"Wisdom is nothing but a preparation of the soul, a capacity, a secret art of thinking, feeling and breathing thoughts of unity at every moment of life." -Herman Hesse
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6/25/10
Jordan 6 Black/Infrared 1991 vs. 2000 vs. 2010 Comparison
Air Jordan 6 Black/Infrared - 1991 Original
Air Jordan 6 Black/Infrared - 2000 Retro
Parents Of Baby With Bong Investigated
6/24/10
Taxpayer-Owned Fannie Mae Attacks Struggling Homeowners
Taxpayer-owned mortgage giant Fannie Mae is targeting families by going after struggling homeowners who strategically default on their mortgage, the firm announced Wednesday.
A default is considered strategic when homeowners have the capacity to pay, yet choose to walk away from their mortgage. The trigger, researchers say, is negative equity: When the value of a home is less than what the lender is owed on it, borrowers are more likely to strategically default.
About 11.3 million homeowners with a mortgage, or 24 percent, owe more on their mortgage than the home is worth, according to real estate research firm CoreLogic. Another 2.3 million have less than 5 percent equity in their homes. All told, about 29 percent of all homeowners with a mortgage are either underwater or very close to it. The firm estimates that the typical underwater homeowner won't return to positive equity until late 2015 or early 2016.
And Fannie Mae, an arm of the federal government and a big part of the Obama administration's housing policy, wants to make sure that if struggling families walk away, they suffer for it.
Homeowners who strategically default or did not work "in good faith" to avert foreclosure through other means will be ineligible for new Fannie Mae-backed mortgages for seven years. The firm said it will also pursue homeowners in court, seeking so-called "deficiency judgments" to recoup outstanding debt by seizing borrowers' other assets. Thirty-nine states do not limit the ability of lenders to recover what they're owed.
Fannie Mae said that next month the firm "will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments."
"Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting," Terence Edwards, Fannie's executive vice president for credit portfolio management, said in a statement. More @ http://www.huffingtonpost.com/2010/06/23/fannie-mae-strategic-default_n_623562.html
A default is considered strategic when homeowners have the capacity to pay, yet choose to walk away from their mortgage. The trigger, researchers say, is negative equity: When the value of a home is less than what the lender is owed on it, borrowers are more likely to strategically default.
About 11.3 million homeowners with a mortgage, or 24 percent, owe more on their mortgage than the home is worth, according to real estate research firm CoreLogic. Another 2.3 million have less than 5 percent equity in their homes. All told, about 29 percent of all homeowners with a mortgage are either underwater or very close to it. The firm estimates that the typical underwater homeowner won't return to positive equity until late 2015 or early 2016.
And Fannie Mae, an arm of the federal government and a big part of the Obama administration's housing policy, wants to make sure that if struggling families walk away, they suffer for it.
Homeowners who strategically default or did not work "in good faith" to avert foreclosure through other means will be ineligible for new Fannie Mae-backed mortgages for seven years. The firm said it will also pursue homeowners in court, seeking so-called "deficiency judgments" to recoup outstanding debt by seizing borrowers' other assets. Thirty-nine states do not limit the ability of lenders to recover what they're owed.
Fannie Mae said that next month the firm "will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments."
"Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting," Terence Edwards, Fannie's executive vice president for credit portfolio management, said in a statement. More @ http://www.huffingtonpost.com/2010/06/23/fannie-mae-strategic-default_n_623562.html
Christopher Coke, Alleged Drug Lord, CAPTURED In Jamaica
Coke has been called one of the world's most dangerous drug lords by U.S. authorities and faces trial in New York on drug and arms trafficking charges. His arrest came nearly a month after 76 people were killed during a four-day assault by police and soldiers on the West Kingston slum of Tivoli Gardens, Coke's base that was defended by his armed followers.
At a news conference, Police Commissioner Owen Ellington said the 42-year-old Coke was in good condition in police custody. He said Coke was captured by police manning a vehicle checkpoint along a highway, but said other "circumstances of (Coke's) arrest are being investigated."
The Rev. Al Miller, an influential evangelical preacher who facilitated the surrender of Coke's brother earlier this month, told The Associated Press that Coke was prepared to surrender to authorities at the U.S. Embassy in Kingston when police stopped his convoy on a highway outside the capital.
"A contact was made on his behalf that he wanted to give himself in," Miller said. "I therefore made arrangements with his lawyers because he wanted to go ahead with the extradition process, so we communicated with the U.S. Embassy because that's where he would feel more comfortable."
Miller said police captured Coke on the way to the embassy and then took him to the nearby Spanish Town police headquarters. He was then flown to Kingston, the preacher said.
Last month, a U.S. law enforcement official in New York, speaking on condition of anonymity, told The Associated Press that a lawyer for Coke was in negotiations with the U.S. Justice Department about his client's possible safe removal to New York to face charges.
Coke is said to fear suffering the same fate as his father, a gang leader known as Jim Brown, who died in a prison fire in 1992 while awaiting extradition to the U.S. on drug charges.
U.S. Embassy officials did not immediately return calls. A phone for Coke's lead attorney, Don Foote, went unanswered. @ http://www.huffingtonpost.com/2010/06/22/christopher-coke-alleged_n_621734.html
6/22/10
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