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- North Las Vegas rejects use of eminent domain to rescue homeowners | Las Vegas Review-Journal
North Las Vegas City Council members scuttled a controversial life raft for underwater homeowners Wednesday, moving 5-0 against a complex plan aimed at keeping thousands of upside-down borrowers in their homes.
Nevada's fourth-largest city becomes the first in the state to reject the effort, one that relies on a contested use of the city's power of eminent domain and which opponents — including real estate agents, mortgage bankers and title insurers — warned could face ongoing challenges in court.
At least one lawsuit has already been filed to halt preliminary progress on the proposal, which won tentative support from four of five City Council members interested in hearing more about the effort earlier this summer.
The divisive plan would have seen the city seize bad mortgages in much the same way it condemns a blighted property, with San Francisco-based Mortgage Resolution Partners, or MRP, funding North Las Vegas' attempts to buy at-risk home loans currently held by banks and mortgage security investors.
- The BRICs party is over | vox
This is one hard-hitting critique of the BRICS.
Emerging markets are under pressure. This column argues that this is not a mere headwind but that the BRICs' party is over. Their ability to get going again rests on their ability to carry through reforms in grim times for which they lacked the courage in a boom.
After a decade of infatuation, investors have suddenly turned their backs on emerging markets. In the BRIC countries – Brazil, Russia, India and China – growth rates have quickly fallen and current-account balances have deteriorated.1 The surprise is not that the romance is over but that it could have lasted for so long.
The BRIC countries did not take advantage of the good years to improve the underlying state of their economic systems.
Transparency International ranks 176 countries on its corruption perception index. Brazil ranks 69, China 80, India 94, and Russia 133.
The World Bank compiles its ease of doing business index for 185 countries and the BRICs do even worse by this measure, with China ranking 91, Russia 112, Brazil 130 and India 132.
Read the source article … http://www.voxeu.org/article/brics-party -over
- The Next Emerging Market Crisis – NYTimes.com
In the last link we provided, we saw a hard-hitting critique of the BRICS and especially concerning transparency (the lack thereof) and ease of doing business (also the lack). This article shed a different light, an optimistic light.
…many emerging markets have larger holdings of foreign exchange reserves than in the past, and they are less inclined to squander these reserves on defending a particular value of their exchange rate. To the extent that these countries can allow their currencies to depreciate modestly as capital flows out, they will naturally tend to increase their exports and reduce their imports – thus tending to reduce their current account deficits (and lower their future funding needs).
Simon Johnson (Professor of Entrepreneurship at the M.I.T. Sloan School of Management) makes good points, but so did Anders Åslund (Senior fellow, Peterson Institute for International Economics and Adjunct Professor, Georgetown University).
Therefore, we incorporate the merits of both.
Read the source article … http://economix.blogs.nytimes.com/2013/0 9/05/the-next-emerging-market-crisis/?_r =1
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