Tag Archives: wells

Dot Earth Blog: How Conservation and Groundwater Management Can Gird California for a Drier Era

Experts see a mix of conservation and groundwater management as the cheapest way for Californians to grapple with deepening drought. View original post here:  Dot Earth Blog: How Conservation and Groundwater Management Can Gird California for a Drier Era ; ;Related ArticlesHow Conservation and Groundwater Management Can Gird California for a Drier EraWhite House Pushes Financial Case for Carbon RuleU.S. Coal Exports Eroding Domestic Greenhouse Gains ;

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Dot Earth Blog: How Conservation and Groundwater Management Can Gird California for a Drier Era

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Miami and Los Angeles Sue Banking Giants Over the Sub-Prime Mortgage Debacle

Mother Jones

Some of the cities hardest hit by the sub-prime mortgage crisis are fighting back with lawsuits against the banks whose lending fueled the collapse of the housing market. Most recently, the city of Miami filed three separate suits against Wells Fargo, Bank of America, and Citigroup, claiming their lending practices violated the federal Fair Housing Act and cost the city millions in tax revenue.

The cases, all of which were filed in the Southern District of Florida, focus on the banks’ treatment of minority borrowers. According to the city, minority residents were routinely charged higher interest rates and fees than white loan applicants, regardless of their credit history. They were also stuck with other onerous terms—such as prepayment penalties, adjustable interest rates, and balloon payments—that increased their odds of falling into foreclosure.

It’s no secret that some big banks discriminated against minority borrowers during the housing bubble. Racial bias ran so deep inside Wells Fargo’s mortgage division that employees regularly referred to subprime mortgages as “ghetto loans” and African American borrowers as “mud people,” according to testimony from former bank officials. In 2011, Bank of America paid $355 million to settle a Justice Department lawsuit, charging that its Countrywide Financial unit steered hundreds of thousands of minority borrowers into predatory mortgages.

Lawyers for the city of Miami, which is roughly 60 percent Latino and 20 percent African American, argue that these discriminatory practices are one key reason that the fallout from the sub-prime lending frenzy hit the city so hard. “The State of Florida in general, and the City of Miami in particular have been devastated by the foreclosure crisis,” reads the city’s complaint. “As of October 2013, the State of Florida has the country’s highest foreclosure rate, and Miami has the highest foreclosure rate among the 20 largest metropolitan statistical areas in the country.” The city is seeking compensation for the drop in real estate tax revenue due to foreclosures, which have further depressed property values, and for the cost of providing municipal services to abandoned homes.

In a written statement to the Miami Herald, Wells Fargo called the discrimination claims “unfounded allegations that don’t reflect our corporate values,” while Citigroup insisted that it “considers each applicant by the same objective criteria.” Bank of America also defended its lending practices as fair and said it had “responded urgently” to assist customers during the financial crisis.

Miami isn’t the first city to take on the banking giants. Earlier this month, Los Angeles—which claims to have lost more than $78 billion in home value due to foreclosures—sued Citigroup, Bank of America, and Wells Fargo on the same grounds. Richmond, California, a working-class Bay Area suburb, plans to rescue borrowers whose mortgages are underwater by seizing their properties using eminent domain. Homeowners will remain in their homes and be given new loans for amounts that reflect current values. And the city will have a fighting chance of shoring up its dwindling tax revenue. It’s a good deal for everyone—except the bankers behind the housing implosion.

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Miami and Los Angeles Sue Banking Giants Over the Sub-Prime Mortgage Debacle

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The Texas Tribune: Wastewater Case Raises the Concept of Underground Trespassing

A Liberty County case between an injection-well operator and a rice farm nearby brings up a relatively unexplored question: How far do property lines extend underground? See the original post –  The Texas Tribune: Wastewater Case Raises the Concept of Underground Trespassing ; ;Related ArticlesThe Texas Tribune: Ecological Shifts Spell Challenges for the Pecos RiverOPEC, Foreseeing No Glut, Keeps Oil Production Level SteadyShell Opts Not to Build Plant on Gulf Coast, Citing Costs ;

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The Texas Tribune: Wastewater Case Raises the Concept of Underground Trespassing

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After the Floods, a Deluge of Worry about Oil

As waters recede from Colorado’s drilling epicenter, the sight of drowning oil wells has inflamed the debate over the environment. See the article here –  After the Floods, a Deluge of Worry about Oil ; ;Related ArticlesFight Over Energy Finds a New Front in a Corner of IdahoMatter: In Fragmented Forests, Rapid Mammal ExtinctionsOp-Ed Contributor: A Pause, Not an End, to Warming ;

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After the Floods, a Deluge of Worry about Oil

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FEMA Report: Climate Change Could Increase Areas At Risk of Flood by 45%

A landmark study finds climate change could have a huge impact on the National Flood Insurance Program. Clean-up in Breezy Point following Hurricane Sandy, November 5, 2012. Bryan Smith/ZUMAPRESS.com Rising seas and increasingly severe weather are expected to increase the areas of the US at risk of floods by up to 45 percent by 2100, according to a first-of-its-kind report released by the Federal Emergency Management Agency on Wednesday. These changes could double the number of flood-prone properties covered by the National Flood Insurance Program and drastically increase the costs of floods, the report finds. The report concludes that climate change is likely to expand vastly the size and costs of the 45-year-old government flood insurance program. Like previous government reports, it anticipates that sea levels will rise an average of four feet by the end of the century. But this is what’s new: The portion of the US at risk for flooding, including coastal regions and areas along rivers, will grow between 40 and 45 percent by the end of the century. That shift will hammer the flood insurance program. Premiums paid into the program totaled $3.2 billion in 2009, but that figure could grow to $5.4 billion by 2040 and up to $11.2 billion by the year 2100, the report found. The 257-page study has been in the works for nearly five years and was finally released by FEMA after multiple inquiries from Climate Desk and Mother Jones. As of 2013, the NFIP insures 5.6 million properties. But by the end of 2100, that number could grow to as many as 11.2 million. The report attributes only 30 percent of the increased risk of flooding to population growth; 70 percent is due to climate change. FEMA designates what are known as special flood hazard areas, where there is a 1 percent risk in any given year of a major flood occurring. (They’re also known as 100-year floodplains.) If you have a federally backed mortgage on your home and it’s in a special flood hazard area, you are required by law to carry flood insurance. As of 2013, the NFIP insures 5.6 million properties. But that number could double by 2100, to as many as 11.2 million, the report found. Having to insure twice as many properties would be a big deal for the NFIP. It generally works like any other insurance program, using the premiums that policy holders pay in each year to cover losses when they occur. But the program has been walloped by major storms in the past decade. The NFIP went $16 billion in debt on Hurricane Katrina, and after Sandy will be $25 billion in the hole, a debt it may be unable repay. The report projects that the average loss on each insured property could increase as much as 90 percent by 2100. If future storm victims aren’t forced to eat their losses, taxpayers may have to cover the difference. The FEMA study is based on the assumption that sea levels will go up by four feet in the next 86 years. But a report released last year by the National Oceanic and Atmospheric Administration noted that sea level rise could be more than six feet. Whether it’s four feet or six feet, rising seas cause shoreline erosion and recession, and create greater surge risk in the event of major storms. The FEMA report also notes that flooding around rivers will likely become worse in a warming world, due to changes in precipitation frequency and intensity. Population growth, which causes increases in paved areas and changes in runoff patterns and drainage systems, will affect the amount of flooding from rivers, the FEMA report notes. The FEMA findings paint a grim picture for an insurance program that is already debt-laden and is one of the largest fiscal liabilities for the US government. The projections for climate costs make it appear much less likely that the program will ever be fiscally sound without significant changes. The report warns that future payments from the program “may be larger than the NFIP’s current funding and borrowing structure accommodates.” Climate change has been conspicuously absent from the formulation of FEMA’s projections. But this report finds that climate change is a major driver of increased flood risk, and FEMA is expected to start considering climate change as it draws up maps highlighting areas that could face future flooding. The average price of policies would need to increase by as much as 70 percent to offset projected losses. Climate change will likely make flood insurance much more expensive for the federal government, but also for individual policyholders. Right now, a number of homeowners who get their flood insurance from the federal government pay subsidized rates. But for the program to stay solvent, the average price of policies would need to increase by as much as 70 percent to offset projected losses, according to the FEMA report. That means individual policyholders who now pay an average rate of $560 per year could have to pay as much as $952 per year by 2100. The report, which was put together by the consulting firm AECOM, states that it is intended to serve as a “scoping-level study” and is not a set of policy recommendations. The point is to “serve as the foundation for more refined analysis as the science of climate change advances.” View the original here – FEMA Report: Climate Change Could Increase Areas At Risk of Flood by 45% Related Articles How Climate Change Makes Wildfires Worse Samantha Power’s Climate Silence Methane Leaks Could Negate Climate Benefits of US Natural Gas Boom: Report

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FEMA Report: Climate Change Could Increase Areas At Risk of Flood by 45%

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The Texas Tribune: Abandoned Oil Wells Raise Fears of Pollution

Abandoned oil field equipment is a common problem in Texas, but some fear that the recent surge in drilling will set off worrisome encounters with old wells. Original article: The Texas Tribune: Abandoned Oil Wells Raise Fears of Pollution Related Articles The Texas Tribune: Experts Urge Focus on Aquifers in Push for Water From Mexico Dot Earth Blog: The End Comes for a Troubled California Nuclear Plant Prototype: Tech Accessories, Courtesy of the Mountain Pine Beetle

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The Texas Tribune: Abandoned Oil Wells Raise Fears of Pollution

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Samantha Power’s Climate Silence

Obama’s pick to be the next UN ambassador hasn’t said much on climate change. Samantha Power (1st L), a former national security staffer and the next UN ambassador, leaves the Rose Garden . By Fang Zhe/Xinhua/ZUMAPRESS.com Samantha Power, Obama’s UN ambassador-in-waiting, frowned modestly as the president heaped lofty praise on her this week when he announced a major national security reshuffle. “One of our foremost thinkers on foreign policy, she showed us that the international community has a moral responsibility and a profound interest in resolving conflicts and defending human dignity,” he said. ”I think she won the Pulitzer Prize at the age of 15 or 16,” he joked. (Power won in 2003, in her early thirties, for A Problem from Hell: America and the Age of Genocide, a rationale for American intervention in international atrocities.) In accepting the president’s nomination—the Senate still needs to approve—Power argued for a strong American role in the UN: “As the most powerful and inspiring country on this Earth, we have a critical role to play in insisting that the institution meet the necessities of our time. It can do so only with American leadership.” But will Samantha Power’s brand of leadership extend to advocating climate action from her powerful position at the UN? After all, climate change is a top priority in the UN: While development has been grinding, members at the Doha climate conference last December reaffirmed a previous decision to reach a global pact to replace Kyoto by 2015; secretary general Ban Ki-moon himself has listed climate change at the very top of his 2013 “to do” list (up there with stopping the bloodshed in Syria). By contrast, there’s very little evidence that climate change has motivated Samantha Power’s career or featured in her public comments, leaving foreign policy experts confused as to how she might rise to the challenge. The people in the know… don’t know. “I don’t think she has ever illustrated particular views one way or another on the environment,” said former colleague Professor Robert Stavins, an expert on environmental economics at Harvard’s Kennedy School of Government. “I don’t think we have any information,” said Joshua W. Busby, at the Robert S. Strauss Center for International Security and Law. On climate change, “I didn’t find anything she’s ever said.” What clues we do have lie in her critique of the United Nations. She told a 2004 audience at Harvard—where she was also a professor—that the UN was as marred by international distrust and suspicion as the US was, making international relief and intervention in humanitarian disasters tricky. “The guardian of international law legitimacy is itself seen to be something of a relic,” she said. What is needed, she argued, was a reinvestment in the UN. This would make the UN, once again, a body through which the US expressed foreign policy, in order to start “restoring the legitimacy of US power.” In a 2008 interview with Harry Kreisler of UC Berkeley’s Institute of International Studies, Power appeared to group climate change with other insanely difficult global problems like nuclear proliferation and terrorism. All, she said, require negotiations between many nations, rich and poor, that all want totally different things. The US can’t simply snap its fingers and get what it wants, she argued. Collaboration is key: “what’s important is to embrace the recognition that you need others by your side in order to get anything done.” Another clue to Power’s stance on global warming: She admires the Brazilian-born United Nations worker Sergio Vieira de Mello. In her book Chasing the Flame, Power notes that Vieira de Mello foresaw an effective UN not only using its powers to “deepen and broaden the rules governing international and internal state practices on such vital concerns as global warming,” but also embracing alternative arrangements, like regional partnerships and working with NGOs, not as competitors, but as partners. I found one other tiny insight in Power’s account of her first big conversation with her future boss, Senator Barack Obama, as told to The Nation. “He really pushed me… He’s very aware of the tectonic plate shifts in the global order—the rise of China, the resurgence of Russia, the loss of influence by the US—and how those affect your ability to get what you want, on anything from global warming to getting out of Iraq to stopping genocide.” In the absence of other evidence of her approach to climate change—I approached the White House to comment directly on her climate record for this article—experts have suggested looking at her husband, Cass Sunstein, who has written a lot about climate change and America’s need to act, and Secretary of State John Kerry, for whom climate change is a major priority, and who will no doubt help set a lot of Power’s agenda through the State Department. But these little hints are few and far between. In the end, Power’s appointment seems to put other concerns above climate, says Busby. ”They may have higher priority items, like what to do in Syria, that they are thinking about.” And in the end, orders will come from the top, says Stavins: “Whether or not climate change is a priority for her, I assume, will depend on the White House.” Read More:   Samantha Power’s Climate Silence ; ;Related ArticlesMethane Leaks Could Negate Climate Benefits of US Natural Gas Boom: ReportGulf Oil Wells Have Been Leaking Since 2004 HurricaneUnited Airlines Buys Big Into Biofuels ;

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Samantha Power’s Climate Silence

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Basketball Giant Keeps Pressing China on Rhinos and Ivory

A basketball legend keeps pressing China’s consumers to drop their ivory and rhino horn habits. More here:  Basketball Giant Keeps Pressing China on Rhinos and Ivory Related ArticlesA Child’s Video Tour of Her Family’s GardenWhen is a Person Not a Human? When it’s a Dolphin, or Chimp, or…Will Synthetic Biology Benefit or Threaten Wild Things?

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Basketball Giant Keeps Pressing China on Rhinos and Ivory

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