As more Americans live in smaller homes or are forced to move in with family and friends, they need ways to fit more stuff in less space. These products, on display at the International Home & Housewares Show in Chicago, can help. Amy Hoak reports.Vacation Properties Loans and Mortgages Household Moving House Plans
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The President says that thanks to our men and women in uniform, the military mission in Libya is succeeding even as responsibility is transferred to our NATO allies and partners.
Read the transcript | Download mp4 | Download mp3
Source: http://www.whitehouse.gov/blog/2011/03/26/weekly-address-military-mission-libya
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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 18, 2011.
The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a falling mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out lower monthly payments. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (may boost consumer spending. Also allows debtors to pay down personal liabilities faster). A trend of declining purchase applications implies home buyer demand is shrinking.
Excerpts from the Release...
The Market Composite Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.8 percent compared with the previous week.
The Refinance Index increased 2.7 percent from the previous week. The four week moving average is up 3.3 percent. The refinance share of mortgage activity remained constant at 66.4 percent of total applications.
The seasonally adjusted Purchase Index increased 2.7 percent from one week earlier. The unadjusted Purchase Index increased 3.0 percent compared with the previous week and was 15.3 percent lower than the same week one year ago. The four week moving average is up 1.0 percent.
"Recently lower mortgage rates have failed to bring potential refinance candidates off the fence" said MND's Managing Editor Adam Quinones. "This isn't a big surprise as most qualified borrowers simply don't have an incentive to refinance because they already did last year when rates were near record lows. Other than that, qualification issues continue to prevent many folks from lowering their monthly payment. We do however expect a modest increase in purchase activity heading into the spring buying season."
...(read more)
Source: http://www.mortgagenewsdaily.com/03232011_mba_applications.asp
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Cross-posted from HealthCare.gov.
If you or a loved one has ever had the unfortunate experience of having a chronic or serious illness, you’ve experienced the frustration of our fragmented health care system. Just when you are feeling your worst, there you are in the doctor’s office or hospital room, repeating the same information time and time again, sitting through the same medical test more than once, and trying to track down lost or unavailable medical charts. These are all aspects of our current health care system we could each do without.
This can be a particular problem for the more than half of Medicare beneficiaries with five or more chronic conditions such as diabetes, arthritis, and kidney disease. These patients often receive care from multiple physicians and in multiple sites. A failure to coordinate care can lead to patients not getting the care they need or receiving duplicative care. This lack of coordination also increases their risk of suffering medical errors, such as receiving prescriptions for medications that ought not to be taken together. It can also cause complications that lead to needless hospital stays. Nearly one in five Medicare patients discharged from the hospital is readmitted within 30 days – a readmission many patients could have avoided if their care outside of the hospital had been better coordinated.
Source: http://www.whitehouse.gov/blog/2011/03/31/improving-care-people-medicare
Welcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Avenue. This week, President Obama remained focused on Libya, receiving secure communications from his national security team as the first family visited Latin America. The President made stops in Brazil, Chile, and El Salvador to promote American exports and economic cooperation among the neighbors in our hemisphere.
Source: http://www.whitehouse.gov/blog/2011/03/25/west-wing-week-oconus-ii-mamalluca
Vacation Properties Loans and Mortgages Household Moving House Plans
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=28027454
Most Expensive Homes Luxury Home Prices Mortgage Rescue Scams Real Estate
Reform of the nation's housing system is picking up steam, with one regulatory agency set to vote on risk retention exemptions on Tuesday, multiple hearings about the future face of housing underway on Capitol Hill, and the administration on record with its broad outline for change. But, with everything else going on at home and abroad there has been very little media attention to the topic and reform could very well come to public attention as an accomplished fact.
There are however stakeholders who are getting nervous that this forward progress is taking place in a vacuum and that ideologies (take your pick) will ultimately triumph over the industry's interests. For the second time in a week we have seen statements issued from trade associations strongly hinting that they believe they should be sitting at the table. Last week it was Securities Industry and Financial Markets Association and The Community Banking Mortgage Project. Today sixteen associations, including the two just mentioned, have come together to draft "Principles for Restoring Stability to the Nations Housing Finance System," and, yes, suggesting they should be included in determining the outcome.
The Mortgage Bankers Association (MBA) today released a document intended to help policymakers reform and repair the nation's housing finance system. "Central to the principles," the release said, "are the concepts that housing, through homeownership or rental, should be a national policy priority, private capital must be the dominant source of mortgage credit but that a predictable government role is necessary, and changes to the mortgage finance system must be done carefully."
The four principals set forth in the document are:
...(read more)
Source: http://www.mortgagenewsdaily.com/03282011_housing_finance_reform.asp
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Housing Starts President Obama Hope for home owners Fannie Mae
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=28170569
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Luxury Home Prices Mortgage Rescue Scams Real Estate Vacation Properties
Earlier this month I had the great opportunity to address the national meeting of the American Student Association of Community Colleges (ASACC) in Washington, DC. ASACC’s student members are America’s future leaders, and they were in Washington to help spread the word about community colleges among policymakers and their elected representatives. Their energy and enthusiasm were infectious. Community colleges are an important part of America’s higher education system, and they are also where a majority of Latinos and other minorities who are traditionally underserved by higher education are now reaching for a college degree in ever-greater numbers.
At the Department of Education, we know that community colleges play an important role in strengthening the American workforce, which is why we recently launched a series of Regional Community College Summits. However, community colleges are just one part of America’s education system, and under the dynamic leadership of Secretary Duncan, we are transforming the face of all American education.
Source: http://www.whitehouse.gov/blog/2011/03/29/america-s-future-leaders
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U.S. Poet Laureate W.S. Merwin finds inspiration for his poems in his own backyard: a 19-acre palm forest on the island of Maui in Hawaii. WSJ reporter Julia Flynn Siler tours the grounds.Source:
http://online.wsj.com/video/ws-merwin-from-poetry-to-palms/E731AC5E-527E-42FD-8F0B-A4DC7CA72783.html
Source: http://www.homefinder.com/news/opening-doors/2011/02/09/open-house-tips/
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Still not exactly sure what House Republicans will offer next week in their budget, though some are still expecting a voucher program, as I mentioned in my last post.
Today House Majority Leader Eric Cantor offered his views in a briefing for reporters:
"Most of us 54 and younger are not going to be able to enjoy the same type of programs that are in existence now. There have to be changes. The numbers just don't add up."
Source: http://www.pbs.org/nbr/blog/2011/03/update_on_medicare_and_voucher.html
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This week, we’re celebrating the one year anniversary of the Affordable Care Act, a historic advancement for the health care of women and their families. Without this historic piece of legislation, insurance companies could continue to deny coverage to women due to pre-existing conditions, such as cancer and pregnancy. Women could continue to be charged more than men for insurance, simply because of their gender. And, too many women and families could continue to go without the affordable, quality care they deserved. Thanks to the Affordable Care Act, that’s all changing.
Under the law, insurance companies are already banned from denying coverage to children because of a pre-existing condition. In 2014, it will be illegal for insurance companies to discriminate against anyone with a pre-existing condition.
As a single mom of a twenty-five year old daughter, I understand the uncertainty that many families face as their children try to enter the workforce during these tough economic times. Before the Affordable Care Act, children could be left uninsured, as soon as they graduated from college, while searching for work. Under the Act’s new provisions, children can stay on their parents’ heath care plans until they turn twenty-six. This rule applies in almost all cases, regardless of whether your child is living at home, enrolled in school, or a married college graduate.
Source: http://www.whitehouse.gov/blog/2011/03/24/celebrating-one-year-anniversary-affordable-care-act
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Economy Interest Rates Celebrity Foreclosures Most Expensive Homes
Source: http://realestate.msn.com/slideshow.aspx?cp-documentid=28109183
Housing Starts President Obama Hope for home owners Fannie Mae
On March 11, 2011, President Obama directed the Department of the Interior (DOI) to determine the acreage of public lands (onshore and offshore) that have been leased to oil and gas companies and remain undeveloped, noting that companies should be encouraged to produce energy from leases that they are holding. Today, the results are in.
The report reaches several important conclusions: first, although the Department of Interior has made available significant acreage for resource development over the past two years, substantial acreage has not been leased by industry. Secondly, there are tens of millions of acres that are currently under lease that remain idle. Because these areas are not undergoing exploration, development, or production, taxpayers are not getting the full advantage of America’s resource potential. When it comes to onshore oil and gas development, nearly 57 percent of all leased acres are inactive – meaning they are neither being explored nor developed. In total, 22 million leased onshore acres – acres already in the hands of oil and gas companies – are not being used. That’s roughly the size of Indiana.
Source: http://www.whitehouse.gov/blog/2011/03/29/results-are-drilling-down-unused-leases
Real Estate Vacation Properties Loans and Mortgages Household Moving
From a restored mansion in Westchester County to a European-inspired home in Chappaqua, here's a look at the top four homes in the region featured in the Wall Street Journal in February. Please vote for your favorite one.Source:
http://online.wsj.com/video/the-best-ny-houses-of-february/9322D087-76E3-41C6-85EF-96258D9669C6.html
Source: http://feedproxy.google.com/~r/inmannews/~3/DBQpc_ZjlSc/best-practices-qr-codes-in-real-estate
Housing Starts President Obama Hope for home owners Fannie Mae
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The housing bust has more Americans turning to the apartment market, Rent.com President Peggy Abkemeier-Alford tells Dow Jones' Dawn Wotapka.Source:
http://online.wsj.com/video/the-changing-american-dream/ADABAB6E-9A7F-4DAE-A8CC-A64512C6B7E4.html
Waterfront Homes Real Estate Agent Foreclosure Homes Realty Market
In the video-taped remarks, President Obama sent an important and very clear message today to President Alassane Ouattara, Laurent Gbagbo, and the people of Cote d’Ivoire: the United States recognizes President Ouattara as the rightful leader of Cote d’Ivoire and calls on Laurent Gbagbo to step aside in the best interests of the country and its people. Cote d’Ivoire should—and can—be one of Africa’s success stories, with a thriving economy, a rich history, and a vibrant democracy.
President Obama has been focused on the situation in Cote d’Ivoire for some time. During his town hall with young African leaders at the White House last August, he spoke with a young Ivoirian participant and said that “Africa’s future also belongs to societies that protect the rights of all its people, especially its women." He declared that “the United States of America will stand with you as you seek justice and progress and human rights and dignity of all people.” That statement is even more important today as the violence against unarmed civilians has increased, raising fears that the country could descend into civil war. President Obama has strongly condemned the continuing acts of violence against unarmed civilians, particularly women, and calls on all leaders to reject violence.
Source: http://www.whitehouse.gov/blog/2011/03/25/president-obama-s-message-people-cote-d-ivoire
Yesterday, Director of the National Economic Council, Gene Sperling and SBA Administrator, Karen Mills, along with Fast Company Editor Nancy Cook, hosted a live chat to answer your questions about the Startup America initiative and ways to reduce burdens to entrepreneurship and innovation. The White House launched the Startup America initiative to celebrate, inspire and accelerate high-growth entrepreneurship around the country. As part of the effort, senior Administration officials are traveling around the country for Startup America: Reducing Barriers Roundtables.
Check out the full video below or skip to the questions you're interested in by using the links below:
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Home Sales Outlook Housing Starts President Obama Hope for home owners
As the President lays out the State of the Union, I thought this would provide some useful background:
$398 billion. R&D spending in the United States. The U.S. Accounts for about 1/3 of global R&D. China about 10%.
36.5 million. Number of workers who are unemployed, working part-time for economic reasons, discouraged or marginally attached to the labor force.
23%. Percentage of homeowners with mortgages who owe more than their homes are worth.
4th. U.S. ranking in global competitiveness according to the World Economic Forum.
Last President to talk about "competitiveness" in a state of the union speech: George W. Bush.
10%. Share of GDP devoted to federal health programs by 2035. Share today: 5%.
144% Greek public debt as a share of GDP. U.S. public debt as share of GDP: 59%
Home Sales Outlook Housing Starts President Obama Hope for home owners
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Commercial & Investment Homes Foreclosures Home Sales Outlook
As the President lays out the State of the Union, I thought this would provide some useful background:
$398 billion. R&D spending in the United States. The U.S. Accounts for about 1/3 of global R&D. China about 10%.
36.5 million. Number of workers who are unemployed, working part-time for economic reasons, discouraged or marginally attached to the labor force.
23%. Percentage of homeowners with mortgages who owe more than their homes are worth.
4th. U.S. ranking in global competitiveness according to the World Economic Forum.
Last President to talk about "competitiveness" in a state of the union speech: George W. Bush.
10%. Share of GDP devoted to federal health programs by 2035. Share today: 5%.
144% Greek public debt as a share of GDP. U.S. public debt as share of GDP: 59%
Home Sales Outlook Housing Starts President Obama Hope for home owners
Source: http://www.voanews.com/english/news/Syrias-Cabinet-Resigns-Amid-Protests---118836184.html
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President Obama released the following statement on the bombing in Jerusalem today:
I condemn in the strongest possible terms the bombing in Jerusalem today, as well as the rockets and mortars fired from Gaza in recent days. Together with the American people, I offer my deepest condolences for those injured or killed. There is never any possible justification for terrorism. The United States calls on the groups responsible to end these attacks at once and we underscore that Israel, like all nations, has a right to self-defense. We also express our deepest condolences for the deaths of Palestinian civilians in Gaza yesterday. We stress the importance of calm and urge all parties to do everything in their power to prevent further violence and civilian casualties.
Source: http://www.whitehouse.gov/blog/2011/03/23/statement-president-bombing-jerusalem
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The Office of the Comptroller of the Currency, Treasury, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), U.S.Securities and Exchange Commission; Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) have released a proposal to define Qualified Residential Mortgages (QRM). QRMs are home loans that will be exempt from the requirement that mortgage lenders retain a 5 percent share of each loan they originate that is packaged for securitization - keeping "skin in the game."
The Dodd-Frank financial reform bill already identified loans guaranteed or originated through FHA, VA, and USDA as qualified for exemption but left other products, including loans written by Fannie Mae and Freddie Mac, up to federal regulators to determine. Under the proposed definition released today, Fannie Mae and Freddie Mac will indeed be exempt from risk retention regs at least while the GSEs are under government control. When/If Fannie and Freddie are released from conservatorship their exemption status will be revisited. For non-agency loans to meet the QRM definition and avoid being subject to risk retention regs, they must have down payments of 20% or more and DTI of 28% / 36% or less. Also, QRMs will not include products that add complexity and risk to mortgage loans, such as terms permitting negative amortization, interest-only payments, or programs with significant payment shock potential.
...(read more)
Source: http://www.mortgagenewsdaily.com/03292011_risk_retention_qrm.asp
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One of the greatest challenges facing our country is the coming retirement of more than 1 million baby-boomer teachers. This challenge has presented us with a once in a lifetime opportunity to help reshape education in America by recruiting and training the next generation of great American teachers.
Teaching is a rewarding and challenging profession where you can make a lasting impact. Teachers have a positive influence on students, schools, and communities, now and into the future. Schools across the nation are in need of a diverse set of talented teachers, especially in our big cities and rural areas, and especially in the areas of Math, Science, Technology, Special Education, and English Language Learning.
That’s why the department launched the TEACH campaign -- a bold new initiative to inspire and empower the most talented and dedicated Americans to become teachers. We know that next to parental support, there is nothing more important to a child’s education than the quality of his or her teachers.
Source: http://www.whitehouse.gov/blog/2011/03/28/changing-face-american-education
This past Wednesday, I attended the Department of Education’s third of four regional community college summits at Ivy Tech Community College in Indianapolis. These summits are being held across the country to follow up on the first-ever White House Summit on Community Colleges hosted by the President and Dr. Biden at the White House last October. As Dr. Biden said then, the White House Summit was only the beginning of our national outreach and efforts to demonstrate how community colleges are critical to educating the best, most competitive workforce in the world.
This week’s summit focused on the ways community colleges are partnering with businesses across the country to develop training and education programs that meet business and regional economic needs. Participants heard from several industry representatives about how they value a community college education, and how they are working to make sure their employees succeed both in the workplace and in the classroom.
Undersecretary of Education Martha Kanter speaks at this week?s regional community college summit.
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This past Wednesday, I attended the Department of Education’s third of four regional community college summits at Ivy Tech Community College in Indianapolis. These summits are being held across the country to follow up on the first-ever White House Summit on Community Colleges hosted by the President and Dr. Biden at the White House last October. As Dr. Biden said then, the White House Summit was only the beginning of our national outreach and efforts to demonstrate how community colleges are critical to educating the best, most competitive workforce in the world.
This week’s summit focused on the ways community colleges are partnering with businesses across the country to develop training and education programs that meet business and regional economic needs. Participants heard from several industry representatives about how they value a community college education, and how they are working to make sure their employees succeed both in the workplace and in the classroom.
Undersecretary of Education Martha Kanter speaks at this week?s regional community college summit.
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The President issued the following statement this afternoon:
Michelle and I were saddened to learn about the passing of Geraldine Ferraro. Geraldine will forever be remembered as a trailblazer who broke down barriers for women, and Americans of all backgrounds and walks of life. Whether it was as a public school teacher, assistant district attorney, Member of Congress, or candidate for Vice President, Geraldine fought to uphold America's founding ideals of equality, justice, and opportunity for all. And as our Ambassador to the UN Human Rights Commission, she stood up for those ideals around the world. Sasha and Malia will grow up in a more equal America because of the life Geraldine Ferraro chose to live. Our thoughts and prayers go out to her husband, John Zaccaro, her children and grandchildren, and their entire family.
Source: http://www.whitehouse.gov/blog/2011/03/26/president-obama-passing-geraldine-ferraro
Reform of the nation's housing system is picking up steam, with one regulatory agency set to vote on risk retention exemptions on Tuesday, multiple hearings about the future face of housing underway on Capitol Hill, and the administration on record with its broad outline for change. But, with everything else going on at home and abroad there has been very little media attention to the topic and reform could very well come to public attention as an accomplished fact.
There are however stakeholders who are getting nervous that this forward progress is taking place in a vacuum and that ideologies (take your pick) will ultimately triumph over the industry's interests. For the second time in a week we have seen statements issued from trade associations strongly hinting that they believe they should be sitting at the table. Last week it was Securities Industry and Financial Markets Association and The Community Banking Mortgage Project. Today sixteen associations, including the two just mentioned, have come together to draft "Principles for Restoring Stability to the Nations Housing Finance System," and, yes, suggesting they should be included in determining the outcome.
The Mortgage Bankers Association (MBA) today released a document intended to help policymakers reform and repair the nation's housing finance system. "Central to the principles," the release said, "are the concepts that housing, through homeownership or rental, should be a national policy priority, private capital must be the dominant source of mortgage credit but that a predictable government role is necessary, and changes to the mortgage finance system must be done carefully."
The four principals set forth in the document are:
...(read more)Source: http://www.mortgagenewsdaily.com/03282011_housing_finance_reform.asp
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Loans and Mortgages Household Moving House Plans Home Warranties
Amidst so many crises and tragedies around the world, there was one unequivocal step forward for the human rights of all people today. The UN gave a pivotal recognition to the rights of LGBT persons around the world, a move the US pushed hard to build the consensus for as Press Secretary Jay Carney said in a statement just out:
President Obama believes that advancing the human rights of minorities and the marginalized is a fundamental American value. The President was pleased to announce during his trip to Brazil that he and President Rousseff agreed to promote respect for the human rights of lesbian, gay, bisexual and transgender individuals through the establishment of a special rapporteur on LGBT issues at the Organization of American States. This special rapporteur will be the first of its kind in the international system.
Over the past months our diplomats have been engaged in frank, and at times difficult, conversations about the human rights of LGBT persons with governments from around world. This morning, at the United Nations Human Rights Council, some 85 countries joined the United States in reaffirming our joint commitment to end acts of violence and human rights abuses on the basis of sexual orientation and gender identity. The President is proud of the work we have done to build international consensus on this critical issue and is committed to continuing our determined efforts to advance the human rights of all people, regardless of their sexual orientation or gender identity.
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The National Association of Realtors® (NAR) released its February Pending Home Sales Index (PHSI) Monday. The index is a leading indicator for the housing sector; it measures sales activity based on sales of single-family homes, coops and condos where contracts have been signed but the transactions have not closed.
According to the data, pending home sales increased in February but with notable regional variations. The national Index rose 2.1 percent to 90.8 in February compared to 88.9 in January. This, however, is a drop of 8.2 percent from the Index figures in February 2010.
Data comes from a large national sample which represents about 20 percent of existing-home sale transactions. The index is derived from a base of 100 representing the average level of contract activity during 2001, the year the index was established. NAR notes that base year coincided with the first of five years of notable health in the real estate industry. The February Index figure indicates that sales contracts were signed at 90.8 percent of the level of that initial year.
...(read more)
Source: http://www.mortgagenewsdaily.com/03282011_nar_pending_home_sales.asp
Housing Starts President Obama Hope for home owners Fannie Mae
Source: http://www.homefinder.com/news/opening-doors/2010/11/02/email-campaign/
In 2008, I wrote about connections between normal accident theory -- which came from studies of nuclear accidents -- and the subprime mortgage crisis. In light of what is happening in Japan, I think it is worth revisiting normal accident theory. Yes, the crisis in Japan was caused by a natural disaster, but nuclear plants are systems and I am sure we will be learning a lot more about these systems in the days ahead. As we learn more, it will be useful to keep normal accident theory in mind.
So here is an excerpt from my original column which you can find here.
"The issue is not risk, but the issue is power, the power of elites to impose risk upon the rest of us." -- Charles Perrow, Yale Professor of SociologyNormal accident theory was developed by Yale Sociologist Charles Perrow after the debacle at Three Mile Island. Perrow's fundamental insight is that "accidents" are, in fact, normal events. Rather than blaming failure on a bolt from the blue, we should expect that in any complex system -- a nuclear reactor, the stock market, housing -- there will sometimes occur a series of unusual outcomes which, taken individually, will not trigger a horrific accident. But put them together and you get a crash.
In developing normal accident theory, Perrow found the "interconnectedness" inherent in big systems often led to "baffling" outcomes. In the case of the subprime meltdown, those interactions involved the Federal Reserve, the housing industry, global financial markets and the huge piles of investments managed by hedge funds and banks. Fed Chairman Ben Bernanke recently cited these pools of cash as a factor contributing to the market turmoil.
Between 2000 and 2003, the Fed kept money cheap, lowering interest rates aggressively in order to head off a potentially debilitating spiral of deflation. That decision left these large pools of cash hard-pressed to find good investments. Investment banks saw this pool of capital and decided to create new products made from bundles of mortgages which would meet the demand for higher returns. [It is worth noting another complex interaction: US Treasuries were basically not available to these investors, because the Chinese buy so many of them in order to keep their currency fixed to the dollar.]
It all worked well for a while. But then, as Perrow's theory suggests will often occur, unfamiliar and unexpected things began to happen. Wall Street, seeing a large demand for these new financial products tied to mortgages, began to press home mortgage lenders to increase loan volumes. People with little or no credit began to get bigger and bigger loans. Seeing the success of the bundling of mortgages -- "securitization" is the technical term -- bankers began to use these same techniques in other markets. Loans for buyouts come to mind. Volumes increased and the system began to grow, becoming even more complicated.
Financial markets are also systems that are, as Perrow puts it, "tightly coupled." An action in one system directly impacts and depends upon an action in another part of the system. That is a fair description of the mortgage and securitization process. Loans have to be originated; they must be packaged and quickly sold into the secondary market. There is only one path to success here -- sales into the secondary market. No one wanted to keep these loans on their books, and indeed, seemed to have no contingency for doing so.
Once the pieces began to come apart, there was so little slack in the system no one could engineer a quick fix. Even today, the dispersed nature of bundled securities makes it difficult to rework loans into a structure that makes economic sense.
But it's not enough to understand that our financial and housing markets were flawed and subject to complex interactions. People were also at work here. Someone needed to strike the match and set the lighter fluid burning. In that sense, the housing collapse was not a normal accident. The engineers at Three Mile Island were unaware of the complex interactions between systems that threatened a meltdown. If they had been, Perrow says they would have acted quickly to prevent disaster.
Perrow thinks traders and bankers and mortgage brokers did not try to stop the financial meltdown, because financial markets offer substantial short-term gains, even if it's clear there will be dire long-term consequences. . . .
To get back to the original question: "Who allowed this to happen?" People up and down the system allowed this to happen, because there was no real mechanism to hold them directly responsible for their actions. Many will try to regulate our way back to a safer housing and financial system. I would suggest the best way to start thinking about that process is to focus on accountability. When something goes wrong in a nuclear power plant, the engineer is trying to save his own life along with the lives of those living nearby.
If we want to make sure this doesn't happen again, we need to make sure the people who might cause the next financial crisis are sitting next to the reactor when the yellow caution lights begin to flash.
Source: http://www.pbs.org/nbr/blog/2011/03/normal_accident_theory_revisit.html
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Source: http://www.voanews.com/english/news/US-Authors-Delve-Deep-Into-Congos-Troubles-118848344.html
Interest Rates Celebrity Foreclosures Most Expensive Homes Luxury Home Prices
Ed. Note: This was originally posted on the Department of Energy blog.
Secretary Chu announced a new program today, called "America's Next Top Energy Innovator," to reduce the cost and paperwork for start-up companies to purchase the Department’s many thousand unlicensed patents and start bringing more of these new energy technologies to the U.S. marketplace. "Our goal is simple,” said Secretary Chu, "unleash America’s innovation machine and win the global race for the clean energy jobs of the future."
National Renewable Energy Laboratory scientists found multiple uses for thin film lithium ion conductors - for batteries and for solar cells.
Starting on Monday, May 2, entrepreneurs will be able to apply for any of these patents by submitting a business plan for how they propose to use them. Best of all, within the scope of this challenge, a portfolio of up to three patents will cost an upfront fee of just $1,000 -- a total savings of $10,000 - $50,000.
Source: http://www.whitehouse.gov/blog/2011/03/29/americas-next-top-energy-innovator
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Source: http://feedproxy.google.com/~r/TheRealEstateBookBlog/~3/SQqsyMeT8Pk/
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Ed. Note: As part of the Startup America: Reducing Barriers Roundtable series, National Economic Council Director Gene Sperling and U.S. Small Business Administrator Karen Mills will take your questions and suggestions about what processes and regulations we need to adjust to foster a more nurturing environment for entrepreneurship and innovation. Watch and participate today at 12:00pm EDT on whitehouse.gov/live.
I had the pleasure yesterday of sitting down with nearly 100 leading entrepreneurs, investors, underwriters, academics, and fund managers—including Chuck Newhall, the legendary co-Founder of one of the Nation’s most prestigious venture capital firms, New Enterprise Associates—at the Treasury Department’s Access to Capital Conference. The event was one of a number of creative forums the Administration has held to generate new, actionable ideas to ensure that small businesses have the resources to achieve high growth.
The event built on President Obama’s January launch of Startup America, an initiative to celebrate, inspire, and accelerate high-growth American entrepreneurship that includes a number of commitments to expand access to capital for entrepreneurs. Capital, invested by the private sector, is what helps entrepreneurs realize their dreams and turn ideas into startups, and it’s what turns small businesses into fast-growing companies that create jobs and fuel sustainable economic growth.
At yesterday’s conference, we took an important step forward in that mission with an open and honest dialogue about how best to cultivate investment and growth. And we made real progress.
Source: http://www.whitehouse.gov/blog/2011/03/23/access-capital-fueling-business-growth-and-job-creation-0
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Source: http://www.homefinder.com/news/opening-doors/2010/12/02/going-paperless-with-your-sales-process/
Source: http://blog.foreclosure.com/2011/03/stop-foreclosure-programs-how-to-avoid-foreclosure-sale-fast/
Source: http://blog.foreclosure.com/2011/03/reverse-mortgage-disadvantages-and-advantages/
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Last July, I had the tremendous honor of kicking off the Administration’s observance of the 20th anniversary of the Americans with Disabilities Act (ADA) and to then welcome hundreds to the White House as President Obama commemorated that extraordinary Anniversary. It was a momentous occasion as we listened to the President’s powerful speech and witnessed the signing of his Executive Order to increase the federal government’s employment of individuals with disabilities. As Americans, we’re imbued with those fantastic American values, embodied in the ADA, of a strong work ethic and working together to find common ground--all of which keeps us moving forward, diligently working to win the future.
Today, those American values are once again on display. With bi-partisan support, the Equal Employment Opportunity Commission (EEOC) found common ground and today made available for public viewing final Rules on the Americans with Disabilities Act Amendments Act (ADAAA) at http://www.ofr.gov and the rule will be published tomorrow. Significantly, the EEOC considered the interests of both employees with disabilities and employers in carefully crafting regulations that will work for all stakeholders. Now, millions of Americans with disabilities, including veterans with disabilities, will be able to take one step closer to that level playing field we all seek and have the full opportunity to contribute to one of America’s greatest traditions: hard work.
Source: http://www.whitehouse.gov/blog/2011/03/24/improving-employment-access-americans-disabilities
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This past Wednesday, I attended the Department of Education’s third of four regional community college summits at Ivy Tech Community College in Indianapolis. These summits are being held across the country to follow up on the first-ever White House Summit on Community Colleges hosted by the President and Dr. Biden at the White House last October. As Dr. Biden said then, the White House Summit was only the beginning of our national outreach and efforts to demonstrate how community colleges are critical to educating the best, most competitive workforce in the world.
This week’s summit focused on the ways community colleges are partnering with businesses across the country to develop training and education programs that meet business and regional economic needs. Participants heard from several industry representatives about how they value a community college education, and how they are working to make sure their employees succeed both in the workplace and in the classroom.
Undersecretary of Education Martha Kanter speaks at this week?s regional community college summit.
Source: http://www.zillow.com/blog/2011-03-28/versailles-castle-for-sale-in-kentucky-not-france/
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he Census Bureau and Department of Housing and Urban Development have released New Residential Sales data for February 2011.
Here is a Quick Recap from Reuters...
RTRS-US FEB SINGLE-FAMILY HOME SALES RECORD LOW 250,000 UNIT ANN. RATE (CONS 290,000) VS JAN 301,000 (PREV 284,000)
RTRS-US FEB SINGLE-FAMILY HOME SALES -16.9 PCT VS JAN -9.6 PCT (PREV -12.6 PCT)
RTRS-US FEB HOME SALES NORTHEAST -57.1 PCT, MIDWEST -27.5 PCT, SOUTH -6.3 PCT, WEST -14.7 PCT
RTRS-US FEB NEW HOME SUPPLY 8.9 MONTHS' WORTH AT CURRENT PACE VS JAN 7.4 MONTHS
RTRS-US FEB MEDIAN SALE PRICE $202,100, -8.9 PCT FROM FEB 2010 ($221,900)
RTRS-US HOMES FOR SALE AT END OF FEB 186,000 UNITS VS JAN 186,000 UNITS
RTRS-US FEB MEDIAN SALE PRICE LOWEST SINCE DEC 2003 ($196,000)
No surprises here. The New Home Sales survey is primarily based on a sample of houses selected from building permits. That means we can look to Building Permits data for an indication of New Home Sales to come (not to come). Well....Single-family Building Permits in February were at a rate of 382,000, which is 9.3 percent below the revised January figure of 421,000. New Home Sales simply followed their survey sampling lower.....
...(read more)
Source: http://www.mortgagenewsdaily.com/03232011_new_home_sales.asp
Source: http://feedproxy.google.com/~r/inmannews/~3/vVbOju1JUAI/corelogic-web-app-automates-loan-mods
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Last week, through our Advise the Advisor program, I asked parents, teachers, and students about how they’re sharing the responsibility in preparing our students for the 21st Century.
Thousands of you—from teachers, students, and parents to grandparents, concerned citizens, and others—sent us ideas about our education system. A team here reviewed every submission. We want to share some of those submissions, and some thoughts.
Home Sales Outlook Housing Starts President Obama Hope for home owners
