Tuesday, January 13, 2009

Loan - mania basic cause for ECONOMIC BREAKDOWN

Loan-mania has hit almost 90% of the younger generation...almost 90% are running on loans...

It's elementary to see whu the Global Economy is running in DEFICIT..

Found this in Reuters.com :

"By Patrick Rucker
WASHINGTON (Reuters) - A $300 billion federal program meant to prevent foreclosures is doing almost nothing to aid U.S. homeowners, but it could become effective if Washington slashes cumbersome red tape, the nation's top housing policymaker said on Monday.
At issue is the Hope for Homeowners program created by Congress in July to help 400,000 troubled homeowners secure a new loan.
The program has aided fewer than 1,000 borrowers since it began in October and it is a flop with both lenders and borrowers discouraged by its excessive costs and paperwork, said Housing and Urban Development Secretary Steve Preston.
"This program has not had any relevant impact yet," he told Reuters in an interview.
"It is a tiny trickle," Preston said of the volume of loans pushed through the program. "Hope for Homeowners would reach a lot more people if the fees were to come down somewhat and if we were to simplify some of the administrative requirements."

One finds amazing figures/numbers in a certain World Fact Book

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