Making Money Web

Brace yourselves for the return of “Blue Steel.”

That’s right. Ben Stiller’s Derek Zoolander character, of 2001’s big-screen comedy Zoolander, will be making his comeback as a web cartoon. The New York Times reports that the actor will resume his role as the clueless male model, and that he hopes to include former supporting cast members like Owen Wilson and Will Ferrell in the series.

Stiller will also star in a second live-action web series, Billy Glimmer: Entertainer of the Century, in which he will play a Las Vegas voice imitator and comedian. Both projects are part of a two-year deal Paramount Digital Entertainment struck up with a new digital division at Red Hour Films — a production company run by Stiller and Stuart Cornfeld.

The animated Zoolander will be accompanied by a social media game, and there is some possibility that more online social properties, TV shows or full-length feature films could develop as a result.

This isn’t the first time Stiller has participated in digital entertainment projects. Late last year, the actor launched the social media-driven viral video campaign, Stillerstrong, to help raise money to build a school in Haiti while also providing some aid to earthquake relief efforts. Red Hour Digital is also behind Stiller & Meara, a series of online videos featured on Yahooclass="blippr-nobr">Yahoo! class='blippr-nobr'>Videoclass="blippr-nobr">video, starring Stiller’s parents.

According to the Times, Stiller views his current projects as a chance to do something creative without prolonged studio interference.

What are your thoughts on the upcoming Zoolander and Billy Glimmer webisodes?

Image courtesy of class='blippr-nobr'>Flickrclass="blippr-nobr">Flickr, Cineando

For more Web Video coverage:

class="f-el">class="cov-twit">Follow Mashable Web Videoclass="s-el">class="cov-rss">Subscribe to the Web Video channelclass="f-el">class="cov-fb">Become a Fan on Facebookclass="s-el">class="cov-apple">Download our free apps for iPhone and iPad

The power of hands-on learning is indisputable. But when it comes to investing your money in the stock market, however, making a beginner’s mistake can cost you more than just your self-esteem. Thankfully, the web makes it easy to practice with virtual money.

There are a multitude of online investment games like Investopedia and gnuTrade that play with virtual money, but not all of them are easy for beginners. Here are five of the best free (because you shouldn’t have to spend real money to play with fake money) online games for getting your feet wet.

1. Wall Street Survivor

Invest $100,000 in virtual cash via drop-down menu choices. A friendly cartoon version of stock guru Mark Brookshire helps you make your final decision by providing some rating numbers when you input a stock. These include a rating for survivor sentiment, fundamentals, technical and a Motley Fool class='blippr-nobr'>Ratingclass="blippr-nobr">Rating.

For additional help choosing stocks, the site has an impressive resource library that spans beginner, intermediate and advanced levels. Start with Investing 101 and consider taking advantage of the community forums if you have specific questions. Those who need a little help getting started can also choose to adapt one of the preset portfolios created by proven traders.

While the $100,000 competition is most popular, anybody on the site can create a contest. Prizes vary, but most often consist of competitive pride.

2. HowTheMarketWorks

Owned by the same company as Wall Street Survivor, this game is great for investors looking to gain experience with a new type of portfolio. In addition to stocks and indexes, there are options to experiment with Forex portfolios, penny stocks, mutual funds and short selling.

Beginners can execute market order-based trades in a “fun mode” without worrying about things like set hours, maximum number of trades per day, per stock and order expiration. A “realistic mode” amps up the complexity after they’ve mastered the beginner level.

Players can manage up to three stock portfolios and three Forex portfolios on the site at once. For each portfolio, they select a starting value between $100 and $500,000 and set how much virtual commission you are charged per trade.

The competition aspect is optional. General monthly contests give each player $25,000 as a virtual starting point. Other public contests include challenging restrictions like “short sells only” or “penny stocks only.” Users can create their own password-protected games as well, which is a feature that teachers find helpful for creating class competitions.

3. Young Money Stock Market Game

Young Money Magazine’s stock exchange game is easy to learn but also fairly realistic, which is a hard balance to strike.

Realistic aspects include a virtual commission that’s taken out of each trade, adhering to market hours and rules about how you can invest. Unlike many investing games, trades are made at a real-time price. Learning aspects include convenient help icons on key terms and an intuitive tabbed interface.

The site runs a monthly contest with a $100 (real) cash prize that goes to whoever gained the highest percentage. Players can also create their own contests or join other user-made contests.

4. MarketWatch Fantasy Earnings Trader Game

MarketWatch will run this mock stock market contest for a total of four weeks, awarding the winner of each week with an iPad. It’s on week three right now, but there’s still time to get in on the competition for week four.

You must have your selections picked before the week starts on Monday. The shares that you select are “purchased” at Monday’s open and will “sell” automatically at Friday’s close.

The catch is that all players can only use the 15 to 20 symbols selected for each week. The companies are selected by the game owner for companies that are projecting their earnings during each week. Lining up picks is easy — players simply drag the company’s logo to their trading card and designate if they want to sell short or go long.

Although there are some pros playing, this game is especially manageable for beginners due to the limited stock options for each week.

5. UpDown

Like Young Money’s game, UpDown has helpful icons that explain key terms for beginners. More comprehensive resources in the education center mercifully cover even the most basic of investing concepts.

Community features, like the opportunity to collaborate with a group and to see the most-bought and most-sold stocks, are also helpful for beginners. The “watch list” tool provides a convenient dashboard for monitoring potential picks.

UpDown sponsors a monthly contest that rewards players who beat the market with real cash.

More Business Resources from Mashable:

- 5 Lessons to Learn from Web Startups/> - 20 of the Best Resources to Get Your Startup Off the Ground/> - 5 Startup Tips From the Father of Gmail and FriendFeed/> - 6 Ways to Recruit Talent for Startups/> - 10 Essential Tips for Building Your Small Biz Team

Image courtesy of iStockphotoclass="blippr-nobr">iStockphoto, H-Gall

For more Business coverage:

class="f-el">class="cov-twit">Follow Mashable Businessclass="s-el">class="cov-rss">Subscribe to the Business channelclass="f-el">class="cov-fb">Become a Fan on Facebookclass="s-el">class="cov-apple">Download our free apps for iPhone and iPad

ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Oct. 27 <b>...</b>

Investors and traders in China's main financial district are talking about the following before the start of trade today: Shares in automaker Hong Kong-listed BYD tanked by 9% after the company said profit fell by 99% in the third ...

FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal

It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...

property management atlanta ga

ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Oct. 27 <b>...</b>

Investors and traders in China's main financial district are talking about the following before the start of trade today: Shares in automaker Hong Kong-listed BYD tanked by 9% after the company said profit fell by 99% in the third ...

FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal

It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...

Brace yourselves for the return of “Blue Steel.”

That’s right. Ben Stiller’s Derek Zoolander character, of 2001’s big-screen comedy Zoolander, will be making his comeback as a web cartoon. The New York Times reports that the actor will resume his role as the clueless male model, and that he hopes to include former supporting cast members like Owen Wilson and Will Ferrell in the series.

Stiller will also star in a second live-action web series, Billy Glimmer: Entertainer of the Century, in which he will play a Las Vegas voice imitator and comedian. Both projects are part of a two-year deal Paramount Digital Entertainment struck up with a new digital division at Red Hour Films — a production company run by Stiller and Stuart Cornfeld.

The animated Zoolander will be accompanied by a social media game, and there is some possibility that more online social properties, TV shows or full-length feature films could develop as a result.

This isn’t the first time Stiller has participated in digital entertainment projects. Late last year, the actor launched the social media-driven viral video campaign, Stillerstrong, to help raise money to build a school in Haiti while also providing some aid to earthquake relief efforts. Red Hour Digital is also behind Stiller & Meara, a series of online videos featured on Yahooclass="blippr-nobr">Yahoo! class='blippr-nobr'>Videoclass="blippr-nobr">video, starring Stiller’s parents.

According to the Times, Stiller views his current projects as a chance to do something creative without prolonged studio interference.

What are your thoughts on the upcoming Zoolander and Billy Glimmer webisodes?

Image courtesy of class='blippr-nobr'>Flickrclass="blippr-nobr">Flickr, Cineando

For more Web Video coverage:

class="f-el">class="cov-twit">Follow Mashable Web Videoclass="s-el">class="cov-rss">Subscribe to the Web Video channelclass="f-el">class="cov-fb">Become a Fan on Facebookclass="s-el">class="cov-apple">Download our free apps for iPhone and iPad

The power of hands-on learning is indisputable. But when it comes to investing your money in the stock market, however, making a beginner’s mistake can cost you more than just your self-esteem. Thankfully, the web makes it easy to practice with virtual money.

There are a multitude of online investment games like Investopedia and gnuTrade that play with virtual money, but not all of them are easy for beginners. Here are five of the best free (because you shouldn’t have to spend real money to play with fake money) online games for getting your feet wet.

1. Wall Street Survivor

Invest $100,000 in virtual cash via drop-down menu choices. A friendly cartoon version of stock guru Mark Brookshire helps you make your final decision by providing some rating numbers when you input a stock. These include a rating for survivor sentiment, fundamentals, technical and a Motley Fool class='blippr-nobr'>Ratingclass="blippr-nobr">Rating.

For additional help choosing stocks, the site has an impressive resource library that spans beginner, intermediate and advanced levels. Start with Investing 101 and consider taking advantage of the community forums if you have specific questions. Those who need a little help getting started can also choose to adapt one of the preset portfolios created by proven traders.

While the $100,000 competition is most popular, anybody on the site can create a contest. Prizes vary, but most often consist of competitive pride.

2. HowTheMarketWorks

Owned by the same company as Wall Street Survivor, this game is great for investors looking to gain experience with a new type of portfolio. In addition to stocks and indexes, there are options to experiment with Forex portfolios, penny stocks, mutual funds and short selling.

Beginners can execute market order-based trades in a “fun mode” without worrying about things like set hours, maximum number of trades per day, per stock and order expiration. A “realistic mode” amps up the complexity after they’ve mastered the beginner level.

Players can manage up to three stock portfolios and three Forex portfolios on the site at once. For each portfolio, they select a starting value between $100 and $500,000 and set how much virtual commission you are charged per trade.

The competition aspect is optional. General monthly contests give each player $25,000 as a virtual starting point. Other public contests include challenging restrictions like “short sells only” or “penny stocks only.” Users can create their own password-protected games as well, which is a feature that teachers find helpful for creating class competitions.

3. Young Money Stock Market Game

Young Money Magazine’s stock exchange game is easy to learn but also fairly realistic, which is a hard balance to strike.

Realistic aspects include a virtual commission that’s taken out of each trade, adhering to market hours and rules about how you can invest. Unlike many investing games, trades are made at a real-time price. Learning aspects include convenient help icons on key terms and an intuitive tabbed interface.

The site runs a monthly contest with a $100 (real) cash prize that goes to whoever gained the highest percentage. Players can also create their own contests or join other user-made contests.

4. MarketWatch Fantasy Earnings Trader Game

MarketWatch will run this mock stock market contest for a total of four weeks, awarding the winner of each week with an iPad. It’s on week three right now, but there’s still time to get in on the competition for week four.

You must have your selections picked before the week starts on Monday. The shares that you select are “purchased” at Monday’s open and will “sell” automatically at Friday’s close.

The catch is that all players can only use the 15 to 20 symbols selected for each week. The companies are selected by the game owner for companies that are projecting their earnings during each week. Lining up picks is easy — players simply drag the company’s logo to their trading card and designate if they want to sell short or go long.

Although there are some pros playing, this game is especially manageable for beginners due to the limited stock options for each week.

5. UpDown

Like Young Money’s game, UpDown has helpful icons that explain key terms for beginners. More comprehensive resources in the education center mercifully cover even the most basic of investing concepts.

Community features, like the opportunity to collaborate with a group and to see the most-bought and most-sold stocks, are also helpful for beginners. The “watch list” tool provides a convenient dashboard for monitoring potential picks.

UpDown sponsors a monthly contest that rewards players who beat the market with real cash.

More Business Resources from Mashable:

- 5 Lessons to Learn from Web Startups/> - 20 of the Best Resources to Get Your Startup Off the Ground/> - 5 Startup Tips From the Father of Gmail and FriendFeed/> - 6 Ways to Recruit Talent for Startups/> - 10 Essential Tips for Building Your Small Biz Team

Image courtesy of iStockphotoclass="blippr-nobr">iStockphoto, H-Gall

For more Business coverage:

class="f-el">class="cov-twit">Follow Mashable Businessclass="s-el">class="cov-rss">Subscribe to the Business channelclass="f-el">class="cov-fb">Become a Fan on Facebookclass="s-el">class="cov-apple">Download our free apps for iPhone and iPad

ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Oct. 27 <b>...</b>

Investors and traders in China's main financial district are talking about the following before the start of trade today: Shares in automaker Hong Kong-listed BYD tanked by 9% after the company said profit fell by 99% in the third ...

FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal

It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...

ABC <b>News</b> airs big exposé on BMW N54 engine problems, lawsuits [w <b>...</b>

ABC News investigates BMW fuel pump problems – Click above to watch video after the jump ABC News has cottoned on to the story that BMW.

Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Oct. 27 <b>...</b>

Investors and traders in China's main financial district are talking about the following before the start of trade today: Shares in automaker Hong Kong-listed BYD tanked by 9% after the company said profit fell by 99% in the third ...

FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal

It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...

Making Money on Internet

Google has announced a donation of $5 million for innovation in digital journalism — $2 million will go to the Knight Foundation and $3 million will go toward international news efforts.

Though the details of class='blippr-nobr'>Google’sclass="blippr-nobr">Google international news donation are to be announced early next year, the $2 million for the Knight Foundation — an organization that focuses on advancing and funding journalism in the digital age — will be broken up by $1 million to help fund the Knight News Challenge and another $1 million for general grant-making for journalism innovation.

The Knight News Challenge is a worldwide news innovation competition that will be distributing $6 million in awards to contest winners. It’s currently looking for submissions with a focus on mobile, sustainability, authenticity and community, and one of the requirements is that they have to be open source, which aligns nicely with Google’s goals in the space. Last year, the Foundation awarded $2.74 million in grants that ranged from real-time ads, to crowd-funding, to reporting using social media. It’s also supported the likes of DocumentCloud, Spot.Us and Everyblock.

“This is an enormously important vote of confidence by the industry leader. We welcome Google’s support,” said Alberto Ibargüen, president of the Knight Foundation in a statement. “Already, more Americans get their information from the class='blippr-nobr'>Internetclass="blippr-nobr">Internet than from newspapers. That trend will only intensify, making it imperative for our democracy that we find ways to effectively deliver the news and information people require on the new, digital platforms.”

As media companies struggle to find a sustainable model while more news consumption takes place on the web (with much through the social web), there’s a great need for innovative ideas and approaches to news. So why donate the money? In part, it is policy for Google to donate 1% of profits toward charity, but it’s also a peace offering of sorts to news organizations that have often blamed their woes on the technology giant.

As Megan Garber of Nieman Journalism Lab points out, despite years of having a dysfunctional relationship with news organizations, Google’s donation comes as a “multi-million dollar olive branch.” For years, some news organizations accused Google of stealing their news, but recently Google has been reaching out to news organizations for partnerships on projects like Living Stories, which it collaborated on with The New York Times and The Washington Post. Despite working on such partnerships recently, Chris Gaither told Garber the donation is an effort to “encourage innovation at a more grassroots level.”

Going forward, with major news organizations cutting back on international resources to produce news, it will be crucial to help fill in a gap.

Thumbnail courtesy of iStockphotoclass="blippr-nobr">iStockphoto, fotosipsak

For more Social Media coverage:

class="f-el">class="cov-twit">Follow Mashable Social Mediaclass="s-el">class="cov-rss">Subscribe to the Social Media channelclass="f-el">class="cov-fb">Become a Fan on Facebookclass="s-el">class="cov-apple">Download our free apps for iPhone and iPad

I sincerely hope followers of the Network Neutrality (NN) debate were wearing their seatbelts last week.  The pro-NN Media Marxists’ rapid lurch in position on the issue would otherwise have ensured full chiropractor employment for a pronounced period of time.

What led to this The-Ends-Justify-Any-Means-Necessary backflip is the Cablevision-Fox dustup over fees Cablevision pays Fox to retransmit the latter’s programming.  The two parties couldn’t reach an agreement, the contract elapsed and Fox pulled its channels from the Cablevision lineup.

Fox then went a step further, temporarily making some of its online content unavailable to Cablevision subscribers.

Let us be clear what happened here.  The Content Provider (Fox) had prevented the Internet Service Provider (Cablevision) from access to its online content.

And after all, it is Fox’s property.  They paid a LOT of money for its creation, development and deployment – they can do with it whatever they wish.  They can offer it to whomever, or not offer it to anyone at all.  If they want to withhold some or all of it from some or all people, that is their prerogative – especially when they are not being paid for it.

It is here that the pro-Net Neutrality crowd jumped the intellectual shark.  Well, again.  They asserted that Fox – by not giving away their property online – was in violation of the Media Marxists’ warped definition of NN.

And that Fox’s “violation” served as further “justification” for Federal Communications Commission (FCC)-mandated Net Neutrality – and the radical, extra-lawful Internet power grab they have been demanding the FCC make so as to commandeer the authority necessary to enact and enforce it.

(An investment-devastating move which the FCC may very well execute as soon as November 30th.)

FCC Commissioner Michael Copps said in a statement:

For a broadcaster to pull programming from the Internet for a cable company’s subscribers, as apparently happened here, directly threatens the open Internet.

And Art Brodsky, Director of Communications for Public Knowledge, wrote:

Fox committed what should be considered one of the grossest violations of the open Internet committed by a U.S. company….

In this case, of course, it’s the content provider that was doing the blocking…. (B)ut it shouldn’t matter who is keeping consumers away from the lawful content….

If one values the open Internet, however, there should be rules against that sort of thing, whether the blocking is done by the ISP or by a content provider….

Yes, it would be nice if someone (like the FCC) could step in and tell Fox that it is unacceptable to block Internet content.

For years these Leftists have been vociferously insisting that the enemies of NN are the evil Internet Service Providers – who would allegedly block access to online fare.  And thusly Net Neutrality was required to stop them from so doing.

But by attempting to frame the Cablevision-Fox dispute in NN terms – by demanding that Fox give away its content to everyone – the pro-NN gaggle clearly demonstrates that this fight is not (just) about ACCESS to Internet content – it is about GOVERNMENT CONTROL of Internet content.

They seek to neutralize the Internet – by having the government control its content.

Of course, they have all along stridently asserted that Net Neutrality is not about this.

Right-wing media have falsely claimed that the net neutrality principle supported by the Obama administration is an attempt by the government to control Internet content. In fact, net neutrality does not mean government control of content on the Internet; rather, net neutrality ensures equal and open access for consumers and producers of content and applications…

But their demands of Fox clearly demonstrate that it is.

Yesterday, it was about access to content.  Today, it’s the government demanding content providers give away the products they produce.

Tomorrow, it will be the government demanding content providers pull from the Web the products they produce.  Shutting you up by insisting you shut it down.

After all, government control is government control.  Once they have it, they have it all the way.

How pathetically sad it is that the ACLU – the alleged champion of the First Amendment – has so readily sacrificed it on the altar of Leftist ideology.  And done so in such an intellectually vacuous fashion – the First Amendment protects us from GOVERNMENT censorship, not the actions of private companies or individuals.

To say that force feeding the nation Net Neutrality is a First Amendment imperative is both factually and morally bankrupt.

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bench craft company complaints
bench craft company complaints

AMERICAblog <b>News</b>: In Afghanistan, &#39;The insurgency seems to be <b>...</b>

News and opinion about US politics from a liberal perspective.

Small Business <b>News</b>: Social Media Secrets

Pssst. We've got something important to tell you about a new tool that can totally transform your business. In terms of upfront investment, there is no cost,

BREAKING <b>NEWS</b>: James Cameron&#39;s Next Films Are &#39;Avatar 2′ &amp; &#39;3′ For <b>...</b>

BREAKING NEWS: James Cameron's Next Films Are 'Avatar 2' & '3' BREAKING NEWS: James Cameron's Next Films … TV Pitch Season Coming To An End � Official: 'The Hobbit' Stays In New Zealand � Michael Jackson Song 'Thriller' In Center Of Pic ...

bench craft company complaints bench craft company complaints

Google has announced a donation of $5 million for innovation in digital journalism — $2 million will go to the Knight Foundation and $3 million will go toward international news efforts.

Though the details of class='blippr-nobr'>Google’sclass="blippr-nobr">Google international news donation are to be announced early next year, the $2 million for the Knight Foundation — an organization that focuses on advancing and funding journalism in the digital age — will be broken up by $1 million to help fund the Knight News Challenge and another $1 million for general grant-making for journalism innovation.

The Knight News Challenge is a worldwide news innovation competition that will be distributing $6 million in awards to contest winners. It’s currently looking for submissions with a focus on mobile, sustainability, authenticity and community, and one of the requirements is that they have to be open source, which aligns nicely with Google’s goals in the space. Last year, the Foundation awarded $2.74 million in grants that ranged from real-time ads, to crowd-funding, to reporting using social media. It’s also supported the likes of DocumentCloud, Spot.Us and Everyblock.

“This is an enormously important vote of confidence by the industry leader. We welcome Google’s support,” said Alberto Ibargüen, president of the Knight Foundation in a statement. “Already, more Americans get their information from the class='blippr-nobr'>Internetclass="blippr-nobr">Internet than from newspapers. That trend will only intensify, making it imperative for our democracy that we find ways to effectively deliver the news and information people require on the new, digital platforms.”

As media companies struggle to find a sustainable model while more news consumption takes place on the web (with much through the social web), there’s a great need for innovative ideas and approaches to news. So why donate the money? In part, it is policy for Google to donate 1% of profits toward charity, but it’s also a peace offering of sorts to news organizations that have often blamed their woes on the technology giant.

As Megan Garber of Nieman Journalism Lab points out, despite years of having a dysfunctional relationship with news organizations, Google’s donation comes as a “multi-million dollar olive branch.” For years, some news organizations accused Google of stealing their news, but recently Google has been reaching out to news organizations for partnerships on projects like Living Stories, which it collaborated on with The New York Times and The Washington Post. Despite working on such partnerships recently, Chris Gaither told Garber the donation is an effort to “encourage innovation at a more grassroots level.”

Going forward, with major news organizations cutting back on international resources to produce news, it will be crucial to help fill in a gap.

Thumbnail courtesy of iStockphotoclass="blippr-nobr">iStockphoto, fotosipsak

For more Social Media coverage:

class="f-el">class="cov-twit">Follow Mashable Social Mediaclass="s-el">class="cov-rss">Subscribe to the Social Media channelclass="f-el">class="cov-fb">Become a Fan on Facebookclass="s-el">class="cov-apple">Download our free apps for iPhone and iPad

I sincerely hope followers of the Network Neutrality (NN) debate were wearing their seatbelts last week.  The pro-NN Media Marxists’ rapid lurch in position on the issue would otherwise have ensured full chiropractor employment for a pronounced period of time.

What led to this The-Ends-Justify-Any-Means-Necessary backflip is the Cablevision-Fox dustup over fees Cablevision pays Fox to retransmit the latter’s programming.  The two parties couldn’t reach an agreement, the contract elapsed and Fox pulled its channels from the Cablevision lineup.

Fox then went a step further, temporarily making some of its online content unavailable to Cablevision subscribers.

Let us be clear what happened here.  The Content Provider (Fox) had prevented the Internet Service Provider (Cablevision) from access to its online content.

And after all, it is Fox’s property.  They paid a LOT of money for its creation, development and deployment – they can do with it whatever they wish.  They can offer it to whomever, or not offer it to anyone at all.  If they want to withhold some or all of it from some or all people, that is their prerogative – especially when they are not being paid for it.

It is here that the pro-Net Neutrality crowd jumped the intellectual shark.  Well, again.  They asserted that Fox – by not giving away their property online – was in violation of the Media Marxists’ warped definition of NN.

And that Fox’s “violation” served as further “justification” for Federal Communications Commission (FCC)-mandated Net Neutrality – and the radical, extra-lawful Internet power grab they have been demanding the FCC make so as to commandeer the authority necessary to enact and enforce it.

(An investment-devastating move which the FCC may very well execute as soon as November 30th.)

FCC Commissioner Michael Copps said in a statement:

For a broadcaster to pull programming from the Internet for a cable company’s subscribers, as apparently happened here, directly threatens the open Internet.

And Art Brodsky, Director of Communications for Public Knowledge, wrote:

Fox committed what should be considered one of the grossest violations of the open Internet committed by a U.S. company….

In this case, of course, it’s the content provider that was doing the blocking…. (B)ut it shouldn’t matter who is keeping consumers away from the lawful content….

If one values the open Internet, however, there should be rules against that sort of thing, whether the blocking is done by the ISP or by a content provider….

Yes, it would be nice if someone (like the FCC) could step in and tell Fox that it is unacceptable to block Internet content.

For years these Leftists have been vociferously insisting that the enemies of NN are the evil Internet Service Providers – who would allegedly block access to online fare.  And thusly Net Neutrality was required to stop them from so doing.

But by attempting to frame the Cablevision-Fox dispute in NN terms – by demanding that Fox give away its content to everyone – the pro-NN gaggle clearly demonstrates that this fight is not (just) about ACCESS to Internet content – it is about GOVERNMENT CONTROL of Internet content.

They seek to neutralize the Internet – by having the government control its content.

Of course, they have all along stridently asserted that Net Neutrality is not about this.

Right-wing media have falsely claimed that the net neutrality principle supported by the Obama administration is an attempt by the government to control Internet content. In fact, net neutrality does not mean government control of content on the Internet; rather, net neutrality ensures equal and open access for consumers and producers of content and applications…

But their demands of Fox clearly demonstrate that it is.

Yesterday, it was about access to content.  Today, it’s the government demanding content providers give away the products they produce.

Tomorrow, it will be the government demanding content providers pull from the Web the products they produce.  Shutting you up by insisting you shut it down.

After all, government control is government control.  Once they have it, they have it all the way.

How pathetically sad it is that the ACLU – the alleged champion of the First Amendment – has so readily sacrificed it on the altar of Leftist ideology.  And done so in such an intellectually vacuous fashion – the First Amendment protects us from GOVERNMENT censorship, not the actions of private companies or individuals.

To say that force feeding the nation Net Neutrality is a First Amendment imperative is both factually and morally bankrupt.

bench craft company complaints

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bench craft company complaints bench craft company complaints

AMERICAblog <b>News</b>: In Afghanistan, &#39;The insurgency seems to be <b>...</b>

News and opinion about US politics from a liberal perspective.

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BREAKING NEWS: James Cameron's Next Films Are 'Avatar 2' & '3' BREAKING NEWS: James Cameron's Next Films … TV Pitch Season Coming To An End � Official: 'The Hobbit' Stays In New Zealand � Michael Jackson Song 'Thriller' In Center Of Pic ...

bench craft company complaints bench craft company complaints

AMERICAblog <b>News</b>: In Afghanistan, &#39;The insurgency seems to be <b>...</b>

News and opinion about US politics from a liberal perspective.

Small Business <b>News</b>: Social Media Secrets

Pssst. We've got something important to tell you about a new tool that can totally transform your business. In terms of upfront investment, there is no cost,

BREAKING <b>NEWS</b>: James Cameron&#39;s Next Films Are &#39;Avatar 2′ &amp; &#39;3′ For <b>...</b>

BREAKING NEWS: James Cameron's Next Films Are 'Avatar 2' & '3' BREAKING NEWS: James Cameron's Next Films … TV Pitch Season Coming To An End � Official: 'The Hobbit' Stays In New Zealand � Michael Jackson Song 'Thriller' In Center Of Pic ...

bench craft company complaints bench craft company complaints

Making Money Cash

Hundreds of millions of dollars are flowing from special interests to candidates, for what are usually pretty obvious reasons. Why would the coal industry support Rand Paul for the Senate in Kentucky? Why would Paul want their money? No mystery there. But there are a few gifts that raised my eyebrows.

BP, one might think, would be a pretty toxic political donor along the Gulf Coast. But that didn't prevent Democratic Senate candidate Charlie Melancon from accepting $1,000 from his state's public enemy number one. Nor was Alabama Republican Richard Shelby shy about taking BP's cash.

Even odder are the giving patterns of GM's newly reactivated PAC. Let's begin with the obvious fact that GM, as a company that is still more than half owned by the federal government, shouldn't be making PAC contributions at all, a point that has been repeatedly made.  But clearly the Obama administration has been serious about being hands off in its management of the company and hasn't prevented this stunning violation of any reasonable standard of ethics.

What's weird though is to whom GM has chosen to give money. Yes, of course, $5,000 to Congressman John Dingell -- his wife, after all, works for GM, and he has been a stalwart supporter of the company in good times and bad. But $5,000 (the maximum allowed) to Senate Minority Leader Mitch McConnell, who routinely lambasts the federal government's decision to keep GM alive? McConnell said last year that it was wrong to "ask the American taxpayer to subsidize failure." And this isn't just GM being evenhanded -- no similar gift shows up for Majority Leader Harry Reid. Or look at Roy Blunt, who said of the GM rescue, "None of this is in line with my own free market principles" -- but took $5,000 from the GM PAC anyway.

Dan Coats is another candidate to whom the GM PAC maxed out. Coats supported the GM bailout as a lobbyist in D.C., but he has campaigned against it in Indiana.

So leaving aside the ethical absurdity of a federally-owned company reactivating its political action committee, you have to wonder whether the GM executives who decided to give money to McConnell, Blunt, and Coats were thinking of the company's future interests at all. Or were they, as GM executives have long been accustomed to do, simply using the company's resources to express their own personal ideological drift? It's interesting to look at the individual donations from GM execs. Their contributions are almost exclusively to Republicans, and many are to the same anti-GM-rescue Republicans that the PAC backed. You have to wonder whether Bush's former chief-of-staff, Andrew Card, who came to the White House from GM and then went back -- is still perhaps calling the shots. Card's one personal gift was to Rob Portman, the final GM PAC maxed-out Republican Senate candidate.

The third quarter fundraising numbers are in, so it's time to declare some winners and losers.

In the Senate contests the big winners were Republicans, most of whom outraised their Democratic counterparts.

WINNERS:

Dino Rossi (R), who outraised Sen. Patty Murray (D-WA), $4.4M to $3.3M, and has a $3.5M to $1.2M cash on hand advantage in the Washington Senate race. Rossi's fundraising puts this race squarely back on the map after recent polling showed Murray opening up a lead.

Christine O'Donnell's (R-DE) $3.8M haul is impressive. She has a $2.6M to $1.3M cash on hand advantage over Democrat Chris Coons, who raised $1.5M. The money will help O'Donnell, but she's still a long shot.

Rep. Mark Kirk (R), who raised $3.1M to Alexi Giannoulias' (D) $2.3M. More importantly, Kirk has $4.4M in his warchest to Giannoulias' $1.1M. Giannoulias will be helped here, though, this race will be one where the DSCC's money advantage will definitely play a role.

In Wisconsin, Sen. Russ Feingold (D) raised $4.2M and reported $3.5M cash on hand. That's significantly more than businessman Ron Johnson's (R) $3.3M raised and $2M cash on hand. Feingold has been buoyed by fundraising from progressive groups like MoveOn.org. He may find, however, that his fundraising advantage gets wiped out quickly if Johnson decides to dip further into his personal fortune.

Other winners we've known for a while. Sharron Angle's (R-NV) $14M raised is still jaw-dropping, and Marco Rubio (R-FL) looks well-positioned with his $5M raised and $5.5M cash on hand.

LOSERS:

Rep. Paul Hodes (D-NH) raised $811K, and that just won't cut it. He only has $547K in the bank, significantly less than Kelly Ayotte (R), who raised $1.3M and has $1.1M in her warchest.

Lee Fisher's (D-OH) dismal $1M raised, $376K in the bank pretty much means the Senate can starting making nameplates for Rob Portman (R), who raised $2.8M and has $6M in his bank account.

The same can be said for the Indiana Senate race. Rep. Brad Ellsworth (D) only raised $494K - less than in some of his House campaigns -- to former Sen. Dan Coats's (R) $2M. Ellsworth reported $835K cash on hand while Coats has $1.3M in his bank account.

DRAW:

Rep. Joe Sestak (D) raised less than Pat Toomey (R) in Pennsylvania -- $3.2M to $3.8M -- but the Democrat has more cash in the bank. Sestak will $2.7M in his warchest to Toomey's $2.3M. The numbers are yet another indication that this is turning into a top race for both parties in these last two weeks.

Former Hewlett-Packard CEO Carly Fiorina's (R) $5.8M haul trailed Sen. Barbara Boxer's $6.2M, but it showed that she is still viable. She'll need plenty of help to fight Boxer's $6.5M to $1.8M cash on hand advantage. Fortunately for her, the NRSC has pledged nearly $5M to her campaign.

Rand Paul (R) may have outraised Jack Conway in Kentucky by $1M, but he only has a $1.4M to $1M cash on hand advantage.

Some numbers still haven't been reported. We're looking at you, Linda McMahon (R-CT), Charlie Crist (I-FL) and John Raese (R-WV).

Turning to the House side, don't miss House Race Hotline Editor Tim Sahd's breakdown of the third quarter fundraising winners and losers.

And here are some handy House fundraising charts:

Endangered Veterans

Freshman

Open Seats

Poll Has More of the Same Bad <b>News</b> for Democrats, Worse <b>News</b> for Obama

Congressional Democrats hold their own reasonably well against their GOP counterparts when voters are asked who would better handle key issues. By contrast, they trust Republicans more than Obama on most of those issues.

Arrowheadlines: Chiefs <b>News</b> 10/26 - Arrowhead Pride

Good morning! We have a full day of Kansas City Chiefs news. O-line love and praise for the running game and a shout out to DJ are ahead. There are also a few articles on the Buffalo offense and how productive they've been recently.

Timothy Karr: Fox <b>News</b> Tries to Foreclose on Sesame Street

Every time PBS and NPR have come under attack, the American public has risen up in protest to defend -- not defund -- it. Whatever the rationale, Fox News' ongoing witch hunt tactic is a proven loser.

bench craft company complaints
bench craft company complaints

Poll Has More of the Same Bad <b>News</b> for Democrats, Worse <b>News</b> for Obama

Congressional Democrats hold their own reasonably well against their GOP counterparts when voters are asked who would better handle key issues. By contrast, they trust Republicans more than Obama on most of those issues.

Arrowheadlines: Chiefs <b>News</b> 10/26 - Arrowhead Pride

Good morning! We have a full day of Kansas City Chiefs news. O-line love and praise for the running game and a shout out to DJ are ahead. There are also a few articles on the Buffalo offense and how productive they've been recently.

Timothy Karr: Fox <b>News</b> Tries to Foreclose on Sesame Street

Every time PBS and NPR have come under attack, the American public has risen up in protest to defend -- not defund -- it. Whatever the rationale, Fox News' ongoing witch hunt tactic is a proven loser.

bench craft company complaints bench craft company complaints

Hundreds of millions of dollars are flowing from special interests to candidates, for what are usually pretty obvious reasons. Why would the coal industry support Rand Paul for the Senate in Kentucky? Why would Paul want their money? No mystery there. But there are a few gifts that raised my eyebrows.

BP, one might think, would be a pretty toxic political donor along the Gulf Coast. But that didn't prevent Democratic Senate candidate Charlie Melancon from accepting $1,000 from his state's public enemy number one. Nor was Alabama Republican Richard Shelby shy about taking BP's cash.

Even odder are the giving patterns of GM's newly reactivated PAC. Let's begin with the obvious fact that GM, as a company that is still more than half owned by the federal government, shouldn't be making PAC contributions at all, a point that has been repeatedly made.  But clearly the Obama administration has been serious about being hands off in its management of the company and hasn't prevented this stunning violation of any reasonable standard of ethics.

What's weird though is to whom GM has chosen to give money. Yes, of course, $5,000 to Congressman John Dingell -- his wife, after all, works for GM, and he has been a stalwart supporter of the company in good times and bad. But $5,000 (the maximum allowed) to Senate Minority Leader Mitch McConnell, who routinely lambasts the federal government's decision to keep GM alive? McConnell said last year that it was wrong to "ask the American taxpayer to subsidize failure." And this isn't just GM being evenhanded -- no similar gift shows up for Majority Leader Harry Reid. Or look at Roy Blunt, who said of the GM rescue, "None of this is in line with my own free market principles" -- but took $5,000 from the GM PAC anyway.

Dan Coats is another candidate to whom the GM PAC maxed out. Coats supported the GM bailout as a lobbyist in D.C., but he has campaigned against it in Indiana.

So leaving aside the ethical absurdity of a federally-owned company reactivating its political action committee, you have to wonder whether the GM executives who decided to give money to McConnell, Blunt, and Coats were thinking of the company's future interests at all. Or were they, as GM executives have long been accustomed to do, simply using the company's resources to express their own personal ideological drift? It's interesting to look at the individual donations from GM execs. Their contributions are almost exclusively to Republicans, and many are to the same anti-GM-rescue Republicans that the PAC backed. You have to wonder whether Bush's former chief-of-staff, Andrew Card, who came to the White House from GM and then went back -- is still perhaps calling the shots. Card's one personal gift was to Rob Portman, the final GM PAC maxed-out Republican Senate candidate.

The third quarter fundraising numbers are in, so it's time to declare some winners and losers.

In the Senate contests the big winners were Republicans, most of whom outraised their Democratic counterparts.

WINNERS:

Dino Rossi (R), who outraised Sen. Patty Murray (D-WA), $4.4M to $3.3M, and has a $3.5M to $1.2M cash on hand advantage in the Washington Senate race. Rossi's fundraising puts this race squarely back on the map after recent polling showed Murray opening up a lead.

Christine O'Donnell's (R-DE) $3.8M haul is impressive. She has a $2.6M to $1.3M cash on hand advantage over Democrat Chris Coons, who raised $1.5M. The money will help O'Donnell, but she's still a long shot.

Rep. Mark Kirk (R), who raised $3.1M to Alexi Giannoulias' (D) $2.3M. More importantly, Kirk has $4.4M in his warchest to Giannoulias' $1.1M. Giannoulias will be helped here, though, this race will be one where the DSCC's money advantage will definitely play a role.

In Wisconsin, Sen. Russ Feingold (D) raised $4.2M and reported $3.5M cash on hand. That's significantly more than businessman Ron Johnson's (R) $3.3M raised and $2M cash on hand. Feingold has been buoyed by fundraising from progressive groups like MoveOn.org. He may find, however, that his fundraising advantage gets wiped out quickly if Johnson decides to dip further into his personal fortune.

Other winners we've known for a while. Sharron Angle's (R-NV) $14M raised is still jaw-dropping, and Marco Rubio (R-FL) looks well-positioned with his $5M raised and $5.5M cash on hand.

LOSERS:

Rep. Paul Hodes (D-NH) raised $811K, and that just won't cut it. He only has $547K in the bank, significantly less than Kelly Ayotte (R), who raised $1.3M and has $1.1M in her warchest.

Lee Fisher's (D-OH) dismal $1M raised, $376K in the bank pretty much means the Senate can starting making nameplates for Rob Portman (R), who raised $2.8M and has $6M in his bank account.

The same can be said for the Indiana Senate race. Rep. Brad Ellsworth (D) only raised $494K - less than in some of his House campaigns -- to former Sen. Dan Coats's (R) $2M. Ellsworth reported $835K cash on hand while Coats has $1.3M in his bank account.

DRAW:

Rep. Joe Sestak (D) raised less than Pat Toomey (R) in Pennsylvania -- $3.2M to $3.8M -- but the Democrat has more cash in the bank. Sestak will $2.7M in his warchest to Toomey's $2.3M. The numbers are yet another indication that this is turning into a top race for both parties in these last two weeks.

Former Hewlett-Packard CEO Carly Fiorina's (R) $5.8M haul trailed Sen. Barbara Boxer's $6.2M, but it showed that she is still viable. She'll need plenty of help to fight Boxer's $6.5M to $1.8M cash on hand advantage. Fortunately for her, the NRSC has pledged nearly $5M to her campaign.

Rand Paul (R) may have outraised Jack Conway in Kentucky by $1M, but he only has a $1.4M to $1M cash on hand advantage.

Some numbers still haven't been reported. We're looking at you, Linda McMahon (R-CT), Charlie Crist (I-FL) and John Raese (R-WV).

Turning to the House side, don't miss House Race Hotline Editor Tim Sahd's breakdown of the third quarter fundraising winners and losers.

And here are some handy House fundraising charts:

Endangered Veterans

Freshman

Open Seats

bench craft company complaints

Poll Has More of the Same Bad <b>News</b> for Democrats, Worse <b>News</b> for Obama

Congressional Democrats hold their own reasonably well against their GOP counterparts when voters are asked who would better handle key issues. By contrast, they trust Republicans more than Obama on most of those issues.

Arrowheadlines: Chiefs <b>News</b> 10/26 - Arrowhead Pride

Good morning! We have a full day of Kansas City Chiefs news. O-line love and praise for the running game and a shout out to DJ are ahead. There are also a few articles on the Buffalo offense and how productive they've been recently.

Timothy Karr: Fox <b>News</b> Tries to Foreclose on Sesame Street

Every time PBS and NPR have come under attack, the American public has risen up in protest to defend -- not defund -- it. Whatever the rationale, Fox News' ongoing witch hunt tactic is a proven loser.

bench craft company complaints bench craft company complaints

Poll Has More of the Same Bad <b>News</b> for Democrats, Worse <b>News</b> for Obama

Congressional Democrats hold their own reasonably well against their GOP counterparts when voters are asked who would better handle key issues. By contrast, they trust Republicans more than Obama on most of those issues.

Arrowheadlines: Chiefs <b>News</b> 10/26 - Arrowhead Pride

Good morning! We have a full day of Kansas City Chiefs news. O-line love and praise for the running game and a shout out to DJ are ahead. There are also a few articles on the Buffalo offense and how productive they've been recently.

Timothy Karr: Fox <b>News</b> Tries to Foreclose on Sesame Street

Every time PBS and NPR have come under attack, the American public has risen up in protest to defend -- not defund -- it. Whatever the rationale, Fox News' ongoing witch hunt tactic is a proven loser.

bench craft company complaints bench craft company complaints

Poll Has More of the Same Bad <b>News</b> for Democrats, Worse <b>News</b> for Obama

Congressional Democrats hold their own reasonably well against their GOP counterparts when voters are asked who would better handle key issues. By contrast, they trust Republicans more than Obama on most of those issues.

Arrowheadlines: Chiefs <b>News</b> 10/26 - Arrowhead Pride

Good morning! We have a full day of Kansas City Chiefs news. O-line love and praise for the running game and a shout out to DJ are ahead. There are also a few articles on the Buffalo offense and how productive they've been recently.

Timothy Karr: Fox <b>News</b> Tries to Foreclose on Sesame Street

Every time PBS and NPR have come under attack, the American public has risen up in protest to defend -- not defund -- it. Whatever the rationale, Fox News' ongoing witch hunt tactic is a proven loser.

bench craft company complaints bench craft company complaints

personal finance planning

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Austin Collie (thumb) and Antonio Johnson (knee) have undergone surgeries, the Colts announced Thursday.

eric seiger eric seiger

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bank foreclosure

There are so many fronts to the foreclosure crisis that it’s now becoming difficult to stay on top of all of them.

One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer. Per Bloomberg:

Bank of America’s agreement with Jacksonville, Florida- based Fidelity National calls for the lender to cover the title insurer’s costs in the event of an error in the company’s processing of foreclosure documents, Sadowski said. The bank will notify the insurer in each case that the foreclosure complies with state laws and regulations.

Bank of America is in talks with other title insurers for similar agreements, said Richard Bramhall, the bank’s chief title officer. He declined to name the other companies.

This is a big deal for several reasons:

1. The liability in case of a wrongful foreclosure is large. There is no way for the wronged borrower to get his house back, so title insurance is the only recourse. As Bob Lawless explained in Credit Slips:

…most every (or maybe even every–I’ll let someone else do the 50-state survey) state provides the strongest possible finality protections for deeds obtained through foreclosure sales. We also see similar rules for other judicially supervised sales in other contexts such as sales of personal property subject to a security interest or bankruptcy sales….

Suppose Henry and Helen Homeowner lost their home in foreclosure proceeding, and it has since been purchased by Bill and Betty Buyer. Now, Henry and Helen discover the affidavits in their foreclosure proceeding had some of the very same apparently fraudulent signatures reported in the media. When Henry and Helen complain to the court, the answer should be: “Your complaint is against Deutsche Bank (or whoever foreclosed) and not against Bill and Betty. You can recover damages from Deutsche Bank but not eject Henry and Helen from possession.” In turn, this will mean that that Bill and Betty (or their lender) will not have to look to the title insurer for recovery.

2. This means the large banks now effectively have direct exposure to borrowers for screw ups in foreclosures (note that they did earlier, in theory, but this move shortens the process of the money coming from the bank).

3. The liability is via the bank servicer. Note the Bank of American is now the largest servicer in the US (Wells is a close second) by virtue of having bought Countrywide.

4. Some contend that the risk of clouded title means that title insurers may come to require warranties from banks for all properties sold that has securitized mortgages. As Adam Levitin indicated in a Citigroup report, documentation lapses could “cloud title on not just foreclosed mortgages but on performing mortgages.”

It isn’t hard to see that other banks are likely to be required to take the same step as Bank of America, at least if they want to unload foreclosed property.

It isn’t hard to see where this is going. The biggest servicers are part of TBTF banks. The biggest trustees (the folks who were supposed to make sure that the loans all got to the securitization trust properly) are part of TBTF banks. The major structurer/packagers are now all part of TBTF banks.

Isn’t a concentrated financial services industry grand? Any time they screw up, they are too large to be made to pay for their crimes. The die was cast at the beginning of the Obama administration. It was a critical window of opportunity to take over and put new management in the weakest of the big banks (and probably force them to shed operations too) and they instead were coddled and sent back on their merry way.

I guarantee that the losses, between extend and pretend that will no longer be viable (in particular, the unrealistic marks on second mortgages) and the liabilities resulting from this colossal mess, at least one major bank will be insolvent. But the odds of the new special resolution authority being used? I put the odds at pretty much zero.

The handwriting was on the wall then. There was a new group of "lean and mean" loan originators pushing sub-prime loans even then (in the late 90's).

In those days you filled out a mortgage application, provided your tax returns and gave permission for the company to verify your information. Your file was a quarter of an inch thick.

Then the Processor went to work. S/He began sending out VOEs, VOIs, VORs, that is, Verifications of Employment, Income, Rent. S/He requested verifications of EVERYTHING, and they did so diligently ... it was their job. By the time the Processor was done, your file was about one inch thick.

Then the Underwriter went to work and reviewed everything the Processor had done for validity, and rationality that you had the income, your income was stable and fell into a livable range should you be granted the mortgage. Maybe the the Underwriter approved your loan.

Then the Closer went to work. S/He produced the documents to be signed at closing and coordinated with the Closing Agent who actually met you and had you sign the papers and verified that there was valid title to be passed. The Closing Agent was then responsible to see that the appropriate documents were recorded with the local Clerk of Court. During that period Secondary Marketing was very likely in the process of selling your loan to a large purchaser such as B of A or Citi or ... er ... Countrywide.

When you were through signing the papers your file was at least two inches thick, maybe three. The file folder holding all those documents (the order being VERY stringently required) went to the ultimate purchaser of your loan. That file folder was then THE mortgage ... it was bundled with a number of similar files by interest rate and term to approximate $1 Million dollars, plus or minus $25,000. THAT bundle of files became a bond. It was then peddled on Wall Street as a (let's say) 30 year security.

Picture it. Ten files, each three inches thick worth One Million Dollars. The documents within each of those files ARE the ASSET you the bond purchaser buys. Now ... picture what it would be like to discover that the Verification of Income wasn't there or was fraudulent for a substantial portion of the files in that Thirty inch thick bundle of files you owned and paid $1 Million for.

You just might be pissed to find that out. If you were the person living in one of the ten houses represented by that bond and you discovered that the Note you signed may have been sold to more than one bond holder, you might be pissed too.

In short ... All bets are off. I suspect things are not as dire as I just implied. But, until there is clarity and transparency ... All bets are off. This will likely shake out fine in 95% of cases ... but, right now ... ALL BETS ARE OFF.

robert shumake twitter

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake hall of shame

There are so many fronts to the foreclosure crisis that it’s now becoming difficult to stay on top of all of them.

One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer. Per Bloomberg:

Bank of America’s agreement with Jacksonville, Florida- based Fidelity National calls for the lender to cover the title insurer’s costs in the event of an error in the company’s processing of foreclosure documents, Sadowski said. The bank will notify the insurer in each case that the foreclosure complies with state laws and regulations.

Bank of America is in talks with other title insurers for similar agreements, said Richard Bramhall, the bank’s chief title officer. He declined to name the other companies.

This is a big deal for several reasons:

1. The liability in case of a wrongful foreclosure is large. There is no way for the wronged borrower to get his house back, so title insurance is the only recourse. As Bob Lawless explained in Credit Slips:

…most every (or maybe even every–I’ll let someone else do the 50-state survey) state provides the strongest possible finality protections for deeds obtained through foreclosure sales. We also see similar rules for other judicially supervised sales in other contexts such as sales of personal property subject to a security interest or bankruptcy sales….

Suppose Henry and Helen Homeowner lost their home in foreclosure proceeding, and it has since been purchased by Bill and Betty Buyer. Now, Henry and Helen discover the affidavits in their foreclosure proceeding had some of the very same apparently fraudulent signatures reported in the media. When Henry and Helen complain to the court, the answer should be: “Your complaint is against Deutsche Bank (or whoever foreclosed) and not against Bill and Betty. You can recover damages from Deutsche Bank but not eject Henry and Helen from possession.” In turn, this will mean that that Bill and Betty (or their lender) will not have to look to the title insurer for recovery.

2. This means the large banks now effectively have direct exposure to borrowers for screw ups in foreclosures (note that they did earlier, in theory, but this move shortens the process of the money coming from the bank).

3. The liability is via the bank servicer. Note the Bank of American is now the largest servicer in the US (Wells is a close second) by virtue of having bought Countrywide.

4. Some contend that the risk of clouded title means that title insurers may come to require warranties from banks for all properties sold that has securitized mortgages. As Adam Levitin indicated in a Citigroup report, documentation lapses could “cloud title on not just foreclosed mortgages but on performing mortgages.”

It isn’t hard to see that other banks are likely to be required to take the same step as Bank of America, at least if they want to unload foreclosed property.

It isn’t hard to see where this is going. The biggest servicers are part of TBTF banks. The biggest trustees (the folks who were supposed to make sure that the loans all got to the securitization trust properly) are part of TBTF banks. The major structurer/packagers are now all part of TBTF banks.

Isn’t a concentrated financial services industry grand? Any time they screw up, they are too large to be made to pay for their crimes. The die was cast at the beginning of the Obama administration. It was a critical window of opportunity to take over and put new management in the weakest of the big banks (and probably force them to shed operations too) and they instead were coddled and sent back on their merry way.

I guarantee that the losses, between extend and pretend that will no longer be viable (in particular, the unrealistic marks on second mortgages) and the liabilities resulting from this colossal mess, at least one major bank will be insolvent. But the odds of the new special resolution authority being used? I put the odds at pretty much zero.

The handwriting was on the wall then. There was a new group of "lean and mean" loan originators pushing sub-prime loans even then (in the late 90's).

In those days you filled out a mortgage application, provided your tax returns and gave permission for the company to verify your information. Your file was a quarter of an inch thick.

Then the Processor went to work. S/He began sending out VOEs, VOIs, VORs, that is, Verifications of Employment, Income, Rent. S/He requested verifications of EVERYTHING, and they did so diligently ... it was their job. By the time the Processor was done, your file was about one inch thick.

Then the Underwriter went to work and reviewed everything the Processor had done for validity, and rationality that you had the income, your income was stable and fell into a livable range should you be granted the mortgage. Maybe the the Underwriter approved your loan.

Then the Closer went to work. S/He produced the documents to be signed at closing and coordinated with the Closing Agent who actually met you and had you sign the papers and verified that there was valid title to be passed. The Closing Agent was then responsible to see that the appropriate documents were recorded with the local Clerk of Court. During that period Secondary Marketing was very likely in the process of selling your loan to a large purchaser such as B of A or Citi or ... er ... Countrywide.

When you were through signing the papers your file was at least two inches thick, maybe three. The file folder holding all those documents (the order being VERY stringently required) went to the ultimate purchaser of your loan. That file folder was then THE mortgage ... it was bundled with a number of similar files by interest rate and term to approximate $1 Million dollars, plus or minus $25,000. THAT bundle of files became a bond. It was then peddled on Wall Street as a (let's say) 30 year security.

Picture it. Ten files, each three inches thick worth One Million Dollars. The documents within each of those files ARE the ASSET you the bond purchaser buys. Now ... picture what it would be like to discover that the Verification of Income wasn't there or was fraudulent for a substantial portion of the files in that Thirty inch thick bundle of files you owned and paid $1 Million for.

You just might be pissed to find that out. If you were the person living in one of the ten houses represented by that bond and you discovered that the Note you signed may have been sold to more than one bond holder, you might be pissed too.

In short ... All bets are off. I suspect things are not as dire as I just implied. But, until there is clarity and transparency ... All bets are off. This will likely shake out fine in 95% of cases ... but, right now ... ALL BETS ARE OFF.

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Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake hall of shame

robert shumake hall of shame

robert shumake twitter

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake twitter

There are so many fronts to the foreclosure crisis that it’s now becoming difficult to stay on top of all of them.

One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer. Per Bloomberg:

Bank of America’s agreement with Jacksonville, Florida- based Fidelity National calls for the lender to cover the title insurer’s costs in the event of an error in the company’s processing of foreclosure documents, Sadowski said. The bank will notify the insurer in each case that the foreclosure complies with state laws and regulations.

Bank of America is in talks with other title insurers for similar agreements, said Richard Bramhall, the bank’s chief title officer. He declined to name the other companies.

This is a big deal for several reasons:

1. The liability in case of a wrongful foreclosure is large. There is no way for the wronged borrower to get his house back, so title insurance is the only recourse. As Bob Lawless explained in Credit Slips:

…most every (or maybe even every–I’ll let someone else do the 50-state survey) state provides the strongest possible finality protections for deeds obtained through foreclosure sales. We also see similar rules for other judicially supervised sales in other contexts such as sales of personal property subject to a security interest or bankruptcy sales….

Suppose Henry and Helen Homeowner lost their home in foreclosure proceeding, and it has since been purchased by Bill and Betty Buyer. Now, Henry and Helen discover the affidavits in their foreclosure proceeding had some of the very same apparently fraudulent signatures reported in the media. When Henry and Helen complain to the court, the answer should be: “Your complaint is against Deutsche Bank (or whoever foreclosed) and not against Bill and Betty. You can recover damages from Deutsche Bank but not eject Henry and Helen from possession.” In turn, this will mean that that Bill and Betty (or their lender) will not have to look to the title insurer for recovery.

2. This means the large banks now effectively have direct exposure to borrowers for screw ups in foreclosures (note that they did earlier, in theory, but this move shortens the process of the money coming from the bank).

3. The liability is via the bank servicer. Note the Bank of American is now the largest servicer in the US (Wells is a close second) by virtue of having bought Countrywide.

4. Some contend that the risk of clouded title means that title insurers may come to require warranties from banks for all properties sold that has securitized mortgages. As Adam Levitin indicated in a Citigroup report, documentation lapses could “cloud title on not just foreclosed mortgages but on performing mortgages.”

It isn’t hard to see that other banks are likely to be required to take the same step as Bank of America, at least if they want to unload foreclosed property.

It isn’t hard to see where this is going. The biggest servicers are part of TBTF banks. The biggest trustees (the folks who were supposed to make sure that the loans all got to the securitization trust properly) are part of TBTF banks. The major structurer/packagers are now all part of TBTF banks.

Isn’t a concentrated financial services industry grand? Any time they screw up, they are too large to be made to pay for their crimes. The die was cast at the beginning of the Obama administration. It was a critical window of opportunity to take over and put new management in the weakest of the big banks (and probably force them to shed operations too) and they instead were coddled and sent back on their merry way.

I guarantee that the losses, between extend and pretend that will no longer be viable (in particular, the unrealistic marks on second mortgages) and the liabilities resulting from this colossal mess, at least one major bank will be insolvent. But the odds of the new special resolution authority being used? I put the odds at pretty much zero.

The handwriting was on the wall then. There was a new group of "lean and mean" loan originators pushing sub-prime loans even then (in the late 90's).

In those days you filled out a mortgage application, provided your tax returns and gave permission for the company to verify your information. Your file was a quarter of an inch thick.

Then the Processor went to work. S/He began sending out VOEs, VOIs, VORs, that is, Verifications of Employment, Income, Rent. S/He requested verifications of EVERYTHING, and they did so diligently ... it was their job. By the time the Processor was done, your file was about one inch thick.

Then the Underwriter went to work and reviewed everything the Processor had done for validity, and rationality that you had the income, your income was stable and fell into a livable range should you be granted the mortgage. Maybe the the Underwriter approved your loan.

Then the Closer went to work. S/He produced the documents to be signed at closing and coordinated with the Closing Agent who actually met you and had you sign the papers and verified that there was valid title to be passed. The Closing Agent was then responsible to see that the appropriate documents were recorded with the local Clerk of Court. During that period Secondary Marketing was very likely in the process of selling your loan to a large purchaser such as B of A or Citi or ... er ... Countrywide.

When you were through signing the papers your file was at least two inches thick, maybe three. The file folder holding all those documents (the order being VERY stringently required) went to the ultimate purchaser of your loan. That file folder was then THE mortgage ... it was bundled with a number of similar files by interest rate and term to approximate $1 Million dollars, plus or minus $25,000. THAT bundle of files became a bond. It was then peddled on Wall Street as a (let's say) 30 year security.

Picture it. Ten files, each three inches thick worth One Million Dollars. The documents within each of those files ARE the ASSET you the bond purchaser buys. Now ... picture what it would be like to discover that the Verification of Income wasn't there or was fraudulent for a substantial portion of the files in that Thirty inch thick bundle of files you owned and paid $1 Million for.

You just might be pissed to find that out. If you were the person living in one of the ten houses represented by that bond and you discovered that the Note you signed may have been sold to more than one bond holder, you might be pissed too.

In short ... All bets are off. I suspect things are not as dire as I just implied. But, until there is clarity and transparency ... All bets are off. This will likely shake out fine in 95% of cases ... but, right now ... ALL BETS ARE OFF.

robert shumake detroit

robert shumake twitter

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake twitter

robert shumake hall of shame

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake detroit

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake hall of shame

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

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robert shumake detroit
robert shumake detroit

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake twitter

Houses are one of the most popular types of real estate investments. Even when the real estate market is in a slump, housing prices eventually turn upward and create a profit for the homeowner or investor.

In today's market, millions of houses have fallen into foreclosure. A vast majority are priced under market value. In fact, experts report housing prices have decreased nearly ten percent nationwide. Many U.S. cities have reported housing prices have plummeted by nearly twenty percent. Add in the vast number of foreclosure houses and it is easy to see a very bleak real estate market.

In reality, the abundance of foreclosure houses combined with low-interest mortgage loans and decreased market value has created a buyer's market. Many investors and first-time home buyers are seizing the opportunity to invest in distressed properties such as foreclosure and real estate owned (REO) houses.

Purchasing foreclosure houses can be a rewarding and profitable experience. However, distressed properties usually come with their fair share of headaches and challenges. The majority of foreclosure and REO houses require considerable repairs or renovations. Some have sat vacant for several years and been subjected to neglect or vandalism. Unless you plan on keeping the property for a minimum of five to ten years, or are a professional house-flipper, investing in foreclosure houses might not be the best strategy at this time.

Prior to investing in foreclosure houses, real estate experts advise buyers to conduct market research. Comparable pricing of houses sold in the area within the past six months can be obtained via the Internet or through a Realtor. The goal of investing in foreclosure houses is to purchase them significantly below market value. If this cannot be accomplished, it's probably best to pass on the deal. Once you locate property of interest it is recommended to obtain a professional inspection and appraisal.

Bank foreclosures are usually a less risky investment option. When houses are not sold through auction they are returned to the bank. Oftentimes, houses offered through foreclosure auctions have creditor and tax liens attached to them. When the bank retains ownership of these properties, the liens are removed and the house is given a clean title.

In some instances, the bank makes repairs and prepares foreclosure houses for sale. These expenses are added into the sale price and are usually priced higher than houses sold through auction. However, investing in bank-owned foreclosures is generally less stressful than investing in foreclosure houses sold through auction because all the legal aspects have already been taken care of by the bank.

The majority of bank owned foreclosure houses are sold "as-is" and repair costs are left to the buyer. In order to obtain the best deal, you'll need to visit REO properties and assess condition of the property.

Although REO houses typically have a higher price tag than foreclosures sold through auction, they are generally a better deal and can save you a tremendous amount of time. With bank owned properties you won't have to waste time or money removing liens. Nor, will you encounter the possibility of having to evict the previous homeowner, which is sometimes associated with foreclosures sold through auction.

Investing in houses in today's shaky real estate market can be risky, but it can also lead to massive profits in the long-term. By investing in foreclosures today, you can take advantage of reduced prices and interest rates. Not to mention there are plenty of houses to choose from. If you decide to wait until the market rebounds, the deals won't be as lucrative.

Only you can decide if investing in foreclosure houses is the best option for you. Take time to engage in due diligence and conduct market analysis to determine if you are truly getting a good deal. Seriously consider the investment opportunity when houses are priced 20- to 30-percent under market value.


robert shumake detroit

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.

robert shumake detroit

Election 2010: NBC <b>News</b>, MSNBC Slate Midterm Coverage Plans - TVNewser

New York – October 18, 2010 – NBC News will offer comprehensive coverage of the upcoming 2010 mid-term elections on Nov. 2 across all its platforms, including msnbc, Msnbc.com, Telemundo, NBC News Radio and NBC News Mobile. ...

The Facebook <b>News</b> Feed: How it Works,10 Biggest Secrets - The <b>...</b>

How does the social media giant decide who and what to put in your feed? Tom Weber conducts a one-month experiment to break the algorithm, discovering 10 of Facebook's biggest secrets.

Small Business <b>News</b>: BlogWorld Wrap Up

BlogWorld 2010 has come and gone with more than a few new revelations imperative to the small business community. This post will feature as kind of a wrap up of.