By Kevin Chiu Completing her term as the head of the Federal Deposit Insurance Corp. (FDIC) with a last appearance on Capitol Hill, Sheila Bair warned a Washington, D.C. audience to be aware that the financial crisis is rooted in real estate, which is blocking an economic recovery from developing. “The fact that so many… Continue reading Sheila Bair Exits FDIC with Warning
Category: News
Ozzy Osbourne Rocks to New Home
The Prince of Darkness, rocker Ozzy Osbourne has listed his home on the market for sale in the Hidden Hills area of Los Angeles for nearly $13-million. The former lead singer of Black Sabbath has been a hard rock star for almost 40 years, and until recently appeared in a MTV television reality series featuring… Continue reading Ozzy Osbourne Rocks to New Home
Real Estate Investors Plead Guilty to Auction Bid Rigging
By Mike Colpitts Eight San Francisco Bay Area real estate investors have agreed to plead guilty for their roles in a conspiracy to rig bids at public real estate foreclosure auctions in Northern California, according to the Department of Justice. The real estate investors took part in conspiracies to rig bids by agreeing to refrain… Continue reading Real Estate Investors Plead Guilty to Auction Bid Rigging
Space Shuttle End May Kill Town
By Mike Colpitts Nervousness and uncertainty send jitters through the community of Titusville, the Florida home to the U.S. Space Shuttle program for more than 30 years. Ronald Reagan was president of the United States when this community led the venture into outer space. But the hub for space science exploration is ending its presence… Continue reading Space Shuttle End May Kill Town
Time to Reinstate Glass Steagall
By Jeffrey Steinberg, Rep. Marcy Kaptur (D-Ohio), with the backing of Reps. Walter Jones (R-NC) and Jim Moran (D-VA), has introduced a bill in the House of Representatives (H.R.1489) “Return to Prudent Banking Act of 2011,” which would reinstate the original 1933 Glass Steagall Act, that broke up the Depression-era “too big to fail” banks,… Continue reading Time to Reinstate Glass Steagall
Feds Launch Wipe Out Radon Gas Program
Almost 1 in 15 U.S. homes is infected with radon gas, one of the leading causes of lung cancer, according to the Environmental Protection Agency, which just launched a major program with eight other federal agencies to encourage homeowners to have their homes inspected for the silent killer. Radon gas exposure is the leading cause… Continue reading Feds Launch Wipe Out Radon Gas Program
Stocks Plunge on Housing News
By Mike Colpitts Following disappointing news about the housing market, the Dow Jones Industrial average plunged 279.65 points Wednesday on the New York Stock Exchange on the first day of June, demonstrating investors’ worries over the stock market and the greater U.S. economy entering the customary busy summer housing season. The drop in the highly… Continue reading Stocks Plunge on Housing News
America’s Watchdog to Rescue Disaster Victims
By Mike Colpitts An organization that gained national fame for helping homeowners and businesses in natural disasters, including Hurricane Katrina is offering free aid to homeowners and businesses that suffered property damage or were destroyed in the series of tornadoes that tore through the south-eastern corridor of the U.S. America’s Watchdog is coming to the… Continue reading America’s Watchdog to Rescue Disaster Victims
States Outlaw Extra Home Sale Charges
By Kevin Chiu Washington State became the twenty-fifth state in the country to outlaw extra home sale charges to the new owners of homes for 99 years. The action means that half of all U.S. states have now outlawed private transfer fees by adopting new state laws prohibiting their collection. But a federal effort to… Continue reading States Outlaw Extra Home Sale Charges
Mortgage Proposals Set Back Homeownership
By Lois A. Vitt, Ph.D. New mortgage finance rules in the planning stages by the federal government will set homeownership back nearly forty years, and down a track that many Americans won’t understand. The efforts are intended to set-up a framework for permanent down payment minimums of 20%, higher interest rates and mandatory income ratios… Continue reading Mortgage Proposals Set Back Homeownership