Archive for December, 2009
It turns out that there was more wrong with the recent US housing cycle than just bad loans and predatory lenders. It has recently come to light that many homeowners are experiencing Chinese drywall problems that are making them sick and destroying what they
paid so much to build.
Some people estimate that as much as half of a billion pounds of toxic drywall was shipped into the US from China during the boom. This is a major problem, as now people are reporting the smell of sulfur emanating from that drywall. Would we expect anything more from the country that brought us toxic toothpaste and over-leaded kids’ toys? But this looks like it could be a much more far-ranging conflict than those isolated incidents.
The first consumer complaints came from the state of Florida, where not surprisingly much of the fake real estate boom occurred. Beyond that there were major hurricanes there, especially in 2006, that prompted a lot of low-cost buying of drywall.
There have also been complaints about further Chinese drywall problems coming out of other southern states such as North Carolina, most recently. Some people have speculated that this is because the warm climate activates the toxicity within the drywall and releases its stench.
The origin of the problem may lie in the dirty coal mines of China. The truth is not known, but some believe it is likely that waste ash from these mines was transported over to drywall factories, where it was then mixed into the ultimate end-product.
China has seen great economic development over the decades. This has taken place largely to the benefit of their population, but some problems have arisen. China air pollution has become quite a significant concern. They are aware of it of course and some
progress has been made in rectifying it. That said, they have a long way to go.
Since 2007, China has been the world’s #1 emitter of greenhouse gases, making air pollution in Asia, including China, a serious global issue. It is at least as serious a problem for the Chinese people. China air quality contributes to the deaths of three quarters of a million people every year, according to the World Health Organization (WHO).
China’s economic growth, combined with industrial equipment that could now be replaced with cleaner technology, is largely responsible for the current China air pollution situation. A major example is cement making. China’s construction and infrastructure-building boom have led the to this country becoming the world’s leading maker of cement. Just over half the worldwide output now comes from China. Concrete production is polluting and highly energy intensive and methods currently used in China compound the problems. Many producers use inefficient shaft kilns, which the West started to abandon at the beginning of the 20th Century. Overall, 6% of the nation’s electricity is used in operating cement-making plants, and much of it is wasted. These unscrubbed kilns also emit vast quantities of mercury, carbon monoxide, carbon dioxide, sulfur dioxide, particulate matter, and other substances of interest. Unscrubbed means the facility is operated without the use of additional technology specifically designed to reduce emissions.
Much of the power requirement of these kilns is met by old-fashioned, unscrubbed coal-burning power plants. Almost 70% of China’s electrical demands are met using coal. The overwhelming majority of China’s greenhouse gas emissions come from this type of source and fuel.
The Great Wall of China is one of the most recognized landmarks in all of the world. It is a favorite destination in trips to China. However, many do not know the history of the Great Wall of China.
The Great Wall of China is not a continuous wall but is a collection of short walls that often follow the crest of hills on the southern edge of the Mongolian plain. Overall, the wall extends about 4160 miles!
The Great Wall of China’s construction consisted of two phases:
First a smaller segment of the wall designed to keep Mongols out of China, were built of earth and stones during the Qin Dynasty (221-206 BCE). Although construction continued slowly for centuries, the wall as we know it started its construction in the Ming Dynasty (1388-1644 CE).
The Great wall stands up to 25 feet high, 30 feet wide at the base, and 12 feet wide at the top. Mongol invaders however had no trouble breaching the wall by going around it due to its non continuity, so the wall proved unsuccessful and was eventually abandoned.
The Great Wall of China however grew well as a tourist attraction and became one of the worlds 7 medieval wonders. Today, a portion of the Great Wall of China about 50 miles from Beijing receives over 13 Million tourists every day. Tourists even receive a “Certificate of accomplishment” at the first watchtower about a 15 minute climb from the base.
An urban legend started in 1932, stated that the wall of China was visible from space. This has however been deemed completely impossible due to the fact that continents and clouds can barely be seen from the moon. Low orbit satellites however can spot the Great Wall of China.
Mortgage refinance provides borrowers with an alternative to a reduction in pay, or have home loan money from accrued home equity. Before refinancing mortgage notes to owners of houses in a series of informed assessment of the various options and interest rates and closing costs of different lenders.
The first step of the refinancing of mortgage borrowers is that required to verify their current home loan documents. Most housing loans containing prepayment penalties when the loans are repaid before the contract expires. House owner’s implementation of the first and second mortgage may lead to significant costs, which offset the savings gained from refinancing.
Borrowers should do research to compare the present home refinancing interest rates, borrowers can use home loan calculators. Mortgage Broker recommends going to a mortgage refinance when interest rates fell by 2% or more of the interest on the loan documents innovative.
Home owners who engaged in mortgage refinancing should be to build a new home loan. Funding is used to repay outstanding first and second mortgages. Borrowers have two or more home loans, and meet the lending criteria is possible to combine the two loans refinanced mortgages.
The first step involves the submission of a new refinancing loan. Borrowers generally need to pay a loan application, origination and settlement. Refinance closing is costs normally ranges between 3 – and 6-percent of the outstanding amount of principal and interest.