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Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Thursday, October 4, 2007

Pam Hundal is running for the Progressive Conservatives in the Ontario provincial election, in the Bramalea—Gore—Malton riding.

Wikinews’ Nick Moreau requested an interview regarding her values, her experience, and her campaign. In response, Hundal’s campaign office did not send replies to the questions asked, but a general statement. Moreau has excerpted parts of her statement, placing them as answers to related questions. However, a great number of questions have been skipped in the process.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Wednesday, March 16, 2005

The United Kingdom Chancellor of the Exchequer, the Right Honourable Gordon Brown PC MP, in a speech to the British House of Commons today presented his ninth Budget, what is very likely to be his last Budget before the next UK General Election. This opened the parliamentary debate on the 2005 Finance Bill, and was followed by responses from the opposition parties.

In a 48 minute long speech, the Chancellor presented a Budget of “tax cuts that are reasonable, spending that is affordable, and [economic] stability that is paramount”, that was “the prudent course for Britain”. There were few surprises that had not already been indicated in his 2004 pre-Budget report. The increase in the threshold on stamp duty was greater than that forecast by commentators, as was the amount of the Council Tax rebate to households with pensioners.

Thursday, January 14, 2010

Wikinews interviewed author Nancy Many about her book My Billion Year Contract, and asked her about life working in the elite Scientology group known as the “Sea Org“. Many joined Scientology in the early 1970s, and after leaving in 1996 she later testified against the organization. Published in October, Many’s book has gone on to become one of the top selling new books on Scientology at Amazon.com.

Thursday, July 31, 2008

From the middle of July, Sony Corporation refreshed their senior laptop brand VAIO from “Video Audio Integrated Operation” to “Visual Audio Intelligent Organizer”. According to Sony Taiwan Limited, this refreshment is an attempt to relocate the laptop consuming market for business and entertainment factors.

In the “VAIO Experience 2008” press conference in Europe, Sony promoted their new product series for different populations including BZ for business, FW for home entertainment, Z for ultra-slim, and SR for complex applications.

Different with past series, Sony added “Clear Bright” screening technology for high-definition display, and “full-carbon production” features. BD-burning and Intel Centrino 2 processing technologies will be featured in all the new models. For security issue, Sony also embedded fingerprint system to prevent personal data to be stolen. Continued from TZ series, innovative designs including “Green Power Button”, “Situational Switch” are also added in newly-launched series.

“Due to consuming market differences, Sony only promoted BZ series in Europe and America but not included Asia. Although the TICA Show in Taipei will be different, functionality will be the greatest issue when a consumers choose a notebook [computer] before buying.” addressed by executives from Sony Taiwan Limited, during the “VAIO Experience 2008” press conference in Taiwan.

Sunday, June 12, 2005

In Oshkosh, Wisconsin, the Democratic Party of Wisconsin adopted the following resolution at their state convention:

CALLING ON THE UNITED STATES CONGRESS TO INITIATE IMPEACHMENT PROCEEDINGS AGAINST PRESIDENT BUSH, VICE PRESIDENT CHENEY AND DEFENSE SECRETARY RUMSFELD FOR HIGH CRIMES AND MISDEMEANORS

WHEREAS, the Downing Street Memo shows that Bush, Cheney and Rumsfeld began planning and executing the war on Iraq before seeking Congressional and UN approval;

WHEREAS, UN weapons inspectors showed prior to the invasion that there were no weapons of mass destruction in Iraq; and

WHEREAS, there is further mounting evidence that the Administration lied or misled about “mushroom clouds,” “connections to 9/11,” and “war as a last resort” as they sought UN, Congressional, and public approvals;

THEREFORE, RESOLVED, the DPW asks Congress to immediately begin impeachment proceedings against President Bush, Vice President Cheney and Defense Secretary Rumsfeld.

The resolution alleges that the Bush administration “lied or misled” Congress and the American people concerning the justification for the war. The “Downing Street memo” and reports from U.N. weapons inspectors are mentioned as evidence of deception.

Newly elected state party Chairman Joe Wineke said, “Democrats, not only in Wisconsin but throughout the U.S., have been outraged by what we believe has been a clear cover-up of why the U.S. went into Iraq,” and that the resolution expresses “the sense of frustration that Democrats in Wisconsin have over fighting a war for the wrong reasons.”

Charles Franklin, a University of Wisconsin-Madison professor, does not think the resolution will be successful and said that even if the House of Representatives began impeachment proceedings against the president and vice president, “I don’t think you can impeach the secretary of defense”.