So does your Congress really wan to help you? They are a joke!

Congress Votes Against Bankruptcy Modification

By Mark Markus | December 11, 2009

Today the U.S. House of Representatives voted against legislation that would have allowed homeowners to modify their loans on a principal residence in a bankruptcy case (Chapter 13). This is at least the second time this amendment has come up for vote, and this time only 50 democrats voted in favor. Thus, the bankruptcy law remains unchanged on this issue. Loans against a principal residence cannot be modified in a bankruptcy case (except that in some circumstances–and only in some districts– a junior lien may be removed if and only if the value of the property is less than the amount owed to the 1st mortgage).

If you want to know how your Member of Congress voted today, go to http://clerk.house.gov/evs/2009/roll963.xml. If you want to compare your Representative’s vote today with that on H.R. 1106, go to http://clerk.house.gov/evs/2009/roll104.xml to see their earlier vote. Of course, there were a number of variables associated with today’s vote that were not a factor in the earlier vote, particularly given that Members also were being asked to vote against the banks by supporting the creation of a Consumer Financial Protection Agency (CFPA).

So does your Congress really wan to help you? They are a joke!

Congress Votes Against Bankruptcy Modification

By Mark Markus | December 11, 2009

Today the U.S. House of Representatives voted against legislation that would have allowed homeowners to modify their loans on a principal residence in a bankruptcy case (Chapter 13). This is at least the second time this amendment has come up for vote, and this time only 50 democrats voted in favor. Thus, the bankruptcy law remains unchanged on this issue. Loans against a principal residence cannot be modified in a bankruptcy case (except that in some circumstances–and only in some districts– a junior lien may be removed if and only if the value of the property is less than the amount owed to the 1st mortgage).

If you want to know how your Member of Congress voted today, go to http://clerk.house.gov/evs/2009/roll963.xml. If you want to compare your Representative’s vote today with that on H.R. 1106, go to http://clerk.house.gov/evs/2009/roll104.xml to see their earlier vote. Of course, there were a number of variables associated with today’s vote that were not a factor in the earlier vote, particularly given that Members also were being asked to vote against the banks by supporting the creation of a Consumer Financial Protection Agency (CFPA).

So does your Congress really wan to help you? They are a joke!

Congress Votes Against Bankruptcy Modification

By Mark Markus | December 11, 2009

Today the U.S. House of Representatives voted against legislation that would have allowed homeowners to modify their loans on a principal residence in a bankruptcy case (Chapter 13). This is at least the second time this amendment has come up for vote, and this time only 50 democrats voted in favor. Thus, the bankruptcy law remains unchanged on this issue. Loans against a principal residence cannot be modified in a bankruptcy case (except that in some circumstances–and only in some districts– a junior lien may be removed if and only if the value of the property is less than the amount owed to the 1st mortgage).

If you want to know how your Member of Congress voted today, go to http://clerk.house.gov/evs/2009/roll963.xml. If you want to compare your Representative’s vote today with that on H.R. 1106, go to http://clerk.house.gov/evs/2009/roll104.xml to see their earlier vote. Of course, there were a number of variables associated with today’s vote that were not a factor in the earlier vote, particularly given that Members also were being asked to vote against the banks by supporting the creation of a Consumer Financial Protection Agency (CFPA).

What’s your Plan B?

Doesn’t look good for many people, so what is your Plan B in 2010?

Read this recent article from Foreclosuredump.com

Carlos Samaniego

The housing market is going to continue to deteriorate through 2010 as the number of foreclosures overflowing the market continues to rise. Here are 4 reasons to support this prediction:

  1. Unemployment: Joblessness is the main cause of new foreclosures in the United States. The unemployment rate is expected to reach 10.5% by the third quarter of 2010 and to stay above 10% for many months ahead. Lack of jobs is also the reason why prime loan delinquencies have surpassed subprime loan delinquency. As people lose their jobs, they deplete their savings and begin to fall behind on their mortgage payment, which ultimately leads to a foreclosure.
  2. Option ARMs: According to BusinessWeek it is estimated that between 2004 and 2005, approximately 1.3 billion people took out an option ARM loan for a total of $389 billion. These have just begun to recast and will continue well into 2010. When an adjustable rate mortgage recasts, payments double and even triple, causing people to default and eventually go in foreclosure. According to a report by Moody’s, more than 40% of option ARM borrowers are at least 60 days past due on their mortgage. 54% of these outstanding adjustable loans are in the state of California. Florida is second with 13%.
  3. Inventory: There is a shadow inventory which includes properties that banks are holding, properties that are at the beginning stage of the foreclosure process, as well as those that are yet to go into foreclosure in the coming months and years. Many banks are hiding foreclosures because they don’t want to show these toxic assets on their books this year. Therefore they will begin to unload these foreclosed properties on to the market in 2010.
  4. Prices decline: The excess inventory of foreclosures is going to flood the market thus bringing home prices down by up to 30% in parts of the country. The decline in home prices is also going to be fueled by the lack of permanent mortgage modifications that have been accomplished under the Home Affordable Modification Program (HAMP) program. Only about 1% of the 3.3 million eligible mortgages have been permanently modified, which means thousands if not millions of people are going to lose their homes, increasing the number of foreclosures in the United States.

Although the media may give us the impression that we are on the way to recovery, the fact is that it’s going to take a while before we start to see significant improvement in the housing market, foreclosures in particular.

http://www.foreclosuredump.com

The Real Reason We Need U.S. Health Care Reform – Cost

Almost 20 years ago, I took a Macro-Economics class, and did a research paper, on a book, called, “Unlimited Wealth” by Paul Zane Pilzer! He has gone all to be a world class economist, Author, Entrepeneur.  I recently read this great article I wanted to share with you, because health care is one of the largest expense all families that have it will understand. The families the mock or ridicule people who cannot get medical insurance due to pre-existing conditions, cost, or other factors have no idea what is like to live with the “fear” of something happening at anytime, that could be life threatning or possible bankrupt them!

Enjoy,
Carlos Samaniego
http://www.CarlosSamaniego.com

The Real Reason We Need U.S. Health Care Reform – Cost

by Paul Zane Pilzer

Every U.S. entrepreneur is challenged getting affordable health insurance for themselves and their families. Congress and The White House seem completely out of touch with the real issue since most elected officials receive free lifetime care for themselves and their families.

Note: If and when Congress passes a major health care reform bill, I will be posting an article on what entrepreneurs and small businesses should do to maintain affordable health care for themselves and their employees.

The single most important problem with U.S. health care is that it costs too much. The U.S. spends much more per person than any developed nation and our population is the unhealthiest of any developed nation.

There are hundreds of reasons U.S. health care costs so much relative to how little we get for our money. Some of these reasons include:

1. We pay medical providers for each procedure (even if the procedure is fatal) rather than pay medical providers based on the outcome of each procedure or on the health of the patient.

2. We have no caps on legal liability for medical mistakes–this causes medical providers to waste billions on tests and procedures of dubious value, some of them dangerous, just to limit court settlements.

3. We have very limited competition–incredibly, it is still illegal for a health insurance company to sell coverage across a state line.

4. We pay virtually anything for sickness industry costs once a patient is ill, but virtually nothing for wellness industry costs to keep patients healthy in the first place.

5. Medical providers immorally charge different patients wildly different rates–from $10 to $100 for the exact same procedure or treatment, based on the network in which the patient is a member. These different rates are hidden from the public and, generally, the poorer you are the more you pay.

Yet, incredibly, almost all the proposals now being considered in Washington do nothing to reduce or even slow the growth in health care costs.

The reason is pork–more pork than we may have ever seen in our lifetimes.

When the debate began earlier this year on how to reform U.S. health care, each medical provider special interest group lined up their favorite legislators to buy their support. Quiet backroom deals were made one-by-one.

1. The AMA (doctors) was promised that nothing would be done to cut payments to physicians or tie doctor payments to performance.

2. Trial lawyers were promised that no caps would be put on legal liability for medical mistakes.

3. Big Pharma was promised that nothing would be done to their net revenues–even obvious fixes like giving Medicaid patients generic vs brand-name drugs were taken off the table.

4. Inefficient, bloated local insurance companies were promised that they would not have to compete with larger, more efficient national insurers over state lines.

5. Medical network providers were promised that there would not be “transparency”–the wildly-varying charges medical providers immorally charge each patient would never be disclosed to the public or to the patient.

U.S health care reform started out with a noble goal–get health insurance coverage for the millions of Americans who want coverage and are currently slipping through the cracks for two primary reasons: (1) They have a pre-existing medical condition and reside in a state with poor state-guaranteed coverage; or (2) They cannot afford coverage but are either not poor enough to join the 45 million Americans receiving Medicaid or not old enough to join the 47 million Americans receiving Medicare.

Unfortunately, at the time of this writing, just after the House has passed its version of health care reform. we have been sold out.

We, the American people, deserve better.

Paul Zane Pilzer
http://www.zanebenefits.com/tec/2009/11/122/U.S.+Healthcare+Reform+Will+Create+Major+Opportunities+for+Entrepreneurs+?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheEntrepreneurialChallenge+%28The+Entrepreneurial+Challenge%29&utm_content=Google+Feedfetcher