Archive for the ‘Geology’ Category
WASHINGTON (Reuters) – The regulator for Fannie Mae and Freddie Mac is actively considering a proposal that would allow for a reduction in the outstanding mortgage debt of homeowners in Chapter 13 bankruptcy, Financial Times reported on Tuesday http://radiologydegreeonline.net/radiology-diagnosing-efficiency/.
The plan under review by the Federal Housing Finance Agency would call for the mortgage financing companies to allow bankrupt homeowners who owe more on their housing debt than their homes are worth to pay zero per cent interest for five years, the report said.
Participation in the debt reduction program would be subject to approval by bankruptcy judges, the FT said.
Details of the proposal were laid out in a letter to Congress dated Monday, the newspaper reported.
Fannie Mae and Freddie Mac, combined with the Federal Housing Administration support, about 90 percent of all U.S. mortgages.
An FHFA spokeswoman confirmed the proposal to assist underwater homeowners was under discussion, but declined to provide additional details, the FT said.
But the White House said the proposal was not under consideration.
"While we continue to talk to the FHFA and other market participants about ways to help borrowers and support the housing market, the administration is not at this time considering this particular idea," White House spokeswoman Amy Brundage told FT.
Spokesmen for the White House and FHFA were not immediately available for comment on the FT report late on Tuesday.
(Reporting By JoAnne Allen; Editing by Muralikumar Anantharaman)
Regulator considers mortgage debt reduction for bankrupt: report
WASHINGTON – The average rate on the 30-year fixed mortgage fell to a record 3.91 percent this week, the third time this year that rates have hit new lows.
Freddie Mac said Thursday that the average on the 30-year home loan fell from 3.94 percent the previous week. The 3.91 percent rate is the lowest average for long-term fixed mortgages on records dating to the 1950s
The average on the 15-year fixed mortgage was unchanged this week at 3.21 percent. That’s also a record.
Low rates offer a historic opportunity for those who can afford to buy a home or refinance. But many Americans either can’t take advantage of the rates or have already done so.
Rates have been below 5 percent for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.
Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year Treasury yield.
Should the Federal Reserve launch a new program of bond purchases in the coming months to try to help the economy, it could further drive down mortgage rates.
Frank Nothaft, Freddie Mac’s chief economist, has said that despite the super-low loan rates, foreclosures and falling home values have created obstacles for would-be buyers.
But builders could see more interest from buyers in the coming months if mortgage rates stay low. The low rates contributed to a modest 2-point increase in builder sentiment in the latest National Association of Home Builders survey released this month, said Yelena Shulyatyeva, an analyst at BNP Paribas. Those rates, coupled with falling prices, could draw more people into the market, she said.
Sales of previously occupied homes are just slightly ahead of last year’s dismal sales figures. New-home sales appear headed for their worst year on records going back half a century.
Mortgage applications fell about 2.6 percent last week, according to the Mortgage Bankers Association. Refinancing fell 1.6 percent. And loan applications to buy homes fell nearly 5 percent. Over the past four weeks, the level of mortgage applications has been relatively unchanged.
Some lenders have reported an increase in applications through the Obama administration’s refinancing program. That program was broadened in October to allow up to 1 million more homeowners lower their mortgage payments. But the MBA said such government-assisted loans account for just a small portion of refinancing.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don’t want to sink money into a home that they fear could lose value over the next few years.
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for the 30-year loan fell to 0.7 from 0.8; the average on the 15-year fixed mortgage was unchanged at 0.8.
For the five-year adjustable loan, the average rate fell to 2.85 percent from 2.86 percent. The average on the one-year adjustable loan declined to 2.77 percent from 2.81 percent.
The average fees on the five- and one-year adjustable-rate loans were unchanged at 0.6.
The U.S. Army soldier accused of leaking thousands of classified and sensitive documents to the anti-secrecy Web site WikiLeaks made his first public appearance in court Friday. In a pre-trial hearing expected to last five days, prosecutors contend that Private First Class Bradley Manning should be tried in a military court.At a vigil outside the base, supporters raised their voices for Manning as his pre-trial hearing began.For Manning’s supporters, the case goes beyond the allegations he leaked thousands of documents – documents that often provided a blunt and unflattering picture of U.S. views of world leaders’ private and public lives.For them, the case is also about the treatment Manning has received, even before his trial began.Former military officer Dan Choi was among those at the rally. He said that even if Manning did what he is accused of, he was trying to do what he thought was right. “A soldier who did nothing but stand for the values of America, not tried yet, but held in solitary confinement for a year and a half. In solitary confinement, stripped, interrogated, not able to see the sunlight or his family or his friends. Nobody can say that justice can be served,” said Choi.
Max Obuszewski believes Manning is being used to set an example. jwplayer(’jwPlayer1′).setup({’flashplayer’: ‘http://www.voanews.com/MediaAssets2/ThePlatform/jwplayer/5_8_licensed/player.swf’,'file’: ‘http://av.voanews.com/VOA_Clickability_Feed_Connector/29/704/CN_Wikileaks_Soldier_WEB-fixed-x264-YoutubeHQwTag.mp4′,’controlbar’: ‘bottom’,'image’: ‘http://media.voanews.com/images/CN_Wikileaks_Soldier_WEB-fixed-x264-YoutubeHQwTag_640×480_2177564043.jpg’,'width’: ‘480′,’height’: ‘297′,’plugins’: {’sharing-3′: {code: ‘%3Ciframe width%3D%27480%27 height%3D%27305%27 src%3D%27http%3A%2F%2Fwww.voanews.com%2Ftemplates%2FwidgetDisplay.html%3Fid%3D135763983%26player%3Darticle%27 frameborder%3D%270%27 allowfullscreen%3E%3C%2Fiframe%3E’,link: ‘http://www.voanews.com/templates/widgetDisplay.html?id=135763983&player=article’},’gapro-2′: { accountid: ‘19450753-5′, trackstarts:’true’, trackpercentage:’true’, tracktime:’true’}},’backcolor’:'666666′,’frontcolor’:'FFFFFF’});
“Why did they put Bradley Manning in a Quantico brig [jail]? Keep him in a cell 23 hours a day? Have him strip naked when he comes out, etc, etc, etc.? They did it because they want to let other people know, especially military and other people in the government. Don’t blow the whistle. You don’t know what we’re going to do to you,” said Obuszewski.Human rights groups have raised concerns and the United Nations’ torture investigator is preparing to release a report on Manning’s treatment.In April of this year, Manning was moved from Quantico to a military prison in Fort Leavenworth, Kansas. The Pentagon has rejected claims that the decision had anything to do with his treatment at Quantico.The Obama administration has criticized the release of the classified information and documents that were eventually posted on the anti-secrecy Wikileaks web site. U.S. Secretary of State Hillary Clinton said the leaks put people’s lives in danger and threaten national security.”I think that in an age when so much information is flying through cyberspace, we all have to be aware of the fact that some information, which is sensitive, which does affect the security of individuals and relationships, has to be protected,” said Clinton.Manning’s pre-trial hearing is expected to conclude early next week. At the end, the presiding officer will decide if Manning, who turns 24 on Saturday, should face a court martial [military trial]. His defense attorney on Friday argued the hearing officer has a conflict of interest. The defense has argued the leaks did no damage.In addition to the documents that Manning is alleged to have leaked, he also is suspected of leaking a video of a U.S. helicopter crew in Iraq that shows soldiers gunning down 12 men. It was reported later that a Reuters news photographer and his driver were among those killed.The video is one example frequently cited by supporters that shows that if Manning did what he is accused of, he was just trying to reveal the truth.But military analyst Michael O’Hanlon disagrees.”There is no defense for leaking tens of thousands of files. There maybe is for leaking a few hundred if you feel that the government has gone way off track and you’ve got someway to prove it. In that case, the way our system works, you better be ready to pay the price if you feel that strongly,” said O’Hanlon.
If convicted, the price Manning ultimately may have to pay is life in prison. He faces several charges including aiding the enemy, which is a capital offense. But prosecutors say they are not seeking the death penalty.Timeline: Key Dates in Wikileaks Cases
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U.S. President Barack Obama and Iraqi Prime Minister Nouri al-Maliki say their countries will maintain strong security, diplomatic and economic ties after the last U.S. combat forces withdraw at the end of the year. With less than three weeks before the last U.S. combat troops leave Iraq, and nearly nine years after the U http://growing-desert-cactus.blogspot.com/2011/12/diamond-vs-emerald-which-is-more.html.S. invaded to oust Saddam Hussein, President Obama and Prime Minister Maliki sat down to discuss the future of the U.S.-Iraq relationship.As a presidential candidate in 2008, Mr. Obama pledged a “responsible” end to a war begun by his Republican predecessor, George W. Bush, and among the most politically divisive conflicts in U.S. history. Mr. Obama said he has fulfilled that pledge, and in a joint news conference with Mr. Maliki emphasized that while Iraqis are now responsible for their own security, the U.S. commitment to Iraq’s stability and security will not diminish. “We have got an enormous investment of blood and treasure in Iraq, and we want to make sure that even as we bring the last troops out, it is well understood both in Iraq and here in the United States that our commitment to Iraq’s success is going to be enduring,” he said. Mr. Obama said Iraq faces challenges, including continual attacks by “those who seek to derail Iraq’s progress” but said he is confident Iraq can succeed.He said he and Mr. Maliki reaffirmed a “common vision” of a long-term comprehensive partnership, including cooperation in security, counter-terrorism, economic development and strengthening Iraq’s institutions.Mr. Maliki said the U.S. withdrawal symbolizes a successful first stage of the new relationship. “We have proven success on the first mission, a very unique success, nobody imagined that we would succeed in defeating terrorism and the al-Qaida. We must also establish the necessary steps in order to succeed in our second stage which is the enduring relationship under the Strategic Framework Agreement,” he said. U.S.-Iraq discussions continue on implementation of a Strategic Framework Agreement, and on U
> SAN FRANCISCO (MarketWatch) — Tech stocks ended up cutting much of their losses by the time the market closed Wednesday, but several stocks, including Research In Motion Ltd http://garageheatersshop.com/70000-btu-heaters-kerosene-propane.html., still managed to end the day in the red on what ended up being a mixed day for the sector.
The overall market had been shaken on reports about German opposition to aspects of the latest euro zone currency plans. Read more about the latest efforts to resolve the euro crisis.
Samsung notches U.S. legal victory
In a blow to Apple, a judge allows Samsung to continue to sell its smartphones and tablet in the U.S. until the dispute between the tech giants goes to trial.
RIM shed 39 cents a share, or more than 2%, to close at $16.64 after the company said it’s changing the name of its latest operating system to BlackBerry 10 from BBX. The company is making the change after a federal judge issued a temporary order banning RIM from using the BBX name for its new OS, following a complaint from Basis International Ltd, which owns the trademark. Read more about RIM’s product name change.
Microsoft Corp. shares gave up 6 cents to close at $25.60. The company said late Tuesday that it intends on giving developers up to 80% of the revenue generated from apps sold at Microsoft’s upcoming Windows Store.
Apple Inc. gave up $1.86 a share to close at $389.09. Sterne Agee analyst Shaw Wu raised his estimates on iPhone sales for the fourth quarter to 28 million units from 26 million, but said sales of iPads are tracking a little lighter than had been expected. Wu cut his iPad sales estimate to 13.5 million devices from 15 million in the quarter.
Nokia Corp. shares fell 8 cents to close at $5.33 following reports that the smartphone maker is dealing with technical issues in China in advance of the company’s launch of its Lumia Windows Phone devices there next year.
Gains came from Hewlett-Packard Co. , Dell Inc. , Cisco Systems Inc. and Netflix Inc. .
Netflix rose $3.82 a share, or 5.6%, to close at $71.96.