Many Americans were worried by the lack of attention both presidential candidates devoted to the housing market in their campaigns this year. The collapse of the housing market was one of the main reasons for the recession in the first place. The housing market impacts the job market and many other sectors of the economy. When home sales are up, retail sales are up; this in turn has a positive impact on the stock market. When stocks go up, inventory becomes sparse, therefore developers begin to build and in turn, construction jobs are added to the economy.
Many parts of the country are now seeing economic growth in the housing sector. There are more buyers and inventory is low. In past recessions, such as during the 1970s and 1980s, housing played a major role in economic recovery. In the 1970s housing and cars accounted for 50 percent of the recovery and in the 1980s these accounted for one-third of the recovery. Today, housing and cars account for only 10 percent of the recovery. However, states such as Florida, Nevada, California, Arizona and Michigan- that were hit the hardest by the housing market crash- are seeing an increase in sales and home prices.
To read more on this story visit: http://www.npr.org/2012/10/27/163776531/bust-to-boom-why-housing-matters-economically
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Tag: Stock Market
Bank of America Settles with the SEC for Lying to Shareholders
Bank of America announced its plan to merge with Merrill Lynch in 2008, admitting that there would be a small loss in the beginning. As the deal was closer to becoming official, 
Merrill Lynch was taking major profit hits as high as $7.5 billion in one month. After internal emails were disclosed, it revealed that Bank of America executives knew of these outrageous profit losses and downplayed them to its shareholders. At one point, Bank of America ordered Merrill Lynch to sell off assets to compensate for the profit losses, knowing that this would decrease the value to its shareholders.
Four days later, shareholders met and approved the merger. At the meeting, the CEO at the time, Kenneth Lewis knowingly made inaccurate statements to persuade the shareholders to approve the merger with Merrill Lynch. Just days after the approval, Bank of America’s attorneys prepared documents to back out of the merger due to “new financial woes.” After shareholders learned of the financial crises going on at Merrill Lynch, stock in Bank of America dropped at excessive rates. The bank did not claim wrongdoing but settled with the SEC for $150 million.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/04/how-bank-of-america-execs-hid-losses-in-their-own-words/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com
Goldman Sachs Accidentally Released Documents Incriminating the Firm
The lawyers for Goldman Sachs, a global investment banking and securities firm, have been dealing with a lawsuit filed against them by Overstock.com. After Overstock.com filed a motion to disclose certain internal documents of Goldman Sachs, the lawyers for the firm filed an opposition which accidentally made many of their internal documents, such as emails within the company, public record. Among the many issues that were brought to light due to the disclosure of the documents was ‘naked short selling.’ The speculation throughout Wall Street was that naked short selling was nothing more than a myth, but in fact Goldman Sachs has been participating in this act of high finance counterfeiting for years.
The act of naked short selling is where the investment firm who is hired to purchase stocks (such as Goldman Sachs) does not actually locate or purchase the stocks. By doing so, Goldman Sachs was creating an artificial stock supply. Goldman Sachs was avoiding spending time searching for the stocks and also avoiding paying fees to borrow the stocks. The illegal acts committed by Goldman Sachs have been brought to light only months after the former Goldman Sachs’ Executive, Greg Smith resigned and publicly released that the firm took advantage of their clients.
To read more on this story visit: http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515#ixzz1v0M2jZcl
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.