新 加坡的確叻，的確醒，無人可以否認。但佢地政府做得咁好，內有隱藏代價，係不時稱讚新加坡好嗰啲自由派略左傾嘅評論員、環保團體、社會運動家絕對唔肯付出 嘅，呢個代價叫做一言堂，李光耀說了算。在新加坡，誰人反對政府？誰人反對填海破壞海洋生態？誰人反對興建賭場助長賭風？誰人反對電子道路收費侵犯私隱？ 誰人敢膽在電台搞烽煙節目晚晚鬧政府？誰人要求多一兩張報紙出版？答案就係冇。即使有，聲音十分弱，好少人知道。
李光耀係世界級政治家，其 人理性理智到香港人怕怕。最近有一部關於李光耀嘅新書出版（Lee Kuan Yew：Hard Truths to Keep Singapore Going）裏面就提到反對派，李光耀講得好坦白，全世界冇一個政黨鍾意有反對派，政黨上台後就想永遠執政，一定要比反對黨行先一步，滅反對聲音於萌芽狀 態。證諸過往，李光耀創辦領導嘅人民行動黨確係做到呢一點，將反對黨，無論如何微弱，都趕盡殺絕，將傳媒國有化，聽晒政府話，那裏容納得下一個「香港電 台」，單憑此點，請一啲批評特區政府人士，唔好成日讚新加坡，好唔好？
公民黨及一啲人反對拆建政府合署西翼，引甚麼歷史理由，無視中環甲級 商廈租金狂漲，需要增加供應。新加坡方面，李光耀自一九四零年代起居住嘅歐思禮路獨立平房，李顯龍在此出生，人民行動黨在此創立，在新加坡應該好有歷史價 值，要保育保存。但李光耀就要求政府在佢死後清拆之，重建為新型大廈，以便附近一帶可以興建高樓，增加土地價值！咁樣講法，如果李光耀在香港，佢會提議成 個政府山都拆咗佢，點止拆西翼呀。李光耀仍然在生，香港公民黨不如搵代表同佢辯論吓！
歐美金融股跌到不亦樂乎! 半年跌60-70%的絕不難找! 歐洲的原因是歐債危機, 我認識的不深, 有高見的朋友請留言分享。美國的銀行, 我留意到一間新聞, 美國的銀行收樓太多, 為免要白交稅費, 又不想再拖低樓價, 於是自費拆屋! 然後將地$1賣給政府。這真是美國樓市「供不應求」的鐵証! 即是說, 可能美國的銀行provision 是虛低的, existing home inventories 也是虛低的。誰說銀行是安全可靠的投資? 大概只有香港的才是吧。
Bulldoze: The New Way to Foreclose
Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.
The biggest U.S. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property. The bank has similar plans in Detroit and Chicago, with more cities to come, and Wells Fargo & Co. (WFC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Fannie Mae are conducting or considering their own programs.
Disposing of repossessed homes is one of the biggest headaches for lenders in the U.S., where 1,679,125 houses, or one in every 77, were in some stage of foreclosure as of June, according to research firm RealtyTrac Inc. of Irvine, California. The prospect of those properties flooding the market has depressed prices and driven off buyers concerned that housing values will keep dropping..
“There is way too much supply,” said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials and homeowners to salvage vacant homes. “The best thing we can do to stabilize the market is to get the garbage off.”.BofA’s 40,000
Bank of America had 40,000 foreclosures in the first quarter, saddling the Charlotte, North Carolina-based lender with taxes and maintenance costs. The bank announced the Cleveland program last month, has committed as many as 100 properties in Detroit and 150 in Chicago, and may add as many as nine cities by the end of the year, said Rick Simon, a company spokesman.
.The lender will pay as much as $7,500 for demolition or $3,500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program. Uses for the land include development, open space and urban farming, according to the statement. Simon declined to say how many foreclosed properties Bank of America holds.
Ohio ranked among the top 10 states with the most foreclosure filings in June, according to RealtyTrac. The state has 71,617 foreclosed homes, Cuyahoga County 9,797 and Cleveland 6,778, RealtyTrac said..
The tear-downs are in varying states of disrepair, from uninhabitable to badly damaged. Simon said some are worth less than $10,000, and it would cost too much to make them livable..Unwanted Homes “No one needs these homes, no one is going to buy them,” said Christopher Thornberg, founding partner at the Los Angeles office of Beacon Economics LLC, a forecasting firm. “Bank of America is not going to be able to cover its losses, so it might as well give them away and get a little write-off and some nice public relations.”
Donating a house may create an income-tax deduction, said Robert Willens, an independent accounting analyst based in New York. A bank might deduct as much as the fair market value if a home wasn’t acquired with the explicit intent of knocking it down, he said..
Wells Fargo and Fannie Mae already started donating houses and demolition funds in Ohio. San Francisco-based Wells Fargo, the biggest U.S. home lender, gave 26 properties and $127,000 to the Cuyahoga land bank, said Russ Cross, Midwest regional servicing director for Wells Fargo Home Mortgage. Since 2009, Wells Fargo made more than 800 donations, the bank said..Fannie Mae
Fannie Mae, the mortgage-finance company operating under U.S. conservatorship, made its first deal with the Cuyahoga land bank in 2009, and sells houses to the organization at a “very nominal value,” or about $1 and an additional $200 in closing costs, said P.J. McCarthy, who heads alternative disposition programs..
Fannie Mae sold 200 foreclosures to the Cuyahoga organization in 2010 and has similar programs in Detroit and Chicago. Cleveland is the only city where Washington-based Fannie Mae contributes $3,500 toward demolition, McCarthy said..
“It’s an economically justifiable transaction,” McCarthy said. “Holding on to a property that might sell for $1,000 or $2,000 or $5,000 for several hundred days is not in anybody’s best interest.”.
JPMorgan, the second-biggest U.S. bank, has donated or sold at a discount almost 1,900 properties valued at more than $100 million in more than 37 states since late 2008, including 22 in Cleveland, said Jim O’Donnell, manager of community revitalization. The majority aren’t demolished, he said..Nonprofit Role
Citigroup has been donating foreclosures since 2008 through the National Community Stabilization Trust, according to an e- mailed statement from Natalie Abatemarco, managing director for the bank’s office of homeownership preservation. The New York- based company, ranked third among U.S. lenders, is part of the Washington-based nonprofit trust’s pilot program that starts in late August to provide funds for purchases in distressed neighborhoods, and the money can be used toward demolition, Abatemarco said..
Demolishing all of Cleveland’s foreclosed and abandoned properties might cost $250 million, Frangos said. There are as many as 13,000, according to Case Western Reserve University in Cleveland and Neighborhood Progress Inc., a nonprofit organization working to counter the effects of foreclosures in six Cleveland areas, according to its website. The Cuyahoga County land bank owns about 899 properties and will demolish about 700 in the next six to seven months, Frangos said..Blow Them Up
The oversupply of homes once prompted Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A), to quip in February 2010 that one solution was to “blow up a lot of houses -- a tactic similar to the destruction of autos that occurred with the ‘cash-for-clunkers’ program.’”.
Still, the knockdowns aren’t likely to outpace foreclosures, said Rick Sharga, RealtyTrac’s senior vice president. Foreclosures may accelerate as banks clear a backlog caused by soft real estate markets and legal disputes over tactics used to seize homes..“These sorts of programs will basically only be nibbling on the edges,” Sharga said. To contact the reporter on this story: Lindsey Rupp in New York at [email protected] http://curiouscapitalist.blogs.time.com/2011/08/01/bulldoze-the-new-way-to-foreclose/