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02.12 FiveBooks Interviews > Lorraine Adams on The Truth Behind the Headlines Letters
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02.13 Dolphins beaching in record numbers on Cape Cod 02.13 Southern Californians at risk of death from air pollution, EPA says 02.13 EPA Sued by 11 States to Enforce Standards Limiting Soot 02.13 Congress nearly eliminates funds for lead poisoning 02.10 LET’S REMAKE THE WAY WE MAKE THINGS 02.09 Cancer rates triple among New York police officers who responded to 9/11 02.08 The seed emergency: The threat to food and democracy 02.07 Bill Gates backs climate scientists lobbying for large-scale geoengineering 02.04 Your Day at the Beach Could Soon Lead to a Night at the Hospital 02.03 Obama Won't Touch Climate With a 10-Foot Pole 02.03 Komen reverses decision to cut Planned Parenthood funding 02.03 Reforming EU Deep-Sea Fisheries Management 02.02 By defunding Planned Parenthood, the Susan G Komen Foundation betrays women 02.02 Ohio Tries to Escape Fate as a Dumping Ground for Fracking Fluid Ref. Dollars for Doctors - How Industry Money Reaches Physicians Ref. 2010 Comparative Price Report Medical and Hospital Fees by Country - Graphics Ref. Health at a Glance 2011 - OECD Indicators Ref. : Why is Healthcare Absurdly Expensive in USA (Part 2) [Graphics] (Part 1 is here) Video Health Care Systems in Less Corrupt Countries “News” Media
02.07 Did Obama make the economy worse? Not according to most statistics 02.02 ABC's Iran Propaganda 02.02 The Ongoing “Foxification” of the Wall Street Journal Daily The Daily Howler Justice Matters
02.13 News Corp may face US inquiry after Sun arrests at News International 02.13 Why Was No One Punished for America's "My Lai" in Iraq? 02.05 Why the AGs Must Not Settle: Robo-signing Is Just the Tip of the Iceberg 02.04 THE CAGING OF AMERICA 02.03 Senate Votes To Ban Its Members From Insider Trading... Kind Of US Politics, Policy & Culture
02.13 Bill Maher: Republicans Divide America - video 02.13 The right's stupidity spreads, enabled by a too-polite left 02.12 Even Critics of Safety Net Increasingly Depend on It - Interactive Map: Where Americans Most Depend on Government Benefits 02.12 CPAC attendees more focused on the economy than their right-wing leaders - video 02.10 The Cancer in Occupy 02.10 How Opus Dei Influenced Rick Santorum 02.10 People Are Not Leaving the Labor Force 02.09 Obama, Explained 02.09 OPED: The White Underclass 02.09 EDITORIAL: A Terrible Transportation Bill 02.09 THE OBAMA MEMOS 02.06 Are Conservatives More Fearful Than Liberals? 02.04 Soaking the Poor, State by State 02.04 Reddit Co-Founder Alexis Ohanian's Rosy Outlook On The Future of Politics 02.03 SUPERBOWL XLVI: Are You Ready for Some Football??? 02.03 Buffett rules: Sheldon Whitehouse introduces the Paying a Fair Share Act - video 02.02 Secrecy Shrouds ‘Super PAC’ Funds in Latest Filings 02.01 Rich Patrons Are Major Source of Romney’s Cash High Crimes?
Economics, Crony Capitalism
02.13 EDITORIAL: The Big Money Behind State Laws 02.10 This is no bailout for Main Street America 02.10 Why the Foreclosure Deal May Not Be So Hot After All 02.10 Matt Taibbi assesses the $26 billion settlement designed to aid victims of foreclosure fraud - video 02.10 Foreclosure Deal to Spur U.S. Home Seizures 02.09 S.E.C. Is Avoiding Tough Sanctions for Large Banks 02.08 Banks Paying Homeowners to Avoid Foreclosures 02.07 App Stores Create 500,000 U.S. Jobs 02.07 The Payroll Tax Fight 02.07 Obama super PAC decision: President blesses fundraising for Priorities USA Action 02.06 How Privatizing Government Shovels Cash to Parasitic Corporations and Undermines Democracy 02.05 We’re More Unequal Than You Think – Graphic: Unequal rise in income 02.03 PRIVATE INEQUITY 02.02 The New American Divide 02.02 American Airlines proposes to end all four pension plans 02.01 Economics 101 Ref. We’re More Unequal Than You Think – Graphic: Unequal rise in income International
02.03 What the Occupy movement must learn from Sundance 02.02 US plans to halt Afghan combat role early surprise Kabul We are a non-profit Internet-only newspaper publication founded in 1973. Your donation is essential to our survival.
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ECONOMIC ANALYSIS:Thinking About Standing-s
Both the S&L crisis of some 20 years ago and the banking crisis now have their roots in building booms done in an environment of deregulation run amok.
I’ve been thinking about “standing and standings.” Actually I’ve been thinking about the S&L crisis vs. our current banking/ financial mess, cash flow, foreclosures, liens and “perfection,” and rankings by locale. The more things change, the more they seem be the same. The bad NEWS just keeps on coming with more daily negatives seemingly eclipsing the (bad) “records” set just weeks or months prior. We are seeing a synergy at work now where the cumulative sum of the components of the single negatives are producing an increasing gloom for the picture as a whole. You see the statistics for real estate delinquencies and foreclosures are growing on a weekly/monthly basis. Most communities, counties, and states now find themselves having more of both than at any time since the Great Depression of the 1930s. In some cases the current status is already worse than that horrific time frame of some 70 years ago. Despite the “don’t worry, be happy – we have the situation under control” chanting(s) from the Administration, the Treasury, and the FED; reality suggests otherwise. We are a long way from turning the bend on this anytime in 2008 or even in 2009! “Prosperity is right around the corner” didn’t prove true for Herbert Hoover – and neither will it prove the case during the last year of Bush – nor during the first YEARS of his successor.
Foreclosure is a time consuming and costly process in the best of times. In optimal conditions you are looking at a minimum 90 to 180 days before you get title/possession to even have a chance to put the property up in a decent sale’s market. This is predicated on your having a “perfected” lien with all “I”s dotted and all “T”s crossed showing you have proper “standing” before the judge in the foreclosure proceedings. It is also predicated on that the delinquent occupant will vacate “premises” without requiring eviction. Here we are now seeing that people are increasingly unwilling to move out voluntarily or quickly. We have also seen (in three different court jurisdictions in three different states) where judges threw out the cases because the plaintiff/investors (in the mortgage derivatives) could not prove they had standing to foreclose, showing a lien to the actual properties in foreclosure. When the mortgages were packaged/sold to investors, necessary lien transfer work was not done! Foreclosure stats are now the worst in Nevada, Florida, and California. Illinois is #17. Ogle County (where I live) has some of the fewest (31) in our State. My hometown of Creston presently has 1 and nearby Rochelle has 7. DeKalb County just East currently has 710 with 217 in the City of DeKalb, 135 in Sycamore, and 14 in Malta. Winnebago County to the North has 2,438 with 729 in Rockford. Stephenson County to the Northwest has 47 with 33 in Freeport. While these numbers are bad and will grow, they pale in comparison to the rank standings of those on the East coast, the West Coast, and the South. I’m Fred Cederholm and I’ve been thinking. You should be thinking, too. Copyright 2008 Questions, Inc. All rights reserved. Fred Cederholm is a CPA/CFE, a forensic accountant, and writer. He is a graduate of the University of Illinois (B.A., M.A. and M.A.S.). He can be reached at asklet@rochelle.net.
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Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent. Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own. This story was published on March 31, 2008. |
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