Obama said his budget would cut deficits by “nearly another $2 trillion” over 10 years. Two prominent Republicans said it would only reduce deficits by about $600 billion. The question is: compared … More >>

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The President's Priorities

Thu, 11 Apr 2013 00:00:00 -0700

Wall Street Journal - Apr. 11 (Opinion) - Debt in 2014 will hit 78.2% of the economy. President Obama is pitching his new budget proposal as a fiscal peace offering to Republicans, but the details suggest everyone should expect more conflict. The fiscal 2014 plan he released Wednesday is a very slightly modified version of his previous budgets that reduces the deficit by raising taxes and trading defense cuts for more domestic spending. The real news is that his budget ratifies much of the spending increase of the first term and tries to lock it in. He wants the feds to spend $3.78 trillion next year ($11,944 per American), which would still be 22.2% of national output nearly four years into an economic recovery. Before the financial panic in 2008, the government was spending about $1 trillion less, or closer to $2.7 trillion a year and an average of 20% of GDP—and President Bush was no slouch as a spender himself.

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Can We Afford Another Housing Boom?

Thu, 11 Apr 2013 00:00:00 -0700

Wall Street Journal - Apr. 11 (Opinion) - NewsdayCan We Afford Another Housing Boom?Wall Street JournalFannie Mae put an exclamation point on the housing rally with last week's announcement of its largest-ever annual profit. The news comes soon after Fannie's cousin, Freddie Mac, announced its own record high. These results may seem like cause for ...UPDATE 2-US housing regulator extends popular refinance programReutersHow Does the US Quit Housing When Fannie, Freddie Rake in Billions?BusinessweekMortgage innovation is needed to ward off housing bustsNewsdayInman.com -U.S. News & World Report (blog) -Baltimore Business Journalall 97 news articles »

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Obama administration pushes banks to make home loans to people with weaker credit

Wed, 03 Apr 2013 00:00:00 -0700

Washington Post - By Zachary A. Goldfarb - Apr. 03 (News Analysis) - The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

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A wave of foreclosures then a land rush in Prince George’s

Tue, 02 Apr 2013 00:00:00 -0700

Washington Post - By Annys Shin - Apr. 02 (News) - Ash Sirazul knew he had made a mistake as soon as he raised his hand. A few feet away, the auctioneer acknowledged his bid. “Ninety seven thousand. Any advance?” The price was too high for the vacant Temple Hills townhouse Sirazul was standing in front of, along with several dozen other eager bidders. Read full article >>

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2 Chinese Cities Move to Cool Overheated Housing Market

Mon, 01 Apr 2013 00:00:00 -0700

New York Times - By David Barboza - Apr. 01 (News Analysis) - Beijing and Shanghai announced they would put in place new restrictions and penalties on housing sales to ensure that prices do not continue to soar, fueling what many say is a real estate bubble.

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Surprise Demand for Housing Catches Industry Off-Guard

Wed, 20 Mar 2013 00:00:00 -0700

New York Times - Mar. 20 (News Analysis) - The housing turnaround seems to have caught almost everyone in the business by surprise. As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, ...

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Cyprus: panic as savings levy is imposed

Sun, 17 Mar 2013 00:00:00 -0700

The Guardian - By Paul Gallagher, Helena Smith - Mar. 17 (News Report) - Cypriots rush to ATMs before savings are docked as part of a bailout deal agreed in Brussels Cypriots reacted with shock that turned to panic on Saturday after a 10% one-off levy on savings was forced on them as part of an extraordinary 10bn euro (£8.7bn) bailout agreed in Brussels. People rushed to banks and queued at cash machines that refused to release cash as resentment quickly set in. The savers, half of whom are thought to be non-resident Russians, will raise almost €6bn thanks to a deal reached by European partners and the International Monetary Fund (IMF). It is the first time a bailout has included such a measure and Cyprus is the fifth country after Greece, the Republic of Ireland, Portugal and Spain to turn to the eurozone for financial help during the region's debt crisis. The move in the eurozone's third smallest economy could have repercussions for financially overstretched bigger economies such as Spain and Italy. People with less than 100,000 euros in their accounts will ...

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India strives to become 'drought proof'

Tue, 12 Mar 2013 00:00:00 -0700

The Guardian - Mar. 12 (News Report) - In a country of 1.2 billion people, the threat of drought takes on epic proportions Over a period of two centuries (between 1801 and 2002), India experienced 42 severe droughts, according to the Indian Space Research Organisation. One of these, in 1979, cut food grain production by 20 percent; another, in 1987, damaged 58.6 million hectares of cultivated land, affecting 285 million people. In the last decade (2002-2012) three major droughts hit the country, and in 2012 drought shaved off half a percentage point from the Asian giant's gross domestic product (GDP), according to a 2013 World Bank report. Seventy percent of Indians live in rural areas, while 58 percent rely solely on agriculture for a living. The 355 million people who fall below the 1.25-dollars-a-day poverty line depend primarily on rain-fed agriculture for subsistence. Thus drought has become a national priority for the Indian government, particularly as climate change causes ever more erratic monsoon rains. This ...

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Underselling the Sequester Cuts

Wed, 06 Mar 2013 00:00:00 -0800

FactCheck - By Robert Farley - Mar. 06 (Fact Check) - An ad from a fiscally conservative group makes a true but misleading claim that the sequester only amounts to “a 3 percent cut in federal spending.” A majority of federal spending is exempt from the sequester cuts, so the parts that are not will be cut much more deeply than that.

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Ecuador: Amazon families split over lure of oil money

Wed, 06 Mar 2013 00:00:00 -0800

The Guardian - By Jonathan Watts - Mar. 06 (News Analysis) - In Sani Isla, one of the most biodiverse corners of the world, the arrival of Ecuador's biggest oil firm has pitted sister against sister While they were growing up in their remote community deep in the Ecuadorean Amazon, Blanca Tapuy and her sister Innes were inseparable. As children, they would play together while their parents hunted monkeys and tapir with blowpipes and spears. After they married, they regularly met to drink chicha and keep up with the latest gossip as western modernity crept ever closer to their indigenous Kichwa community. Today, however, the sisters are at loggerheads, divided by an offer from the country's biggest oil company, Petroamazonas, to start seismic surveys in their homeland of Sani Isla. Blanca declares she is willing to die to stop its advances. Innes passionately counters at community meetings that petrodollars are vital for the future prosperity of the community. "It makes me very sad," says Blanca. "We never fought before. We used to be so close. ...

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Opinionator | The Great Divide: Land of Plenty (of Government)

Sun, 03 Mar 2013 00:00:00 -0800

New York Times - By By MONICA PRASAD - Mar. 03 (Opinion) - Researchers have uncovered evidence that points to a bigger governmental presence in the United States than previously thought.

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Boehner Did Not Rule Out Tax Revenues to Prevent Sequestration

Tue, 26 Feb 2013 00:00:00 -0800

Mother Jones - By David Corn - Feb. 26 (Special Report) - In recent days, as $1.2 trillion in automatic spending cuts—a.k.a. sequestration—have neared, Republicans have tried mightily to depict this indiscriminate slashing as President Barack Obama's doing (while also accusing Obama of fear-mongering regarding the cuts' recessionary impacts). They have gleefully asserted that it was the White House that first suggested sequestration as a means to resolve the debt ceiling impasse created by GOPers in 2011. But their accusation has been undermined by a fact recently highlighted in multiple media accounts : When they passed the sequestration bill, House Speaker John Boehner and Senate Minority Leader Mitch McConnell, the top GOPers in Congress, each accepted sequestration as it was designed—that is, as a legislative doomsday machine that would force a so-called congressional supercommittee to come up with a deficit reduction plan to supplant these deep across-the-board cuts in defense and nondefense spending. But there is a GOP fallback ...

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Business owners emerge as vocal force in pro-immigration debate

Sat, 23 Feb 2013 00:00:00 -0800

Los Angeles Times - By By Alana Semuels, Los Angeles Times - Feb. 23 (News Report) - Farmers, restaurateurs and others want to ensure workers continue coming into the U.S. to fill jobs they say Americans don't apply for.

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Mortgage bill faces tough road in Congress

Sun, 17 Feb 2013 00:00:00 -0800

Yahoo! News - Feb. 17 (Special Report) - WASHINGTON (AP) — A sharply divided Congress isn't likely to jump at President Barack Obama's challenge for quick passage of a mortgage refinancing bill that supporters say could help millions of homeowners save big each year and boost the economy. ...

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Obama’s 2012 State of the Union proposals: what flopped and what succeeded

Tue, 12 Feb 2013 00:00:00 -0800

Washington Post - By Glenn Kessler - Feb. 12 (Fact Check) - Every president announces a slew of initiatives in his State of the Union address. Here, in order of delivery, is a summary of the key proposals, pledges or priorities announced by President Obama a year ago — and what happened to them. Read full article >>

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Obama weighing executive actions on housing, gays and other issues

Mon, 11 Feb 2013 00:00:00 -0800

Washington Post - By Zachary A. Goldfarb - Feb. 11 (News Analysis) - President Obama is considering a series of new executive actions aimed at working around a recalcitrant Congress, including policies that could allow struggling homeowners to refinance their mortgages, provide new protections for gays and lesbians, make buildings more energy-efficient and toughen regulations for coal-fired power plants, according to people outside the White House involved in discussions on the issues. Read full article >>

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Reid Twice Wrong on $2.6 Trillion ‘Cuts’

Wed, 06 Feb 2013 00:00:00 -0800

FactCheck - By Brooks Jackson - Feb. 06 (Fact Check) - Sen. Harry Reid was doubly wrong when he claimed that Congress already has cut $2.6 trillion from projected future deficits by reducing “non-defense programs” alone. In fact, legislation he refers to applied to both security and non-security spending. Furthermore, a good chunk of the deficit reduction came from tax increases, not spending cuts.

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