USA: ‘ BANKS TO BE ACCOUNTABLE BY NY LAWMAKERS FOR ZOMBIE PROPERTIES & DISREPAIR ‘


#AceFinanceReport – USA:April.27:Officials are warning the foreclosure crisis in the boroughs isn’t over and are taking aim at so-called "zombie properties."

Although many people might think the crisis is abating, there has actually been a sharp increase in abandoned and foreclosed homes in the last year, state Attorney General Eric Schneiderman said Monday.

"Last year in the Bronx there was a 45 percent increase in the number of ‘zombies,’"Schneiderman said.

Bronx state Sen. Jeff Klein is introducing a bill that would let homeowners stay in the homes as long as possible and hold the banks accountable for the disrepair.

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"We’re making a demand on the banks that they have to maintain these properties," Klein said.

All of the properties would have to be on a registry with the state attorney general’s office, which would have a hotline neighbors can call to report any problems, 1010 WINS’ Sonia Rincon reported.

Abandoned and foreclosed homes hurt more than just the people who can’t keep up the payments, Schneiderman said.

"Your entire community is damaged. Property values go down. Crime, arson and vandalism go up," Schneiderman said.

The homes are known as "zombie properties" because there’s no life in them, but they’re not dead. Many are a breeding ground for a multitude of problems.

Mount Vernon City Councilman Rich Thomas said they’re a big problem there.

"Raccoons, people doing drugs, mosquitoes — all the things you don’t want next to your home in the summer," Thomas said. "Four years in the life of a family versus four years of a life of a bank is an eternity."

Fred Ramftl of City Island said the properties are eyesores and safety hazards.

"The snow was never shoveled. They were constantly summonsed by the Sanitation Department," he said. "You try to contact the bank. Nothing seems to get done."

Elbin Mena of the Harding Park section of the Bronx said the "zombie" homes near him have even had leaks and floods.

"I would go in there and shut off the water mains," he said. "There is nothing we can do. I’ve screwed doors shut to prevent kids from going into these buildings."

Under the bill, banks would have to pay penalties and the money would go to the communities stuck with the cost of taking care of the properties.

#AFN2015

USA: ‘ COMCAST OFFICIALLY WITHDRAWS TAKEOVER OF TIME WARNER CABLE ‘


#AceNewsReport – Featured Update:April.26: Comcast Corp. announced today that it has withdrawn its planned $45-billion takeover of Time Warner Cable, ending a 14-month quest to create a cable TV and broadband behemoth.

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GREECE: ‘ WILL THEIR FALL FROM GRACE & FAVOUR BRINGING OTHER EU COUNTRIES TO THEIR CREDITORS KNEES ‘


#AceFinanceNews – Featured Post:April.26: Is Greece the joker in the pack, a card waiting to tumble before others such as Spain, Italy, Ireland, Portugal or even France follow suit?

And if so who is to blame if this in turn leads to Eurozone collapse and an eviscerated European Union? Might it be captured politicians and bureaucrats who woefully allowed a global financial industry to drive so many European citizens to […]

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Editors Comment:

For too long now the Eurozone and their leaders have called the hallowed tune by offering countries money and creating indebtedness above their level of GDP.

As this post says – it takes just one joker in the pack to bring the whole of the house of cards to fall down.

And just as ‘ Humpty Dumpty’ a debt balance of negativity will not be rebuilt again.

#AFN2015

CHINA: ‘ CLOUD COMPUTING THE FUTURE OF BUSINESS ‘


#AceFinanceNews – CHINA:April.25: All provincial, autonomous region and municipal People’s Governments, all State Council ministries and commissions, all directly subordinate bodies:

Cloud computing is a completely new business model to promote the realization of providing supply according to demand in terms of information technology capability, which stimulates the full use of information technology and data […]

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Article: HSBC considers leaving the UK in wake of tax grabs


HSBC considers leaving the UK in wake of tax grabs
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11560190/HSBC-launches-review-into-whether-to-leave-the-UK.html

Shared from The Daily Edition (UK) on Flipboard, your personal magazine.
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BRITAIN: ‘ MEDIA BARON GIFTS UKIP WITH £1.5-MILLION ADDING THE PARTY IS GOOD FOR ORDINARY BRITISH PEOPLE ‘


#AceFinanceNews – Featured Report:April.23: British media baron Richard Desmond gifted the anti-European Union UK Independence Party £1.5 million (€1.4 million) weeks from one of the tightest elections in decades, his newspaper announced Friday.

The donation was revealed on the front page of The Daily Express, a tabloid with a circulation of around half a million daily, owned by Desmond’s publishing company, Northern and Shell Media Group.

One of Britain’s richest men, Desmond donated £300,000 to UKIP in 2014. The Daily Express has long backed the anti-immigration party in its coverage, and called for Britain to leave the EU.

"Why I’m giving £1.3 million to UKIP" read The Daily Express headline, above a photograph of the newspaper owner with UKIP leader Nigel Farage.

The front page article said that Desmond gave the donation to "shake up the establishment".

"I firmly believe in UKIP. It’s a party for good, ordinary British people.

It is not run by elitists," Desmond was quoted as saying.

#AFN2015

USA: ‘ INSURANCE TRUST FUNDS INDEBTEDNESS & FEDERAL JOBLESS AID ENDS COULD HERALD A PROBLEM IN ANOTHER RECESSION ‘


#AceFinanceReport – USA:April.22: Tens of billions of dollars in debt. Cuts to jobless aid that have been called “historic and disturbing.” Unemployment insurance trust funds that are still clawing their way back to solvency.

This is the Great Recession’s legacy for the nation’s unemployment safety net. The sustained downturn and spike in joblessness stressed state programs to an extent not seen in decades, requiring emergency federal aid. Now, unemployment nationwide has fallen to 5.5 percent and the amount of unemployment benefits paid in the states has dropped to pre-recession norms in many cases.

Federal jobless aid to extend benefits expired last year.

Yet many state unemployment insurance trust funds still face a deficit. Those that are in the black often have balances below pre-recession peaks. And many states are paying less in benefits. The result is a safety net significantly weaker than it was before the recession.

Six years after the end of the recession, many state officials and labor analysts are concerned about what will happen to jobless benefits once another economic downturn arrives.

“When it comes, the (unemployment) program is going to be weaker and less effective than it was in the last recession,” said Wayne Vroman, a senior fellow in the Center on Labor, Human Services and Population at the Urban Institute.

“The consequences are going to be there in the next recession, and it will be obvious.”

#AFN2015

NEW YORK: ‘ FEDERAL RESERVE BANK REPORTS ON BORROWING & INDEBTEDNESS ‘


AceFinanceReport – NEW YORK:April.19: The Federal Reserve Bank of New York on April.11 launched a series of reports detailing trends in borrowing and indebtedness at the state and local level.

The Regional Household Debt and Credit Snapshot includes data about mortgages, student loans, credit cards, auto loans and delinquencies for New York City and its boroughs, as well as various metro areas in New York State, northern New Jersey and western Connecticut. There are a total of 27 Snapshots.

These reports are based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data.

They find that New York, New Jersey and Connecticut have higher balances, on average, for mortgages, home equity lines of credit (HELOC), student loans and credit cards compared to the national average. However, the rate of overall consumer distress (having any seriously delinquent debt or third party collections debt) is lower in the tristate region than the nation.

Other notable findings from the Snapshots include:

  • Borrowing for a home varies considerably within New York State. Fourteen percent of New York City residents have a mortgage with the fewest (9 percent) in the Bronx and most (28 percent) in Staten Island.
  • Upstate, average mortgage balances are about $100,000 in the Buffalo, Rochester and Syracuse metro areas. The average mortgage balance in New York City is more than $300,000.
  • Nearly 6 percent of mortgage borrowers in New Jersey have at least some seriously delinquent mortgage debt, nearly twice the national rate. New Jersey consumers have the highest levels of consumer distress in the tri-state area.
  • Behind Manhattan, Fairfield County has the highest average mortgage balance in the region at nearly $360,000.

Disclaimer: This article is not all written by ACE NEWS GROUP.

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BRUSSELS: ‘ EU STATES SAY PRODUCTS MADE BY ISRAELI SETTLERS SHOULD BE MARKED IN SHOPS ‘


#AceFinanceNews – Featured Report:BRUSSELS:April.18: Sixteen EU states have said products made by Israeli settlers should be marked in shops so that European consumers can decide whether to boycott them.

The group – which includes France, Italy, Spain, and the UK – made the appeal in a letter to EU foreign relations chief Federica Mogherini on Monday (13 April).

They said “EU-wide guideline on the labeling of settlement produce/products … is an important step in the full implementation of EU longstanding policy in relation to the preservation of the two-state solution”.

They noted that “expansion of Israeli illegal settlements … threatens the prospect of just and final peace agreement”.

They add EU consumers have a right to “not being misled by false information” and “confidence in knowing the origin of goods they are purchasing”.

They also have said the retail code should in the form of binding “legislation” and that it “benefit” Palestinian exporters.

The initiative was co-ordinated by Belgium, whose foreign minister also signed the paper. The other signatories are Austria, Croatia, Denmark, Finland, Ireland, Luxembourg, Malta, Netherlands, Portugal, Sweden, and Slovenia.

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BRUSSELS INTERVIEW: ‘ EU SETS GREECE A DEADLINE TO FIND AGREEMENT WITH ITS LENDERS ‘


#AceFinanceReport – Featured Update:BRUSSELS:April.18: Forget the 24 April Eurogroup meeting in Riga. The new deadline to find an agreement between Greece and its lenders is now the next Eurogroup planned on 11 May.



In an interview with the Financial Times Friday (17 April), EU commissioner for economic and financial affairs Pierre Moscovici said Greece must "speed up" work on reforms and that the 11 May meeting "certainly must be decisive".

"The April 24 meeting in Riga must not be a wasted moment; it must be a useful moment in which we see concrete progress in catching up with those reforms".

This is the first time a top EU official has clearly indicated a date for an agreement on Greek reforms to unblock a €7.2 billon loan to the cash-strapped country.

Before now, EU sources had said that the 24 April meeting was the date when Greeks expected a deal, but that the EU was waiting for a detailed list of reforms with an assessment of their cost and revenues.

Moscovici’s statement indicates the EU is getting impatient with the left-wing government of Alexis Tsipras in Athens, but is also worried about the prospect of a possible default.

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