text:
Don't believe the naysayers
who pooh-pooh the idea that the The Homeowner Affordability and Stability Plan will only help a small fraction of California homeowners:
the data on that is not even readily available. However, the median
home price in California a year ago was under $600,000.
Under the federal
plan, those who owe less than or equal to $729,750 on their first mortgage,
and are suffering financial problems on a mortgage secured by or before
January 1, 2009, are basically eligible. Does it make sense that in
a state with a median home value well under $729,750, only a small fraction
of homeowners would benefit? Didn't think so. Let's take a look
at some of the facets of the mortgage news of today, and see if the
federal relief programs will actually help Californians.
The Homeowner Affordability
and Stability Plan signed into law by President Obama stipulated that
some homeowners could borrow more than 100 percent on the value of their homes,
to up to 105 percent. According to CNN, more than 27 percent of homeowners are "underwater,"
or owe more for their home, than the price at which the home was actually
valued. The loan modification program is geared toward those homeowners.
The objective of this plan is "to provide creditworthy borrowers who
have shown a commitment to paying their mortgage with affordable payments
that are sustainable for the life of the loan." In his March 7 radio
address, Gov. Schwarzenegger stated that in California,
"new data shows more than 136,000 loan modifications occurred throughout
California in 2008," though there still remains "the threat of foreclosure
[which] still looms over thousands of California families and risks
our economic recovery."
According to the White House blog, "Eligible loans will now include those where the new first mortgage
(including any refinancing costs) will not exceed 105% of the current
market value of the property. For example, if your property is worth
$200,000 but you owe $210,000 or less you may qualify. The current value
of your property will be determined after you apply to refinance."
Under the plan, the renegotiated mortgages will last a "30 or 15 year
term with a fixed interest rate."
Some early reports have questioned
how helpful this loan program actually could be. Those who owe significantly
more than the loan they took out, are classified as being "underwater"
in debt-terminology. It may appear that with home value decreasing
in California, such a proposal should benefit the majority; however,
this mortgage modification program refers to the prices at which homes
were bought, many of which were purchased when home prices were significantly
higher than their current value.
Some of these same borrowers (at the
present time, the date is not widely available) may well accrue well
more than 5 percent of additional debt above the loans first secured. Welcome
to the bloated and overpriced housing market of California.
According to the FDIC, the
Treasury will be spending "up to $50 billion dollars to make mortgage
payments affordable and sustainable for middle-income American families
that are at risk of foreclosure. Borrowers who are delinquent on the
mortgage for their primary residence and borrowers who, due to a loss
of income or increase in expenses, are struggling to keep their payments
current may be eligible for a loan modification." The FDIC statement
further went to acknowledge a partnership with the Treasury, HUD and
"other federal agencies" to get the "massive program" officially
running by March 4.
Visiting FinancialStability.gov,
the visitor is presented with an offer of snake-oil salesman quality,
encouraging homeowners to peek in, and find out if the new bill and
loan modification plan will help them:
If you can no longer afford
to make your monthly loan payments, either because your interest rate
has increased or you have less income or you are experiencing a hardship
that has increased your expenses (like medical bills), you may qualify
for a loan modification to make your monthly mortgage payment more affordable.
Millions of borrowers who are current, but having difficulty making
their payments and borrowers who have already missed one or more payments
may be eligible.
Visitors are asked to consider
four questions to find out if they are qualified for a "Home Affordable
- "Is your home
your primary residence?
- Is the amount you
owe on your first mortgage equal to or less than $729,750?
- Are you having trouble
paying your mortgage? For example, have you had a significant increase
in your mortgage payment OR reduction in your income since you
got your current loan OR have you suffered a hardship that has
increased your expenses (like medical bills)?
- Did you get your
current mortgage before January 1, 2009?"
The lucky visitor who answers
yes to all of the above, is invited to click a beckoning green button
to find out more. Entering, visitors are instructed to pull out the
necessary documentation, then "call your mortgage servicer and ask
to be considered for a Home Affordable Modification. The number is on
your monthly mortgage bill or coupon book."
(Does anyone feel bad for the
mortgage companies being told what to? Don't. According to the Treasury,
those who comply and succeed, will "receive an up-front fee of $1,000
for each eligible modification meeting guidelines established under
this initiative. They will also receive 'pay for success'
fees — awarded monthly as long as the borrower stays current on the
loan — of up to $1,000 each year for three years.")
Funny thing is, there is finally
some transparency, but it is found only after a nice, long search. On
the FinancialStability.gov website, those homeowners who must click
the foreboding "other options" button are finally treated to a clear
answer: No, "the plan will not help everyone." That's right, you
heard it here: the universal bailout, paid for by taxpayers, is not
in fact, designed to help all of the same taxpayers. If that wasn't
juicy enough, the statement goes on to explain that the plan "is not
designed to reduce mortgage balances for borrowers who have sufficient
income to make their mortgage payments but owe more than their homes
are worth. It also will not help investor borrowers or borrowers who
have no income and cannot make any mortgage payment."
According to the Treasury,
the reasoning behind the Homeowner Affordability and Stability Plan
is threefold: 1.) To refinance up to 4 – 5 million "responsible
homeowners to make their mortgages more affordable;" 2.) To provide
a "$75 billion homeowner stability initiative to reach up to 3 –
4 million at-risk homeowners;" 3.) To support lowered mortgage rates
by "strengthening confidence in Fannie Mae and Freddie Mac." The
Treasury also alleges in its support of the bill, that "each foreclosed
home reduces nearby property values by as much as 9 percent." Supporting
examples were not available. And the controversial possibility of allowing
judges to reinvent history by changing mortgage deals, is still on the
table with this plan.
Many Californians purchased
homes before the housing bubble burst, at which point the median home
price was well over $500,000, nearly $600,000. However, that is still
less than $729,750. According to California Governor Arnold Schwarzenegger,
California has been working to battle mortgages woes in a number of
ways, including a "voluntary agreement with major lenders to freeze
interest rates for homeowners most at-risk to foreclosure."
And just some of the prerequisites
to qualifying for the loan modification include having a home debt of
less than or equal to $729,750 or less (which, interestingly, is now
the standard rate as applied for extremely affluent areas, though previous
applied maximum caps nestled closer to $400,000), and having a mortgage
payment exceeding 31 percent of monthly income.
By the way, some of those disqualified
from the loan re-finagling include those who lost their jobs, those
who invested in homes in which they do not live (kind of shutting the
door on investing, eh?) and those who owe mortgages above threshold
of $729,750, also known as "Loan Limits for Conventional Mortgages."
As provided by eFannieMae, 2008's loan limits ran, for a single-family
home, from about $415,000 to over $600,000, though those limits were
later "temporarily" raised to the new limits of today.
This will exclude those who
purchased homes in areas in which there is, or at one point was, a high
demand and extremely high housing prices. The California housing market
still contains some of the highest-priced homes in the country. According
to DQ real estate news, within one year, from January 2008 – January
2009, the median price of a home in the Bay Area dropped to just under
$300,000 from a previous high of about $550,000. CAR, in a recent news
release, also noted that the average price of "an existing home"
fell by 40.5%, to the median price of $254,350. This, in tandem with
the news of California's housing market semi-rally in January with
the reported selling of over 600,000 homes which was 100.8 percent higher
than it had been one year before.
Say you bought a home and took
out a mortgage a few years ago, of over $800,000, just so you could
buy that middle-sized home in the excellent school district: you don't
quality for this program. In Southern California, there was just as
dramatic of a shift, with a one-year drop of just over $400,000 as the
median home price, to about $250,000. Those who purchased homes in areas
such as Santa Barbara, which the CAR has variously listed as one of
the most expensive cities in which to live (with a median home price
closer to $1,000,000 than the statewide average of about half that amount)
are not exactly the target audience of the new mortgage relief programs.
Then again, if someone was able to purchase such a home, they most likely
have the assets to secure such a home already.
Between the dangers of the
inflated and unadjusted Alternative Minimum Tax (as indexed according
to property tax rates) and a federal stimulus plan that may help less
than 10 percent of mortgage holders in California (according to the LA Times),
the state housing market has yet to change significantly for the better
at this point of mid-March 2009, though the bottom may not be far away;
the signs are there, but not all of the pieces of the puzzle are in
place yet.
Commissioner Davi of the California
Department of Real Estate has noted that, "On some fronts, we have
turned the corner. Many of the issues that caused the crisis have abated,
either by market corrections or regulatory efforts. DRE investigations
revealed that stated income loans were used in the majority of cases
that involved fraud. Such loans have all but disappeared from the market
The CA Department of Real Estate has already prepared an "Advanced
Fee Agreement" template, for the purpose of facilitating "shortened
loan modification services." Even if some Californians remain ineligible
to benefit off of the loan modification program, the state and new programs
are still offering rather generous assistance to those who can stand
to reap the benefits.


text:
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subset: commoncrawl


text:
Saipanpreneur Project Article Archives
< < Previous article Next article > >
My position on profit 2: The passion prosperity reconcile
The only way to take control of your life, raise your standard of living and move beyond merely surviving is to create your own unique product or service that you offer to increasing numbers of people in exchange for the things of value that you desire. This simple formula applies to countries as well as people. A self-sufficient economy has its own products or services of value to export to the world. Similarly, a self-sufficient individual has something of value to exchange in the global marketplace. That thing of value is based on your natural talent, skill, or interest—in other words, your passion!
My Position on Profit 2: The Passion Prosperity Reconcile
Recap: So, here I am encouraging you to turn your passion into profit, while every now and then, if you read my column, you'll hear my ethical opposition to capitalism and its effects on the world. Am I contradicting myself? We all exist and are pursuing our dreams within a capitalist paradigm. We are all forced to some degree, to participate in it. However, I suggest to you that it is built on the following faulty premises:
The Foundational Flaws
There are a few beliefs and practices I've identified that point to flaws in the foundation of capitalist thinking:
1. the concept that no exchange of real value is required to be successful at capitalism. (i.e. "I'm in this to make money, and will sell whatever people are willing to buy.") This violates a basic ethical principle of true prosperity which requires that equivalent value be exchanged such that both parties benefit.
2. Infinite growth. Economic growth in capitalism-as-practiced is based on the belief that every month and every quarter, the capitalist corporation can (and must) post higher and higher profits. I suggest to you that one cannot sustain infinite growth on a planet with finite resources. Something has to give.
So, the question is: "How do we reconcile our desire and efforts to turn our own passions into profit in such a system?" In other words, "how do I succeed in business without exploiting people and destroying the planet?" Is it even possible?"
Right after last week's column, I watched "Capitalism: A Love Story" the film by Michael Moore, which highlights the more evil aspects of the greed, the callousness, the exploitation and disregard for humanity that has been encouraged and elevated to an art by capitalism's "profit at all costs" mentality.
This, to me, is the most glaring downside to the whole pursuit of business within a capitalist ideal: that people confuse and equate exploitation with survival and prosperity. The truth, however, is that sustenance, survival and prosperity are all possible without having to resort to capitalism's darker side.
One key point made in the movie is that if we are to change the system as it is practiced, such a change needs to be global and total. In other words, nothing short of a revolution, a complete dismantling and overhaul of the entire system will work to stop the exploitation and save the planet.
However, there are many obvious, and not so obvious challenges to such a revolution. First, of all, according to the film: "The system has built into it, propaganda: the ability to convince people who are victimized by the system to support the system and see it as a good."
In other words, some of the most vocal resistance to changing the system will come from those at the very bottom of the system's hierarchy—the workers—who have been convinced that their future success is tied in to maintaining things as they are.
Rethinking the Paradigm
Therefore, we must first dispel many misconceptions about what Capitalism is, and also and see it clearly for what it isn't. We must uproot a fundamental belief system about what it means to be successful within this paradigm. This may be the greatest challenge. In fact, even now, as you read this, you too, may be experiencing thoughts and words like "subversive," "un-American," "dictatorship," etc. as a result of the emotional connection many people have with what it means to strive within a capitalist ideal.
However, here are some new ideas, among many others that one needs to accept and realize as true:
- Capitalism does not provide for the well-being of all of people.
- Capitalism creates wealth for one class at the expense of another
- Capitalism does not equal democracy and freedom
- Capitalism is not holy and just
- Success in business does not have to be a win-lose proposition.
- There is harm being done to others as well as the planet as a result of the system as it is practiced. This destruction may be irreversible.
Remaking the Paradigm
As these changes in thought taks hold, we can then begin to change our behavior. The things that we create and sell, how we create them, and the underlying basis of it all can be re-made according to some new ideals including:
- Refuse to create or sell anything that destroys life, lowers the quality of life, infringes on the rights and freedoms of others or that is manufactured in ways that do.
- Practice "fair exchange" (not exploitation) as the basis of prosperity
- Create value for the consumer in the form of a product
product= "a high quality object or service in the hands of the consumer, in exchange for a valuable."
- Implement democratic ideals in the marketplace (one enlightening feature of Moore's film focused on businesses that are actually owned and operated by the owners in a true democratic—one person one vote-fashion.
What it will require
Such new practices will require certain discipline and decisions:
It will require being an independent thinker.
It will require having an inviolable set of beliefs and behaviors, and the courage to act according to them despite how the masses act
It will require sticking to those beliefs and behaviors and to accept the consequences of those actions.
It will required developing a long-time perspective. In other words, it means realizing that your activities have consequences on others and on the planet, and choosing to act now based on the long-term consequences of your actions.
The Reconcile
Admittedly, the above is a gross simplification of a complex topic intended to be a starting point for discussion. The simplicity of the approach is not meant to imply that such a global revolution in thought and practice is easy. However, if such a revolution in thought and practice is to come, it must be adopted first by those on a local, individual level. Such a revolution will only come when there are sufficient numbers of people who are thinking and acting differently about themselves, about their goals, and the rights and freedoms of others, and the sustainability of our actions and practices on the planet. Only then can we truly reconcile our pursuits of "profit" so as not to lose our souls in the process as we pursue true prosperity.
As the title of my book, Turn your Passion into Sustainability wouldn't have had quite the same ring to it, but perhaps, those of us with an eye on the true significance of what we seek as passionpreneurs, can unofficially choose a new mantra: Turn Your Passion Into Prosperity! Now, THAT, has a nice ring to it!
Note: Where will YOUR passion take you? What sort of life would you experience if you could? Find out what's possible as you turn your passion into profit. Check out my new adventures on jamaicaninchina.com.
Note: Ever wanted to direct your friends and family to a set of websites that revealed the best things about Saipan? Do what I do: send them to www.bestofsaipan.com!
Until next week, remember, success is a journey, not a destination!--Walt
Send article suggestions, entrepreneur nominations and feedback about this article to firstname.lastname@example.com. Walt F.J. Goodridge is author of 16 books including Turn Your Passion Into Profit. Walt offers coaching and workshops to help people pursue and profit from their passions. Originally from the island of Jamaica, Walt has grown several successful businesses in the US, and now lives a nomadpreneur lifestyle. To learn more, visit www.passionprofit.com
Located in the western pacific, a short flight from Guam and 3 hours from Japan, the Commonwealth of the Northern Mariana Islands (CNMI) is a popular tourist destination rich in history, culture and natural resources. Saipan, just 5 miles wide by 12 miles long, is the largest and most populated of the 14 islands making up an archipelago that stretches 400 miles (north to south) along the edge of the Marianas Trench.
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text: From:Please note that the title in the original transmission contained the incorrect date and location of the WG 19 meeting. These have been corrected below. ISO/IEC JTC 1/SC22 Programming languages, their environments and system software interfaces Secretariat: U.S.A. (ANSI) ISO/IEC JTC 1/SC22 N 3252 TITLE: Minutes from the SC 22/WG 19 Meeting, 15 May 2001, York, UK DATE ASSIGNED: 2001-06-14 SOURCE: SC 22/WG 19 Convener (R. Scowen) BACKWARD POINTER: N/A DOCUMENT TYPE: Meeting Report PROJECT NUMBER: N/A STATUS: This report is circulated to SC 22 members for information. ACTION IDENTIFIER: FYI DUE DATE: DISTRIBUTION: Text CROSS REFERENCE: DISTRIBUTION FORM: Open Address reply to: ISO/IEC JTC 1/SC22 Secretariat Matt Deane ANSI 25 West 43rd Street New York, NY 10036 Telephone: (212) 642-4992 Fax: (212) 840-2298 Email: firstname.lastname@example.com ___________end of title page, beginning of document_______________________ ------------ ISO/IEC JTC1 SC22 WG19 minutes of meeting -------------------- ISO/IEC JTC1 SC22 WG19 Meeting 60 -- BSI Panel IST/5/-19/Z Held at 10:20 on Tuesday 15 May 2001 at University of York, York, UK. Present: Roger Scowen (WG19 convenor), Ian Toyn (Project Editor). 60.1 Appointment of secretary: Ian Toyn 60.2 Apologies for absence: Rob Arthan, Marc Benveniste, Randolph Johnson, Steve King, Susan Stepney, Sam Valentine. 60.3 Minutes of last meeting and matters arising The minutes were accepted as a true record. Action 59.3.1 Get Z document number from Andrew Martin (Steve King) (Items for future standardisation.) Carried forward. ACTION 60.3.1 Get Z document number from Andrew Martin (Steve King) Action 59.3.2 Install document on web server (Ian Toyn) (Items for future standardisation.) Carried forward. ACTION 60.3.2 Install document on web server (Ian Toyn) Action 59.3.3 Announce document to WG19 (Roger Scowen) (Items for future standardisation.) Carried forward. ACTION 60.3.3 Announce document to WG19 (Roger Scowen) Action 59.3.4 Write to ITTF (Information Technology Task Force of JTC1, the publishers in Geneva) to query copyright requirements and potential font problems (as recently encountered with other standards) (Roger Scowen) Discharged. Action 59.3.5 Add UK comments for: use of ?? around informal alternatives instead of around whole definitions; and explain the consistent use of space around meta-operators, which is non-standard (Ian Toyn). Discharged. Action 59.3.6 Remind BSI to send invoice (Roger Scowen) Discharged. ACTION 60.3.4 Forward invoice to Logica (Roger Scowen) Action 59.4.1 Publish first draft of UK comments to panel members (Ian Toyn) Discharged. Action 59.4.2 Remind WG19 members to cast their votes (Roger Scowen). Discharged. Action 59.7.1 Ask Andrew Martin to add minutes of recent meetings to web server. (Roger Scowen) Carried forward. ACTION 60.3.5 Ask Andrew Martin to add minutes of recent meetings (Roger Scowen) 60.4 Project Editor's report of progress since last meeting UK comments were submitted to BSI on 19 Feb 01. ISO ballot closed 6 Mar 01. Comments received from ISO, CA, SW, UK and US. First draft of Disposition of Comments prepared and distributed. Discussions ongoing. 60.4 Review draft disposition of comments on FCD2 Recent discussions were reviewed, and remaining responses marked TBD were considered. It was decided to revise the responses to the comments numbered as follows: SC2, SC9, CA3, CA5, CA6, CA8, CA9, CA17, CA18, SW3, SW5, SW7, UK33, UK44, US5, US8, US9, US11, US12, US17, US20 and US27. ACTION 60.4.1 Revise Disposition of Comments in light of discussion and publish second draft (Ian Toyn). 60.5 To fix the schedule of further meetings No further meetings are scheduled for the moment. 60.6 Timetable -- WG19 agreed (a) To send the final Disposition of Comments to SC22 by end-June 2001, (b) To send the FDIS to SC22 by end-July 2001. 60.7 Any other business The meeting closed at 16:00. ------------------ End of minutes of meeting ------------


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Tuesday, December 16, 2014
Moog Sub 37 Tribute Edition Sounds
Sub 37 Tribute Edition Moog Synthesizer. I am smitten. Basses, arpeggios, and some FX weirdness. No external effects applied to the synth sound, just a backing track by the trusty Volca Beats.
1 comment:
- gi pe said...
i think to buy it, the new firmware introducing too much nice features.
How does it sound in to the mix?
Thnx for your amazing blog.
- February 22, 2015 at 11:03 AM
Subscribe to: Post Comments (Atom)


text:
404 : Data not found
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Return to the Emerald planetariums Homepage
Did you know?
The EMERALD™ planetarium projection system includes an integrated computerized system, compatible for remote operation using a tablet or another PC enabling fully remote control from any part of the dome. This has great benefits for educational uses
The EMERALD™ planetarium projection system can be upgraded into a 3D 4D and even 5D projection system!


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Looks like Warren Buffet has paid out over half the proceeds he received from writing credit default insurance on baskets of high yield bonds. And once again, folks are questioning the wisdom of his forays into the derivatives market.
Bloomberg: Berkshire paid about $825 million on the contracts in the second quarter and $350 million in July, compared with $675 million in the three months ended March 31, the company said in a regulatory filing last week.
"I told you a year ago that I thought we would make money on those, but we have run into far more bankruptcies in the past year," Buffett said in Omaha at Berkshire's annual shareholder meeting in May. "I would expect those contracts to show a loss before investment income, and perhaps after."
Still, he apparently received 75% of the maximum loss in fees for some of these swaps which would mean it takes three defaults with zero recovery, out of each of four companies, just to reduce him to breakeven on these trades. And this is before factoring in the investment income he earns on the fee float as well. Warren Buffett is human, but betting against him has been a bad strategy, and once again we'll place our odds on him doing ok.


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