1. Debt collectors cashing in on Student Loan round up NYTimes. 5.9 million have fallen behind in student loan repayments: 1 out 6 borrowers in default . The total sum owed $76Billion, exceeds the tuition costs at all universities In the country. Therefore, The government is going to great lengths to collect. One can only wonder why this has greater priority, then restructuring mortgage refinance or Bank fraud collections?
2. NYTimes Gretchen Morgenson: How to find weeds in the mortgage pool? , addresses the mortgage backed security investigations. Simply, there is a company called Triaxx, whose data base can unravel complicated Mortgage Pools, containing 20,000 loans. By doing so expeditiously, they can now pin point all loans which were incorrectly valued and where the level of fraud occurred. This is good news for everyone, since it will result in transparency in a complicated market. So far at the resolution of the ResCap trial $2.17 Billion in fraudulent loans were uncovered out of a pool of $12.8 Billion! Progress….
3. A Congress for the many or the few, NYTimes Fred Bernstein. As our approval rating for Congress has reached an all time low, The Congressional budget has swelled to $4.7 Billion from $2.5 Billion in 2000. In speaking with staffers on the Hill, Mr. Bernstein concludes that a large percentage of the budget goes to helping individual constituents. Service for the few at the expense of the many just doesn’t work. Besides being a costly program, it allows Congress to abrogate it’s responsibility, passing laws! If appropriate legislation was in place, we would not need costly ” private client services”.
4. I’ve cancelled LOL in favor of a story on Resilience. Oklahoma City They grieved and then they came together as a community and rebuilt. By raising their sales tax twice to increase the revenue to their city, they have allocated funds for a performing arts center, a library, schools , a convention center and a river walk. Under the leadership of Mr. Ronald Norick, the city did not remain crippled by terrorists, it set course for improvement in their way of life. As the saying goes, living well is the best revenge.