in my opinion the rising number of billionaires in the world shows how the world
deteriorates.
even in Germany the middle class in a percentage of the total population is going back,
the same happens as in the USA, the rich are getting richer, the middle classes are
disappearing, and the poor are getting poorer
the recent discovery of how rich Germans evade taxes is another sign on the wall
more and more Germans with completed job training and full time jobs apply for state
support.
behind the Sovjet Federation propaganda of shopping in Moscow lies a world of misery,
the common people are far worse off than under the communist system.
even many in the former German DDR want the good old days back, in the good old days on
average they were poorer, but nobody really was poor
I fear that the same is happening in China, China propaganda is in great contrast with
reports made there without government guidance
India is another example of the same.
how long the democratic socialist societies of western Europe will continue to exist, I
wonder.
Britain also seems to be following the, in my view, dreadful, example of the USA
As per the latest Forbes Magazine listing of billionaires - Moscow is the city with the
most billionaires!
The Banks and Finance Companies put people into houses with mortgages that they just
could NOT afford.
When the mortgage balance is much greater than the market value / equity of the house -
people are walking away from their houses.
----- Original Message -----
From:
Sent: Thursday, March 06, 2008 1:42 PM
Subject: the USA's declining prosperity and power
http://news.yahoo.com/s/ap/20080306/ap_on_bi_ge/home_equity
See also Bernanke's speech to lenders, not to use foreclosure, and the Congress
investigation into those who invented the subprime swindle, and got rich on it.
The phenomenon of 'mortgage walkers' is new to me, do not think that such a phenomenon
exists in Europe.
Russia Today discussed selling oil for roubles.
The dollar now falls about .4 eurocent per day. Frightening.
Maybe indicative for the diminishing USA power is that the European Central Bank today
kept the interest rate at the same level, four percent, and indicated that it will
remain at this level for a long time to come.
There was severe pressure from Washington to lower the rate.
http://business.timesonline.co.uk/tol/business/industry_sectors/banki...
cle3479355.ece
(HSBC's American sub-prime loan write-offs hit $51m a day)
When one reads the first paragraph of the article it seems that the larger part of the
USA is bankrupt.
At the same time the USA orders 179 tanker planes in Europe, to be paid for in weaker
and weaker dollars.
Planes like this are used, I suppose, to make it possible for the USA to bomb anywhere
in the world it likes, as just now in Somalia, or tomorrow in Lebanon.
The USA press is indignant about the statement by a French actress that the Bush story
on sept 11 is nonsense: 'bad for USA French relationships'.
A great country, the USA, great in make believe.
Back to Story - Help
Homeowner equity is lowest since 1945 By J.W. ELPHINSTONE, AP Business Writer
Thu Mar 6, 2:15 PM ET
Americans' percentage of equity in their homes fell below 50 percent for the first time
on record since 1945, the Federal Reserve said Thursday.
Homeowners' portion of equity slipped to downwardly revised 49.6 percent in the second
quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts,
and declined further to 47.9 percent in the fourth quarter - the third straight quarter
it was under 50 percent.
That marks the first time homeowners' debt on their houses exceeds their equity since
the Fed started tracking the data in 1945.
The total value of equity also fell for the third straight quarter to $9.65 trillion
from a downwardly revised $9.93 trillion in the third quarter.
Home equity, which is equal to the percentage of a home's market value minus
mortgage-related debt, has steadily decreased even as home prices jumped earlier this
decade due to a surge in cash-out refinances, home equity loans and lines of credit and
an increase in 100 percent or more home financing.
Economists expect this figure to drop even further as declining home prices eat into the
value of most Americans' single largest asset.
Moody's Economy.com estimates that 8.8 million homeowners, or about 10.3 percent of
homes, will have zero or negative equity by the end of the month. Even more disturbing,
about 13.8 million households, or 15.9 percent, will be "upside down" if prices fall 20
percent from their peak.
The latest Standard & Poor's/Case-Shiller index showed U.S. home prices plunging 8.9
percent in the final quarter of 2007 compared with a year ago, the steepest decline in
the 20-year history of the index.
The news follows a report from the Mortgage Bankers Association on Thursday that home
foreclosures skyrocketed to an all-time high in the final quarter of last year. The
proportion of all mortgages nationwide that fell into foreclosure surged to a record of
0.83 percent, while the percentage of adjustable-rate mortgages to borrowers with risky
credit that entered the foreclosure process soared to a record of 5.29 percent.
Experts expect foreclosures to rise as more homeowners struggle with adjusting rates on
their mortgages, making their monthly payments unaffordable. Problems in the credit
markets and eroding home values are making it harder to refinance out of unmanageable
loans.
The threat of so-called "mortgage walkers," or homeowners who can afford their payments
but decide not to pay, also increases as home values depreciate and equity diminishes.
Banks and credit-rating agencies already are seeing early evidence of this.
On Tuesday, Fed Chairman Ben Bernanke suggested lenders reduce loan amounts to provide
relief to beleaguered homeowners.
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