WCBS NEWSRADIO 880 - Schumer Wants More Help for Struggling Homeowners

WASHINGTON (AP) -- Sen. Charles Schumer urged federal regulators Wednesday to do more to help certain homeowners struggling to make mortgage payments.

The Democratic senator from New York made his plea in a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, two men at the forefront of efforts to make sure the credit crunch that has rocked Wall Street doesn't undermine the economy.

Schumer asked Paulson and Bernanke to support a plan in Congress to provide $100 million to nonprofit housing groups to help troubled subprime borrowers, those with blemished credit histories, to refinance their homes.

Those borrowers have been hardest hit [LA Times] as interest rates have risen and home values have weakened. As a result, foreclosures and late payments have soared. The credit crunch, which started with these homeowners, has spread to other borrowers.

Schumer said the $100 million, which would be contained in a Senate appropriations package, may not be sufficient. He called on the Bush administration to ``come up quick additional financing.''

Schumer, a member of the Senate Banking Committee, also called upon policymakers to use their powers of persuasion to get financial institutions to pony up money.

``I urge you to use your leverage over financial institutions, whether banks, lenders, servicers or brokerages, to encourage them to match the federal government's efforts to provide funding to nonprofit group working to prevent foreclosures, and to work with the nonprofits to help borrowers who need ... loan modifications,'' Schumer wrote.

He said he intends to offer legislation when Congress returns next month to boost investment caps on Fannie Mae and Freddie Mac ``to increase their flexibility to participate in loan modifications with borrowers and lending institutions.'' The administration has so far been opposed to raising the caps. The two mortgage giants a few years ago suffered multibillion-dollar accounting scandals.

Take Blog Action!!!

On October 15th - Blog Action Day, bloggers around the web will unite to tackle the issue of the environment.

What can you do?

You can participate on Blog Action Day in one of two ways:



1. Publish a post on their blog which relates to an issue of their own choice pertaining to the environment.

For example: A blog about money might write about how to save around the home by using environmentally friendly ideas. Similarly a blog about politics might examine what weight environmental policy holds in the political arena.

Posts do not need to have any specific agenda, they simply need to relate to the larger issue in whatever way suits the blogger and readership. Our aim is not to promote one particular viewpoint, only to push the issue to the table for discussion.
2. Commit to donating their day’s advertising earnings to an environmental charity of their choice. There is a list of "official" Blog Action Day charities on the site, however bloggers are also free to choose an alternate environmental charity to donate to if they wish.





For more Details or to get a banner Click Here.

Gwen Stefani Nude?

Have you heard the big rukus over Gwen Stefani in Kuala Lumpur saying that shes a bad influence for the kids, that her ads and videos are too racy?


The National Association of Islamic Students has started a protest against the
Gwen Stefani Sweet Escape concert thats scheduled for August 21, 2007 on the basis that it is against Malaysian culture and lifestyle.



Malaysian mobile phone firm Maxis Communications, which is promoting the August 21 show as part of Stefani's "Sweet Escape" tour, promised it would feature no revealing costumes, the Star newspaper said.

"She will abide by the Malaysian authorities' guidelines to ensure that her show will not be offensive to local sensibilities," it quoted a Maxis statement as saying.

Malaysia's official guide for performers says women must be covered from the top of the bosom to the knees, the Star said.

Jumping, shouting and the throwing of objects are barred, while performers may not hug, kiss or wear clothes with obscene or drug-related pictures or slogans, it added.

On Tuesday, an official of the 10,000-strong National Union of Malaysian Muslim Students said Stefani's video promotion clips were obscene and the event would clash with local Asian and Islamic values.

"We want the organisers to cancel the concert, failing which we will ask the authorities to intervene," said Mohamad Hilmi Ramli, the group's president.

Ethnic Malays, who are by definition Muslims, make up just over half of Malaysia's 26 million people, while ethnic Chinese and Indians, who are mostly Buddhists, Christians or Hindus, account for most of the rest.



Article found here.