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Mortgage meltdown

Submitted by Rimu on 14 July 2008 - 5:13pm | updated 21 Jul 2009 | Story

People lose their houses when the special low interest rate they were paying gets reset to the real rate. The scam that's been running in the US lately is that people would would hope to on-sell the houses before the rate reset, and reap the capital gains. It all goes to custard when they can't on-sell (for more than they paid), as is happening now. They're left paying a mortgage that they used to be able to afford, but when the rate resets they cannot. » Read more

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Opec earnings reach US$1.251 trillion

Submitted by Daryl on 9 July 2008 - 2:18pm | Story

Opec's earnings from oil exports are expected to reach a record US$1.251 trillion ($NZ1.68 trillion) this year, about US$73 billion more than previously estimated, the US government's top energy forecasting agency said on Tuesday. » Read more

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Paragraphs wanted for Aust/NZ insert into The Transition Handbook

Submitted by James Samuel on 8 July 2008 - 8:20pm | updated 09 Jul 2008 | Story

I had a chat with Rob Hopkins last night, and he was seeking some input for a 16 page insert into an Australian edition of The Transition Handbook. This insert will also be made available so that those who have purchased the book recently can get it. » Read more

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Transition Towns on National radio

Submitted by Rimu on 6 July 2008 - 9:23pm | updated 07 Jul 2008 | Story

Here's a link to a Radio NZ broadcast today.

Starts off with a lot of stories about people who were struggling before that are finding it even harder now, then moves on to interview some Transition Towns folks. The TT references begin at around 2/3 into this, and the lead in sets the tone well for why it is being embraced with such energy and urgency. Ken Ross speaks very well for the Transition model. Well worth a listen! » Read more