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OT: FHA and USPS, The Losses Roll
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mo_ntresor
Nov 15, 2012, 11:09:10 AM11/15/12
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http://dealbook.nytimes.com/2012/11/15/f-h-a-may-need-help/
"Just when it seemed that the mortgage mess was ending, the Federal
Housing Administration, the agency that insurers home mortgages, is said
to be experiencing escalating losses. The agency’s latest annual report is
expected to show a shortfall in reserves, leading to speculation that the
agency may need assistance from the Treasury Department."
http://online.wsj.com/article/SB10001424127887324556304578120812832651502.html
"The U.S. Postal Service reported a $15.9 billion loss Thursday, the
largest annual shortfall in the agency's history.
The loss for the fiscal year ended Sept. 30 reflects the Postal Service's
default earlier this year on $11.1 billion in required
retiree-health-benefit payments and the continued decline in
first-class-mail volume, the agency's primary revenue driver.
The loss demonstrates that the Postal Service is likely to become a burden
on the taxpayers unless Congress acts to overhaul the agency's finances.
The Postal Service receives a small appropriation from the federal
government but owes billions to the Treasury and has no way to repay that
debt."
are you starting to get the picture?
mo_ntresor
"Just when it seemed that the mortgage mess was ending, the Federal
Housing Administration, the agency that insurers home mortgages, is said
to be experiencing escalating losses. The agency’s latest annual report is
expected to show a shortfall in reserves, leading to speculation that the
agency may need assistance from the Treasury Department."
http://online.wsj.com/article/SB10001424127887324556304578120812832651502.html
"The U.S. Postal Service reported a $15.9 billion loss Thursday, the
largest annual shortfall in the agency's history.
The loss for the fiscal year ended Sept. 30 reflects the Postal Service's
default earlier this year on $11.1 billion in required
retiree-health-benefit payments and the continued decline in
first-class-mail volume, the agency's primary revenue driver.
The loss demonstrates that the Postal Service is likely to become a burden
on the taxpayers unless Congress acts to overhaul the agency's finances.
The Postal Service receives a small appropriation from the federal
government but owes billions to the Treasury and has no way to repay that
debt."
are you starting to get the picture?
mo_ntresor
brewmaster
Nov 15, 2012, 11:36:45 AM11/15/12
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mo_ntresor
Nov 15, 2012, 11:40:21 AM11/15/12
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On Nov 15 2012 9:36 AM, brewmaster wrote:
> > are you starting to get the picture?
>
> > are you starting to get the picture?
>
> It is time to completely disband the USPS, it isn't necessary anymore.
but ... the middle class!!
mo_ntresor
VegasJerry
Nov 15, 2012, 11:56:53 AM11/15/12
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Not only is the Post Office required to 'bankroll' their retirement system (something not done in the vast majority of corporation or even done in our own government ie Social Security; but the Republicans continue to block the streamlining (no Saturday deliveries) of the system.
You remain a mo_ron
halfpastdead
Nov 15, 2012, 2:23:18 PM11/15/12
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horses Romney didnt know about in the debate
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I didn't know that climate change was a left/right issue.
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QN
Nov 15, 2012, 3:54:32 PM11/15/12
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USPS is blocked by congress from raising rates more than the rate of
inflation. In the transition away from use of First Class Mail, the rate
per mailing just needs to go up.
Congress caused this.
inflation. In the transition away from use of First Class Mail, the rate
per mailing just needs to go up.
Congress caused this.
mo_ntresor
Nov 15, 2012, 4:15:08 PM11/15/12
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instead of a useful service.
mo_ntresor
Bill Vanek
Nov 15, 2012, 9:49:27 PM11/15/12
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