Thursday, November 18, 2010
CNN Las Vegas Stippers Go Mobil, Pole and All. Imagine my surprise finding my old real estate marketing buddy Larry Beard and his new career move.
Imagine my surprise after doing a Google search on my old Real Estate
Investment Marketing Guy in Las Vegas....
I guess some would say he's moved up and on-ward, since he's being
interviewed by CNN, still it does not look real good for real estate if
this is what Larry's doing now. Maybe it's just a part-time gig.
Larry if you read this Give Al Boek A Call would ya.
Wednesday, September 15, 2010
Kaching Kaching, 10,000 Churches and Causes, 7 Million Twitter and Facebook Followers Now Being Invited...HELLO!!!
Earl Allen Boek Attention; All International and National
Internet Marketers!
1/3 rd to 1/2 of all recruiting, web-shopping and fundraising
happens in the next 90 days. What do YOU have that's
better than that? http://kachingkachingfundraisers.blogspot.com/
kachingkachingfundraisers.blogspot.com
Al Boek, that's me, is a 15 year internet marketing pioneer who has helped pioneer technology on the internet you would recognize. Just like I recognized the potential, make that huge potential of using Kaching Kaching's Viral, SUPER STORES Shopping ISO's for Special Causes Fundraisers.
24 minutes ago · · · · Share
Tuesday, September 14, 2010
Kaching Kaching WWW Fundraisers Joins Causes Exchange Link Here & Now!
Causes Exchange Motto
Inspiration and resources for changing the world.
Kaching Kaching ISO's Find A Cause And Fill It! Do It Now!_Global Activist
How to Use Causes for Your Year-End Fundraising Appeal
Posted by Matt Mahan on September 9th, 2010 Causes Senior Nonprofit Coordinator, Susan Gordon, was recently featured on NTEN (the Nonprofit Technology Network)’s blog.
Planning for the year-end giving season is in
full swing throughout the nonprofit sector. In 2009, giving in December alone brought in about 1/3 of the fundraising dollars to nonprofits. And in 2010, online giving is expected to bring in more donations than ever, after having seen a 46% increase in online revenue between 2008 and 2009.
At Causes, the application on Facebook, we’re releasing huge improvements to our fundraising and communications tools just in time for the year-end giving season. Nonprofits have already raised over $26 million using Causes — and to start the giving season off, we recently announced that your causes will soon be able to publish to members’ News Feeds (like a Fan Page can now). Once you’ve built a vibrant online community, the end of the year is the perfect time to make a fundraising appeal.
Fundraising Projects
Facebook users are more motivated to donate to specific projects rather than general fundraising appeals. Causes has just updated their Fundraising Projects feature so nonprofits can effectively do project-based fundraising campaigns through Facebook.
Using this tool, the National Wildlife Federation has raised over $100,000 for their oil spill work in the Gulf Coast. The Humane Society of the United States raised $20,000 in 6 days, all through their cause, to fund a team of journalists documenting the seal slaughter in Canada. And Camfed raised $4,500 to build a roof on a school in Malawi, then turned around and funded another $3,386 project to give shoes to schoolgirls in Zimbabwe.
The new Fundraising Projects have a Google Maps integration…
Read the rest of the post at: http://www.nten.org/blog/2010/09/03/how-use-causes-your-yearend-fundraising-appeal
Planning for the year-end giving season is in
full swing throughout the nonprofit sector. In 2009, giving in December alone brought in about 1/3 of the fundraising dollars to nonprofits. And in 2010, online giving is expected to bring in more donations than ever, after having seen a 46% increase in online revenue between 2008 and 2009.At Causes, the application on Facebook, we’re releasing huge improvements to our fundraising and communications tools just in time for the year-end giving season. Nonprofits have already raised over $26 million using Causes — and to start the giving season off, we recently announced that your causes will soon be able to publish to members’ News Feeds (like a Fan Page can now). Once you’ve built a vibrant online community, the end of the year is the perfect time to make a fundraising appeal.
Fundraising Projects
Facebook users are more motivated to donate to specific projects rather than general fundraising appeals. Causes has just updated their Fundraising Projects feature so nonprofits can effectively do project-based fundraising campaigns through Facebook.
Using this tool, the National Wildlife Federation has raised over $100,000 for their oil spill work in the Gulf Coast. The Humane Society of the United States raised $20,000 in 6 days, all through their cause, to fund a team of journalists documenting the seal slaughter in Canada. And Camfed raised $4,500 to build a roof on a school in Malawi, then turned around and funded another $3,386 project to give shoes to schoolgirls in Zimbabwe.The new Fundraising Projects have a Google Maps integration…
Read the rest of the post at: http://www.nten.org/blog/2010/09/03/how-use-causes-your-yearend-fundraising-appeal
Add a comment on this post.
Last Call for Changing your Cause’s Name!
Posted by Susan Gordon on September 3rd, 2010 Exciting improvements to your causes are almost here! You will soon be able to:
These improvements also mean your cause’s name is no longer able to change. If you are the administrator of a cause, your cause’s name will be permanent starting today. If you want to change it, go to the “Admin Center” of the cause you are the administrator of, then go to “Basic Info.” * Get started at http://apps.facebook.com/causes/causes/your
We’re looking forward to seeing the inspiring things you do with your causes after these improvements.
- Read cause bulletins right in your News Feed, the first page you see when you sign into Facebook.
- Search for causes in Facebook. Before, your cause was searchable in the Causes application but not the main Facebook search. Not anymore!
- Feature your causes in the Likes and Interests section of your Facebook profile.
We’re looking forward to seeing the inspiring things you do with your causes after these improvements.
See all 3 comments on this post.
4 Days Left to Win a Free Trip to Africa
Posted by Jeremy Bogen The Global Fund to Fight AIDS Tuberculosis and Malaria on August 31st, 2010
If you can get 42 friends to sign this petition, YOU could go to Africa with the Global Fund to Fight AIDS, Tuberculosis, and Malaria…for free. We at The Global Fund to Fight AIDS, Tuberculosis, and Malaria, one of the largest and most reputable international nonprofits dedicated to solving these issues, have just announced that we will take one person from Causes with us on our next trip to Lesotho in southern Africa to see the front lines of the fight against HIV. Right now, Valentin Poeta is in the lead with just 42 signatures collected. This is a rare chance for you to see the life-saving work undertaken by those in the field and explore a beautiful country few people get to visit.
Do you want a free trip to Africa with the Global Fund? We’ll pick the person who gathers the most support for the campaign. Here is what you need to do:- Click on http://www.causes.com/fighthiv and click invite your friends (or use this link: http://apps.facebook.com/causes/petitions/466/invite?step=0 ) and invite as many of your friends to sign up as possible (be sure to publish the link on your profile too).
- Gather support elsewhere. Write to blogs you know, persuade anyone that can reach a big audience to promote the campaign, host promotional events at your local club. Persuade employees to sign up. Really innovative promotional ideas will go down well here.
- Send an e-mail to socialmedia@theglobalfund.org telling us who you are, how many people you have recruited and what you did to promote the campaign.
*Quick note: For legal reasons, this competition is only open to residents of Denmark, France, Germany, Ireland, Norway, Sweden, The Netherlands, The United States and the United Kingdom. You must be at least 21 years old as of the date of entry. Full terms and conditions are available here: http://www.theglobalfund.org/documents/bornhivfree/bornhivfree_contest_officialrules.pdf
Thanks to everyone who joins us in the fight to end HIV.
See all 3 comments on this post.
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Thursday, August 26, 2010
KACHING KACHING, Inc Sees Growth Right Out Of The Chute _Green Earl
Thursday, August 26, 2010
KACHING KACHING, Inc Sees Growth Right Out Of The Chute _Green Earl
KACHING KACHING, Inc. Announces Accelerated Growth of Proprietary Online Webstores
Categories: Press Release
Written By: Vardaan
KACHING KACHING, Inc. Announces Accelerated Growth of Proprietary Online Webstores
PR Newswire — August 26, 2010
HENDERSON, Nev., Aug. 26 /PRNewswire-FirstCall/ — KACHING KACHING, Inc. (www.kachingkaching.com) (OTC Bulletin Board: KCKC) announces accelerated growth in the number of licenses issued for proprietary online webstores.
KACHING KACHING, Inc. is a progressive and uniquely positioned e-commerce company offering online consumers the most recognized brand name merchandise at everyday low prices. CEO Bob McNulty said, “The users’ response to our webstores has been overwhelming. Our Grand Opening was less than two weeks ago, on August 14th, and the positive feedback we have received has generated significant interest within the industry. We recorded an immediate increase in the number of licenses requested and issued each day and we expect that number to continue to rise daily.”
Mr. McNulty further stated, “Now that our systems are fully operational, with each of our Independent Store Owners (ISOs) owning their unique webstore, fully stocked with thousands and thousands of products and with business tracking software which allows them to fully manage their business, we are attracting some of the top tier and most experienced leaders within the direct marketing industry. This presents a great opportunity for us to continue our rapid expansion and meet our projected goal of 50,000 webstores by the end of 2010.”
About KACHING KACHING, Inc.
KACHING KACHING, Inc. is the very first retail chain of online stores serving consumers on the Internet. It licenses co-branded proprietary online storefronts that can be operated by Independent Store Owners full or part- time with exponential viral growth. Each online storefront will offer millions of items and thousands of name brand products to sell at everyday low prices. Powered by superior customer service and driven by value, KACHING KACHING, Inc. provides every Independent Store Owner with the best opportunity for financial success. For more information, visit http://mykachingkaching.com/gotkaching/
About Beyond Commerce, Inc.
Beyond Commerce, Inc. is a multi-faceted company providing e-commerce solutions for high traffic web properties. We are a cutting edge media company specializing in Ad Networking, Online Advertising, Lead Generation and Local Advertising. For more information, visit http://www.beyondcommerce.com.
Safe Harbor Statement:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting KACHING KACHING, Inc. operations, markets, products and prices and other factors discussed in the Company’s various filings with the Securities and Exchange Commission.
Contact: KACHING KACHING, Inc. Miranda Freerksen 1-702-589-7555 begin_of_the_skype_highlighting 1-702-589-7555 end_of_the_skype_highlighting Email: miranda@kachingkaching.com
SOURCE KACHING KACHING, Inc.
NOTE FROM GREEN EARL, AKA AL BOEK
Blog Visitors I cannot begin to tell you how much I am
enjoying my relationship with the leaders and management
of this sharp run company. WE have a very viable product
(Your Own Licensed, fully operational online business)
An opportunity plus a Shopping Experience via LIVE,
Tech Supported "Almost Viral" Retail Stores Chuck-Full
of a couple of million items that people need and buy
everyday anyway, usually from us at a lower price.
As...
a fund-raising tool Super Store Operators are able to
give-away fully operational stores to club, church or
any good cause membership and 50% of the commission,
up to 10% is paid directly to the VISA ATM of the
Cause or Organizers or Accountants. Perfect.
Today,
using the internet, within 5 minutes, I was
able to locate the director and founder of an
organization with over 5 million members. Would
you be able to do that with your home-corporate-
backed business? And not have to worry about any
other issues except raising capital legally and
ethically. I just heart it._Al Boek
Please check out our corporate links and event times
located below this blog post for more information.
Mr. Al Boek, Licensed Independent Store Owner
Founding Member of MDRE LLC
National Fund Raising Campaign Director
Redding, CA. 86008 530-549-4476 begin_of_the_skype_highlighting 530-549-4476 end_of_the_skype_highlighting
gotkaching@yahoo.com
My Personal Licensed Viral Shopping Store Site
http://kachingkachingstore.com/gotkaching
Corp Site Event Tab and More
http://mykachingkaching.com/gotkaching
My Face Book Profile Page
http://facebook.com/greenearl
"Numbers Don't Lie!."
"It's hard to fight "our kind of wars" without funds" _Citizen Activist
Saturday, August 21, 2010
KaChing, KaChing Video - Review The Comp Plan - Pt.1
NOW FOR A WORD FROM OUR SPONSOR
Yes, I am in. As a fifteen year pioneer in marketing
on the internet, Kaching is the strongest business
available anywhere since maybe the last 12 years.
This program will create millionaires in the next 12 mo.
Al Boek I can be contacted at gotkaching@yahoo.com
or go directly to my corporate site to join now and
you will show in my system and I will help you get your
first two. http://mykachingkaching.com/gotkaching
for additional info Also join us on Face Book at
search kaching Kaching Leadership Group
Comp Plan Video Below
write me at: gotkaching@yahoo.com
See a operating Super Viral Store at:
http://kachingkachingstore.com/gotkaching
Corporate Website and Sign-up Recommend Super Store
For Your Club or Organization or Cause, Give away
thousands of stores and split the profits with them
and your favorite cause.
http://mykachingkaching.com/gotkaching
Yes, I am in. As a fifteen year pioneer in marketing
on the internet, Kaching is the strongest business
available anywhere since maybe the last 12 years.
This program will create millionaires in the next 12 mo.
Al Boek I can be contacted at gotkaching@yahoo.com
or go directly to my corporate site to join now and
you will show in my system and I will help you get your
first two. http://mykachingkaching.com/gotkaching
for additional info Also join us on Face Book at
search kaching Kaching Leadership Group
Comp Plan Video Below
write me at: gotkaching@yahoo.com
See a operating Super Viral Store at:
http://kachingkachingstore.com/gotkaching
Corporate Website and Sign-up Recommend Super Store
For Your Club or Organization or Cause, Give away
thousands of stores and split the profits with them
and your favorite cause.
http://mykachingkaching.com/gotkaching
Friday, July 23, 2010
Next Bubble: $600 trillion? They Would Rather You Concentrate On The Gulf Disaster, Then This One Coming. Global Green Earl
"everything from commodities options to credit swaps –
topped $604 trillion worldwide at the end of June 2009".
" To comprehend the relative magnitude of derivative
contracts globally, the CIA Factbook estimates the 2009
Gross Domestic Product of the world was just under $60 trillion.
Does anyone else here see a problem with the figures above?
_Citizen Activist
WIND MONEY
Posted: April 19, 2010
9:40 pm Eastern
By Jerome R. Corsi
© 2010 WorldNetDaily
As interest rates begin to rise worldwide, losses in derivatives may end up bankrupting a wide range of institutions, including municipalities, state governments, major insurance companies, top investment houses, commercial banks and universities.
Defaults now beginning to occur in a number of European cities prefigure what may end up being the largest financial bubble ever to burst – a bubble that today amounts to more than $600 trillion.
The Bank of International Settlements in Basel, Switzerland, now estimates derivatives – the complex bets financial institutions and sophisticated institutional investors make with one another on everything from commodities options to credit swaps – topped $604 trillion worldwide at the end of June 2009.
To comprehend the relative magnitude of derivative contracts globally, the CIA Factbook estimates the 2009 Gross Domestic Product of the world was just under $60 trillion.
Derivative contracts, therefore, have now reached a level 10 times world GDP, meaning even a 10 percent default in derivatives would equal world GDP.
The small 800-year-old town of Saint-Etienne in France has just
defaulted on a $1.6 million contract owed to Deutsche Bank. The city
entered into a complex currency-swap arrangement to reduce the cost of
borrowing some $30 million.
To cancel all 10 derivative contracts Saint-Etienne currently
holds would cost the town approximately $135 million, more than six
times the amount initially borrowed, largely because no bank or
institutional investor would want to purchase contracts that are now on
the losing side of the bet.
Saint-Etienne is only one of thousands of EU municipalities that
bought into derivative contracts as a way to cut the costs of municipal
borrowing.
(Story continues below)
A key problem with derivatives is that in the attempt to reduce costs or prevent losses, institutional investors typically accepted complex risks that carried little-understood liabilities widely disproportionate to any potential savings the derivatives contract may have initially obtained.
The hedge-fund and derivatives markets are so highly complex and technical that even many top economists and investment-banking professionals don't fully understand them.
Moreover, both the hedge-fund and the derivatives markets are almost totally unregulated, either by the U.S. government or by any other government worldwide.
But losses on derivatives are not limited to government entities.
topped $604 trillion worldwide at the end of June 2009".
" To comprehend the relative magnitude of derivative
contracts globally, the CIA Factbook estimates the 2009
Gross Domestic Product of the world was just under $60 trillion.
Does anyone else here see a problem with the figures above?
_Citizen Activist
WIND MONEY
Next bubble: $600 trillion?
Cities, states, universities could sink from monster derivatives meltdown
Posted: April 19, 2010
9:40 pm Eastern
By Jerome R. Corsi
© 2010 WorldNetDaily
Bank of International Settlements in Basel, Switzerland |
The hedge-fund and derivatives markets are so highly complex and technical that even many top economists and investment-banking professionals don't fully understand them.
Moreover, both the hedge-fund and the derivatives markets are almost totally unregulated, either by the U.S. government or by any other government worldwide.
But losses on derivatives are not limited to government entities.
Wednesday, July 21, 2010
Next bubble: $600 trillion? Cities, states, universities could sink from monster derivatives meltdown Source: http://www.wnd.com/index.php?fa=PAGE.view&pageId=143057
http://patriotupdate.com/stories/read/3422/Next-bubble-600-trillion-
Harvard's billions
Obama administration economic guru Larry Summers may end up being best remembered for having destroyed almost single-handedly the Harvard University endowment fund as a result of misguided instructions he gave the fund's management during his tenure as Harvard University president from 2002 to 2006.
Summers, currently director of the White House National Economic Council, called for an aggressive investment strategy in which Harvard's endowment fund engaged in risky strategies, including derivative strategies that have burdened the nation's largest university endowment with billions of dollars in toxic assets.
As a result, the Harvard endowment, which peaked at $36.9 billion in June 2008, has since lost some 30 percent of its value, dropping to $26 billion, according to Bloomberg News.
In October 2009, Harvard University paid $497.6 million to investment banks to get out from $1.1 billion in interest-rate swaps that were intended to hedge variable-rate debt for capital projects, Bloomberg reported.
In what amounted to Harvard's biggest endowment loss in 40 years, the university also agreed to pay $425 million over the next 30 to 40 years to offset an additional $764 million in credit-swap deals gone bad.
Citing failed interest-rate swaps that forced Harvard to pay banks $1 billion just to terminate the junk contracts, Bloomberg reported the Harvard endowment's investments have become so toxic that even Summers won't explain what happened during his watch.
The Boston Globe squarely put the blame on Summers' doorstep, noting he came into office with a bold vision to expand the size of its science facilities by more than a third.
Average yearly expenditures for facilities jumped from under $150 million from 1995 to 2000 at Harvard, to $495 million from 2001 to 2005, to $644 million in 2009.
"Summers told the faculty not to think small," the Globe wrote. "Its ambitions were limited only by its imagination, he said. Harvard could always come up with more money from its 'deeply loyal fans.'"
Unfortunately, deeply loyal fans and alumni with deep pockets were not enough to bail the university out from Summers' ill-advised investment advice.
Bloomberg reported that cash-strapped Harvard recently asked Massachusetts for fast-track approval to borrow $2.5 billion.
The damage done to Harvard is not limited to plans to expand the science facility into blue-collar Allston. Now, the university is faced with slashing faculty and staff.
Last year, more than 1,600 of Harvard's staff were offered early retirement, and more than 500 accepted.
"Loyal alumni have contributed generously to stanch the bleeding," the Globe wrote, "but huge deficits remain in spite of all the reductions. Harvard will be a smaller place when the dust settles, with less educational and scholarly reach. It will employ fewer people and will contribute less to local and national prosperity."
What are derivatives?
While the hedge-fund market is small in comparison to derivatives, hedge funds in the U.S. are still a $1.5 trillion industry.
Hedge funds and derivatives share a common characteristic in that both were set up initially by professional investment advisers to assist them in managing the risk contained in institutional investment portfolios, including mutual-fund assets or pension funds that typically involved hundreds of millions of dollars.
One of the original ideas behind derivatives was the realization that professional money managers, including those in banks, investment companies and hedge funds, needed to make bets to offset the possibility of taking losses.
A popular form of derivative contracts was developed to permit one money manager to "swap" a stream of variable-interest payments with another money manager for a stream of fixed-interest payments.
The idea was to use derivative bets on interest rates to "hedge" or balance off the risks taken on interest-rate investments owned in the underlying portfolio.
If an institutional investment manager held $100 million in fixed-rate bonds, for example, to hedge the risk, should interest rates rise or fall in a manner different from projections, a purchase of a $100 million variable-interest-rate derivative could be constructed to cover the risk.
Whichever way interest rates went, one side to the swap might win and the other might lose.
The money manager losing the bet could expect to get paid on the derivative to compensate for some or all of the losses.
In the strong stock and mortgage markets experienced beginning in the historically low 1-percent interest-rate environments of 2003 through 2004, the number of hedge funds soared, just as the volume of derivative contracts soared from a mere $300 trillion in 2005 to the more than $600 trillion today.
Bloomberg reported the number of hedge funds tripled in the last decade to a record of 10,233 at the end of June 2008, according to the Chicago-based Hedge Fund Research Inc.
More than one-third of those funds could be "wiped out" in the economic downturn that began in December 2008, Bloomberg said.
The Bank of International Settlements in Basel, Switzerland, makes no estimate of how much of the $604 trillion in outstanding derivative contracts are today vulnerable to collapse.
Losses in derivatives played a major role in the bankruptcies of both AIG and Bear Stearns.
Related offers:
"AMERICA FOR SALE: Fighting the New World Order, Surviving a Global Depression, and Preserving USA Sovereignty."
Get "Taking America Back," Joseph Farah's manifesto for sovereignty, self-reliance and moral renewal
Subscribe to Jerome Corsi's new weekly economic newsletter, Red Alert, for one year and, for a limited time get "The Obama Nation" free. (This offer applies only to annual subscriptions for $99.)
Previous stories:
Obama ally targets 401(k) dollars
Obama to meddle with your retirement account?
China warns Obama deficit spending must stop
Economist warns of president's financial 'bubble'
Ex–Treasury official: Dump dollar
Fed begins move that could sink dollar
Economist charges Obama 'manipulating' stock market
Fed says economy even worse than thought
Unstimulated! Dow plunges 300
Trillions? Get ready for quadrillion
Stimulus still can't help Wall Street
Stocks reject Obama's plans
Fed borrowing could reach $4 trillion
Jerome R. Corsi, a Harvard Ph.D., is author of the No. 1 N.Y. Times bestsellers "The Obama Nation" and "Unfit for Command." He also authored "America for Sale" and "The Late Great USA." Along with serving as WND's senior staff reporter, Corsi is a senior managing director at Gilford Securities.
Gilford Securities, founded in 1979, is a full-service boutique investment firm headquartered in NYC providing financial services to institutional and retail clients, from investment banking and equity research to retirement planning and wealth management. The views, opinions, positions or strategies of the author are his alone, and do not necessarily reflect Gilford Securities' views, opinions, positions or strategies. Gilford Securities makes no representations as to accuracy, completeness, currentness, suitability or validity of any information herein and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.
Harvard's billions
Obama administration economic guru Larry Summers may end up being best remembered for having destroyed almost single-handedly the Harvard University endowment fund as a result of misguided instructions he gave the fund's management during his tenure as Harvard University president from 2002 to 2006.
Summers, currently director of the White House National Economic Council, called for an aggressive investment strategy in which Harvard's endowment fund engaged in risky strategies, including derivative strategies that have burdened the nation's largest university endowment with billions of dollars in toxic assets.
As a result, the Harvard endowment, which peaked at $36.9 billion in June 2008, has since lost some 30 percent of its value, dropping to $26 billion, according to Bloomberg News.
In October 2009, Harvard University paid $497.6 million to investment banks to get out from $1.1 billion in interest-rate swaps that were intended to hedge variable-rate debt for capital projects, Bloomberg reported.
In what amounted to Harvard's biggest endowment loss in 40 years, the university also agreed to pay $425 million over the next 30 to 40 years to offset an additional $764 million in credit-swap deals gone bad.
Citing failed interest-rate swaps that forced Harvard to pay banks $1 billion just to terminate the junk contracts, Bloomberg reported the Harvard endowment's investments have become so toxic that even Summers won't explain what happened during his watch.
The Boston Globe squarely put the blame on Summers' doorstep, noting he came into office with a bold vision to expand the size of its science facilities by more than a third.
Average yearly expenditures for facilities jumped from under $150 million from 1995 to 2000 at Harvard, to $495 million from 2001 to 2005, to $644 million in 2009.
"Summers told the faculty not to think small," the Globe wrote. "Its ambitions were limited only by its imagination, he said. Harvard could always come up with more money from its 'deeply loyal fans.'"
Unfortunately, deeply loyal fans and alumni with deep pockets were not enough to bail the university out from Summers' ill-advised investment advice.
Bloomberg reported that cash-strapped Harvard recently asked Massachusetts for fast-track approval to borrow $2.5 billion.
The damage done to Harvard is not limited to plans to expand the science facility into blue-collar Allston. Now, the university is faced with slashing faculty and staff.
Last year, more than 1,600 of Harvard's staff were offered early retirement, and more than 500 accepted.
"Loyal alumni have contributed generously to stanch the bleeding," the Globe wrote, "but huge deficits remain in spite of all the reductions. Harvard will be a smaller place when the dust settles, with less educational and scholarly reach. It will employ fewer people and will contribute less to local and national prosperity."
What are derivatives?
While the hedge-fund market is small in comparison to derivatives, hedge funds in the U.S. are still a $1.5 trillion industry.
Hedge funds and derivatives share a common characteristic in that both were set up initially by professional investment advisers to assist them in managing the risk contained in institutional investment portfolios, including mutual-fund assets or pension funds that typically involved hundreds of millions of dollars.
One of the original ideas behind derivatives was the realization that professional money managers, including those in banks, investment companies and hedge funds, needed to make bets to offset the possibility of taking losses.
A popular form of derivative contracts was developed to permit one money manager to "swap" a stream of variable-interest payments with another money manager for a stream of fixed-interest payments.
The idea was to use derivative bets on interest rates to "hedge" or balance off the risks taken on interest-rate investments owned in the underlying portfolio.
If an institutional investment manager held $100 million in fixed-rate bonds, for example, to hedge the risk, should interest rates rise or fall in a manner different from projections, a purchase of a $100 million variable-interest-rate derivative could be constructed to cover the risk.
Whichever way interest rates went, one side to the swap might win and the other might lose.
The money manager losing the bet could expect to get paid on the derivative to compensate for some or all of the losses.
In the strong stock and mortgage markets experienced beginning in the historically low 1-percent interest-rate environments of 2003 through 2004, the number of hedge funds soared, just as the volume of derivative contracts soared from a mere $300 trillion in 2005 to the more than $600 trillion today.
Bloomberg reported the number of hedge funds tripled in the last decade to a record of 10,233 at the end of June 2008, according to the Chicago-based Hedge Fund Research Inc.
More than one-third of those funds could be "wiped out" in the economic downturn that began in December 2008, Bloomberg said.
The Bank of International Settlements in Basel, Switzerland, makes no estimate of how much of the $604 trillion in outstanding derivative contracts are today vulnerable to collapse.
Losses in derivatives played a major role in the bankruptcies of both AIG and Bear Stearns.
Related offers:
"AMERICA FOR SALE: Fighting the New World Order, Surviving a Global Depression, and Preserving USA Sovereignty."
Get "Taking America Back," Joseph Farah's manifesto for sovereignty, self-reliance and moral renewal
Subscribe to Jerome Corsi's new weekly economic newsletter, Red Alert, for one year and, for a limited time get "The Obama Nation" free. (This offer applies only to annual subscriptions for $99.)
Previous stories:
Obama ally targets 401(k) dollars
Obama to meddle with your retirement account?
China warns Obama deficit spending must stop
Economist warns of president's financial 'bubble'
Ex–Treasury official: Dump dollar
Fed begins move that could sink dollar
Economist charges Obama 'manipulating' stock market
Fed says economy even worse than thought
Unstimulated! Dow plunges 300
Trillions? Get ready for quadrillion
Stimulus still can't help Wall Street
Stocks reject Obama's plans
Fed borrowing could reach $4 trillion
Jerome R. Corsi, a Harvard Ph.D., is author of the No. 1 N.Y. Times bestsellers "The Obama Nation" and "Unfit for Command." He also authored "America for Sale" and "The Late Great USA." Along with serving as WND's senior staff reporter, Corsi is a senior managing director at Gilford Securities.
Gilford Securities, founded in 1979, is a full-service boutique investment firm headquartered in NYC providing financial services to institutional and retail clients, from investment banking and equity research to retirement planning and wealth management. The views, opinions, positions or strategies of the author are his alone, and do not necessarily reflect Gilford Securities' views, opinions, positions or strategies. Gilford Securities makes no representations as to accuracy, completeness, currentness, suitability or validity of any information herein and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.
Friday, July 16, 2010
Distressed Short Sale Investment...Mortgage Elimination Is Here N.J. judge rules lenders must prove they hold note before they can foreclose on a property
For More Information on Mortgage Elimination Go To http://mortgagemod101.com/r426463 go to the bottom left-hand side and click on representative, Free to sign up. Join and I will be notified and send you the contract and information you'll be needing. Al Boek guidetoshortsalewealth@yahoo.com 530-549-4476 Thanks For The Visit. | ||
Monday, July 5, 2010
MORTGAGE ELIMNATION $150K Balances Owed and Above SFR Reservations Now Being Taken
RESIDENTIAL MORTGAGE ELIMINATION NOW HERE!!
Reservations now being taken... If you owe $150K or more
on your home loan contact me at:
guidetoshortsalewealth@yahoo.com
Please put ELIMINATION in subject line...
More information you should know on MORTGAGE ELIMINATION
http://www.kcsg.com/view/full_story/7816217/article-Judge-James-L--Shumate-Orders-Halt-to-Bank-of-America-Foreclosures-in-Utah?instance=home_stories1#ixzz0qBqc1rkF
http://www.irs.gov/individuals/article/0,,id=179414,00.html
Sunday, July 4, 2010
Commercial Short Sale Properties and What It Takes To Earn A Living At It.
More On This Topic Soon...
What can commercial short sales do for you?
An introduction to the rewards and problems of commercial
property short sales
What you should know about how to short sale commercial
properties what some of the gurus don't tell you could hurt you
Recently more and more authors and webmasters are offering
information about commercial short sales. You hear everything
from how they are an easy certain way to make a lot of money
and can be done very fast to people stating that they take
forever and require highly specialized knowledge.
The truth is that your mileage may vary. To be successful,
become familiar with the terms used in commercial real estate.
You may be able make the big paycheck simply by flipping
the property, but both the buyer and seller have ways of
reducing or eliminating your profit if that is your only strategy.
It would be better to line up partners or hard money, close
on the property and then market it. That way the original
note holder will not be able to limit your paycheck and the
buyer will not be able to go around you. You are most likely
dealing with experienced people in both the lender and the
buyer. They may not mind you making a relatively small fee,
but there is a good chance of them trying to keep you
from making a large profit.
What can commercial short sales do for you?
An introduction to the rewards and problems of commercial
property short sales
What you should know about how to short sale commercial
properties what some of the gurus don't tell you could hurt you
Recently more and more authors and webmasters are offering
information about commercial short sales. You hear everything
from how they are an easy certain way to make a lot of money
and can be done very fast to people stating that they take
forever and require highly specialized knowledge.
The truth is that your mileage may vary. To be successful,
become familiar with the terms used in commercial real estate.
You may be able make the big paycheck simply by flipping
the property, but both the buyer and seller have ways of
reducing or eliminating your profit if that is your only strategy.
It would be better to line up partners or hard money, close
on the property and then market it. That way the original
note holder will not be able to limit your paycheck and the
buyer will not be able to go around you. You are most likely
dealing with experienced people in both the lender and the
buyer. They may not mind you making a relatively small fee,
but there is a good chance of them trying to keep you
from making a large profit.
Wednesday, June 23, 2010
Mortgage Modifications, REO's, Short Sales and Distressed Commercial Properties
You can win in 2010 !
Mortgage Modification is trending right now on Yahoo. com
so I feel it's a great time to post on the blog our services.
If you have a personal need for mortgage modification information
and services or you have a friend or relative you'd like to help
with effective REAL/NO SCAM services we have a great program
of products and services for you. NO CHARGE .
The name of the company and mortgage mod service provider is
Mortgage Mod 101. Com JUST CLICK ON THE LINK BELOW IN
THE NEXT BLOG POST, Join, go to the back office and become an
expert at it.
This will put your name into the system and we'll be getting with
you soon, with additional income streams and training. EAB
Tuesday, June 22, 2010
COMMERICAL SHORT SALES AND THE MARKET OPPORTUNITIES_Short Sale Pro
YOUR FIRST STEP TO
SHORT SALE WEALTH
http://www.mortgagemod101.com/r426463Please make sure to
read my comment at
the bottom of this article.
Will Mark-to-Market Finally Push Distress?
Last Updated: June 22, 2010 02:07pm ET
Welcome to the new face of real estate distress: after a deep recession, with the pain particularly acute in commercial real estate, there are still few viable distressed properties or notes available for sale. In short, the deals that are being done now entail investors, such as DiamondRock, chasing after defaulted borrowers to offer capital solutions.The pickings are so slim that many investors who had originally thought they would pursue distressed opportunities are beginning to bow out, says Gary Eisenberg, a partner with Herrick, Feinstein. “Potential bidders would underwrite conservative offers and then find themselves losing by an order of magnitude,” he tells GlobeSt.com. ”There is always someone willing to pay more, it seems.”
There are a number of reasons behind this situation, starting with government policies put into place to combat the recession, explains Bruce Prigoff, Partner with Cox Castle & Nicholson. The Troubled Asset Relief Program, for instance, propped up the banks so they could continue to exist without mass closures. Also, the FDIC has placed great emphasis in selling assets through a structured transaction format in which the agency retains a majority of the ownership interests in the loans of failed institutions, coupled with substantial ultra-cheap FDIC guaranteed financing to the venture that acquires the loans in partnership with the FDIC.
Those two developments are unlikely to shift in the foreseeable future. However, a third factor— bank loan accounting rules—will change.
At the start of the crisis, loan accounting rules were changed to permit banks to carve off portions of loans in an A/B Note restructure so that the portion of the loan that could be supported by current cash flow and was not too far under water from a valuation standpoint could be held by the bank as a modified performing loan, Prigoff explains. “This allowed the banks to retain large portions of their portfolios that otherwise would have been classified as nonperforming,” he says.
Now, the Financial Accounting Standards Board is proposing a change to the accounting standards that required banks to book loans at their current market value. The rules are not an immediate panacea—they won’t go into effect until 2013 for the largest banks and 2017 for smaller institutions.
But will their eventual arrival finally lead to the traditional or typical—or, at least, market-priced—distressed deals that opportunistic investors had originally been expecting? Don’t hold your breath, Prigoff advises. “The forces weighing against clearing the cloud over the real estate market through mark-to-market accounting remain very strong…regulatory pressure to move assets of the books of the banks is rumored from time to time, but is not having great effect at this time.”
The concept that the overall economy is going to improve sufficiently to outrun the collapse in the real estate markets and allow the US government and banks to avoid massive losses is the real problem, he says. “Also, continuing to hold most of the real estate loans on the books of institutions with a low cost of capital is designed to minimize the losses that would be incurred if the assets were shifted to investors that have a high cost of capital and high yield expectations. In a market where new financing for real estate assets is scarce, the cost of capital rises dramatically when an asset is moved off a bank’s books into the hands of a third party opportunistic investor, absent bank seller subsidized financing of the purchase. Accordingly, I do not anticipate a major change in US government policy that would bring large numbers of assets to market at this time.”
Integra Realty Resources’ president and COO, Jeffrey Rogers, says more patience is required on the part of distressed investors, some of which are beginning to disband funds set up for this purpose. “Memories tend to be short, but those of us who were around during the RTC days remember that the distressed assets did not begin to flow immediately. There was a process and it took years. This real estate downturn is different in many respects, but it still takes time before distressed assets are flushed through the system,” he tells GlobeSt.com.
He also doesn’t think a change in mark-to-market accounting regulations will have much impact. “First, the proposed rules regulate when a financial institution has to recognize a loss on a loan asset. The institution is not force to sell the asset because it has lost value,” Rogers explains. “Financial institutions could still decide to keep the loans until they increase in value. They will certainly choose this option if the borrower is covering debt service.”
Comments
Posted by shortsaleprollc
Great insightful article. I have seen this trend, by my short sale
competitors which really are of no concern to us as our intention
is always to become the competition, not worry about it.
What this article tells me is it's time now for those of us that
chose to remain in these markets, which we sure in heck
intend to, is to start being surgeons instead of Mash units.
Earl Allen Boek Guild to Short Sale Wealth West Coast
530-549-4476
I intend to raise a couple of hundred million for this effort.
We have already enjoyed some success in this field and
cannot wait to become a real factor in the short sale arena.
competitors which really are of no concern to us as our intention
is always to become the competition, not worry about it.
What this article tells me is it's time now for those of us that
chose to remain in these markets, which we sure in heck
intend to, is to start being surgeons instead of Mash units.
Earl Allen Boek Guild to Short Sale Wealth West Coast
530-549-4476
I intend to raise a couple of hundred million for this effort.
We have already enjoyed some success in this field and
cannot wait to become a real factor in the short sale arena.
June 22, 2010 at 09:13 AM EDT
Thanks For The Visit. We are looking for agents 50 states
To join us, learn short sales and commercial financing,
help us find and turn over your commercial short sales
to our experienced team of attorney and Phd economist.
just click here and join, no cost or information. Once
you do you'll be given further information on getting
started in your back office. We will be in contact if and
when you get that far. Earl Allen Boek
http://www.mortgagemod101.com/r426463
Thanks For The Visit. We are looking for agents 50 states
To join us, learn short sales and commercial financing,
help us find and turn over your commercial short sales
to our experienced team of attorney and Phd economist.
just click here and join, no cost or information. Once
you do you'll be given further information on getting
started in your back office. We will be in contact if and
when you get that far. Earl Allen Boek
http://www.mortgagemod101.com/r426463
Saturday, June 19, 2010
Brown Issues Warning about Rise of Short Sale Fraud | Jerry Brown 2010
CLICK HERE FOR LINK TO WARNING.......
Note: We are involved with a company that does residential Short Sale
and provides debt and mortgage mod services called Mortgage Mod
101. Those doing these transactions on behalf of our finder agents are
licensed and certified in the states they provide services. All fifty to
my knowledge.
Although this blog is dedicated primary to short sale COMMERCIAL
projects I posted our California Attorney General's Warning to
homeowners here as a public service. Lots of good info at this link,
including who in California to report to if someone scams you using
any of these methods. EARL ALLEN BOEK
CLICK HERE FOR LINK TO WARNING.......
Note: We are involved with a company that does residential Short Sale
and provides debt and mortgage mod services called Mortgage Mod
101. Those doing these transactions on behalf of our finder agents are
licensed and certified in the states they provide services. All fifty to
my knowledge.
Although this blog is dedicated primary to short sale COMMERCIAL
projects I posted our California Attorney General's Warning to
homeowners here as a public service. Lots of good info at this link,
including who in California to report to if someone scams you using
any of these methods. EARL ALLEN BOEK
Wednesday, June 2, 2010
FORECLOSURE ASSISTANCE, LOAD MODIFICATIONS AND ELIMINATIONS
Mortgage foreclosure program on the rocks
TEXT SIZE 
The Intelligencer
The Bucks County Mortgage Foreclosure Diversion Program has worked with hundreds of clients since August but the outcome of that assistance is unclear.
A program that aims to stem the tide of residential mortgage foreclosures in Bucks County by helping homeowners negotiate with lenders has served more than a quarter of residents targeted in a foreclosure action since July.
However, a lack of funding and dedicated staff for the program have prevented the accurate tracking of outcomes in those cases and may imperil its future as foreclosure filings continue to rise.
The Bucks County Mortgage Foreclosure Diversion Program was created at the urging of legal aid and credit counseling agencies last August. In an order by President Judge Susan Devlin Scott, lenders who file foreclosure actions in Bucks County court are required to participate in mediation with homeowners.
Homeowners are notified of the program when they receive a foreclosure notice and urged to call a hotline where they are referred to legal aid and credit counseling services if they are financially eligible. Unlike Philadelphia's foreclosure diversion program, which requires both homeowners and lenders to sit down and talk, Bucks County's requires homeowners to opt in.
"I think an opt-in program is much more suited to Bucks County. I think people in Bucks will take responsibility to do it for themselves," Scott said, noting that when a person is invested in the outcome of mediation, it is more likely to succeed.
"You can't just have something handed to you. I think you have to have a commitment," Scott said.
Out of 1,992 foreclosure actions filed in Bucks County Court between July and April, 516 defendants have taken advantage of the program at least to the point of scheduling conferences with attorneys for the bank or mortgage company. In 418 cases, conferences were actually held, but the outcome of many cases is unclear.
Marie Runkle, a judicial secretary who administers the diversion program, said the volunteer mediators who oversee the negotiations are not required to report the nature of a settlement and the court orders filed to withdraw a foreclosure action do not list a reason.
Runkle, whose responsibilities include secretarial duties for the county's senior judges, said the court lacks the manpower to conclusively track the outcome of each case.
Douglas R. Praul said the court has sought a grant through Congressman Patrick Murphy's office for the last two years. The request was denied in 2009 and the court's 2010 application is still pending.
"We are trying as best as we can to give the back office support to keep this program going on a very limited budget," Praul said. "We're taking people out of their regular jobs to keep this thing going."
Praul said the court did discuss the possibility of additional funding from the county for the foreclosure diversion program.
"The decision was that we would do what we did until they could find money to support additional people," he said.
Although the program is scheduled to end at the close of the year, the timing was based on a projection that mortgage foreclosure rates would decline.
Recent data indicates the number of foreclosure filings is continuing to rise. The number has climbed from 186 in July to 231 in April with only two dips in November and January.
"If the grant doesn't come through, I don't know how much longer we can limp along," Praul said.
According to the Bucks County Sheriff's Office, in the first five months of this year, 251 homes have been sold at sheriff's sale - the ultimate result of foreclosure actions where efforts to intervene are absent or fail. In comparison, 160 homes were sold at sheriff's sale during January through May 2009.
Barbara Lyons, a Doylestown attorney who said she has served as the mediator in more than 300 cases, told the Bucks County Commissioners in a presentation last month that only 11 cases filed since July have proceeded into foreclosure. But because a homeowner has avoided foreclosure doesn't mean that they will be able to stay in their home.
YOUR HOME LOAN CAN BE MODIFIED OR EVEN ELIMINATED FIND OUT HOW HERE
"We would encourage everyone to at least see if they qualify or there is some loan modification program that can keep them in their homes," Lyons said.
But in some cases, a homeowner who is unemployed or underemployed and has no immediate prospect of increasing his or her income simply does not have the money to pay a mortgage. In those cases, lenders are willing to work out an alternative to foreclosure, Lyons said.
"Rather than the homeowners being evicted with the sheriff at the door, they're saying we'll work with you to sell the home," Lyons said. "We're seeing some very realistic and compassionate folks on the lending side of the table."
Mortgage companies will allow homeowners to stay in their homes while they list the property for sale and in some cases allow the owner to sell the property for less than the balance of the loan.
In many cases, Lyons said, even when the homeowner loses his or her home the process itself provides a degree of relief.
"Even though they don't get what they wanted, they are heard and they know they've done everything they can do," she said.
Paula Powers, a counselor with the nonprofit Credit Counseling Center in Richboro, said about half of the cases in which she has provided credit counseling for homeowners in the foreclosure diversion program have resulted in an alternative to a sheriffs sale.
Some lawyers who have represented homeowners in the mediation process said that while the program is valuable because it forces lenders to listen to homeowners, many lenders appear unwilling or unable to reach resolutions that keep homeowners in their homes.
Josh Goldblum, a Philadelphia bankruptcy attorney, said many banks aren't set up to handle the number of loan modification applications they are receiving.
"Everyone is limited by the ability of the mortgage companies to make adjustments," he said.
He added that any adjustment that the bank agrees to is voluntary.
Jeff McCullough, a Doylestown attorney, said the inability of mediators to require loan modifications makes the process one of forestalling the foreclosure.
"There is no doubt that the program is slowing down the process of foreclosure. Is it achieving permanent loan modifications? I haven't seen it yet," McCullough said.
But Ersula Cosby, a Langhorne attorney, said the goal of the program should not be to keep everyone who faces foreclosure in his or her home.
"It is delaying the process of foreclosure and it's giving people a chance to get things together and work things out. So in that sense it is helpful," she said.
Michael McKeever, a Philadelphia attorney who represents lenders in foreclosure actions, said most lenders are willing to accept a delay of three or four months to give a homeowner a second chance. McKeever said banks would prefer to avoid foreclosure because they don't want to become responsible for properties.
When homeowners lose their homes in a sheriff's sale or simply walk away, the house becomes a liability susceptible to falling into disrepair, vandalism and other illegal activity, McKeever said.
He acknowledged that loan modifications are not the most common outcome, but he added that when a homeowner does secure a modification, it is because the diversion program has simply improved communication between the parties.
"Let's have the discussion, figure out what we have in common and see if we can resolve it based on that," McKeever said.
Peter Hall can be reached at 215-345-3067 or phall@phillyBurbs.com
A program that aims to stem the tide of residential mortgage foreclosures in Bucks County by helping homeowners negotiate with lenders has served more than a quarter of residents targeted in a foreclosure action since July.
However, a lack of funding and dedicated staff for the program have prevented the accurate tracking of outcomes in those cases and may imperil its future as foreclosure filings continue to rise.
The Bucks County Mortgage Foreclosure Diversion Program was created at the urging of legal aid and credit counseling agencies last August. In an order by President Judge Susan Devlin Scott, lenders who file foreclosure actions in Bucks County court are required to participate in mediation with homeowners.
Homeowners are notified of the program when they receive a foreclosure notice and urged to call a hotline where they are referred to legal aid and credit counseling services if they are financially eligible. Unlike Philadelphia's foreclosure diversion program, which requires both homeowners and lenders to sit down and talk, Bucks County's requires homeowners to opt in.
"I think an opt-in program is much more suited to Bucks County. I think people in Bucks will take responsibility to do it for themselves," Scott said, noting that when a person is invested in the outcome of mediation, it is more likely to succeed.
"You can't just have something handed to you. I think you have to have a commitment," Scott said.
Out of 1,992 foreclosure actions filed in Bucks County Court between July and April, 516 defendants have taken advantage of the program at least to the point of scheduling conferences with attorneys for the bank or mortgage company. In 418 cases, conferences were actually held, but the outcome of many cases is unclear.
Marie Runkle, a judicial secretary who administers the diversion program, said the volunteer mediators who oversee the negotiations are not required to report the nature of a settlement and the court orders filed to withdraw a foreclosure action do not list a reason.
Runkle, whose responsibilities include secretarial duties for the county's senior judges, said the court lacks the manpower to conclusively track the outcome of each case.
Douglas R. Praul said the court has sought a grant through Congressman Patrick Murphy's office for the last two years. The request was denied in 2009 and the court's 2010 application is still pending.
"We are trying as best as we can to give the back office support to keep this program going on a very limited budget," Praul said. "We're taking people out of their regular jobs to keep this thing going."
Praul said the court did discuss the possibility of additional funding from the county for the foreclosure diversion program.
"The decision was that we would do what we did until they could find money to support additional people," he said.
Although the program is scheduled to end at the close of the year, the timing was based on a projection that mortgage foreclosure rates would decline.
Recent data indicates the number of foreclosure filings is continuing to rise. The number has climbed from 186 in July to 231 in April with only two dips in November and January.
"If the grant doesn't come through, I don't know how much longer we can limp along," Praul said.
According to the Bucks County Sheriff's Office, in the first five months of this year, 251 homes have been sold at sheriff's sale - the ultimate result of foreclosure actions where efforts to intervene are absent or fail. In comparison, 160 homes were sold at sheriff's sale during January through May 2009.
Barbara Lyons, a Doylestown attorney who said she has served as the mediator in more than 300 cases, told the Bucks County Commissioners in a presentation last month that only 11 cases filed since July have proceeded into foreclosure. But because a homeowner has avoided foreclosure doesn't mean that they will be able to stay in their home.
"We would encourage everyone to at least see if they qualify or there is some loan modification program that can keep them in their homes," Lyons said.
But in some cases, a homeowner who is unemployed or underemployed and has no immediate prospect of increasing his or her income simply does not have the money to pay a mortgage. In those cases, lenders are willing to work out an alternative to foreclosure, Lyons said.
"Rather than the homeowners being evicted with the sheriff at the door, they're saying we'll work with you to sell the home," Lyons said. "We're seeing some very realistic and compassionate folks on the lending side of the table."
Mortgage companies will allow homeowners to stay in their homes while they list the property for sale and in some cases allow the owner to sell the property for less than the balance of the loan.
In many cases, Lyons said, even when the homeowner loses his or her home the process itself provides a degree of relief.
"Even though they don't get what they wanted, they are heard and they know they've done everything they can do," she said.
Paula Powers, a counselor with the nonprofit Credit Counseling Center in Richboro, said about half of the cases in which she has provided credit counseling for homeowners in the foreclosure diversion program have resulted in an alternative to a sheriffs sale.
Some lawyers who have represented homeowners in the mediation process said that while the program is valuable because it forces lenders to listen to homeowners, many lenders appear unwilling or unable to reach resolutions that keep homeowners in their homes.
Josh Goldblum, a Philadelphia bankruptcy attorney, said many banks aren't set up to handle the number of loan modification applications they are receiving.
"Everyone is limited by the ability of the mortgage companies to make adjustments," he said.
He added that any adjustment that the bank agrees to is voluntary.
Jeff McCullough, a Doylestown attorney, said the inability of mediators to require loan modifications makes the process one of forestalling the foreclosure.
"There is no doubt that the program is slowing down the process of foreclosure. Is it achieving permanent loan modifications? I haven't seen it yet," McCullough said.
But Ersula Cosby, a Langhorne attorney, said the goal of the program should not be to keep everyone who faces foreclosure in his or her home.
"It is delaying the process of foreclosure and it's giving people a chance to get things together and work things out. So in that sense it is helpful," she said.
Michael McKeever, a Philadelphia attorney who represents lenders in foreclosure actions, said most lenders are willing to accept a delay of three or four months to give a homeowner a second chance. McKeever said banks would prefer to avoid foreclosure because they don't want to become responsible for properties.
When homeowners lose their homes in a sheriff's sale or simply walk away, the house becomes a liability susceptible to falling into disrepair, vandalism and other illegal activity, McKeever said.
He acknowledged that loan modifications are not the most common outcome, but he added that when a homeowner does secure a modification, it is because the diversion program has simply improved communication between the parties.
"Let's have the discussion, figure out what we have in common and see if we can resolve it based on that," McKeever said.
Peter Hall can be reached at 215-345-3067 or phall@phillyBurbs.com
June 02, 2010 02:41 AM
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