Entries categorized as ‘article’
Brother Can You Spare $331 Million?
We would have accepted either C-I-T or A-D-V-A-N-T-A as a correct answer
As reported all over the Web, including this story by CNN, credit card overlord and perennial heavy-handed creditor Advanta filed for Chapter 11 bankruptcy protection a few days ago – just one week after CIT Group, a top secured lender to small business, did the same. Both lenders experienced (ha!) a sharp rise in defaults. Welcome to the world of the consumer. Personally I hope that their creditors show them no mercy. If the Bankruptcy System is to work then it must be an equal handicap for large and small. If Advanta or CIT are reconstituted through Chapter 11 I can only hope that this time the intention is to help small business and business owners – not to hound them to death as both creditors are famous for.
Categories: Middle class · article · assets · bailout · bankruptcy · business · business filings · ch 11 · consumer · credit · credit cards · current-events · disposable · income · individual · liability · means test · median income · secured
Tagged: Advanta, CIT, Irony, Small Business, Visa
In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.
In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.
Categories: Middle class · article · assets · bailout · bubble · consumer · current-events · data · debt · depreciation · flipping · foreclosure · income · individual · investments · means test · mortgage · property · real property · short sale
From the ABA Journal article
Written by Debra Cassens Weiss
In Republic v. Doyle, 3D09-2405, the Florida 3rd District Court of Appeal ruled that “benevolence and compassion” are not grounds for delaying a foreclosure sale and stated that the decision byMiami-Dade Circuit Judge Valerie Manno Schurr to delay a foreclosure sale long enough to allow the owners of the house to file bankruptcy and attempt to save their interest was “an abuse of discretion.” To quote the Appellate Court
Although granting continuances and postponements are, generally speaking, within the discretion of the trial court, the ‘ground’ of benevolence and compassion … does not constitute a lawful, cognizable basis for granting relief to one side to the detriment of the other.
Just one more reason I’m glad I don’t live in Florida. Yikes.
Categories: FL · FLA · appellate court · article · bubble · consumer · current-events · data · economy · foreclosure · judge · mortgage · opinion · property · real property · sale · secured · state court
September 25, 2009 · 1 Comment
Housing Up (But Not By Much)
prices to compete with the foreclosures now flooding the market with previously owned homes.
Home sales increased 0.7% to an annualized pace of 429,000 units; assisted in part by first-time buyers taking advantage of tax credits before the November deadline. But that figure was still less than had been anticipated. Federal Reserve policy makers this week pledged to keep borrowing costs low to sustain the recovery past the time when the government stimulus measures wane. Thanks for nothing.
Categories: Middle class · article · assets · bailout · bank · bubble · data · debt · economy · flipping · foreclosure · mortgage · property · real property · short sale
