Foreclosure in Spain Can Mean Lifetime Debt to Bank - NYTimes.com

 

Not only are Spanish mortgage holders personally liable for the full amount of the loan, but throw in penalty interest charges and tens of thousands of dollars in court fees, and people can end up, like Mr. Marbán, facing a mountain of debt. Bankruptcy is not the answer, either. Mortgage debt is specifically excluded here.

“Effectively, you can never get rid of this debt,

estimated 1.4 million Spaniards are facing potential foreclosure proceedings, according to Spain’s consumer protection association, known as the Adicae. Recent figures from the courts show that the numbers are rising fast. In 2007, there were just 26,000 foreclosures. Last year, there were more than 93,000. Early indications suggest that they will be higher again in 2010.

Click on the following for more details:  Foreclosure in Spain Can Mean Lifetime Debt to Bank - NYTimes.com

Can Roscoe trustee live in Rockford?

 

He [Trustee Stan Smith] said his home in Roscoe was in severe need of repair, so he bought a house in Rockford where he lives with his family while remodeling the Roscoe home. Although Smith took a mortgage out on the Rockford home, he said he has plans to move back to the Roscoe home when the necessary repairs are made. He said the Roscoe home had a problem with gas and wasn’t safe.

I still own and pay taxes on the property and have every intent to make it my official domicile. I lived in Roscoe for 25 years and I still intend to live in Roscoe,” he said. “I’m going to stay on the board. There is no reason for me not to.”

Winnebago County Deputy State’s Attorney David Kurlinkus confirmed that his office has received documents regarding Trustee Stan Smith’s residence.
“The Winnebago County State’s Attorney is going to review those documents and determine if any further action is warranted,” Kurlinkus said.

Click on the following for more details:  Beloit Daily News - your source for news, entertainment, sports, opinion, events, community, shopping and more > News > Local News

Chrysler to build 40-m.p.g. Fiat-based car -- Detroit Free Press

 

2011 Alfa Romeo Giulietta

Chysler is planning a Fiat-based 40-miles-per-gallon car that will go into production late next year at Belvidere, Ill., say suppliers and consultants familiar with the plan.

first model, based on Fiat’s C-EVO underbody, will replace the Dodge Caliber compact crossover, sources say. The car will resemble the Alfa Romeo Giulietta, which Fiat introduced in Europe earlier this year.
Read more: Chrysler to build 40-m.p.g. Fiat-based car | freep.com | Detroit Free Press

stiglitz tarp returns a "drop in the bucket" compared to damaged”

 

Stiglitz: TARP Returns a "Drop in the Bucket" Compared to Damage Done

Posted Oct 27, 2010 12:18pm EDT by Aaron Task in Newsmakers, Recession, Banking

 

…, such talk misses the big picture, says Columbia Professor and Nobel Prize-winning economist and author Joseph Stiglitz.

"The fact some of the banks paid back what was given to them on very favorable terms...is just a drop in the bucket compared to damage done to the economy," Stiglitz says in the accompanying video, taped at The Economist's Buttonwood Gathering.

Including the "enormous hidden subsidies to the banking system," the real economic cost of the bailouts is in the trillions, Stiglitz says.

"If the U.S. government had provided money to ordinary business at zero interest rates, what would our economy be like?," Stiglitz wonders. "What we did is give zero rates to banks, they then lent at much higher interest rates; that's the recapitalization. That's the gift."

Meanwhile, low interest rates have crushed savers and anyone living on a fixed income, he notes.

As to the idea that the bailouts worked because the financial system was saved and the economy rebounded, Stiglitz has a sharp retort: "We've managed to stabilize the economy [but] we shouldn't confuse stabilization with recovery...[and] the way they stabilized it unnecessarily impaired the ability to have a strong recovery."

Click on the following for more details;  stiglitz tarp returns a "drop in the bucket" compared to damage done: Tech Ticker, Yahoo! Finance

Illegal Aliens Cleared to Vote In Arizona,... | Gather

 

Illinois was required to have all of its absentee ballots mailed by Sept. 18, the national deadline. Election officials have until Nov. 15 to count the absentee ballots, which must be postmarked by midnight Nov. 1 to be eligible.
In an e-mail response, Justice Department spokeswoman Xochil Hinojosa confirmed that Illinois is being investigated for the absentee ballot infraction.

Click on the following for more of this story:  Illegal Aliens Cleared to Vote In Arizona,... | Gather

Latest Boone County assessed values published in Belvidere Daily Republican

 

2010 Boone County assessment appears in the Tuesday, Oct. 26 Belvidere Daily Republican.

The publication list is made up of the changes in assessments made by the Boone County Township Assessors

The Illinois Property Tax Code requires the assessed value to be determined on the three previous years of sales compared to the three previous years of assessments. The assessment cannot drop as quickly as the market currently indicates.

According to the Illinois Department of Revenue for 2010, the assessed value of residential, including farm residential, commercial and industrial property in Boone County had to be reduced by just over 7 percent based on the 3 previous years of sales compared to assessed values to be at 33.33 percent of value

Latest Boone County assessed values published in BDR