US Homeowner Equity

triciaeJune 11, 2009

I'm getting caught up on my reading today...

A bit ago, I 'think' it was on this forum but might have been Household Finance, somebody was asking about the average US homeowner equity. Well, here's the answer...

" Collectively, homeowners had only 41.4 percent equity in their homes in the first quarter. That was down from 42.9 percent in the fourth quarter and was the lowest on records dating to 1945."

/tricia

Here is a link that might be useful: Americans' Net Worth Shrinks $1.33T in 1Q

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fixizin

Yep, you GOTTA love crony capitalism... NOT! GRRrrrr...

Let's see, it's been 9, 15, or 23 months (depending on how closely you're paying attention) since "Zero Hour", yet we STILL do not have TRANSPARENCY in major (TARPed) banks, and we STILL do not have the CDSes on an open exchange... but not to worry... :rolleyes:

    Bookmark   June 13, 2009 at 1:14AM
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dreamgarden

fixizin-"Let's see, it's been 9, 15, or 23 months (depending on how closely you're paying attention) since "Zero Hour", yet we STILL do not have TRANSPARENCY in major (TARPed) banks, and we STILL do not have the CDSes on an open exchange... but not to worry... :rolleyes:"

Figures doesn't it? NONE of the people responsible for the subprime catastrophe been indicted. Madoff is in the clink. He ripped of people who invested with him. Why aren't the SOB's who committed financial treason/extortion against the ENTIRE COUNTRY (not just investors) being brought to justice?

The House Financial Services Committee met last Thursday. At least two person had the right idea. I think Nell Minow said it best....

"Rep. Alan Grayson (D-Fla.) asked, what about setting an example?

"We are trying to make policy on the basis of recent memory," Grayson said, addressing the second panel at Thursday's hearing. "For the past few months we've seen banks that have brought themselves to the brink of ruin, brought the whole U.S. economy to the brink of ruin, and what people see is that nobody's been held accountable for that. Nobody's been punished for that. Maybe the gravy train has slowed down for them a little bit, but it's still rolling.

"I want to hear your best ideas about how we should hold accountable the people who've already screwed up, the people who've already caused the destruction of their own banks and caused the taxpayers to have to give out billions upon billions of dollars," he said. "And I want to know what we should do in the future about people like that."

The second panel, which consisted of financial experts who are not currently working in government, offered a simple solution: Kick them out.

"There is a limitation on ex post facto laws, there's not much you can do about what has already happened, but I would certainly strongly urge Congress to make sure that anyone involved can never serve on the board of a public company or as an officer of a public company ever again," said Nell Minow of The Corporate Library, an independent corporate-governance research firm.

"It's unthinkable to me that these people continue to be involved," she said.

A link that might be useful:

Independent Finance Experts: Bank Execs, Boards Should Be Fired
June 13, 2009

www.huffingtonpost.com/2009/06/12/
independent-finance-exper_n_215024.html

    Bookmark   June 13, 2009 at 3:33PM
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triciae

The wheels of justice move along slowly. The Feds have brought charges against Angelo Mozilo, and a couple of his cronies, of Countrywide. Other investigations are in process.

/tricia

Here is a link that might be useful: Angelo Mozilo

    Bookmark   June 13, 2009 at 4:55PM
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rar1

The problem is Barney Frank, and Chris Dodd should be added to that list of those that should be investigated and charged...but never will.

Dodd for one, got one of those sweetheart loans from Countrywide due to his affiliation with Mozilo and his postion in congress. Yet when he was asked about it Dodd could not produce any documentation.

Franke continued to defend lossess at Fannie and Freddie by stating all was well until the stuff hit the fan. Then he started screaming about more financial oversight. Funny, isn't he the chairman of the committee that was in charge of this oversight at the time all of this was happening?

The American People need to clean up their own house and get rid of the bums in Washington first, while at the same time cleaning up the private sector. Until that happens, it will be the same story over and over again.

    Bookmark   June 13, 2009 at 6:52PM
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