Who Created the Worst Financial Crisis?

(reprint)


Commodity Online

The world is going through the worst financial crisis since the Great Depression of 1930s? Who created this global financial meltdown? Here is the flawed list in order of responsibility that Time magazine thinks are people who are behing the global economic crisis.

Time Magazine’s list of 25 people to blame for financial crisis…

1. Angelo Mozilo – Co-founder and former head of Countrywide

2. Phil Gramm – Chairman of the Senate Banking Committee from 1995 through 2000

3. Alan Greenspan – Former chairman, Federal Reserve

4. Chris Cox – Former chairman, Securities and Exchange Commission

5. American Consumers

6. Hank Paulson – Former Secretary of the Treasury

7. Joe Cassano – Founding member, AIG’s financial-products unit

8. Ian McCarthy – CEO, Beazer Homes

9. Frank Raines - Former chairman and CEO, Fannie Mae

10. Kathleen Corbet – Former CEO, Standard & Poor’s

11. Dick Fuld – Former CEO, Lehman Brothers

12. Marion and Herb Sandler – Former heads, World Savings Bank

13. Bill Clinton – Former U.S. President

14. George W. Bush – Former U.S. President

15. Stan O’Neal – Former CEO, Merrill Lynch

16. Wen Jiabao – Premier, China

17. David Lereah – Former chief economist, National Association of Realtors

18. John Devaney – Hedge fund manager

19. Bernie Madoff – Ponzi scheme orchestrator

20. Lew Ranieri – Father of mortgage-backed securities

21. Burton Jablin – Programmer at Scripps Networks, which owns HGTV

22. Fred Goodwin – Former chairman and CEO, Royal Bank of Scotland

23. Sandy Weill – Former chairman and CEO, Citigroup

24. David Oddsson – Former Prime Minister, Iceland

25. Jimmy Cayne – Former chairman and CEO, Bear Stearns

The Basics for First Time Home Buyers

(reprint)

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

IN ADDITION The following is very exciting news!!
PREFUND PROGRAM
Find info here: http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/tclp.html

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Fun Fact:
Did You Know?
Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.

Source: 2008 NAR Profile of Home Buyers and Sellers

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