Home Tax Credit Called Successful , But Costly
Realotors, home buyers and sellers are rushing to sign their tax credit for their homes before it exspires this week. They must have a deal by April 30th and for new home owners a loan of $8,00o and for second home owners is $6500. The Tresury Department will help some 1.8 million people bbuy homes. The 12.6 billion in credits at the end of Febuary was collected by the peopel who would have bought homes. This has made prices change in the society. They need legit and qualified owners in order fror this to work. Since the finacial crisi Congress had made it so that they would drop the repayment prices and increase credit by $8000. This was all included in the stimulus. The IRS was giving out to much money to the people who hadnt bought homes yet and those who were first time buyers.
this is great for our government because, if they get the money situation handled then it would benefit the numbers of homless and the prices would stop rising so much in the economy. The housing bubble issue is part of the main reason of this recession.
Monday, April 26, 2010
Wednesday, March 24, 2010
Blog # 8
Bankruptcy Ruling in Student Loan Case by Adam Liptak
Terms:
- bankruptcy: inability to charge all your debts as they come due; a legal process intended to insure equality amoung the creditors of a corporation declared to be insolvent.
- civil lawsuit: a lawsuit in which one does not need to prove criminal liability
- summons: call in a offical matter such as court.
Summary:
The Supreme Court made it eaier for people who say they cannot repay their student loans to recieve bankruptcy protection. Francisco J. Espinosa who is a airline ramp agent took out four student loans in 1988-1989 which totaled to 13,250 in order to attend trade school in Arizona. Four years after taking out the loan he files for protection under the bankruptcy laws, propsinf to repay the principal over five years without interest. Mr. Esponosa nor the Judge followeed the law of Chapter 13 of the Bankruptcy code for student loans. In Chapter 13 it sayd that "student loans should be discharged only if bakruptcy judge find that repayment would impose an 'undue hardship' ". Mr.Espinosa did not notify the lender which is requierd by law which would summons for a civil lawsuit. The lender did recieve notices from the court about Mr. Esponsa's propsal and the curts approval. The lender did not reject or appeal the debt of his loan. He finished payingoff theloan in 1997 the bankruptcy bank then discharged the interest he would have owed. The leander now years later is trying to re-open the case. The supreme Courts decision advanced by the federal government, more than 30 states and the student loans. United States Aids Fund said that this would gives others ideas of not having to pay their debts off.
http://www.nytimes.com/2010/03/24/us/24scotus.html
Terms:
- bankruptcy: inability to charge all your debts as they come due; a legal process intended to insure equality amoung the creditors of a corporation declared to be insolvent.
- civil lawsuit: a lawsuit in which one does not need to prove criminal liability
- summons: call in a offical matter such as court.
Summary:
The Supreme Court made it eaier for people who say they cannot repay their student loans to recieve bankruptcy protection. Francisco J. Espinosa who is a airline ramp agent took out four student loans in 1988-1989 which totaled to 13,250 in order to attend trade school in Arizona. Four years after taking out the loan he files for protection under the bankruptcy laws, propsinf to repay the principal over five years without interest. Mr. Esponosa nor the Judge followeed the law of Chapter 13 of the Bankruptcy code for student loans. In Chapter 13 it sayd that "student loans should be discharged only if bakruptcy judge find that repayment would impose an 'undue hardship' ". Mr.Espinosa did not notify the lender which is requierd by law which would summons for a civil lawsuit. The lender did recieve notices from the court about Mr. Esponsa's propsal and the curts approval. The lender did not reject or appeal the debt of his loan. He finished payingoff theloan in 1997 the bankruptcy bank then discharged the interest he would have owed. The leander now years later is trying to re-open the case. The supreme Courts decision advanced by the federal government, more than 30 states and the student loans. United States Aids Fund said that this would gives others ideas of not having to pay their debts off.
http://www.nytimes.com/2010/03/24/us/24scotus.html
Monday, March 15, 2010
blog # 7
Ex-Chief of Park Avenue Bank Charged With Bailout Fraud
Terms :
1. Entities -Something that exists as a particular and discrete unit: Persons and corporations are equivalent entities under the law.
2. Troubled Asset Relief Program (TARF) - a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector. It is the largest component of the government's measures in 2008 to address the subprime mortgage crisis.
3.Federal Deposit Insurance Corporation -The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by: insuring deposits,examining and supervising financial institutions for safety and soundness and consumer protection, and ,managing receiverships.
Summary:
Charles J. Antonucci SR. former president of the Park Avenue Bank in Manhattan was charged with fraud, embezzlement, and bribery because he tried to defraud the federal government 's bank bailout program. He had the federal regulators thinking that he had invested 6.5 million into the bank of his own money. But, he had really made investments using the bank's money, he put the money into a group of entities he controlled and then used that money to buy most of the bank. This made the bank appear strong that it was because he was double counting the moneymore than $11 million from TARP. Mr. Antonucci also, approved millions of dollars in bank overdrafts to firms controlled by and associate in order to use private planes for trips to like the Super Bowl and Golf Tournaments. Mr. Antonucci was also charged with defruading a Flordia church of more than $100,000.He was released on a $2million personal recognizance bond by federal magistrate judge. federal desposit iInsurance corporation seized and sold the bank. After customers seen that the name of the bank had been changed they really had no concerns as long as they got their money.
In my Opinion this is a major issue people money is at stake and many of other things that could have happened and had a big affect on the people who bank their finacially. Banks should check up on things more often because, if we were still in the recesssion like when it first started people would have been really worried. I find it scary that the people who banked with this bank had no concern on what was really going on in their bank as long as they got their money i think the government should make the customers more aware of whats going on so, that they know how this will have an effect on them.
Monday, March 1, 2010
Blog 5
Terms :
1. TANF - TEmporay Assistance For Needy Families. Started in 1997 by President Cliton giving cash assistance from government to needy American families hoping to help the get employment and off TANF.
2. CCDBG - organized by the U.S. Department of Health and Human Service designed to help families with the accesibility, and affordablly with child care in the United States
3. USCCB -United States Conference of Catholic Bishops assembly of hierarchy of the U.S. and the Virgin Islands who exercise pastorial functions on behalf of Christian faith in U.S.
Summary ...
USCCB " Child Care"
In This article it talked about " Everyday 13 million preschoolers, including 6 million babies and toddlers, go to child care Everyday." They had many solutions to help teen mom and other mothers with child care such as, TANF which is government funding for low income families for child care. " through the Child Care and Dvelopement Block grant( CCDBG) and the Title XX/Social Services Block Grant (CCDBG) and the Title XX/ Social Services Block grant (SSBG) which takes out the child expenses in tax papers taxes. Putting Children and Families First is a
public policy put together by the bishops of UCSB. This is meant to promote healthy family enviroments , pay for child care, and any other services the family may need. This policy wnats to help the low income families who need finacnial aid and try to help them keep their children so, that CPS wont take awaytheir kids. In another article its stated that TANF will cut you off their assitnce if you are under the age of 18 and not attending school regularly so, that means o food stamp or child care and whatever else may include your welfare plan.
I my opinion Ibelieve that if the familes can not take care of the children with the neccesities that they may need then the children should be taken away for some time until the parent can get on their fet. I think thtat tax payerrs should only pay some of the espenses of the teen mom depending on the situation. My question to the class is do you think tax payers should pay for child care for teen moms especiallly under the age of 18?
Source
http://www.usccb.org/sdwp/national/childcare.shtml
1. TANF - TEmporay Assistance For Needy Families. Started in 1997 by President Cliton giving cash assistance from government to needy American families hoping to help the get employment and off TANF.
2. CCDBG - organized by the U.S. Department of Health and Human Service designed to help families with the accesibility, and affordablly with child care in the United States
3. USCCB -United States Conference of Catholic Bishops assembly of hierarchy of the U.S. and the Virgin Islands who exercise pastorial functions on behalf of Christian faith in U.S.
Summary ...
USCCB " Child Care"
In This article it talked about " Everyday 13 million preschoolers, including 6 million babies and toddlers, go to child care Everyday." They had many solutions to help teen mom and other mothers with child care such as, TANF which is government funding for low income families for child care. " through the Child Care and Dvelopement Block grant( CCDBG) and the Title XX/Social Services Block Grant (CCDBG) and the Title XX/ Social Services Block grant (SSBG) which takes out the child expenses in tax papers taxes. Putting Children and Families First is a
public policy put together by the bishops of UCSB. This is meant to promote healthy family enviroments , pay for child care, and any other services the family may need. This policy wnats to help the low income families who need finacnial aid and try to help them keep their children so, that CPS wont take awaytheir kids. In another article its stated that TANF will cut you off their assitnce if you are under the age of 18 and not attending school regularly so, that means o food stamp or child care and whatever else may include your welfare plan.
I my opinion Ibelieve that if the familes can not take care of the children with the neccesities that they may need then the children should be taken away for some time until the parent can get on their fet. I think thtat tax payerrs should only pay some of the espenses of the teen mom depending on the situation. My question to the class is do you think tax payers should pay for child care for teen moms especiallly under the age of 18?
Source
http://www.usccb.org/sdwp/national/childcare.shtml
Sunday, February 21, 2010
Blog 4
Seth Mydans. " School Offers Day Care For Teen-Age Mothers".New York Times.
Joanna Rivas is a 17 year old teen mother with a five month old daughter. she attends Jordan High School and they are one of the many schools that provide a child care program for their students. Surveys show how that motherhood is the leading reason for girls to fail to finish high school. Child care recieves funding from the State of California up to 20 babies at the age of two. There are many waiting list at these schools. 470,000 un married teen moms are to be in the State of California. Most say the reason for teen moms is a "dysfunctional family" but many beg to differ. Only 14 state provide money for child care for adolescent parents at schools says Amy Wilkins at the Children Defense Fund. They wnat to provide this for teen moms so that they will not go welfare.
this article is good vecause it had a alot of good facts of ecomics and it could bring up the top of religion is this program allowing the teen moms to thin this is okay they will do it for them
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/05/14/EDG2PC4K7I1.DTL
Tuesday, February 9, 2010
Blog #2
Health Care's Share of U.S. Economy Rose at Record Rate
By Katherine Q. Seelye
Terms :
1. recession - a period of slow or negative economic growth due to things such as uneployement.
2. medicaid - U.S. health program for eligible individuals and families with low incomes and resources.
3. medicare - social insurance program administrated by the U.S. government providing medical coverage for people who are aged 65 an over and meet special requirements.
Summary :
The recession has increased the nations hralth care bill, we as Americans are spending more than ever on health services and drugs in 2009 than in 2008 when economy fell. Healh care has cost us 2.5 trillion dollars. The reason for this spending is because so many people have lost job and the health insurance that came with it so they are relying on government funding with Medicaid. There is uncertanty if Congress will pass any cost related chhnages towards the Health care system. People believe that healthcre spending will double by 2019 reaching 4.5 trillion dollars. 21.3 % rate cut in medicre payments to doctores goe in efect this year and medicare spending should go down to 1.5%. The spending on prescription drug has went sky rocketing to246.3 bilion dollars. In my opionon I agree with this article because it seems that everybody is depending on medicaid and medicare and jobs willl not be hiring that much any time soon. By 2019 the baby boomrs will be around 65 and depending on this government aid more than ever. some solutuons i think they should make is have other health crae companies help out more because, its basically coming out from our pay checks and taxes to pay for most of this and we are barley getting out the recession now.
http://prescriptions.blogs.nytimes.com/2010/02/04/us-health-care-spending-rose-at-record-rate-in-2009/?scp=3&sq=Economy&st=cse
By Katherine Q. Seelye
Terms :
1. recession - a period of slow or negative economic growth due to things such as uneployement.
2. medicaid - U.S. health program for eligible individuals and families with low incomes and resources.
3. medicare - social insurance program administrated by the U.S. government providing medical coverage for people who are aged 65 an over and meet special requirements.
Summary :
The recession has increased the nations hralth care bill, we as Americans are spending more than ever on health services and drugs in 2009 than in 2008 when economy fell. Healh care has cost us 2.5 trillion dollars. The reason for this spending is because so many people have lost job and the health insurance that came with it so they are relying on government funding with Medicaid. There is uncertanty if Congress will pass any cost related chhnages towards the Health care system. People believe that healthcre spending will double by 2019 reaching 4.5 trillion dollars. 21.3 % rate cut in medicre payments to doctores goe in efect this year and medicare spending should go down to 1.5%. The spending on prescription drug has went sky rocketing to246.3 bilion dollars. In my opionon I agree with this article because it seems that everybody is depending on medicaid and medicare and jobs willl not be hiring that much any time soon. By 2019 the baby boomrs will be around 65 and depending on this government aid more than ever. some solutuons i think they should make is have other health crae companies help out more because, its basically coming out from our pay checks and taxes to pay for most of this and we are barley getting out the recession now.
http://prescriptions.blogs.nytimes.com/2010/02/04/us-health-care-spending-rose-at-record-rate-in-2009/?scp=3&sq=Economy&st=cse
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