morning coffee
spring rain stirs
the old pond
Showing posts with label pond. Show all posts
Showing posts with label pond. Show all posts
Sunday, April 24, 2011
Sunday, May 16, 2010
Wednesday, April 15, 2009
Haiku 041509
goslings crowd
the pond's edge ...
skinny dippers
***************
Associated Press: “Six companies to get $9.9B under mortgage program”
“The Obama administration on Wednesday named the first six mortgage companies participating in a $75 billion program designed to help millions of struggling homeowners avoid foreclosure….The administration said the companies — including some of the mortgage industry's biggest players [such as Chase Home Finance, Wells fargo, GMAC Mortgage, CitiMortgage] — will receive a maximum of $9.9 billion in incentive payments, which are designed to encourage mortgage companies to lower borrowers' monthly bills….
“The program, unveiled on March 4, will offer struggling homeowners the chance to obtain modified loans with lower monthly payments….The refinancing plan is limited to borrowers who owe up to 5 percent more than their home's current value.....”
***************
…. It’s noteworthy that a campaign promise of assistance to homeowners is being kept. However, the administrators (would these be the six mortgage companies?) of the homeowners’ bailout program should be wary of the trap of unintended consequences. They could be unduly rewarding a bunch of undeserving folks.
For example, the unscrupulous flippers who finally ended up being stuck with "investment" properties, which they thought they'd quickly resell for a substantial profit as before -- but now can't. Or those irresponsible homeowners who took out so-called home improvement loans -- encashing their homes’ equity -- fully intending, however, to simply spoil themselves with frivolous or ostentatious purchases. If they're not screened out, the program would be such a silly waste of scarce resources ….
goslings crowd
the pond's edge ...
skinny dippers
***************
Associated Press: “Six companies to get $9.9B under mortgage program”“The Obama administration on Wednesday named the first six mortgage companies participating in a $75 billion program designed to help millions of struggling homeowners avoid foreclosure….The administration said the companies — including some of the mortgage industry's biggest players [such as Chase Home Finance, Wells fargo, GMAC Mortgage, CitiMortgage] — will receive a maximum of $9.9 billion in incentive payments, which are designed to encourage mortgage companies to lower borrowers' monthly bills….
“The program, unveiled on March 4, will offer struggling homeowners the chance to obtain modified loans with lower monthly payments….The refinancing plan is limited to borrowers who owe up to 5 percent more than their home's current value.....”
***************
…. It’s noteworthy that a campaign promise of assistance to homeowners is being kept. However, the administrators (would these be the six mortgage companies?) of the homeowners’ bailout program should be wary of the trap of unintended consequences. They could be unduly rewarding a bunch of undeserving folks.
For example, the unscrupulous flippers who finally ended up being stuck with "investment" properties, which they thought they'd quickly resell for a substantial profit as before -- but now can't. Or those irresponsible homeowners who took out so-called home improvement loans -- encashing their homes’ equity -- fully intending, however, to simply spoil themselves with frivolous or ostentatious purchases. If they're not screened out, the program would be such a silly waste of scarce resources ….
Wednesday, April 1, 2009
Haiku 040109
noisy geese
tail the sunset --
a quiet pond
***************
Recently, we read the following:
In breaking news, hereisthecity.com: "Ex-Wall Street CEOs Lead G20 Protesters"
“A group of disgruntled former Wall Street CEOs led protesters and stormed the barricades in London early Wednesday.”
***************
And we thought:
.... One wonders what was going in the minds of these Wall Street discards…. Read the article to the end.... Happy April Fool's Day! ....
noisy geese
tail the sunset --
a quiet pond
***************
Recently, we read the following:
In breaking news, hereisthecity.com: "Ex-Wall Street CEOs Lead G20 Protesters"
“A group of disgruntled former Wall Street CEOs led protesters and stormed the barricades in London early Wednesday.”
***************
And we thought:
.... One wonders what was going in the minds of these Wall Street discards…. Read the article to the end.... Happy April Fool's Day! ....
Wednesday, March 18, 2009
Haiku 031809
new dawn
melting snow and ice
seeking the pond
***************
Washington Post: "Congress moves to impose hefty tax on AIG execs' $165M bonuses"
"Senior White House officials said last night that President Obama did not learn that bonuses worth $165 million were to be paid to executives of American International Group until Thursday, one day before they were issued and two days after his Treasury secretary was informed that the payments were going forward….
"As Geithner and other Obama aides continued to scramble to pull back the bonuses and calm the public furor they sparked, Congress was preparing its own remedies. In what they acknowledged would be an extraordinary move, leading Democrats proposed using the tax code to punish executives at the firm, in which the federal government controls an 80 percent stake, unless those payouts are surrendered voluntarily.
"Action on the legislation could begin as early as today in the Senate. A proposal from Senate Finance Committee Chairman Max Baucus (D-Mont.) and the panel's ranking Republican, Charles E. Grassley (Iowa), would levy an excise tax on AIG and the executives who received the payments, adding up to more than 90 percent of the total of the bonuses. That tax would also apply to future bonuses awarded, either by AIG or by other firms receiving federal aid…."
***************
.... Isn't the U.S. at war? In Iraq and Afghanistan? Isn't there probable cause to simply charge these executives with economic sabotage and treason? They did help bring the country's financial system to the brink of collapse -- in the midst of a war! That should send a stern message....
new dawn
melting snow and ice
seeking the pond
***************
Washington Post: "Congress moves to impose hefty tax on AIG execs' $165M bonuses"
"Senior White House officials said last night that President Obama did not learn that bonuses worth $165 million were to be paid to executives of American International Group until Thursday, one day before they were issued and two days after his Treasury secretary was informed that the payments were going forward….
"As Geithner and other Obama aides continued to scramble to pull back the bonuses and calm the public furor they sparked, Congress was preparing its own remedies. In what they acknowledged would be an extraordinary move, leading Democrats proposed using the tax code to punish executives at the firm, in which the federal government controls an 80 percent stake, unless those payouts are surrendered voluntarily.
"Action on the legislation could begin as early as today in the Senate. A proposal from Senate Finance Committee Chairman Max Baucus (D-Mont.) and the panel's ranking Republican, Charles E. Grassley (Iowa), would levy an excise tax on AIG and the executives who received the payments, adding up to more than 90 percent of the total of the bonuses. That tax would also apply to future bonuses awarded, either by AIG or by other firms receiving federal aid…."
***************
.... Isn't the U.S. at war? In Iraq and Afghanistan? Isn't there probable cause to simply charge these executives with economic sabotage and treason? They did help bring the country's financial system to the brink of collapse -- in the midst of a war! That should send a stern message....
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