The Housing & Economic Recovery Act of 2008 was passed last August. It created the HOPE for Homeowners Program, which the Congressional Budget Office estimated would help 400,000 homeowners to refinance their loans and stay in their homes. Here's a stunning revelation: According to the Federal Housing Authority (FHA), in the first six months since the law was passed, exactly one (1) homeowner refinanced under the program! read more »
The Tax Foundation calculates the taxes paid per capita, including what is spent by people on average in neighboring states, including state and local fees. The two maps show, first, the tax burden, taxes paid as a percent of income, the second, the difference in the ranks of states in tax burden and in income. read more »
Only a few months ago, I admonished Michigan for its hysteria about brain drain. Given the recent news coverage concerning the exodus from the recession-plagued state, you might expect I’m ready to eat some crow. On the contrary, I’m here to report that Michigan has learned nothing from its past mistakes. read more »
On April 3, 2009, R. Glen Ayers spoke at the American Bankruptcy Institute in Washington, D.C. Mr. Ayers is a former bankruptcy judge, now with the law firm Langley & Banack in San Antonio, Texas. He spoke on a subject I covered here on March 4 – not all mortgage backed securities are actually backed by mortgages. The rush to write more mortgages and to issue more bonds meant that mistakes were made in the paperwork. read more »
More of the so-called “mainstream press,” like the Sacramento Bee, are catching up to what we wrote here about Warren Buffett back on March 16. He supported the bailout because his investments benefited from the handouts. read more »
Is this a story from the Onion? No. Too Implausible. The Chicago Tribune reports:
Coming from as far away as Azerbaijan, dozens of corporate executives and government bureaucrats gathered at a downtown hotel Wednesday to hear Mayor Richard Daley share his tips for preventing corruption. read more »
Residents in Los Angeles with home-based business received letters from the Office of Finance that said, “The following amounts are due and payable immediately: $4,363.81.”
People who work as independent contractors and had failed to register their businesses with the city’s tax and permit division by Feb. 28 received the letters in March. read more »
You could hear it in their voices – dejection, resignation and anger. Late last week, the National Weather Service announced a second crest of the Red River of the North, with predictions of a 75 percent chance the Red would crest at 41 feet and a 25 percent chance it will hit 42.8 feet in the second half of April. Not good for a community that through hard work and personal and community sacrifice averted a major disaster by continuing to sandbag, dike and fight an epic flood while not caving to a suggested mandatory evacuation of the community. read more »
Our colleague and frequent NewGeography contributor Wendell Cox of Demographia.com recently released the latest edition of his World Urban Areas and Population Projections publication.
This 5th comprehensive edition includes: read more »
- Ranking of the largest world urban areas (over 2,000,000 population).