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...national economy. "My business dropped off by 50%," he says. As his client roster evaporated, Flores started drawing on credit cards and took out a second mortgage to the tune of $57,000 in order to stay afloat. In 2009, out of options and under threat of losing his home of 10 years, Flores filed for Chapter 13 bankruptcy - a reorganization filing under which consumers agree to a plan to make payments of past-due debts to creditors for a three- to five-year period. But now he is behind on his payments again, and Wells Fargo Bank wants...
That change suggests that more home owners are simply walking away from their mortgages, rather than attempting to make payments, especially during a recession with record-high long-term unemployment. "Chapter 13 was designed for regular economic times when people might lose their jobs and fall behind on their mortgage for three to four months, but having found a new job they would be able to use the Chapter 13 process to keep their homes," says Porter, noting that even during normal economic times only 1 in 3 Chapter 13 bankruptcy filings results in the individual's successful meeting...
...help individuals make their payments, Bank of America announced in March that it would start reducing the principal on some home loans. This, after the banking industry successfully fought off attempts by Democratic Illinois Senator Dick Durbin and others in Congress to pass legislation last spring that would have allowed for mortgage modifications. But since then, it has become clear that without loan modification, many borrowers have no recourse but to accept foreclosure and walk away, says Porter. "I think one reason the economic recovery is slow is that it is taking so long to work through these delinquencies...
...area around the town of Redencao is a particularly bloody battlefield. It is the home to powerful cattle barons who are in constant conflict with reform activists. In 2005, an American nun, Dorothy Stang, who supported land reform, was murdered. Last Thursday, as a local court postponed the third trial of a man accused of killing her, unknown gunmen shot dead Pedro Alcantara de Souza, another activist for land reform in Redencao. Police believe Souza was targeted because he works for the Federation of Family Farmers, a group that defends the rights of small producers and landowners in southern Para...
...activist priest in the north of Para. "Nothing changes," he says. "Brazil is proud that it was the 12th biggest economy in the world and that it is now the ninth biggest and will soon be the fifth biggest. But who pays for these ambitious goals? Amazonia, the home of the biggest reserves of minerals and timber...