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July 8th, 2008 (Modified on July 9th, 2008)

G8 Countries Strive for Global Compliance

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This year’s G8 meeting, where the world’s largest industrial countries meet to address world issues, was held in Japan with the hopes of ratifying last year’s consideration of reducing carbon emissions 50% by 2050. President Bush was hesitant to sign onto the numeric commitment unless China and India, two of the world’s largest consuming countries, agreed to regulate their carbon emissions. The United Nations urged the eight nations to agree upon the 2050 goal, as well as setting intermediate goals.

In a statement due to be released later today, the eight countries are expected to address global issues including stemming global warming, increasing aid to Africa, and reducing soaring food and energy costs. Rising costs of food and energy are affecting individuals in every corner of the globe. A study conducted by the World Bank reported that soaring food costs could send 105 million people below the poverty line; 30 million of those Africans. The UN reported that their goal of reducing world poverty by 2015 is being seriously affected by global warming.

A Newsweek article by Fareed Zakaria explains how certain countries are striving towards achieving these environmental goals sooner than others. Experts agree that the issues debated by the G8 will only prove successful if all the world leaders agree upon the problems, and work together to fix them.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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