Consumer Giant Warnings on Equity Release
UK Consumer advice organisation Which? have warned potential equity release borrows of the dangers relating to takine out this type of home owner loan in a report that has been slated as ‘outdated’ by equity release lenders. Although popular in the UK equity release is know as reverse mortgage in the US. Which wants borrowers to take into account what an equity release scheme could mean for those who’s circumstances may change in the future.
Lewis Hamilton Loses Belgian Title To Massa
September 7, 2008 by Editor
Filed under Formula One
In Formula 1 news today, driver Lewis Hamilton won the Belgian Grand Prix, only to have the 2008 title stripped from him after a stewards enquiry resulted in a 25 second penalty being awarded to the British driver for an alleged infraction sometime earlier in the race. The penalty meant that the title was awarded to Ferrari’s Felipe Massa whilst Lewis Hamilton was demoted to a third place finish.
Hamilton must be bitterly disappointed, watch video highlights right here
Treasury To Save Mortgage Giants
Fanny Mae and Freddie Mac are to be saved from almost certain collapse by the American taxpayer. In an announcement by the US Treasury secretary, Henry Poulson today said that action was needed and Federal Housing Finance Agency (FHFA) Director James Lockhart added
“Our economy and our markets will not recover until the bulk of this housing correction is behind us. Fannie Mae and Freddie Mac are critical to turning the corner on housing.”
The FHFA will purchase up to $100 billion of senior-preferred stock in each company as needed to maintain a positive net worth. They will take over from the executives in each and will get rid of their dividends.
Fannie Mae and Freddie Mac act as guarantors for 50% of the US mortgage market some $5 trillion. If the companies were to collapse it would send shockwaves through the market place. The financial markets reaction to this news “will be difficult to tell” said Kim Ghattas, BBC Washington correspondent said today.
Is this a sign that the troubled US markets are not past the worst? Will will be the knock-on effects as the US cuts spending in order to counter-balance this enormous injection of funds (said to be the biggest since the Great Depression) in the bedrock of the US home-loans market?
Track Hurricane Ike
If you have friends or family in one of the hurricane zones, then chances are they’re not able to track the path of the storms themselves, being to busy boarding up, or moving out to a place of shelter. Most people will have radio and perhaps TV, however satellite services are affected by heavy weather and so can digital television signals as well. If you know of people in those situations, there is a way you can track storms online using various websites. It is possible then for you to update relatives or friends who may not have access to information on that level.
Although we would expect that in those areas, the local authorities will keep their citizens informed of what is happening and whether there may be a need to evacuate. Certainly in places like Louisiana and especially in New Orleans last week, we saw that the lessons of Katrina have been learned and the Mayor ordered the city to evacuate with a good amount of time to spare.
Today we found this site from a former television meteorologist which show’s pictures of the path of the current threat Hurricane Ike. In light of what we’ve written above, maybe this type of information is more for our own comfort, rather than those who may be in the path of the storms.
Sarah Palin Hits Obama Where It Hurts
Just a few moments ago, Governor Sarah Palin accepted the Republican Party nomination for Vice President of the United States of America, and delivered a forty minute speech in which she praised her running mate John McCain, and made scathing attacks on the Democrat party nominee Barack Obama.
During her speech to the convention, Sarah Palin highlighted what we believe to be the biggest obstacle Barack Obama will to face during the last days of the 2008 US election campaign, “Small Town” America. They and their citizens stand between Barack Obama and the keys to the White House.
To liberals who live in the big cities and large states of the Union, this fact may give them sleepless nights over the coming weeks. To foreign observers who are watching closely the latest twists and turns in the US Presidential race, thing just got really really interesting.
Over the past 5 days, since Palin was announced as John McCain’s running mate, the media has gone about making big headlines asking who is Sarah Palin, and how can this women, Governor of the smallest US state (population density), can possibly run for the No. 2 Job. Palin turned this around and proudly claimed her status as a small town resident. She successfully ran through her CV and in stark contrast to that of Obama, she made sure everyone watching was aware that as Mayor, and as Governor, she had made and carried out decisions, and enacted laws, something that Obama lacks.
“I guess being Mayor of a small town is sort of like being a community organizer”
Palin quipped, to the partisan crowd who laughed and jeered as she added that the difference between the two is that as Mayor, she actually had the executive powers and the mandate to make a difference in her town. In fact between Palin and ex New York Mayor, Rudy Giuliani John McCain managed to deliver a warm up act that served to wet the appetites of the right, by sticking it to Obama, belittling his record and his experience in turn contrasting the wealth of experience, military service and senatorial experience of their candidate.
Governor Palin did much in her speech to make clear the difference between the two parties. Her right wing credentials were very much on show tonight. If there are any un-decided’s left in America, they cannot complain that it’s because both parties are preaching the same message.
McCain and Palin have appropriated Barack Obama “time for Change” message, but the change that each speak about couldn’t be more different. As outside observers, it is hard to understand how McCain and Palin claim maverick status, when their policies and rhetoric sound much like the established Republican norm. Talk of Jesus, guns, taxes, sounds much the same to us.
Whilst we await the nominee for President of the USA, John McCain’s speech tomorrow, we can contrast what we heard tonight with what was said last week. What is clear is that Palin at least, believes in small government, and reducing taxation. She believes terrorists have no rights, and that first and foremost America should seek remove their dependancy on foreign fuel. She believes in family and Jesus. What was missing tonight was any reference to helping those who are in need, there was no mention of improving education, health reform or welfare reform.
Whilst Palin praised former POW McCain, and others who served and continue to serve in America’s armed forces, there was no mention of help for veterans who return from conflict and find themselves destitute and in despair.
What is also clear, Governor Sarah Palin is no push over. Her timing, delivery and rhetoric in what is surely her most important speech to date, as well as her current position of Governor of Alaska show that she’s in the fight. Joe Biden, feel free to can take off the gloves. Sarah Palin just bloodied your man’s nose in front of small town America, and this fight is going to get down and dirty before someone crosses the finish line, you can be sure of that.