The funniest thing about this latest admission of incompetence from the Fed is that it'll just help crash the US housing market even faster, as even more lending dries up. This could have helped if done years ago. Now it's too late, and just adds fuel to the fire.
We're run by monkeys HP'ers. Monkeys I tell ya.
Federal Reserve to Unveil Plan to Curb Shady Lending Practices for Home Mortgages
WASHINGTON (AP) -- A Federal Reserve plan being unveiled Tuesday would give people taking out home mortgages new protections against shady lending practices.
The rules to be proposed are especially geared to providing some future safeguards to the riskiest "subprime" borrowers, already painfully stung by the housing and credit debacles. The proposal is expected to apply to new, or future, loans made by all types of lenders, including banks and brokers. The plan could be finalized next year.
The plan, if ultimately adopted, offers Federal Reserve Chairman Ben Bernanke, who took over the helm in February 2006, an important opportunity to put his imprint on the Fed's regulatory powers. Some critics have complained that Bernanke's predecessor -- Alan Greenspan, who ran the Fed for 18 1/2 years -- failed to act as a forceful regulator especially during the 2001-2005 housing boom, where easy credit spurred lots of subprime home loans and many exotic types of mortgages
December 18, 2007
FLASH: The incompetent Fed nukes the housing market, finally coming out with "shady loan" regulations. Monkeys I tell ya!
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48 comments:
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Weaseling out of things is important to learn. It's what separates us from the animals ... except the weasel.
Source -Homer Simpson
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Some of the posters at market ticker opined that this 2008 depression is planned by the fed banks.
Supposedly the 1929 depression was also created by the fed bank to demonstrate to the fed government who was really in charge.
A lot of money is made by people with cash when the bottom falls out of an economy.
Why not? This move sure put the breaks on things, as Keith points out. They are not stupid men, they just keep doing the damage, all the while promoting 'happy happy joy joy' from the other side of their mouth.
Makes good common sense to me.
Is it planned?
Adam Lee, a supervisor for the FBI squad that oversees mortgage fraud investigations locally, declined to comment on the Woodbridge probe but said of mortgage fraud in general, "Right now we have a full plate of those type of cases." An FBI report pegged the amount of fraud in 2006 at $4.2 billion nationally. Those cases often involved the use of bogus appraisals to obtain inflated loans, sometimes with the buyers and sellers working together to defraud the lender.
$4.2 billion eh? Nice work boys, call it a night. That's 15,000 houses - hope you find them all. Last time I checked there 16 million vacant houses. They might be off by a few orders of magnitude.
Seriously, seriously, run by monkeys. The fraud on $12 trillion of US mortgages and $21 trillion in US real estate is MINIMUM $1 trillion dollars. It could not surpise me if it was $3 trillion.
http://tinyurl.com/3cyfrj
Cat's already out of the bag
BWA HA HA HA HA HA
Best Buy numbers are in and huge. Goldman Sachs will blow the numbers out of the water too.
Yeah nobody has any money. Nobody is buying. The stores are empty. So empty that Best Buy's profits are up double digits over last year. My oh my we truly are in a depression and the financial system is about to collapse.
I swear you people live in an alternate universe.
I bet the big banks won't fall under the new regs. It's the big banks that created this mess but the blame is being put on the little mortgage brokers out there. It's the banks that underwrote and supplied the funds for these bad loans.
I'm wrong about housing folks - iPods are selling at Best Buy so housing crash over! Buy buy buy!
Hilarious.
I sure wish anons left their name so we could mock them
Circuit City down 70%
http://finance.yahoo.com/q/bc?s=CC&t=1y
Keefer,
You have been predicting doom and gloom for years. You have been saying the economy is dead because housing. Best Buy and Goldman prove you are full of shit once again.
Housing has taken a beating. Nobody is denying that. But the economy as a whole is doing fine despite the beating.
Capiche?
BWA HA HA HA HA
Housing starts higher than expected.
Oh yeah, it's 1931 all over again.
Foolish HPers, finance is for adults.
Best Buy and Goldman Sachs are two companies out of thousands, capiche?
Hell, I'd be buying 'em both - Best Buy has a near monopoly in consumer electroics retail with CC going under, and Goldman is making a fortune shorting the other banks (and having the fix in at Treasury)
I also like google, apple, conoco phillips, valero and many more
Bad times can be good times for many companies.
Man, there are some ignorant people out there. Same ignorance is what led so many to the slaughter though
Ignorant trolls, HP'ers, what are we gonna do with 'em?
Oh, I forgot! I'm supposed to ignore em! But damn, it's fun to mock them some days
Meanwhile, this thread is about the Fed and their new regulations. No more best buy crap - move that to BubbleTalk
Anonymous said...
BWA HA HA HA HA HA
Best Buy numbers are in and huge. Goldman Sachs will blow the numbers out of the water too
Best Buy, now that's rich. Why dont you go get a job there and tell us how great it is? I hear you'll get an employee discount when you purchase Pimp C's latest CD.
Americans, what idiots.
Housing Starts, Permits Decline
WASHINGTON -- The pace of groundbreaking for home construction in the U.S. fell in November after rebounding for the first time in four months in October, while building permits slid to the lowest level in 14 1/2 years.
http://online.wsj.com/article/SB119798541383736763.html?mod=googlenews_wsj
Keith, I'll take the other side of that GOOG bet.
>> We're run by monkeys HP'ers. Monkeys I tell ya.
Keith, you're pissing me off! You keep implying that all kinds of mistakes and accidents happened that caused this mess - I contend it's a VERY carefully orchestrated, slow-motion meltdown by America's power brokers. If any of this can be blamed on stupidity, then it falls directly on the shoulders of homedebtors who didn't read the mortgage papers prior to signing them. And the rest of it? It's going JUST AS PLANNED. There are some VERY smart, powerful, evil people behind this mess...
Oh that's right, I forgot. If I don't agree 100% with your end of the world scenario I am an ignorant troll.
How's that non-ignorant prediction from about 9 months ago regarding the dow Keefer? I believe your prediction was 7000 by year's end.
How's all that working out for you?
Best Buy has a monopoly on electronics? Hmmm I think Walmart and Costco would disagree with you there. You cannot avoid the fact that when Best Buy has stellar numbers, it means consumer spending is alive and well. Well on HP I suppose you can do whatever you want. Doesn't mean you're right.
I see shitferbrains is back.
You can sure see the desperation coming from shitferbrains, can't ya?
So the Fed is finally going to fix the problem so that it won't happen again?
Looks to me like they are closing the barn doors after the horse got out.
shitferbrains is going to look like a real dipshit if the market goes negative today, hehe.
Talking about nuking the financial system - Keith, if you think FED is crazy, then watch this.
ECB today IN ONE DAY, injected half a trillion (yes, half a trillion) $$$ into the markets.
This is 3% of the EU GDP!
I want a loan.I have two teeth and carry a shotgun in my chevy pickup.I currently live in roseville ca in any parking lot that will host me.Walmart is so cool.They let me camp for free and smoke dubies.The feds are 3 years behind on this housing bubble.Even bush said there is a housing bubble so it must be true.Do you guys have any money to help me get a new trailer? Maybe keith can accept donations for me? I'm am really hurting right now.
Housing starts higher than expected? Silly troll, if this was a good thing... why has builder confidence not budged from the lowest mark since it began to be recorded?
Builders can only build. They see the immediate future as well as Keith, that's why they're trying to offload as many houses as possible before the market entirely tanks.
Given that 20% down is now the minimum, precisely who is buying these houses? Fewer loans going to a market with more houses than ever before = crash on a magnitude we haven't lived through before.
Oh, and if that wasn't enough, half a trillion dollars was thrown around by the ECB... and succeeded in accomplishing nothing. Yep, no problem here, Goldilocks is alive, move along! [ What's the appropriate analogy for where Goldilocks is now, by the way? Chained to the wall of the basement in one of Kudlow's subprime houses? ]
It must be joyous to live unencumbered with reality. Unfortunately, I took the red pill.
Felle’s not for much longer.
By next year this time Hillary will already be elected and in the process bringing back prosperity to this country.
Cant wait to hear all the conservative radio shows talking about how the secularist are destroying blah blah blah..
Guys I predict Hillary a 72% clear and precise victory… her opponent crushed.
This crash is esclating. It's going to be a crappy Christmas for people getting laid-off. Watch for alot of store and businesses closing down by the end of this month.
Here's one example:
Alliance Title Company closed down all 230 California branches last Friday. Employees had no warning.
http://www.redding.com/news/2007/dec/14/alliance-title-co-closes-office/
Looks like the blog has attracted professional trolls trying to discredit Keith. They're doing about as good a job as Brownie did at FEMA.
As for the "new" fed mortgage rules, all those guidelines were already in place when Bush took office. All they're doing is putting back the guidelines that somebody in the Bush administration did away with. It would be nice if congress would investigate to find out exactly who did away with the old guidelines. I know this for a fact because my daughter bought a house in 2000 and I had to give her 10K to help with her down payment because there was no bank in the U.S. that would give her a loan with no money down. I even had to prove to the bank that I didn't borrow the money I gave her.
Yeah, I think the plan is to leave a big steaming turd for the next Democratic president. Think replay of Nixon/Ford->Carter.
Anon Troll said:"Housing has taken a beating. Nobody is denying that. But the economy as a whole is doing fine despite the beating."
The economy is fine? Because you said so? What kind of drugs are you smoking...
quote: I swear you people live in an alternate universe.
You are right about that, trollster. We live in the "reality" universe. That is definitely "alternate" to what you live in..
It's a little late to close the barn door. The cows escaped two years ago.
Meanwhile the day-trading troll probably offed himself today
Best Buy and Goldman are tanking
In regards to google, I think long term they'll continue to dominate their space - short term the stock will go up and down and all around. Don't own it myself but watching
Meanwhile, back to the Fed front, anyone see a day when there will be protests outside of Fed offices?
I do.
Dude 98% of people don't even know what the fed does. As long as American's Next Top Model Cycle 10 starts on time, all will be well.
Nice slow motion stock market crash
Where did that troll go?
Best Buy just took out its 52 week low!
Lova ya troll!
I need some drugs today after I listened to cnbc try to pump up the market.Bob pisani is talking about how much money the ecb is pumping into the system.The market is going to close down 200 at least today.
Quote:
"We're run by monkeys HP'ers. Monkeys I tell ya..."
Not any monkey, mind you. This is the Top-Of-The-Line, the one-and-only "Americano Monkey". Yes, monkeys that were specifically bred, raised, fed, voted by "The Americano Homo Sapien".
I would say:
To all of you Americano who possess the unfathomable stupidity and ignorance to vote for "Dubya Shrub + Penis Shooter" twice in a roll, you should all should be ashame of yourself and the effect that you pass down to your children and their afterward children and descendants.
This housing bubble in the land of the Americano shows to the world what this nation and its inhabitants are all about.
Why are they giving safeguards and protections to subprime borrowers? These are people with bad credit who don't pay their bills and are generally deadbeats who should NOT get a loan in the first place!!
My first few years out of school I had bad credit thanks to falling behind on student loans. I couldn't even get a credit card and had to learn to buy everything with cash.
Why the f*ck are we even still giving loans to subprime, let alone give them special protections?
Oh wait, I forgot our new U.S. government punishes those who produce and rewards those who do not.
Hey don't insult the monkeys man. They got bigger brains than these morons!
earlier this year the paper in Phoenix had a front page story about inflated appraisals were everyone involved gets a cut, so its not like they didn't know this was going on.
The Fed ALWAYS had most of this power.
It was Alan Greenspan who intentionally didn't use it, because of his ideology.
Bernanke isn't that way, fortunately.
Ben Bernanke has been dealt a terrible hand.
He's gonna get the blame for trying to fix all the problems, and Greenspan's got the medal, the money and the bootlickers.
If Ben were smart he'd realize he's been set up and bail back for the University. Like somewhere where he gets paid euros.
Ron Paul is wrong. It isn't intrinsically the Fed's existence that's the problem, any more than FEMA's existence was the problem.
The problem is intentional GOP political destruction of effective government because of ideological reasons. They think that government is so intrinsically bad that when they get into government they actively want to wreck it, just to prove they're right---and justify transfering taxpayer money to their favorite contractors.
Everything has been set up to blow up on February 2009.
PS: I would avoid refiners versus oil service firms. Refinery profits are local and dependent on economic activity (i.e. a refinery in Texas doesn't sell to China).
Oil service firms are global, and if peak oil is upon us they will get lots of business by oil companies trying to limit production declines.
To the troll that skipped town now that Best Buy and GS are down, electronics was the one sector that was EXPECTED to make gains this season. Other retail sectors are giving shit away just to get people in the doors so they can use up those last bits of credit they have.
To Anonymous @ December 18, 2007 7:39 PM: I could not have said it all any better.
This is precisely what is going on.
anons 8:44 and 7:39....your tinfoil hats are ready
Keith said:"Meanwhile, back to the Fed front, anyone see a day when there will be protests outside of Fed offices?"
Most definitely.
> Supposedly the 1929 depression was also created by the fed bank to demonstrate to the fed government who was really in charge.
> A lot of money is made by people with cash when the bottom falls out of an economy.
The Great Depression led the country to the brink of socialism, especially higher taxes - not a good thing to plan if you have money.
Better now than never. The new regulations might help to dampen the next housing bubble in fifteen years.
Gavin said...
>>It must be joyous to live unencumbered with reality. Unfortunately, I took the red pill.
December 18, 2007 3:34 PM
LOL! I feel the same exact way...
I got my secret agent spy ring and a personally signed certifcate by George Bush...
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