Broken Promises: Pensions All Over America Are Being Savagely Cut Or Are Vanishing Completely
How would you feel if you worked for a state or local government for 20 or 30 years only to have your pension slashed dramatically or taken away entirely? Well, this exact scenario is playing out from coast to coast and in the years ahead millions of elderly Americans are going to be affected by broken promises and vanishing pensions.
European Union finance ministers agreed Tuesday for the first time to punish one of their members for flouting the bloc’s budget rules, deciding to suspend payment to Hungary of nearly 500 million euros in development money next year unless it makes progress on reducing its deficit. The move showed a new determination to enforce discipline after the failure to do so over the last decade was a factor in several debt crises that began with Greece and threatened to undermine the euro.
As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states' attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out. Proponents of the settlement deal tout that roughly 1 million homeowners who owe more on their homes than their homes are worth are expected to have their mortgage balances lowered through principal reductions and another 750,000 would be able to refinance into loans with lower interest rates.
A U.S. foreclosure market report from RealtyTrac showed a major uptick in foreclosure activity in nearly half the country. This could mean bad news for millions of Americans who've been enjoying something of a paid stay-cation amidst record-long foreclosure review periods. A staggering 40 percent of homeowners in default on their mortgages have waited as many as two years for banks to slog through the foreclosure process.
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