All Posts Tagged With: "new york times"
Rules to follow when buying a new home
Jennifer McClelland | RSS | Fri, Sep 18 2009 | 5 Comments
After the housing market collapsed, followed by the credit crunch, it became quite difficult for people to buy homes. However, now, while still tight, it is becoming easier (than a few months ago) to find a mortgage. So how do you know what to get and what will you be happy in?
Here are some tips from the New York Times:
1) Start with the basics. Put 20% down on your home, get a fixed rate mortgage, and make sure that your mortgage is no more than 35% of your pretax income.
2) Consider your income. Being overconfident in your income will only get you in trouble when it comes to buying a home. You need to make sure that you’re still able to save money every month in addition to paying the mortgage.
3) Bow to the Unknowns. There may come a time when you decide to have children or change your career. If or when this happens, you need to make sure that you’re not caught up in a mortgage that keeps you from doing what is truly rewarding to you.
4) The 8 Hour Rule. If you can’t sleep through the night because you’re worried about how much you’re going to pay for the mortgage or worried about how to pay for the mortgage you shouldn’t be getting the house. If you have to take sleeping pills to help yourself get to bed at night, then perhaps it’s time to rethink the entire home purchase.
There are three more rules along with much more detail about each tip at the article source at the bottom of the post.
I think that there are a lot of things to consider when buying a home; all of these tips are great. Mortgages are not something that should be entered into lightly and should really be thought about because when you’re unable to pay your mortgage then you’re going to have credit problems for a long time and you will also find yourself in a lot of heartache about what was supposed to be your “dream”.
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Tags: collapse, housing market, new york times
Bank of America needs $34 billion?
Jennifer McClelland | RSS | Wed, May 06 2009 | 1 CommentAfter receiving $45 billion in bailout money already, Bank of America is now saying that it needs an additional $34 billion to make it through the “worsening recession.”
According to The New York Times, which cites an executive at the bank, the U.S. government told BofA it needs nearly $34 billion in capital to survive a worsening of the recession. An official announcement of the results of the government’s stress tests of 19 banks is expected after the close of U.S. stock-market trading Thursday.
All indicators are saying that the worst of the recession is over and perhaps the government should make BofA sweat a little before giving the banking giant such a large sum of money (it doesn’t have).
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Tags: sum of money, new york times, stress tests
Boston Globe resumes talks with union
Jennifer McClelland | RSS | Tue, May 05 2009 | 1 CommentThe New York Times Co., owner of the Boston Globe, will resume negotiations with the Boston Newspaper Guild, the paper’s largest union (it represents about 700 editorial, advertising and business employees), in hopes to reach a deal to keep the paper afloat. Talks are set to resume today at 5 p.m.
The New York Times Co., is trying to get the union to make $20 million in concessions. So far it has been able to reach agreements with six unions, but the Boston Newspaper Guild is holding out.
If they can’t reach an agreement, the New York Times Co. has threatened to shut the Boston Globe down.
Looking at how many journalists are losing their jobs, especially print journalists, I can’t understand why the union wouldn’t want to negotiate with the Times. If the paper is shut down, everyone at the paper will be without a job, and I’m sure that is not what the Boston Newspaper Guild is trying to do.
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Tags: new york times, boston globe, unions
The government helping GM into bankruptcy by June 1
Jennifer McClelland | RSS | Sun, Apr 12 2009 | 0 CommentsToday it was leaked to the New York Times that the Treasury Department has directed GM officials to lay the groundwork for a bankruptcy filing. The bankruptcy could be as short as a few weeks for portions of the company. The “less desirable” parts could remain in court for longer and may be liquidated.
Unwanted brands, factories and health care obligations are the departments that are likely on the chopping block.
Last week the GM CEO said that bankruptcy was avoidable for the company, however, it looks more and more like bankruptcy is the best and most likely option for the company.
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Tags: factories, bankrupt, gm
AIG exec chooses unorthodox way to resign
Jennifer McClelland | RSS | Wed, Mar 25 2009 | 0 CommentsJake DeSantis, an executive vice president at AIG’s Financial Products division turned in his resignation letter today after being one of the company’s executives to receive a bonus worth over $740,000 after taxes.
It’s fine that he resigned, after all, it will likely take some of the heat off of him. However, the forum he chose to resign is a bit odd.
In a letter to the New York Times Op-Ed column, DeSantis gave his resignation letter.
In the letter he basically said that the Financial Products division was duped by the rest of AIG and that elected officials are after them because of it. He went on to say, “In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself.”
If there was a bounty on my head from the court of opinion, I would likely choose the same very open and public way to resign. Good job Mr. DeSantis, but next time take some of the blame too.
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Tags: vice president, bonus worth, desantis
