redcar | 25 Januar, 2010 05:26
redcar | 25 Januar, 2010 05:26
Japan's prime minister said Monday he may nix a key military deal with Washington on relocating U.S. troops, after a local election in Okinawa showed that residents oppose any new Marine base in their region.
Residents of Nago elected a mayor who is staunchly against moving a base there from a larger city nearby - plans which Washington considers fundamental to its troop realignment in the region. An agreement on the relocation was made under the previous government that lost power last year.
Prime Minister Yukio Hatoyama said the results of Sunday's election reflected the will of the people, and that Japan would completely re-examine its accord with the U.S. "The country will start from scratch on this issue and take responsibility to reach a conclusion by the end of May," he told reporters.
His government has repeatedly put off making a decision, risking a rift with the U.S., its main military ally, in the face of security concerns like North Korea's nuclear program and China's rising strength.
Nago chose challenger Susumu Inamine - who campaigned against any expansion of U.S. military presence in the area - over incumbent Yoshikazu Shimabukuro. Inamine won with 52.3 percent of the vote, according to the city's election office.
The city's mayor has little say in national policy, but with Japanese parliamentary elections coming in the summer, the results quickly reverberated throughout the country. "It wasn't just Shimabukuro that was defeated in the election. The biggest loser was Japan's postwar military base strategy," the national Asahi daily said in a front-page editorial Monday.
Japan signed a deal with the U.S. four years ago that was part of a broader realignment of American troops, after a helicopter crashed into a university near Futenma in Okinawa. The Futenma facility, home to about 2,000 Marines, is one of the corps' largest facilities in the Pacific.
A key part of the plan was relocating that base to the smaller city of Nago, where the latest election was held. The issue sparked intense protests and dominated debate between the two mayoral candidates. Defeated mayor Shimabukuro supported the base for the jobs and investment it would bring.
The Obama administration has already expressed frustrations with Tokyo's delays in finalizing the music posters of the Futenma base - now in the larger Okinawa city of Ginowan - saying it is delaying a sweeping realignment plan for U.S. military in the region.
Under a security pact signed in 1960, U.S. armed forces are allowed broad use of Japanese land and facilities. In return, the U.S. is obliged to respond to attacks on Japan and protect the country under its nuclear umbrella.
More than half of some 47,000 American troops stationed in Japan are in Okinawa, where many residents complain about noise, pollution and crime linked to the bases. Inamine, an independent, ran with the support of Hatoyama's ruling Democratic Party. His victory Sunday will make it increasingly difficult for the prime minister to resist pressure to shelve the deal.
redcar | 25 Januar, 2010 05:26
redcar | 25 Januar, 2010 05:26
redcar | 14 Januar, 2010 14:09
A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages.
The number of households that received a foreclosure-related notice rose 21 percent from 2008, RealtyTrac Inc. reported Thursday. One in 45 homes were sent a filing, which includes default notices, scheduled foreclosure auctions and bank repossessions.
In December, more than 349,000 households, or one in 366 homes, were hit with a foreclosure-related notice. That represents a 14 percent spike from November and a 15 percent jump from December 2008.
Banks repossessed more than 92,000 homes, up 19 percent from November. That increase was likely due to lenders working to clear their books at the end of the year, RealtyTrac said.
Stemming the tide of foreclosures is an important step for the real estate market and the economy to recover. Because foreclosures are usually sold at heavy discounts they can lower the value of surrounding properties. Cities lose property tax dollars from empty foreclosures and declining home values, straining local economies. Home prices have stabilized in some cities, but are still down 30 percent nationally from mid-2006.
The foreclosure crisis isn't letting up. Between 3 and 3.5 million homes are expected to enter some phase of foreclosure this year, said Rick Sharga, senior vice president of Irvine, Calif.-based RealtyTrac, which began tracking the data five years ago.
High foreclosures forced the federal government and several states to come up with plans to prevent or delay foreclosures to help troubled borrowers.
"It was bad, but it could have been much worse, and it probably should have been worse," Sharga said.
One plan intended to help homeowners is the Obama administration's loan modification program known as Making Home Affordable. Lenders participating in the program have offered trial loan modifications to 760,000 eligible borrowers since it was launched in March. A loan modification changes the terms of the loan, such as lowering the interest rate, to make the monthly payments more affordable.
As of November, just 31,000 of them had been made permanent. Nearly the same number had dropped out of the program or were found to be ineligible. The Treasury Department will release updated figures Friday.
Economic issues, such as unemployment or reduced income, are expected to be the main catalysts for foreclosures this year. Homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.
The Mortgage Bankers Association on Wednesday recommended changes to the government's program to account for borrowers who've lost their jobs. The program, for example, should include a suspension of payments as the first step for borrowers with a temporary loss of income.
The government also should refrain from "endless incremental program changes," the trade association said.
Since April 2009, there have been nine instances where new program requirements were released, and more than 90 clarifications for new or revised forms, reporting changes and policies. The changes forced mortgage companies to implement new procedures and retrain employees, taking away time that could be spent helping movie posters.
The same three states that led the nation in foreclosure rate in December also posted the highest rates for the entire year: Nevada, Arizona and Florida. More than 10 percent of Nevada housing units received at least one foreclosure filing in 2009, with Florida and Arizona following with about 6 percent each.
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