Ripped From The Headlines, November 16, 2022
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“'Zombie Debt': Homeowners face foreclosure on old mortgages”
“Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000.
“I was shocked,” said Prophete, who refinanced her two-family home in 2006, six years after arriving from Haiti. "I don’t even know these people because they never contacted me. They never called me.”
Prophete is part of a wave of homeowners who say they were blindsided by the start of foreclosure actions on their homes over second loans that were taken out more than a decade ago. The trusts and mortgage loan servicers behind the actions say the loans were defaulted on years ago.
Some of these homeowners say they weren't even aware they had a second mortgage because of confusing loan structures. Others believed their second loans were rolled in with their first mortgage payments or forgiven. Typically, they say they had not received statements on their second loans for years as they paid down their first mortgages.
Now they're being told the loans weren't dead after all. Instead, they're what critics call “zombie debt” — old loans with new collection actions.”
“Thanksgiving meal prices rise to new record high”
“Your Thanksgiving meal with all the trimmings is expected to cost 20% more than last year.
Why it matters: Nearly every ingredient in the classic Thanksgiving feast is more expensive between inflation, supply chain interruptions and the avian flu, according to the American Farm Bureau's annual Thanksgiving dinner survey.
Driving the news: The survey, released Wednesday, found the average cost of this year’s holiday meal for 10 is $64.05 up from the 2021 average of $53.31.
It's the most expensive dinner in the 37 years of the bureau's holiday survey.
What they're saying: "General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner," said Roger Cryan, the bureau's chief economist, in a statement.
Details: A 16-pound turkey costs about $28.96, almost $5 or 21% more than the average cost a year ago and $9.57 more than in 2020, the survey found.
Holiday staples with the biggest price increases include:
14-ounce bag of cubed stuffing mix, $3.88 (up 69%)
Two frozen pie crusts, $3.68 (up 26%)
Half pint of whipping cream, $2.24 (up 26%)
A pound of frozen peas, $1.90 (up 23%)
A dozen dinner rolls, $3.73 (up 22%)
30-ounce can of pumpkin pie mix, $4.28 (up 18%)”
“ECB raises alarm over growing risks to financial system”
”A toxic combination of recession, soaring inflation, rising funding costs and lower liquidity is threatening to trigger financial market turmoil in the euro area, the European Central Bank has warned. Luis de Guindos, ECB vice-president, called for banks to take more provisions for bad loans, urged global regulators to make investment funds hold more liquid assets and said the central bank should be prudent in starting to shrink its €5tn bond stockpile next year.
The ECB’s twice-yearly financial stability review said high inflation, a growing likelihood of a recession and rising financing costs “pose increasing challenges” for indebted households, businesses and governments and could produce more bankruptcies and financial market volatility. “All of these vulnerabilities could unfold simultaneously, potentially reinforcing one another,” the report added.”
Actual Stories, Ripped From The Headlines. Things To Ponder:
Zombie Mortgages?
Oddly, the name fits, given where our economy is at.
Just when you think you’re in the clear… the hydra rears its head(s).
Good time to check on your loans.
How about Thanksgiving this year?
This line, in particular, sticks out:
"General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner," said Roger Cryan, the bureau's chief economist, in a statement.
Details: A 16-pound turkey costs about $28.96, almost $5 or 21% more than the average cost a year ago and $9.57 more than in 2020, the survey found.
Odd… according to Joy Reid, we didn’t know what inflation was until recently…
And, according to the current administration, it’s not technically a recession…
Huzzah!!!
Oh, about the European Central Bank thing…
We tend to run just a few months behind events in Europe here in the US…
You might want to stock up.
What does this mean?
Everyone (including banks) is scrambling for every piece of every asset they can get.
Including your home, based on a bit of hokum.
Given yesterday’s news about household debt, you get the idea of where this is going.
COVER. YOUR. ASSETS.
Why should I care?
This time, it looks like it’s going to be WAY worse…
You should care.
What should I do?
Be a beacon… sound the alarm.
Time is short…
Share this newsletter… heck, take from it and do your own. We give you permission…
Take the time to learn about Parallel Economies, and find alternatives to the things you use today… food, money, transportation.
It sounds like doom & gloom… but, it’s not bad practice in a high tech world to have practical skills and methods… just in case.
GET MOVING ASAP.
Also, please share what you get from this newsletter.
It’s OK if you don’t understand it all.
Tell them to ask us.
Your future, and theirs, depends on it.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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Ripped From The Headlines is your daily digest of what’s happening in the world. We help you to understand what it means, why you should care, and what you should do.
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