A particularly toxic form of adjustable rate mortgage is going to hit the headlines in the spring and summer of 2010 with defaults, foreclosures and workout discussions extending into 2012. “Option ARMs” also known as “Pick-a-pay” allow the borrower to… Continue Reading →
In a recent report about Mello-Roos Community Facility Districts (CFD’s) the California Debt and Investment Advisory Commission (CDIAC) stated: Despite the potential impacts of evolving mortgage conditions, CFD’s have not reported higher default rates, at least through 2007-2008, but have… Continue Reading →
From the trough of recession it can take up to two more years for cities (and other local governments) to reach their revenue low point, according to research by the National League of Cities and the Brookings Institution. If the overall… Continue Reading →
State legislatures, required to balance their budgets, are up against the wall. Budget gaps have worsened mid-year. When you total the gaps going into the budget for FY2010 with mid-year fissures you come up with more than $190 billion according… Continue Reading →
The city of Detroit does not need another financial setback. With unemployment topping 17% and ever increasing short term borrowing, the city is under an immediate survival imperative to cut spending or face insolvency. State revenue sharing is being cut… Continue Reading →
This is a follow-up to the earlier post on October 14 about Prichard, Alabama when the city failed to make the October payment to their retirees. According to the Press-Register city leaders do not expect to pay November either. To protect themselves from the… Continue Reading →
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