What other countries are saying...
http://ca.news.yahoo.com/s/capress/080930/world/financial_meltdown_fingerpointing
http://ca.news.yahoo.com/s/capress/080930/world/financial_meltdown_fingerpointing
Foreclosure!
- Thread starter BOSS
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Forecast....
The numbers came out this morning...even WITH the bailout and restructuring of the current debt already on the books....
There will be 4,300,000 more foreclosures between now and 2010...(only 14 months away)
Hold onto your assets folks...
The numbers came out this morning...even WITH the bailout and restructuring of the current debt already on the books....
There will be 4,300,000 more foreclosures between now and 2010...(only 14 months away)
Hold onto your assets folks...
Boss, I'm trying to hold on to our home...the hubby has already given up in his heart and refuse to help me in the fight...me, I'm a fighter until the end. We are at risk of losing it NOT because we couldn't afford it but because of tenants who refuse to pay on time or pay at all. I REFUSE to let them be the reason we lose our home!!! Hence me getting a 2nd job...or 3rd if you count mom as a job?
Oh I do count being a mother to be a full time job! Generally the husband falls into the needy side of things too...
Aileen, I meant in no way to pooh pooh anyone struggling to get through these times...many of us are, myself included.
Connie
New Member
Aileen, Hubby and I have had to deal with tenants of that sort in our rental property for years. It seems that when you finally get a good-paying tenant, he begins to slack off after a while. That's why we are finally getting rid of our rental property. (Not the rental offices in the building with the shop.)
God bless you, and know that I'm praying for you.
God bless you, and know that I'm praying for you.
Michigan's #2 in mortgages that are on homes that are not worth the amount owed on them...
Underwater in a mortgage...
Underwater in a mortgage...
Boss
Michigan is underwtaer. If Chrysler is sold and the jobs are cut, the Chinese could come and buy Michigan for pennies
Michigan is underwtaer. If Chrysler is sold and the jobs are cut, the Chinese could come and buy Michigan for pennies
gee fox,
I remember years ago you made a comment about all of us liking (to eat) rice. Coming true sooner or later?
Job's may be cut, hell we know they will be, but I look for the merger of GM and Chrysler to go through sometime next year...
And since Michigan was bought from the Native Americans for pennies too, I guess that's fitting, but unless China plans to use Missuagain to relieve their overcrowded housing conditions by shipping in container loads of humans, I doubt it'll happen...
Palms
Well-Known Member
Aileen, i sincerely hope you win the fight to keep your home, thinking of you and keep on being positive, its the only way to get through bad times imo. x
Oh i didn't think you were...just was putting my bit of story out there.
reason I say counting mom as a job...is that it sort of feels wrong calling it a job-there is a quitting time for the job not so for mom!!
Thank you so much!! I'm trying to stay positive. Got a few inquiries on the house yesterday. One sounds like it may fit....we shall see!!
TexasFlowerGuy
New Member
Wow....SFOX!
By Golly and You Betcha, I knew we'd never completely agree on anything, but you had me goin' there for a minute. Here, you had perfectly good post going....then you say "more regulation" is not the answer. Normally, I am against regulation, on the other hand when I find that we have people selling crack cocaine to 10 year olds, I feel that some sort of regulation is necessary. The loan sharks, who flipped these sub-prime mortgages - are the only winners in this game. The "Liar's Loans" that people passed off as legitimate, obviously should be illegal. I have several family members....who essentially are the ten-year-olds with the crack habit now...... and yep they are dumb...and unfortunately they needed protection from unscupulous people masquerading as banks. And unfortunately they didn't get it. And now, unfortunately, now we all have to pony up.....
Reasonable lending regulations would have prevented this stupidity.
What can be learned; sometimes regulations are necessary...sometimes not.
All the best,
By Golly and You Betcha, I knew we'd never completely agree on anything, but you had me goin' there for a minute. Here, you had perfectly good post going....then you say "more regulation" is not the answer. Normally, I am against regulation, on the other hand when I find that we have people selling crack cocaine to 10 year olds, I feel that some sort of regulation is necessary. The loan sharks, who flipped these sub-prime mortgages - are the only winners in this game. The "Liar's Loans" that people passed off as legitimate, obviously should be illegal. I have several family members....who essentially are the ten-year-olds with the crack habit now...... and yep they are dumb...and unfortunately they needed protection from unscupulous people masquerading as banks. And unfortunately they didn't get it. And now, unfortunately, now we all have to pony up.....
Reasonable lending regulations would have prevented this stupidity.
What can be learned; sometimes regulations are necessary...sometimes not.
All the best,
And the hit's just keep coming...
GM announces elimination of retiree health care...
Just when you thought it could not get much worse...it does...and will
GM announces elimination of retiree health care...
Just when you thought it could not get much worse...it does...and will
That's really sad. Whether the company deserves to go under for bad management is one thing, but the retirees are too old to do anything about the sudden loss of medical, and to an old person that can be devastating. Let's hope that the new medical plan kicks in pretty soon.
quoted from the article.....
And the Employee Benefit Research Institute says a couple will need a staggeringly high $635,000 to be almost completely sure of having enough money to cover all health bills beyond what Medicare covers, not even including the cost of long-term care.
How many of us will have that kind of Cha ching set aside just for health care????
And the Employee Benefit Research Institute says a couple will need a staggeringly high $635,000 to be almost completely sure of having enough money to cover all health bills beyond what Medicare covers, not even including the cost of long-term care.
How many of us will have that kind of Cha ching set aside just for health care????
CHERYL BAKIN
New Member
Mark,
I know that I will get red-dotted for this, but here's my take:
Yes, GM, Ford, & Chrysler are in trouble. Have been for a number of years. Bloated workforces and Very high legacy employee benefit plans are partially to blame.
If you read the article you sited above, only the 100,000 WHITE COLLAR retiree Health Insurance plans are being affected in 2009. The Union plans are not affected, as of yet, as those are negotiated plans that that UAW has fought long & hard to keep in place.
THESE HEALTH CARE PLANS ARE THE BEST OF THE BEST, THE CREAM OF THE CROP. The Management plans always followed what was negotiated by & for the union personnel.
Can we say no or little co-pays??? Low to no deductibles annually??
Can we say Guaranteed health care coverage FOR LIFE, if you retire as early as age 50, with 25 years of service or more????
I worked in the employee benefit field with the steel industry, and other major corporations for many, many years. I know what these plans cost then, and can estimate what these cost today.
And what all of these companies are counting on was that costs would be held in check, and their sales and profits would continue to go up & up .....and that the sky would never, ever fall!
Guess what? The sky has fallen. Steel and other manufacturers have are already going thru the same thing. In some cases, it has been even worse and a lot harder.
Worse than dealing with the health care part is when they freeze the pension plans, or terminate them entirely, and either turn them over to the Pension Benefit Guaranty Corp to administer, or buy life-time annuities for the retirees based upon their current pension amounts. When this happens, (not IF it happens), then the hue and cry will become a primal scream!! People may lose as much as 50 to 60% of their monthly income, overnight. Even more frightening, is that they wil NEVER, EVER get another raise in their retiree pension amount.
Auto, steel, and many other industries have paid very, very good wages, and had very, very good benefit plans for many many years. Their extremely good plans are, in part, why doctors charge so much, and hospitals charge so much today -- they do and did because they know they will get paid from the BEST OF THE BEST insurance plans.
And every year, they raise their prices.....and each and every year, the insurance companies (and the companies) countinue to pay.
While each member of the auto industry is covered by a Blue Cross/ Blue Shield or other commercial insurance product, the plans are really self insured with each auto manufacturer on a cost + basis. What that means is that the Auto company has BC/BS administer the plan, and they agree to cover all claims, plus an administration fee. (The insurance company NEVER loses in these cases -- they love them!!).
While data is presented each year regarding the cost of coverage, and claims paid, etc, there really is not a lot of "wiggle" room in these types of plans -- except for eliminating types of benefits, or eliminating entire groups of people from coverage (which is what they are doing).
Retirees are the largest and most expensive group to cover. Retirees tend to live longer, seek and receive more expensive types of treatments, and seek more treatments than any other insured age group. since there generally is little to no out of pocket cost to the retiree, the thought process is "Why not get that test? Or seek another opinion? Etc."
People over age 65 is the fastest growing group of the population today. We are now seeing & feeling first hand the affects that the "baby boomer" generation is having on health care.
The fall-out that is going to happen from the auto industry regarding health care could possibly be the one defining thing that drives us closer to a national health care plan.....one that is affordable for all.
sorry to be so rambly......just my 2 cents, with a little experience thrown in.
Regards,
Cheryl
ps. forgot to add: You and I have to pay for our health insurance, as well as our pensions, etc.....why shouldn't they have to pay also?? Nothing in life is free , and I am getting weary to the bone of our continuing to pay for the benefits that everyone else enjoys, at no cost to them.
I know that I will get red-dotted for this, but here's my take:
Yes, GM, Ford, & Chrysler are in trouble. Have been for a number of years. Bloated workforces and Very high legacy employee benefit plans are partially to blame.
If you read the article you sited above, only the 100,000 WHITE COLLAR retiree Health Insurance plans are being affected in 2009. The Union plans are not affected, as of yet, as those are negotiated plans that that UAW has fought long & hard to keep in place.
THESE HEALTH CARE PLANS ARE THE BEST OF THE BEST, THE CREAM OF THE CROP. The Management plans always followed what was negotiated by & for the union personnel.
Can we say no or little co-pays??? Low to no deductibles annually??
Can we say Guaranteed health care coverage FOR LIFE, if you retire as early as age 50, with 25 years of service or more????
I worked in the employee benefit field with the steel industry, and other major corporations for many, many years. I know what these plans cost then, and can estimate what these cost today.
And what all of these companies are counting on was that costs would be held in check, and their sales and profits would continue to go up & up .....and that the sky would never, ever fall!
Guess what? The sky has fallen. Steel and other manufacturers have are already going thru the same thing. In some cases, it has been even worse and a lot harder.
Worse than dealing with the health care part is when they freeze the pension plans, or terminate them entirely, and either turn them over to the Pension Benefit Guaranty Corp to administer, or buy life-time annuities for the retirees based upon their current pension amounts. When this happens, (not IF it happens), then the hue and cry will become a primal scream!! People may lose as much as 50 to 60% of their monthly income, overnight. Even more frightening, is that they wil NEVER, EVER get another raise in their retiree pension amount.
Auto, steel, and many other industries have paid very, very good wages, and had very, very good benefit plans for many many years. Their extremely good plans are, in part, why doctors charge so much, and hospitals charge so much today -- they do and did because they know they will get paid from the BEST OF THE BEST insurance plans.
And every year, they raise their prices.....and each and every year, the insurance companies (and the companies) countinue to pay.
While each member of the auto industry is covered by a Blue Cross/ Blue Shield or other commercial insurance product, the plans are really self insured with each auto manufacturer on a cost + basis. What that means is that the Auto company has BC/BS administer the plan, and they agree to cover all claims, plus an administration fee. (The insurance company NEVER loses in these cases -- they love them!!).
While data is presented each year regarding the cost of coverage, and claims paid, etc, there really is not a lot of "wiggle" room in these types of plans -- except for eliminating types of benefits, or eliminating entire groups of people from coverage (which is what they are doing).
Retirees are the largest and most expensive group to cover. Retirees tend to live longer, seek and receive more expensive types of treatments, and seek more treatments than any other insured age group. since there generally is little to no out of pocket cost to the retiree, the thought process is "Why not get that test? Or seek another opinion? Etc."
People over age 65 is the fastest growing group of the population today. We are now seeing & feeling first hand the affects that the "baby boomer" generation is having on health care.
The fall-out that is going to happen from the auto industry regarding health care could possibly be the one defining thing that drives us closer to a national health care plan.....one that is affordable for all.
sorry to be so rambly......just my 2 cents, with a little experience thrown in.
Regards,
Cheryl
ps. forgot to add: You and I have to pay for our health insurance, as well as our pensions, etc.....why shouldn't they have to pay also?? Nothing in life is free , and I am getting weary to the bone of our continuing to pay for the benefits that everyone else enjoys, at no cost to them.
Cheryl... no red's from me... thanks for the added information, and yes, I too feel they should pay their own way. That said, these folks we're promised one thing and are apparently getting another. In my opinion the auto industry should be allowed to fail, and rebuild itself.
I think I'm going to speak to my Congressman, and see if I can't qualify for some of this bailout money. What's the difference? I have employees too... might be cause for a class action against the Federal Government... we're businesses too.
This problem is so huge, nothing will slow the train.... Octobers foreclosure numbers:
84,868 Foreclosures finished
279,561 New Foreclosure Fillings
Just for October.... <shaking head>
I think I'm going to speak to my Congressman, and see if I can't qualify for some of this bailout money. What's the difference? I have employees too... might be cause for a class action against the Federal Government... we're businesses too.
This problem is so huge, nothing will slow the train.... Octobers foreclosure numbers:
84,868 Foreclosures finished
279,561 New Foreclosure Fillings
Just for October.... <shaking head>
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