Saturday, March 10, 2012
The nation's largest private prison corporation sued a South Florida town this week, arguing that city officials are trying to "disrupt and derail" plans to build one of nation's largest immigrant-detention centers northwest of Miami.
Corrections Corporation of America's federal lawsuit claims that city officials in Pembroke Pines, Fla., are interfering with the company's "advantageous business relationship" with federal immigration authorities. Corrections Corp. reached a tentative deal with U.S. Immigration and Customs Enforcement last summer to build a 1,500-bed detention facility in Southwest Ranches, a quiet suburban enclave near the Everglades.
But residents and immigrant-rights groups have waged a battle against the company and elected officials who support construction of the jail.
All must kneel before our privatizing overlords. Apparently not everybody is falling in line, though. How inconvenient.
"Since 2010, 270 churches have been sold after defaulting on their loans, with 90 percent of those sales coming after a lender-triggered foreclosure, according to the real estate information company CoStar Group.
In 2011, 138 churches were sold by banks, an annual record, with no sign that these religious foreclosures are abating, according to CoStar. That compares to just 24 sales in 2008 and only a handful in the decade before.
The church foreclosures have hit all denominations across America, black and white, but with small to medium size houses of worship the worst. Most of these institutions have ended up being purchased by other churches.
The highest percentage have occurred in some of the states hardest hit by the home foreclosure crisis: California, Georgia, Florida and Michigan."
Friday, March 09, 2012
"Harrisburg (9661MF), Pennsylvania’s insolvent capital, says it will miss general-obligation bond payments for the first time next week as its receiver seeks approval for a plan to sell assets.
The city, carrying a debt load of more than five times its general-fund budget, will miss $5.27 million in bond payments due March 15 on $51.5 million of bonds issued in 1997, according to a notice its receiver posted on the Electronic Municipal Market Access system, a database for filings by debt issuers."
Harrisburg was not allowed to go bankrupt under Chapter 9. Instead the city's finances were put in the hands of a receiver. And now all kinds of bad things loom on the horizon for the city and its employees.
Wednesday, March 07, 2012
Eggleston also feels he's being a victim because there are other signs in the neighborhood—political signs that no one's asked for to be taken down.
Saahir said those homeowners have received similar letters to take down their signs, but short of police showing up or a court order, Eggleston said he won't be taking down his soldier.
"I'm going to leave it up until somebody of a higher authority than a homeowner's president tells me to take it down."
Like I was saying a few months ago here, HOAs aren't viewed by some as legitimate forms of local government but rather nebbish neighbors with too much time on their hands. And more bad media coverage for Privatopia in this latest kerfuffle over patriotic displays. Film at 10.
Tuesday, March 06, 2012
The End of Ownership: Why Aren't Young People Buying More Houses? - Derek Thompson - Business - The Atlantic
Fewer young people are finding jobs. Fewer young people are getting married. Fewer young people are buying homes.
A trillion dollars in student loan debt is one reason. Add in the unfolding disaster that is the housing market. How can anybody expect them to go out and get married, buy a house, and have kids? Rick Santorum would no doubt blame it on single mothers.
Sunday, March 04, 2012
Slightly used, but still serviceable.
In addition, states and municipalities have grown more aggressive in the last few months in trying to force banks to maintain foreclosed properties, which have become blights on neighborhoods from coast to coast. Last month, lawmakers in Florida and courts in New York considered new ways to require lenders to alter loans to keep people in their homes or complete foreclosures more quickly.“Under normal circumstances, the banks would be able to cover the cost of maintenance, upkeep and property taxes by just reselling the property, but these are desperate times, and banks are resorting to somewhat desperate measures in some cases,” said Daren Blomquist, a vice president at RealtyTrac, a real estate analysis firm. “It is more of a factor now because property values have come down and will not cover all these costs when the banks resell the property, if they can resell the property.
Foreclosure loses its utility when lenders can't make the numbers pencil out and leaving the homeowner in place can stave off local governments targeting REOs that aren't being maintained.