Fannie Mae Lets Renters Stay Despite Foreclosures
December 15, 2008
Fannie Mae is changing their policies to allow renters in foreclosed homes to stay…
In a move that provides relief to thousands of renters who face eviction but draws the federal government even deeper into the housing market, the loan giant Fannie Mae said Sunday that it would sign new leases with renters living in foreclosed properties owned by the company.
It is the first nationwide effort to provide widespread relief to renters ensnared by the unfolding mortgage crisis, and it will effectively transform Fannie Mae — a government-controlled mortgage finance company — into a national landlord. It may also increase pressure on private lenders to establish similar programs and on lawmakers to pass renter relief…
…In recent months, skyrocketing foreclosure rates have exposed as many as 70,000 renters to evictions, even though many never missed rent payments, according to analysts who track housing data…
…Fannie Mae’s initiative is expected to initially benefit as many as 4,000 renters living in foreclosed homes owned by the company…Fannie Mae will now offer renters in foreclosed properties month-to-month leases until the property is resold…A spokesman for Freddie Mac said that the company was looking at a number of options, including a program similar to Fannie Mae’s, but that no decisions had been made…
…“We’re not in the business of managing rental properties, and we’re not in the business of being a landlord,” said Thomas Kelly, a spokesman for JPMorgan Chase, which owns about two million loans. “Clearly the renter is caught in the middle in cases like this. When a property is in foreclosure, we follow the law.”
Some lawmakers and housing advocates say such policies are unjust.
“If your loan is owned by Fannie Mae, you get to stay in your home. If your loan is owned by someone else, you’re on the street,” said Mr. Taylor of the National Community Reinvestment Coalition. “These banks need to realize they’re in the property management business now, whether they like it or not.”
Last year, the House passed a measure that would require the new owner of a foreclosed property to inform renters at least 90 days before an eviction. That bill failed to pass the Senate. Law enforcement officers in some states have refused to evict residents of foreclosed properties.
But Yadilka Torres, who rents a home in New Haven, Conn., for $775 a month, had no such protection. Fannie Mae took possession of her house in September, when it went into foreclosure. Even though she was current on her rent, she received an eviction notice saying that she and her two young children would have to leave.
She looked for another apartment but could not find anything affordable. Under Fannie Mae’s new policy, she will now be allowed to stay. “I was feeling so nervous,” Ms. Torres said. “I’ve tried very hard to pay the rent and to pay all my bills, and it seemed unfair this was happening. I’m very grateful we won’t have to move.”
Read the full article on NY Times
Posted in Economy, News Articles at 11:37am
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“Romanticizing the Poor”
December 13, 2008
“Market solutions to poverty are very much in vogue. These solutions, which include services and products targeting consumers at the “bottom of the pyramid,” portray poor people as creative entrepreneurs and discerning consumers. Yet this rosy view of poverty-stricken people is not only wrong, but also harmful. It allows corporations, governments, and nonprofits to deny this vulnerable population the protections it needs. Romanticizing the poor also hobbles realistic interventions for alleviating poverty.”
This article proposes an interesting view/argument on the way the BOP (”bottom-of-the-pyramid”) “fortune” is viewed. Here are some interesting quotes from the article, since you have to be a subscriber (or your college/university/school has to be) to read it –
Proponents of these market solutions assume that poor people are fully capable and willing participants in free market economies…On its Web site Nextbillion.net, WRI emphasizes the “potential of the world’s poorest citizens as entrepreneurs, employees, and discerning consumers.” The United Nations’ Web site declares that microentrepreneurs are using small loans “to grow thriving businesses … leading to strong and flourishing local economies.”
Posted in Economy, News Articles, Politics, Poverty, Social Entrepreneurship at 3:56pm
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The Greening of the Corporation
December 12, 2008
A new report analyzes how far advanced top companies are in addressing climate change and adopting environmentally friendly policies.
Some of the world’s biggest consumer and tech companies, ranging from Intel (INTC) to Nike (NKE), are making strides to reduce their businesses’ impact on global warming. But plenty of others, including Apple (AAPL), Estée Lauder (EL), and even Whole Foods (WFMI), still have a long way to go…
Titled Corporate Governance and Climate Change: Consumer and Technology Companies, the report rates companies on several fronts: slashing greenhouse gas emissions; becoming more energy-efficient; and providing leadership at the highest levels for climate-change initiatives. The results rank companies in 11 industry sectors, including apparel, big-box retail, technology, and real estate. IBM (IBM), Tesco (TESO), and Dell (DELL) topped the list, while Burger King (BKC), Tim Hortons (THI), and Abercrombie & Fitch (ANF) were at the bottom. More than half of the companies scored less than 50 points out of a possible 100..
Read the rest of the article HERE.
Posted in Economy, Environment at 11:27am
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Obama Pledges Public Works on a Vast Scale
December 6, 2008
WASHINGTON — President-elect Barack Obama committed Saturday to the largest public works construction program since the creation of the interstate highway system a half-century ago as he seeks to put together a plan to resuscitate the reeling economy…
…Mr. Obama’s remarks sought to expand the definition of traditional work programs for the middle class, like infrastructure projects to repair roads and bridges, while also pushing a federal effort to bring in new-era jobs in technology and so-called green jobs…
…Although he put no price tag on it, he said he would invest record amounts of money in the vast infrastructure program, which also includes work on schools, sewer systems, mass transit, electric grids, dams and other public utilities…
…Conservative economists have also long derided public works spending as a poor response to tough economic times, saying it has not been a reliable catalyst for short-term growth and instead is more about politicians gaining points with constituents…
…[Obama said,] “We won’t do it the old Washington way,” Mr. Obama said. “We won’t just throw money at the problem. We’ll measure progress by the reforms we make and the results we achieve — by the jobs we create, by the energy we save, by whether America is more competitive in the world.”
Read the rest of the article on NYTimes.
Posted in Economy, Politics at 3:26pm
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ELECTION DAY
November 4, 2008
TODAY is Election Day! Please take time out of your day to go and VOTE! Regardless of who you vote for, what’s important is that you are voting. Take advantage of our democracy and do not take for granted our right to vote!
Posted in Uncategorized at 12:28am
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Economy: $700 billion Government Bailout
September 22, 2008
In case you haven’t heard about it yet (since all news media sources are talking about it), the Bush administration proposed a $700 billion government bailout to buy bad mortgage debt and would be run directly by the Treasury Department. What the government purchases and what time it does would be by the government’s own discretion. After 2 years, the window for government purchases closes.
So what does this all mean? The $700 billion proposal, if implemented, would be the biggest government intervention on financial markets since the Great Depression. The problem, however, lies in that we won’t know the effects on American taxpayers of this $700 billion until later, since “this is money that is being used to purchase illiquid mortgage assets that are very difficult to value,” according to Paulson from NBC’s Meet the Press.
To get the bigger picture, $700 billion “would roughly be what the country has spent so far in direct costs on the Iraq war and more than the Pentagon’s total yearly budget appropriation. Divided across the population, it would amount to more than $2,000 for every man, woman and child in the United States” (NY Times).
Congress is currently debating on this bill. Democrats are calling for a proposal with more provisions to make sure that ordinary Americans will be helped, not more hurt, by this proposal. Meanwhile, President Bush is emphasizing the importance of passing the proposed bill (with very, very few provisions — the bill itself is only 3 pages long!) as quickly as possible, with Republicans also pushing a bill be passed soon.
Republican leader Mr. Boehner called for Democrats not to over-reach, warning that “[e]fforts to exploit this crisis for political leverage or partisan quid pro quo will only delay the economic stability that families, seniors and small businesses deserve” (NY Times).
Again, I am no expert nor am I an economist, but a $700 billion “blank check” to the government is scary, to say the least. Let’s tell Congress to pass a proposal that will help our economy and ordinary Americans as well, by signing the petition!
If you’d like to read more in-depth articles about the crisis and the proposals, here are some links:
An overall Market Report of what’s going on in our economy: CNN Money Market Report
Article about the $700 billion proposal: $700 billion bailout: the latest
Lehman Brothers filed the largest bankruptcy in history of U.S.: The meltdown
New York Times in depth article about the proposal: Administration is seeking..
Posted in Economy, News Articles, Petition, Politics at 3:55pm
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The Privatization of Water
September 17, 2008
Last year, I learned more about the issue of privatization of water, in which corporations are bottling a natural resource for a profit. The water bottle industry is worth billions of dollars. Not only does the bottled water industry (some companies such as Dasani and Aquafina) make profits from bottling tap and purified water, but they are also contributing to environmental pollution and increasing unnecessary waste.
Water is a human resource, a natural right. It should not be bottled and resold to those who can afford to buy water while parts of the world have trouble finding and getting water every day.
The documentary coming out this fall, Flow, discusses this issue and exposes the insides and workings of the bottled water industry. Watch the trailer, and watch the movie when it comes out!
Here are the showing places/times. I got this from the youtube video’s description.
Posted in Environment at 7:55pm
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Food, Inc.
September 16, 2008
The entertainment company Participant Media is one I stumbled upon a couple weeks ago in search (out of boredom) for some internships… I couldn’t actually apply for any of them due to school/location but I went on their website and realized Participant Media is the company behind An Inconvenient Truth, The Kite Runner, and many other socially-conscious movies.
There are so many movies that look realllly amazing that are coming out in theaters soon from Participant Media. Some include [click on the links to see previews] –
Standard Operating Procedure (DVD Oct. 14): examines the Abu-Ghraib photographs and post-9/11 government policies. Includes discussion of the Geneva Conventions.
Darfur Now (now on DVD): six stories dealing with the genocide in Darfur.
The Soloist (in theaters Nov. 21): a true story chronicling the life of a former musician who is homeless. This movie explores issues such as “homelessness and mental illness, as well as the healing nature of music.”
Here is one that is coming out in theaters soon. The date is still undisclosed but here’s a synopsis from the website:
In Food, Inc., filmmaker Robert Kenner lifts the veil on our nation’s food industry, exposing the highly mechanized underbelly that’s been hidden from the American consumer with the consent of our government’s regulatory agencies, USDA and FDA. Our nation’s food supply is now controlled by a handful of corporations that often put profit ahead of consumer health, the livelihood of the American farmer, the safety of workers and our own environment. We have bigger-breasted chickens, the perfect pork chop, insecticide-resistant soybean seeds, even tomatoes that won’t go bad, but we also have new strains of e coli–the harmful bacteria that causes illness for an estimated 73,000 Americans annually. We are riddled with widespread obesity, particularly among children, and an epidemic level of diabetes among adults.
Featuring interviews with such experts as Eric Schlosser (Fast Food Nation), Michael Pollan (The Omnivore’s Dilemma) along with forward thinking social entrepreneurs like Stonyfield Farms’ Gary Hirschberg and Polyface Farms’ Joel Salatin, Food, Inc. reveals surprising — and often shocking truths — about what we eat, how it’s produced, who we have become as a nation and where we are going from here.
Sounds interesting to me… I will post more about this when I know the release date!
Please visit their website for more movies as well as social actions we can participate in!
Posted in Animal rights, Darfur, Entertainment, Environment, Politics at 3:15pm
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Top 10 Ways to Green Your Office
July 28, 2008
There was a PDF file I got from IdealBite a long time ago that I saved, so I thought I’d share these tips with you guys! I’ll upload the PDF file as well; it’d be great if you could post this up on the bulletin board (or anywhere in the office, for that matter) so people can see this!
1. Kick the Bottled Water Habit.
Every year, 1.5 mil barrels of oil go to making plastic water bottles used in the United States, and less than a quarter of those bottles are recycled, so choose a reusable bottle instead.
2. Compute This.
Set computers to enter sleep mode after 5 min of idle time, and you’ll be saving energy during lunchtime and other outings. And shut them down at night – contrary to eco-myth, it’s better for the earth and your computer to shut them off before you head home.
3. Zap Your Phantom Energy Loads.
Plug your office electronics into a power strip so that you can easily turn them all off when you’re not using them - you’ll keep your devices from sapping “phantom” electricity loads when they’re off but plugged in. On average, 40% of the energy used in homes powers turned-off appliances.
4. Purify with Plants.
It doesn’t take a forest to clean the air in your office, only about one plant for every 10 square yards. Plants like philodendrons and peace lilies absorb airborne pollutants, keeping the air you breathe clean and clear.
5. Forgo Bad chems.
Standard keyboard cleaners contain toxins you definitely don’t want to inhale. Just one 10-oz can of chem duster has the same greenhouse gascreating effect as burning 100 gallons of gas. Take CTRL: Just turn your keyboard upside down, give it a little shake, and slide a piece of 2-sided adhesive tape between the keys.
6. Dodge the Drafts.
Printer drafts, that is. Unless you’re printing something superimportant, save ink and paper by tracking your changes in electronic documents. If you absolutely need to print something, print it double-sided. Who could conscientiously object to that?
7. Pay the Piper Online.
You probably already do it at home for convenience, but lessen your paper clutter at the office too by banking and paying bills online. Phone companies alone use 23,280 tons of paper per year just to bill U.S. residential customers for single lines of service.
8. Get Inked.
Ink cartridges can take up to 450 years to decompose. Recycle your old ones, and next time you buy, go with refilled cartridges, which work just like conventional ones and cost up to 75% less than new ones.
9. Safeguard Your Lunch.
Baggies are piling up in landfills quicker than you can say “ziplock,” and toxins in plastics are no picnic. Reduce waste by taking your lunch in reusable, safe containers. Some plastics, like PVC (#3), polystyrene (#6), and polycarbonate (#7) contain hormone disruptors or other nasty chemicals. Stay healthy with plastics #1, 2, 4 or 5.
10. Climb Your Way to Green.
A surefire way to avoid awkward elevator silences and save energy? Take the stairs instead. No surprises here: Climbing stairs burns up to 10 times more calories than standing in an elevator. And, depending on type, capacity, and usage, an elevator’s yearly energy usage can equal the energy used to power seven homes annually.
Posted in Environment at 12:49am
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Schwarzenegger wants to lower CA minimum wage to $6.55
July 26, 2008
Governor Arnold Schwarzenegger just announced that he will sign an Executive Order on Monday slashing the wages of over 200,000 state employees to the bare minimum of $6.55 from $8. By doing so, he will make our budget crisis worse while delivering a serious blow to our struggling economy. As the recession deepens, gas prices skyrocket, stores close, and home foreclosures surge, the governor’s wage cuts will force many working families over the financial edge.
Tell him:
Instead of slashing pay for state employees, you should be fixing California’s massive $15 billion budget deficit.
SIGN THE PETITION and TELL YOUR FRIENDS TOO
Posted in Petition, Politics, Worker Rights at 6:11pm
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