Local reports indicate that homelessness is on the rise and this report [Foreclosure to Homelessness] gives us insight into the role that foreclosures may be having on that increase, said Nan Roman, president of the National Alliance to End Homelessness.The Foreclosure to Homelessness: The Forgotten Victims of the Foreclosure Crisis report released last week provides … [Read more...] about New Report Links Foreclosures and Homelessness
Archives for June 2009
A great post from Homegrown Evolution on one of the surprising benefits of the housing meltdown: fresh fruit. That's right. The blog thanks Mr. Mozilo for creating our very own 'Banana Republic' as rundown homes and unmanned irrigation systems create the perfect environment for the growth of amazing tropical delights.These subprime bananas as the blog calls them, were the … [Read more...] about Subprime Bananas
Itâ€™s been quite a week for Citi. Tuesday it walked into a feces storm of its own making by announcing it would raise salaries by 50% to offset cuts in bonuses. To be fair to Citi, they are taking (well-deserved) crap for the entire industry on the salary issue. BofA, Morgan Stanley, UBS and others are also trying to dodge the bad PR when huge bonuses are awarded … [Read more...] about Why is Citigroup still in business?
Federal law enforcement officials recently announced charges have brought against 41 defendants in five separate cases in Chicago. The cases involve more than $48 million in fraudulently obtained mortgages for dilapidated homes in urban areas as well as deals involving million dollar condominiums in a Chicago high-rise and sprawling homes in affluent suburbs like Wheaton and … [Read more...] about 41 Charged as Mortgage Fraud Hits Condos & Suburbs
In this Bloomberg segment Dr. Nouriel Roubini shares his thoughts on why pundits proclaiming the stabilization of the housing market are wrong and why the current policy path is unsustainable and likely to have a messy exit. My favorite part? The idea of our debt ballooning from 40% GDP to 80%. Lovely. Can you say bust?Definitely worth watching: … [Read more...] about Roubini: No confidence in government exit strategy