Ground Zero Imam Feisal Abdul Rauf – SLUM LORD: NJ Judge Orders Proof Of Repairs

Judge wants imam to prove he’s fixing NJ buildings

JERSEY CITY, N.J. — The imam who wants to build a mosque near New York City’s ground zero has until Thursday afternoon to produce documents that prove he is fixing alleged violations at two apartment buildings he owns in northern New Jersey.  

A judge told a lawyer for Feisal Abdul Rauf during a hearing Wednesday to submit the documents. The hearing was prompted by a complaint filed by Union City, a community just outside the Lincoln Tunnel.

But state Superior Court Judge Thomas Olivieri denied Union City’s request to have a court-appointed monitor oversee the property, which the city says is riddled with serious code violations that haven’t been addressed, in some cases for years.

But the judge said he would revisit the request Sept. 23 after the city has had time to review Rauf’s submissions.

From ABC News: COURT VIDEO – TENEMENT HOUSING VIDEO HERE

http://abclocal.go.com/wabc/video?id=7667714 

Rauf and his wife, Daisy Khan, “have been under a lot of stress,” attorney Tomas Espinosa said after the hearing. “They will prove to be honorable people when the final decisions of the court are made,” he added.

Espinosa said he had not had direct contact with Rauf since the complaint was filed Monday but had been in touch with Khan. Neither attended the hearing, and Rauf did not answer the phone at his home in neighboring North Bergen. He has not commented on the complaint.

The 96-page complaint alleges Rauf failed to fix 12 fire code violations the year before a 2008 fire in one of his buildings, and that instead of repairing the 32-unit building he boarded it up and kept residents from moving back in.

The complaint also details violations in the second, 16-unit building, including bed bugs, improper garbage disposal and broken fire alarms and smoke detectors. The building’s gas and electricity were shut off recently due to unpaid bills and were only turned back on when city officials appealed to the utility company, Union City attorney Christine Vanek said.

The fire alarm system in the building is still faulty, the complaint claims, which has forced the city to pay a police officer to be outside the building at all times on a fire watch.

“Why should the city have to provide the mechanism to safeguard the tenants?” Vanek asked the judge.

Espinosa told Olivieri that a company had been retained to fix some of the problems and had amassed “a big file” of documents showing what work was under way or planned.

Olivieri scolded Espinosa for not producing any of the documents Wednesday. When Espinosa said Rauf had been busy in New York and he’d had trouble meeting with him, the judge replied tartly, “Mr. Espinosa, that’s over the river. You’re acting like it’s another universe. It’s not that difficult.”

http://abclocal.go.com/wabc/story?section=news/local&id=7668770&rss=rss-wabc-article-7668770&utm_source=errythang&utm_medium=twitter

UPDATED HERE: Imam Feisal Addul Rauf Complies With NJ Judge’s Order – Documents Concerning Tenement Building Delivered To Court

Economic Recovery: Profits From Overseas Ops Double Fed Ex 1st Qtr Profit – 1700 American Workers To Be Laid Off

FedEx 1Q profit doubles; will cut 1,700 jobs

FedEx Corp. indicated Thursday that the global economic recovery remains uneven. It touted strength in its international shipping operations while moving to fix the weak spot in its business: its money-losing U.S. trucking business.

FedEx did raise its financial outlook for the full fiscal year after its first-quarter net income doubled. But the projections for the second quarter and full year fell shy of Wall Street expectations, and the stock dropped almost 3 percent in premarket trading.

Growth in international air shipments has been driving FedEx’s results lately. That continued in the first quarter. But the FedEx Freight segment lost money again as demand for large items like refrigerators and other appliances continues to be weak. As it competes with other trucking companies to ship a limited amount of freight, FedEx has been forced to forgo the rate increases that are helping its other segments grow.

FedEx will combine its FedEx Freight and FedEx National less-than-truckload operations on Jan. 30, closing 100 facilities and cutting 1,700 workers. FedEx says the move, along with other cost cuts, will ensure the trucking business is profitable next year.

Less-than-truckload shippers take goods from many different manufacturers and consolidate them into a single truck for delivery.

The move suggests that big companies like FedEx, which is a bellwether for broader economic health, are feeling that the global economy still has a way to go for a full recovery.

The world’s second-largest package delivery company now expects to earn between $1.15 and $1.35 per share for the quarter ending in November, below analysts’ expectations of $1.36 per share.

For the full fiscal year that ends in May, the company now expects net income of $4.80 to $5.25 per share. That’s up from its estimate of $4.60 to $5.20 per share in July but some analysts were forecasting earnings as high as $5.60 per share, according to Thomson Reuters.

The Memphis, Tenn., company earned $380 million, or $1.20 per share in the fiscal first-quarter that ended in August, compared with $181 million, or 58 cents per share a year ago. That’s slightly under the $1.21 per share that Wall Street expected.

The reinstatement of some employee compensation programs, higher pension, medical and aircraft maintenance expenses, and a loss at FedEx Freight countered improvements at its Express and Ground operations.

Revenue rose 18 percent to $9.46 billion.

FedEx shares fell 2.9 percent to $83.45 in premarket trading.

http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b4534970

McAuleys World Comments:

This article is all about what Clinton Labor Secretary Robert Reich would call “The Great Decoupling of Corporate Profits from Jobs”… search for Reich’s article of that name.
Reports of quarterly profits by multinational corporations and a “phantom” recovery in the DJIA is an unreliable indicator of an American economic recovery… the record profits being reported by many DJIA companies have nothing to do with American business operations … Fed Ex being the latest example … There is nothing wrong with Fed Ex or GM posting a profit from overseas operations … the problems arise when the politicos and the press try to claim an “American Recovery” based on business growth in Red China or the Far East … or to claim an American Recovery, that is not only “jobless”, but is based on policies that continue to ship American Jobs and manufacturing capacity overseas ….
Even Clinton’s Labor Secretary Reich noted that $30 billion of the GM “bailout” went to create jobs in Red China before he stated, “GM officials say no American taxpayer money is being used to expand in China. But money is fungible. Because of our generosity, GM can now use the dollars it doesn’t have to spend in the United States meeting its American payrolls and repaying its creditors, for new investments in China.”
Reich went on to say, “GM now sells more cars in China than it does in the US, but makes most of them there. The company now employs 32,000 hourly workers in China. But only 52,000 GM hourly workers remain in the United States – down from 468,000 in 1970.”
My research would indicate that GM now employees 40,000 in China and 48,000 in America. By 2012 GM will employ more people in China than in the US – what are the implications for GM’s pension and medical fund liabilities …
Since Reich’s article was published GM has transferred control of GM-China to the Chinese Government for a 1 time payment of $85 million dollars, shielding any of the GM/China profit from American Taxation …
Profits are not “evil” they are the reason a Company exists … however, quarterly profit announcements are not a reliable indication or “bell weather” of how the US economy has rebounded …
We need to re-examine Governmental policies and stewardship that allows $30 billion dollars of taxpayer money, money intended to “stimulate” the American economy and create American jobs, to be used to expand auto production in China … and then have the Government’s handpicked GM leadership team transfer control of a $30 billion dollar investment for a single $85 million dollar payment from the Chinese Government … GM will sell 2 million cars in China in 2010, GM transferred control of it’s Chinese operations, in perpetuity, for the price of $42.50 per 2010 unit …

Economic Recovery? No Spinning These Numbers – August 2010 Lenders Foreclose More Homes Than At Any Time Since Mortage Crisis Began

US homes lost to foreclosure up 25 pct on year

LOS ANGELES — Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.

In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.

August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.

Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can’t afford to simply dump the properties on the market.

Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.

That’s one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac.

[The reason only 1/3 of the foreclosed homes are  “on the market” is that the banks are tryoing to protect the value of their inventory of foreclosed homes, by limiting the number on the market thay are artificialy propping up the value of the “foreclosed home market”. The Government tax credit did not create “new housing demand” it simply shifted sales forward … Google: Federal Home Trac Credit Fraud – to read about the mismanagement of that program by the Federal Government – or Google: Mortgage Fraud Continues]

“These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer’s market with too much distressed inventory for fear of what it would do for house prices,” he said.

As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer.

The number of properties receiving an initial default notice – the first step in the foreclosure process – slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said.

Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009.

Barney Frank - Chairman House Banking Committee - The Man In Charge Of Watching Over Fannie

Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don’t sell at auction, these homes typically end up going back to the lender.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

[Realty Tracs number are way off, that or the AP is not reporting them correctly – At least 8 million homes have been foreclosed – 2.3 million homes have been foreclosed and placed on the market for sale. More than 2.3 million homes have been foreclosed in the States of Michigan and Nevada alone]

In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes.

The firm tracks notices for defaults, scheduled home auctions and home repossessions – warnings that can lead up to a home eventually being lost to foreclosure.

Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That’s 4.5 times the national average.

Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii.

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.

Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.

The program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners since March 2009.

[A program that was touted by Obama as something that would help 9,000,000 home owners at a cost of nearly $700 billion dollars has in fact helped only 300,000 and tens of thousands leave the program every month as their homes sink futher “under water”]

http://www.forbes.com/feeds/ap/2010/09/16/general-us-foreclosure-rates_7933661.html?boxes=Homepagebusinessnews

 

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