Maryland was ground zero for the Wall Street mortgage loan frauds and as such uses these frauds in a big way to move revenue from our Federal Housing Agency of course PRETENDING to help low-income get housing. Maryland's AG Gansler was the global Wall Street player in 2008 economic crash and subprime mortgage loan fraud settlement that never happened. The pennies on the dollar of fraud settlement coming to Maryland has almost all been sent back to global Wall Street and its corporate campus development projects----demolition of communities where these mortgage loan frauds are targeted. The 5% to the 1% global Wall Street Baltimore Development 'labor and justice' organization leaders all know this is a systemic fraud -----the players sign Baltimore citizens to these subprime mortgage loans knowing they will default----the goal is simply to move as much revenue from that Federal agency to global corporate campus development-----with a pay-to-play few million thrown at Baltimore's 5% players.
This has been done for these few decades of CLINTON/BUSH/OBAMA and our poor and low-income housing insecurity is soaring because none of this has anything to do with helping low-income with housing. Bush era saw these mortgage loan fraud soar----OBAMA several years moved the same mortgage frauds even after all that exposure from 2008---SAME MORTGAGE LOAN FRAUDS DURING OBAMA. So, this economic crash we will hear AFTER THE CRASH that mortgage loan fraud was again in the billions.
BELOW WE SEE OUR MARYLAND ASSEMBLY PLAYING AT SOME KIND OF MORTGAGE OVERSIGHT WHEN WE DO NOT EVEN HAVE A FUNCTIONING LABOR, LICENSING, AND REGULATION DEPARTMENT -- DLLR. Notice this bill goes back to that non-functioning agency to enforce.
CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
SENATE BILL 33
CF HB 142
Chair, Finance Committee (By Request–Departmental–
Labor, Licensing and Regulation)
October 3, 2016
Introduced and read first time: January 11, 2017
Assigned to: Finance
Committee Report: Favorable
Senate action: Adopted
Read second time: January 20, 2017
AN ACT concerning
Examinations and Records
FOR the purpose of extending the interval within which the Commissioner of Financial Regulation must conduct examinations of certain mortgage lender licensees; altering the minimum time period for which a mortgage lender licence see must retain certain
and generally relating to the regulation of mortgage lenders.
BY repealing and reenacting, with amendments,
513 and 11
Annotated Code of Maryland
Volume and 2016 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
Each licensee shall keep and make available to the Commissioner at the licensee’s place of business any books and records that the Commissioner, by rule or
regulation, requires to enable the Commissioner to enforce:
SENATE BILL 33
Any rule or regulation adopted under this subtitle; and
Any other provision
regulating the application, making, brokering, or
servicing of mortgage loans under Titles 12 through 14 of the Commercial Law Article.
Subject to approval by the Commissioner, nothing in this section is to be construed to prohibit a licensee from maintaining duplicate records or electronic
equivalents at the licensee’s place of business.
Notwithstanding subsection (a) of this section, on approval of the Commissioner, a licensee need not keep at the licensee’s place of business any books and records otherwise required by the Commissioner under subsection (a) of this section if the licensee:
Makes the books and records available to the Commissioner at the licensee’s place of business within 5 business days of the Commissioner’s official request;
Retains the records for at least  61 months in a storage facility disclosed to the Commissioner.
The Commissioner shall examine the business of each licensee:
In accordance with a schedule established by the
At any other time that the Commissioner reasonably considers necessary.
The schedule established by the Commissioner under paragraph (1)(i)
of this subsection shall:
Take into account:
The length of time the licensee has been engaged in
business as a mortgage lender;
Any prior violations by the licensee of the mortgage
lending law or regulations;
The nature and number of any complaints made against the licensee; and
SENATE BILL 33
The result of
findings from any prior examination of the licensee; and
New licensees shall be examined within 18 months of the date the license is issued; and
Each licensee shall be examined at least once during any [36–month] 60–MONTH period.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
The American citizen must keep their IRS filings and paperwork for 6 years because we may be audited.
Jan 15, 2016 @ 08:55 AM 51,362 The Little Black Book of Billionaire Secrets
Beware: IRS Now Has Six Years To Audit Your Taxes, Up From Three
Meanwhile, the global Wall Street banks, the mortgage origination corporations known to be actively committing fraud and with decades of massive and systemic frauds we see below-----examined once in a 5 year period. We see in the brackets what the law used to be----records held 25 months----examined 36 months or 3 years. So today's Maryland Assembly pols are creating wider windows for an active fraudulent industry to be examined allowing records to be tossed right after that window. We saw with the subprime mortgage fraud US JUSTICE 'INVESTIGATION'-----it took several years for settlement that did not even involve actual audits at the scenes of crimes. Often these frauds -----as during Clinton/Bush era continue those few decades with no one checking for fraud so those mortgage records are permanently tossed after only 5 years.
'Retains the records for at least  61 months in a storage facility disclosed to the Commissioner'.
'Each licensee shall be examined at least once during any [36–month] 60–MONTH period'.
In Maryland our State's Attorneys will not even investigate citizens' complaints of fraud until tens of millions of dollars in personal wealth is lost. Obama's frauds of course have been going strong now for 8 years of his terms----where will those mortgage records be?
Baltimore's stealth mortgage loan fraud wealth machine has been busy these several years----with these frauds soaring these last two years just as with Bush. I like how this article states as well how that CONSUMER FINANCIAL PROTECTION AGENCY created by Dodd Frank giving populist creds to an Elizabeth Warren have written mortgage laws just as Maryland Assembly just so they can be easily skirted. Same mortgage originators committing these frauds Bush era are in the game today with same name or new name.
Subprime Mortgages On March Again, As Obama Pressures Easier Lending
By Investor's Business Daily
December 05, 2015
Housing: A new crop of mortgage companies with ties to Countrywide Financial and other now-defunct subprime lenders are making loans to riskier and riskier borrowers. And the Obama regime is encouraging them.
'All are headquartered in Southern California, the epicenter of the last decade's subprime lending industry," the Los Angeles Times reports in a front-page piece, "After subprime collapse, nonbank lenders again dominate riskier mortgages."
"And all are run by former executives of Countrywide Financial, the once-giant mortgage lender that made tens of billions of dollars in risky loans that contributed to the 2008 financial crisis," the Times added, without noting how the Clinton regime conscripted Countrywide to open up lending to poor minorities.
With housing-price bubbles re-forming in California and other major markets, housing experts fear a replay of massive defaults on these shaky mortgages if home values drop.
But didn't Dodd-Frank's offspring, the Consumer Financial Protection Bureau, set new mortgage rules to stop underwriting of subprime loans? Yes, but the new rules set no minimum requirements for the two key predictors of defaults: credit scores and down payments.
With President Obama's blessing, the Federal Housing Administration has loosened credit-score and down-payment requirements, along with other underwriting standards, for FHA loans for first-time and bad-credit buyers. So these Countrywide clones don't actually have to adhere to "strict new lending standards," as the administration claims.
It should come as no surprise, then, that these new subprime-tied lenders have cornered the market for FHA and other government loans, and now control 64% of those riskier loans.
At the same time, Obama appointee Mel Watt has launched a handful of initiatives as head of the Federal Housing Finance Agency to help more low-income and first-time buyers afford homes, including allowing down payments as low as 3% for home loans backed by Fannie Mae and Freddie Mac. The goal is to bring many subprime borrowers who lost their homes to foreclosure back into the market, as "rebound borrowers."
The regime also seeks to expand access to credit for first-time buyers who can't otherwise qualify for home loans due to low income and bad credit. As a result, the share of first-time buyers in the market is soaring. It stood at 56% in October, thanks mostly to easier FHA and agency lending.
"This increased first-time buyer share comes with a downside: greater reliance on looser lending," American Enterprise Institute analyst Tobias Peter warns.
AEI's first-time buyer risk index (FBMRI), which measures the risk of all government-backed mortgages, stood at 15.6% in October, up 1.2 percentage points from a year earlier. The index estimates the share of first-time buyer mortgages that would default under stress comparable to the 2007-08 financial crisis.
The FBMRI is six percentage points higher than the mortgage risk index for repeat homebuyers, Peter says, and the gap has been widening.
In October, 70% of first-time buyer mortgages had down payments of 5% or less. More, the median FICO credit score for first-time buyers with agency mortgages was 708, slightly below the U.S. median of 713. For first-time buyers with FHA loans, the median FICO score in October was 677 - well below the U.S. median.
"These findings suggest that lending standards are already loose," Peter said, "and that a return to more prudent standards is called for."
History shows that loosening credit terms creates artificial demand pressures that pump housing prices higher and higher, leading to feral booms and painful busts. Obama and his social engineers are dooming the nation to repeat a very ugly chapter in economic history.
From the 1990s to 2010s-----this is the ROARING 20s folks-------Clinton/Bush/Obama have had media stating this was all about getting our poor and low-income into housing. We have discussed this in detail but today we are looking at our state assembly and how the media will again allow these bills to POSE LEFT SOCIAL PROGRESSIVE. We noticed that the mortgage record retention went from 3-6 years and this will be sold as being tough on mortgage loan fraud. The media will never mention that the REAL issue is moving the inspections of reports from 3 to 6 years....the entire period of the most subprime mortgage fraud will be discarded before any investigation occurs.
Keep in mind----this black market economy in US cities has been the only pathway to wealth for many of our US city citizens for these few decades---this is what makes rebuilding and reversing the damages of global Wall Street Robber Baron period so hard. People involved don't see other pathways to employment that are not poverty wages.
If your taxes are too high---it is not the Federal agencies and their services to low-income-----it is the systemic mafia frauds of these agencies by that 5% moving most of that wealth to the global 1% in exchange for some PAY-TO-PLAY. Baltimore City Hall pols and Maryland Assembly pols alll know and protect this..........
'Bad news: The taxpayers will likely wind up on the hook. Directly or indirectly, Uncle Sam has been responsible for insuring at least 80 percent of new mortgages since 2008'.
The mortgage frauds are co-ordinated by global Wall Street Baltimore Development and global Johns Hopkins as part of the gentrification development.
Team Obama is setting us up for another housing-market collapse
By Post Editorial Board
April 9, 2016 | 7:31pm
The Obama administration is doing its best to give the nation another mortgage meltdown.
As Paul Sperry recently noted in The Post, Team Obama has pushed mortgage lenders to offer home loans to folks with shaky credit, setting up conditions for another housing-market collapse.
Wasn’t the last one bad enough?
Credit scores of approved borrowers, for example, have been trending down, even as their debt levels have grown.
The Federal Housing Administration and government-sponsored “independent” lenders Fannie Mae and Freddie Mac have been demanding lower credit standards — just as the feds did starting under President Bill Clinton, in pursuit of the same “affordable housing” goal.
Some borrowers need only put 3 percent down to get a Fannie Mae loan — even if the downpayment is a gift. Fannie also has started up a new subprime lending program.
The Office of the Comptroller of the Currency recently warned that mortgage underwriting standards have slipped and now reflect “broad trends similar to those experienced from 2005 through 2007, before the most recent financial crisis.”
When the economy and housing prices turn south again, a lot of these loans will go bad, just as they did last time.
Good news: That probably won’t cause another global financial crisis, because the banks largely learned their lesson on that front back in 2008.
Bad news: The taxpayers will likely wind up on the hook. Directly or indirectly, Uncle Sam has been responsible for insuring at least 80 percent of new mortgages since 2008.
President Obama loves to cite “the definition of insanity” as “doing the same thing over and over again and expecting a different result.”
Which prompts the question: Is he expecting these disastrous mortgage policies to bring a different result this time?
We want to show how all the national media hype---all the national Democratic National Party hype play into where these people climb the ladder. Perez was appointed as LABOR SECRETARY BY OBAMA----now left social progressives of course appoint LABOR-FRIENDLY people---far-right wing global Wall Street Clinton neo-liberals appoint LABOR UNFRIENDLY and global 1% FRIENDLY people and that is the history of Tom Perez----he is 100% far-right wing.
Brown University is as Yale and Stanford----global Wall Street neo-conservative----then he goes to Harvard ----global Wall Street neo-liberal so why would we think he would be in the people's Democratic Party----the platform working for middle-working class and poor? Look who first brings Perez into an appointment to Maryland DLLR not without coincidence in 2007---the peak of Bush era subprime mortgage fraud with Maryland being ground zero----MARYLAND'S O'MALLEY.
Of course the Democratic National Committee LEADER ELLISON has just the same personal history and he is being touted the SOCIALIST FEELING THE BERN.
Obviously PEREZ is not a Democrat----and obviously he was appointed because he met the bar for SEEING NO EVIL. Below we see Republicans do the same thing-----as they play tag team to being MAD AS HECK----Schultz from 2015 to present is right in the thick of massive subprime mortgage fraud----hmmmm, she was in real estate-----with not one word of breaking investigations while media goes wild reporting systemic subprime mortgage fraud.
Kelly M. Schulz, Secretary, Maryland Department of Labor, Licensing and RegulationKelly M. Schulz was confirmed as Secretary of the Maryland Department of Labor, Licensing and Regulation (DLLR) in February of 2015.
It is the left social progressives who make sure Federal and state funding for low-income GETS TO LOW-INCOME---it is the right wing that creates black market economies around stealing those funds.
From Wikipedia, the free encyclopedia
Chair of the Democratic National Committee
February 25, 2017
Preceded byDonna Brazile (Acting)
26th United States Secretary of Labor
July 23, 2013 – January 20, 2017
Preceded byHilda Solis
Succeeded byAlex Acosta
United States Assistant Attorney General for Civil Rights
October 8, 2009 – July 23, 2013
Preceded byWan Kim
Succeeded byJoycelyn Samuels (Acting)
Secretary of the Maryland Department of Labor, Licensing and Regulation
March 15, 2007 – October 7, 2009
Preceded byJames Fielder
Succeeded byAlexander Sanchez
BornThomas Edward Perez
October 7, 1961 (age 55)
Buffalo, New York, U.S.
Spouse(s)Ann Marie Staudenmaier
EducationBrown University (BA)
Harvard University (MPP, JD)
SignatureThomas Edward Perez (born October 7, 1961) is a consumer advocate, civil rights lawyer, and American Democratic Party politician who has served as the Chair of the Democratic National Committee since 2017. Perez was the United States Secretary of Labor from 2013 to 2017. Prior to that he served as the Assistant Attorney General for the Civil Rights Division of the United States Department of Justice.
Born in Buffalo, New York, Perez is a graduate of Brown University, Harvard Law School and the John F. Kennedy School of Government. He worked as a law clerk for the U.S. District Court for the District of Colorado before serving in the Department of Justice from 1989 to 1995, where he worked as a federal prosecutor, and as Deputy Assistant Attorney General for Civil Rights under Attorney General Janet Reno. He worked as a Special Counselor for Senator Ted Kennedy until 1998 when he served as the Director of the Office for Civil Rights at the U.S. Department of Health and Human Services in the final years of the Clinton administration.
Perez was then elected to the Montgomery County (Maryland) Council in 2002, serving as the council's president from 2005, until the end of his tenure in 2006. He attempted to run for the Democratic nomination for Attorney General of Maryland, but was disqualified for not having 10 years of legal experience in Maryland (he was admitted to the Maryland bar in 2001). Perez was appointed by Maryland Governor Martin O'Malley to serve as Secretary of the Maryland Department of Labor, Licensing and Regulation in January 2007, until his October 2009 confirmation by the United States Senate as Assistant Attorney General. In March 2013, Perez was nominated by President Barack Obama to be the United States Secretary of Labor, replacing outgoing Secretary Hilda Solis. He was confirmed by the Senate on July 18 and sworn in on July 23, 2013
We wanted to share the earlier article that stated how the Consumer Financial Protection Agency writes its policy as does Maryland Assembly ----making it sound they are protecting WE THE PEOPLE when the policies leave the window for corporate abuse WIDE OPEN.
DO THE MARYLAND ASSEMBLY/BALTIMORE CITY COUNCIL POLS READ THE NATIONAL NEWS JOURNALS?
They are too busy saying---BUY STOCK IN LENDING TREE AND QUICKEN LOANS!
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector.
Having a problem with a financial product or service?
Tell us about your issue—we'll forward it to the company and work to get you a response, generally within 15 days.
Submit a complaint
We’ve handled over 1 million complaints, helping consumers connect with financial companies to get direct responses about problems with mortgages, student loans, payday loans, debt collection, credit reports, and other financial products and services.
Every complaint we receive gives us insights into problems that people are experiencing in the marketplace and helps us to identify and prioritize problems for potential action. The result: better outcomes for consumers, and a better financial marketplace for everyone.
Start a new complaint
Submitting a complaint helps youWe help consumers connect with financial companies to understand issues, fix errors, and get direct responses about problems. When you submit a complaint we work to get you a response—most companies respond to complaints within 15 days.
Submitting a complaint helps othersBy coming to us, you aren’t just helping yourself. Your complaints play a role in everything we do, helping us to identify problems and prioritize our work. We turn your complaints into action to improve the marketplace.
Read complaints from other peopleWe publish complaint data (without information that directly identifies you) in our Consumer Complaint Database. Learn from other people’s experiences and see how companies have responded to complaints.
Learn how the CFPB helped a servicememberWhen a servicemember couldn't get anywhere with his financial issue, Captain Jamison helped him submit a complaint.
Report a potential violation to usYou can report a tip to us, through a separate process, if you are a current or former employee of a company that you think has violated federal consumer financial laws or if you are an industry insider who knows about such a company. Unlike submitting a complaint, your tip will not be sent to the company. Please be aware that we cannot take in privileged information.
Here is a Maryland DLLR cutting those pesky regulations surrounding corporate fraud oversight-----SHE'S BUSINESS-FRIENDLY.
It is right wing voters losing as much and more than left wing voters in this crumbling and decaying US economy and especially as Kelly keeps her focus on building US Foreign Economic Zones filled with global corporate campuses killing those small businesses this article PRETENDS she wants to protect.
Small businesses cannot last long when frauds by global Wall Street and Wall Street Baltimore Development cause continuous economic collapse targeting communities with business bankruptcy---home losses----job losses.
THIS IS WHO WE THE PEOPLE SHAKE OUR FISTS AT----NOT TRUMP-----THIS IS THE 5% TO THE 1%----LET'S GET RID OF GLOBAL WALL STREET POLS AND PLAYERS IN BOTH REPUBLICAN AND DEMOCRATIC PARTIES.
Maryland's next DLLR secretary is a fan of beer, but not regulation
Dec 17, 2014, 2:47pm EST
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James Briggs Deputy Managing Editor Baltimore Business JournalThe next secretary of Maryland's Department of Labor, Licensing and Regulation has spent much of her legislative career fighting against business regulation — and supporting small beer makers.
Governor-elect Larry Hogan on Wednesday announced state Del. Kelly Schulz, R-Frederick County, as his choice for DLLR secretary. Schulz will lead a sprawling state agency that oversees financial regulation, licenses, workforce development, unemployment insurance and the Maryland Racing Commission, among other things.
Hogan also made three other cabinet announcements, including Bel Air Town Administrator Jim Fielder as appointments secretary and Gail Bassette, the CEO of TCE Inc., as secretary of the Department of General Services. Secretary of Juvenile Services Sam Abed will continue in that role, Hogan said.
Schulz, a Michigan native, joined the state legislature in January 2011. She'll have to step down from her position to lead DLLR.
If you're looking for clues as to which direction Schulz will take DLLR under Hogan, she offers plenty of them on her website:
Kelly knows that the government does not create jobs. The private sector does. This is why she is always working to make Maryland a more business friendly state by reducing taxes and ending excessive regulations on small businesses. Kelly voted against the rain tax. She voted to reduce burdensome regulation on businesses. Kelly sponsored legislation that provides freedom of commerce to small businesses to self distribute their products (HB 231, 2013 Regular Session). She also worked to revise the Workplace Fraud Act, which helps cut red tape, fees, and taxes for contractors and other small businesses (HB 1364, 2012 Regular Session). Kelly received a 98% rating by the Maryland Business for Responsive Government.She has notably been a friend to beer sellers — and buyers. Schulz sponsored legislation that lets microbreweries and farmers act as wholesalers to increase their distribution.
In addition, Schulz has "authored legislation that allows farmers to better utilize their land for additional small business purposes," according to her website.
Schulz also has been a proponent of lower corporate taxes, sponsoring legislation that would drop Maryland's corporate income tax rate from 8.25 percent to 6 percent, the same as in Virginia
Schulz in a Facebook post said she was "honored" by her appointment to lead DLLR.
When national media prints that our US GDP is up------that stock profits are growing----that the housing market is HEALTHY ---this is what they are reporting. It is the same corporate frauds that start slow and then soar as the economy is ready to crash. Same mortgage origination----same MERS title mills----the origination may be out of bank hands but the bundling of mortgage loans is going strong with the derivative markets and credit default swaps just as Bush era.
When your state assembly passes laws that WEAKEN periods of oversight---when your state DLLR says----well, we aren't into regulations----they are saying COME TO MARYLAND AND COMMIT MORTGAGE FRAUD---WE ARE FRAUD-FRIENDLY IF IT MAXIMIZES GLOBAL CORPORATE PROFITS.
Nonbank lenders surging in California mortgage market
By Kathleen Pender
Updated 4:43 pm, Tuesday, July 12, 20
Photo: Paul Sakuma, AP
An advertisement for home mortgages is shown at a Wells Fargo Bank in Menlo Park, Calif. The number of loans by nonbank lenders soared in 2015.The number of home loans originated in California by nonbank lenders soared last year to 537,757, up 47.3 percent from 2014, according to a report issued Monday by the California Department of Business Oversight.
The principal amount of mortgages originated in the state by nonbank lenders last year grew 56.7 percent, to $179.3 billion. Nationwide, the principal amount of nonbank mortgage originations grew only 43.9 percent between 2014 and 2015, according to Guy Cecala, publisher of Inside Mortgage Finance.
The California department regulates nonbank lenders, meaning those that do not accept insured deposits to make loans, like traditional banks do. This is its first report on nonbank mortgage lending, and the information is taken from unaudited annual reports filed by lenders and servicers licensed under the California Residential Mortgage Lending Act.
The department could not say how much of the growth in nonbank mortgage lending came from an increase in the underlying loan market and how much from nonbanks taking business from banks.
One would have to be a financial specialist and know the intent of a Maryland Assembly---in this case the leader writing this bill-----normally this comes from a global Wall Street 1% and this leader is simply DOING AS HE IS TOLD.
There are many concerns over this bill----first of course is even having municipal bond debt as the sovereign debt bond market collapses. What I see and question immediately is this: the interest rates by the US FED were basically zero until Nov-Jan 2017 so why would our state assembly CONSOLIDATE bond debt from 2009-2016 knowing it is a lower interest rate.
Consolidating after this bill is passed---earliest Fall 2017 would bring higher interest rates on that new financial vehicle----raising the loss to taxpayers already fleeced from these global Wall Street deals.
Knowing the derivative sales tied to these earlier bond sales have no doubt reached a max------what consolidation with a higher interest rate would do is create MORE DERIVATIVE LEVERAGE.
CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
indicate matter deleted from existing law.
SENATE BILL 171
CF HB 151
The President (By Request
Introduced and read first time: January 18, 2017
Assigned to: Budget
A BILL ENTITLED
AN ACT concerning
Creation of a State Debt
Maryland Consolidated Capital Bond Loan of 2017,
and the Maryland Consolidated Capital Bond Loans of 2009, 2012, 2013, 2014,
2015, and 2016
FOR the purpose of authorizing the creation of a State Debt in the amount of One Billion,
Thirteen Million, Two Hundred Sixty
Seven Thousand Dollars ($1,013,267,000), the
proceeds to be used for certain necessary building, construction, demolition,
planning, renovation, conversion, replacement, and capital equipment purchases of
the State, for acquiring certain real estate in connection therewith, and for grants to
certain subdivisions and other organizations for certain development and
improvement purposes, subject to certain requirements that certain matching funds be provided and expended by certain dates; providing generally for the issuance and
sale of bonds evidencing the loan; authorizing the creation of State Debt in certain years to be used for certain purposes; imposing a certain tax on all assessable property in the State; requiring that certain grantees convey certain easements
under certain circumstances to the Maryland Historical Trust; providing that the proceeds of certain loans must be expend
ed or encumbered by a certain date; authorizing the Board of Public Works, under certain circumstances, to approve certain appropriations, notwithstanding certain technical differences; authorizing certain unexpended appropriations in certain prior capital budgets and bond loans
to be expended for other public projects; altering certain requirements for certain programs in certain prior capital budgets and bond loans; providing that the authorizations of State Debt in certain prior capital budgets and bond loans be
reduced by certain amounts; requiring that certain projects be constructed at certain
locations; repealing certain requirements for certain appropriations; requiring the
Comptroller to make certain transfers, adjustments, and reconciliations; repealing certain Maryland Consolidated Capital Bond Loan Preauthorization acts; specifying
the use of certain project funds; altering the authorized uses of certain grants;
altering the authorized purpose of certain grants; altering the authorized scope of certain grants; altering the names of certain grantees; altering the matching fund
requirements of certain grants; extending the deadline for certain grantees to present evidence of certain matching funds; extending the termination date of certain grants; al
tering the location of certain capital projects; making certain
technical corrections; providing for a delayed effective date for certain provisions of
this Act; and generally relating to the financing of certain capital projects.
We know MIKE MILLER is a great big global Wall Street tool----as this article states Europe is lowering austerity by moving away from these kinds of sovereign debt deals ----while US is moving towards MORE AUSTERITY. Any move NOW to consolidate municipal bond debt would be to increase debt with an objective of using that heightened debt FOR AUSTERITY. As well, as long as a state municipal bond debt exists today------the future legislators will be PROHIBITED from adding more bond debt for projects WE THE PEOPLE want in our communities. Remember, MIKE MILLER is doing this just as the US Treasury and municipal bond market is ready to collapse.
'Though it may not seem like it happens very often, governments, especially municipalities, counties and states, choose to consolidate loans quite regularly. This is done when interest rates are advantageous. In essence, the government issues bonds to pay for existing bonds that were outstanding. The only time a local government would choose to do this is when interest rates are low, and there is no penalty for paying off the bonds early'.
US is making plans to consolidate its bond buying process where as Europe Union is making plans to start stimulus plans moving away from the Austerity Measures.
- Home / Economy / US is making plans to consolidate its bond buying process where as Europe Union is making plans to start stimulus plans moving away from the Austerity Measures.
- Post by : ArthaYantra
- Date : 01 Jun, 2013
Macroeconomic conditions across emerging markets continue to be driven primarily by United States. The consistent policy approach towards quantitative easing is starting to impact other nations. Over the past couple of months, growth in United States has slowed down significantly compared to the heightened activity observed during the first quarter. The economic activity in manufacturing sector has been sluggish. Though the layoffs and claims of unemployment subsided, new job creation is yet to pick up. In its testimony to US congress, Fed has declared its stand on Quantitative Easing Measures and Interest Rate policy. Fed’s process of fuelling the economy is twofold: Providing stimulus through bond purchases and providing new debt to companies at low interest. Inflation and Jobs data will be leading indicators for Fed to decide on the quantity and time frame of these measures. Fed wants to stop its Quantitative easing programs once the labor markets reach a sustainable level while maintaining a desirable inflation levels. The low interest rates will start to rise once the unemployment rate hits a 6.5% mark or lower. Fed also expressed its plans to slow down its bond buying process over the next few quarters. Fed is expected to be cautious over its move to reduce the pace of its QE. Though the employment data started to gain momentum, the inflation data still lies below the targeted levels. The GDP growth is also expected to remain at subpar levels of two percent. The spending cut measures implemented in the month of March may start weighing on the economy in the coming quarters. Consumer spending recorded lower in recent months owing to higher tax rates. The future of the quantitative easing and pace of economic growth lies in the balance that can be maintained between employment rates and inflation rates. We expect status co to be maintained in the coming quarter.
Recession and social unrest have forced the Eurozone nations to retreat from their austerity stand. Hit by lower standard of life and unemployment, thousands of workers staged street rallies against austerity on May Day. Nearly one fourth of the young people in Europe are out of work. Protests and rallies were organized against across Eurozone throughout the month of May. Political reasons also made sustainability of austerity questionable. The Dutch government fell apart in 2012 over the disagreement over budget cuts. Italy’s political stalemate situation was also a result of the same. The staunch followers of austerity, France also started tracing back it steps from austerity. France economy is now facing its second recession in four years. The economy shrank by 0.2 percent in the first quarter of 2013. Germany was also faced with political unrest over austerity. Compared to the Eurozone, Britain has adopted a flexibility model in its austerity measures. Britain came into the terms with the fact that tax revenues are meant to fall in conditions of slow economic growth and high unemployment rates. They did not counter it with spend cuts, but retorted by introducing economic reforms to support the market. The current situation of Eurozone may not give it an option to exit the austerity strategy immediately. The process will be gradual. The measures being implemented by monetary union are more reactive in nature than being proactive. Eurozone may take cues from the Britain model and come up with a similar solution. However, implementing monetary easing measures in Eurozone at the time when US is making plans to retreat them could further weaken Euro against US Dollar.