A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
Ventura County FB:While the couple said they are partly to blame, they think their Realtor and mortgage broker should share some responsibility."No one ever explained that to us; they sort of smoothed things over and said we could do it," Ambriz said.shades of Suzanne!
Countrywide Financial cancels ski junket for bankershttp://tinyurl.com/ypba2mThe three-night gathering, which was to include business meetings as well as skiing, drinking and sampling expensive meals like $140 caviar and Kurobuta pork osso bucco at the Spago restaurant, had already drawn negative press.
Gold is up
One aspect of the housing mess that amuses me is how clearly it illustrates our media's coast-centered nature. OMG! Housing in California and Florida is melting down! Big banks are PWNED! Fling yourselves into the sea!Housing is still local. Yes, reduced credit affects everybody, but plenty of housing markets are doing just fine and are still within spitting distance of their long-term historical trend lines.Wall Street loses money, California suburbs become ghost towns, and suddenly we're facing the End of Days. Housing is weak lots of places, but it's only terrible in a few places. Perspective is helpful in trying times.
...They're kidding themselves...Stocks Higher on Hope for Housing BottomNEW YORK (AP) -- Wall Street turned higher Monday on hopes that the worst housing slump in a quarter century might be nearing a bottom, a trend that could be the catalyst needed to revive the badly beaten financial sector.Investors, while still wary of recession, grew hopeful after the National Association of Realtors reported existing homes fell less than forecast. Some experts interpreted this as a housing market on the verge of bottoming out with a rebound expected to start toward the end of this year.
Bush Hopes Recession Doesn't Affect Sales Of His MemoirsFebruary 22, 2008 WASHINGTON—President George W. Bush told reporters Monday that he remains optimistic that the impending recession will end before his memoirs go on sale. "With any luck, we can pull together as a nation and get through this thing before Dec. 15, 2010," said Bush, referring to the tentative release date of his autobiography, Born Leading. "It would be a terrible tragedy if this massive economic downturn left the average American family unable to afford the $39.95 plus tax they need to buy my book." Bush added that he is currently considering an exclusive straight- to-paperback deal with Wal-Mart to make his memoirs less costly should the country slide into a crippling economic depression.
"One aspect of the housing mess that amuses me is how clearly it illustrates our media's coast-centered nature. OMG! Housing in California and Florida is melting down! Big banks are PWNED! Fling yourselves into the sea!Housing is still local. Yes, reduced credit affects everybody, but plenty of housing markets are doing just fine and are still within spitting distance of their long-term historical trend lines.Wall Street loses money, California suburbs become ghost towns, and suddenly we're facing the End of Days. Housing is weak lots of places, but it's only terrible in a few places. Perspective is helpful in trying times."Yup! There was no housing bubble and home prices will continue to climb 20% a year in most places. Ignorant troll!
The stock market is so desperate for good news they're using info from the NAR.http://biz.yahoo.com/ap/080225/wall_street.html
hey your obama guy talking about his mothers worrys about health care cost rather than getting well before she died probably found out why, with his wife getting 200,000 a year as a hospital administrator, raised to 360,000 when barrock was congressman and rule maker...as she became ...................yeah change we can beleive in....political expediency..same old, same old
hey the tax assessed "value" of the house i had planed on living a long time in went up more last year than was paid for it, to bad my income to pay the taxes for it did not........ guess I/we need more stuff from the unfunded mandates in the neighborhood that is neither wanted or needed but pays good cronyistic pols salaries
5:45, I see. Anyone who disagrees with HP orthodoxy is suddenly a troll? Bubbles are created when asset prices diverge, over a prolonged period of time, from their long term historical average trend line. In many parts of the country, housing has been appreciating in accordance with that long term trend line... ergo, no bubble. Learn some basic economics before you accuse others of trolling.
"Don't stretch yourself too much with a mortgage. Buy within your means.. it's not worth the sleepless nights."Well it seems this is what we're left with...
Keith - I think you've got it wrong blaming Bush. This was all Clinton's fault; he's the man that could have stopped it. But it was Greenspan's idea..."With Glass-Steagall no longer an obstacle, banks could set up myriad wholly-owned separate entities to process the booming home mortgage business. The giant of the process was Citigroup, the largest US bank group with over $2.4 trillion of group assets.On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal is it allowed commercial & investment banks to consolidate. With Glass-Steagall gone, now only bank holding companies and subsidiary pure lending banks were directly monitored by the Federal Reserve. It let banks put mortgage assets and anything else they wanted to securitize off of the balance sheet whereas in the past they had to keep it on the bank's books and keep an appropriate amount of capital on the side in case the loans went bad. Lending banks no longer needed to carry a mortgage loan on its books for 20-30 years as was traditional. They sold it on at a discount and used the cash to turn the next round of credit issuing. That meant as well that the lending bank now no longer had to worry if the loan would ever be repaid. The original intent of the Basle Accord was to force banks to reduce lending risk. The actual effect for US banks was just the opposite. They soon discovered a gaping loophole—off-balance-sheet transactions, notably derivatives positions and securitization. Because they were left out of Basle I banks need not set aside any capital to cover potential losses."
I have a late new year's resolution. I intend to post a comment in every HP thread with the phrase "Greatest Real Estate Agent in the World" so this blog will appear in the Google results whenever these contest competitors try to rank themselves.http://www.greatestrealestateagentintheworld.org/Or would that just be annoying?
OK, now I understand what the Fed is trying to do by raising and lowering interest rates in a panics. If the fed continues to lower interest rates thereby creating huge inflation in the global food prices, we kill off say 1/3 of the world population by starving them to death. This will solve all the worlds global poverty, aids, flu viruses and all the other problems which come from the poor and needy people just trying to survive.Wow, this is very bold! Not sure if this will really work! Ben, you better think this through very carefully. There could be some drawbacks.http://www.guardian.co.uk/feedarticle?id=7335798
I have been monitoring foreclosure properties in the northern VA area and have noticed a trend when crossidentifying these properties within the Loudoun county tax assessment website, it appears that the foreclosure properties are not paying their property taxes ? for example:Year: 2007Annual Assessment Tax $530,200Rate Annual Tax: $0.917Levied $4,861.931st Half Pay Status: Fully Paid2nd Half Pay Status: Unpaid All public online information, this for a property in western loudoun...No matter who currently owns the property (builder,agent,homeowner,bank) ALL must pay their taxes, why does anyone get out of this, esp in a county that just raised the tax rate %30 to account for loss revenue due to housing bubble issues
Well Folks,I guess this link says it all. Seems like the Republicans and Hillary fans are more cult like after reading this. Not the Obama fans!http://tinyurl.com/yvflnc
Abu Dhabi Floating the Gulf currencies is the best means to relieving the region's rising inflationary pressures, former Federal Reserve Chairman Alan Greenspan said in Abu Dhabi on Monday.The dollar peg forces the Gulf states to follow US monetary policy at a time when the Fed is cutting rates to ward off recession and Gulf economies are experiencing an unprecedented boom from oil revenues."It [de-pegging] is probably the most useful thing that can be done to stop the increasing influence of foreign assets on the monetary system and therefore the monetary base which is basically the major force in inflationary pressures," Greenspan told the Abu Dhabi Corporate Leadership Forum.
The chair of the Federal Deposit Insurance Corp. Friday warned that Silicon Valley isn't immune to the nation's credit turmoil, calling for new approaches in mortgage lending and regulation to lessen its impact. "Weaknesses and holes in our bank regulation lies at the heart of the current mortgage situation," Sheila C. Bair told the annual State of the Valley conference in San Jose hosted by Joint Venture: Silicon Valley Network and the Silicon Valley Community Foundation. "The San Jose market is the most expensive place to buy a home in the nation," she said, making it a place where many non-traditional loans featuring interest-only payments and adjustable rates were given to home buyers who couldn't otherwise afford a house. As these mortgages reset, many borrowers are unable to make their payments, resulting in a spike in foreclosures.
I think the Fed and Banks will win. They are simply using taxpayer money to prop up the real-estate market, so there will be no significant crash. A potential home-buyer will be screwed because his tax dollars will be used against him to keep home prices high. What is criminal is that wall street and banks had first dibs at the massive amounts of new cash being created. Inspite of making callous loans and causing heavy losses, these criminals received massive bonusus in YE2007. Layoffs were marginal, in sharp contrast with any other industry. If the manufacturing industry had shown such losses, wall street would not hesitate to trigger massive layoffes, but the same medicine is not for self-use.Until the average rust-belt idiot relaizes what is going on, walls-street and the Fed will go laughing to the bank. Hail Greenspan the jew maestro, who rightly called the play for how the massive currency equilization between the east and west was to be played.
Subprime meltdown as told by stick fugureshttp://tinyurl.com/2kvosz
Canada's currency rose the most in a month against its U.S. counterpart on speculation investors' appetite is increasing for currencies tied to commodity exports. Canada's dollar was the top gainer against the U.S. dollar, the euro and the Japanese yen as it advanced amid surging commodity prices. Traders said the increase accelerated as the Canadian dollar neared parity with the U.S. currency, triggering automatic stop-loss orders around C$1.003. ``Fundamentals for the Canadian dollar are still sound,'' said Firas Askari, head of currency trading at BMO Capital Markets in Toronto. The currency's rise initially ``was triggered by strong commodity prices, and then we saw stop-losses providing more momentum. Today's move has caught many by surprise.''
The Potato Growers Association has warned there will be massive food shortages unless farmers get a bigger chunk of the percentage pie.Last year, the red meat industry came under the spotlight when producers raised concerns that they were not being paid enough.The chairman of the Potato Growers Association, Paul Tempra, says the problem is more widespread and all fresh produce is at risk.He says consumers may soon be faced with imported fresh food because no one in Western Australia can afford to farm any more."I haven't spoken to one [farmer] yet that says it's not an issue," he said. "Definitely as far as my area, I'm from the south-west, really good horticultural land [is] under pressure from prices from plantations, blue-gum plantations. "It's just not attractive enough, you almost lose money."
I just need one buyer come forward and buy my damned house so I can move on. I have a new job in another city buy can't sell my old house because of this f'ing bubble burst. I was reasonably smart. I followed the rules. Zero balance on my HELOC, no credit card debt, cars paid off. I live modestly. Still, I owned the house for 6 years and if I'm lucky I'll come out even. And I'm in semi-rural Minnesota... not like I'm in one of the popular bubble areas. The house was first listed on Memorial Day. STILL waiting for my first offer. I haven't even been low-balled. The stress is maddening. Soon my short-term rental lease is up, and my family is moving back to the house and I'll stay out here. I'll find something cheap and drive back to be with them on the weekends (6 hours each way). The thought of living away from my precious daughter all week is killing me inside. I hate this market.
I know that sounds dramatic. But, let me talk about what just happened to auction-rate securities.Like many of the financial innovations that are now being called into question, auction-rate securities are complicated deals that seemed to offer something for nothing.They seemed to offer the borrowers — typically local governments or quasi-governmental agencies, like the Port Authority of New York and New Jersey and the Michigan Higher Education Student Loan Authority — a way to borrow long term without paying the relatively high interest rates investors usually demand on long-term loans.At the same time, they seemed to offer investors an asset that was as good as cash — readily available whenever needed — but paid higher interest rates than bank deposits.The operative word in all of this, of course, is “seemed.”Auction-rate securities seemed as good as cash because they involve regular, well, auctions, held as often as once a week, in which investors wanting out sell their positions to investors wanting in. In principle, it was always possible for auctions to fail for lack of enough willing buyers — but that wasn’t ever supposed to happen.Meanwhile, these securities seemed like a good deal for borrowers despite the fact that they contain a penalty clause: if an auction fails, the interest rate the borrower pays jumps up. (The Port Authority, which had a failed auction last week, just saw the interest rate it pays leap from 4.3 percent to 20 percent.) You see, there weren’t ever supposed to be failed auctions, so the penalties weren’t supposed to be relevant.Now, what wasn’t ever supposed to happen has. In the last few weeks, a series of auctions have failed, leaving investors who thought they had ready access to their cash stuck, even as borrowers find themselves paying penalty rates.
"Tavakoli was far ahead of thefinancial industry in pointing out the problems with the lax underwriting and rating of structured financial products,noting underwriters are responsible for performing due diligence …" ... www.tavakolistructuredfinance.com/index.html
From Calculated Risk,...FDIC Bracing for Bank Failures.
Let's see the NAR spin this one.January foreclosures up 57%http://tinyurl.com/2uu9p7And I'd like to see Keith's choice of picture for this.This house was a stealhttp://tinyurl.com/2fqenn(Countrywide financed it, of course).
Keith,I don't want you to post this one. I wanted to give it to you a link to this article that I just found. You decide whether you want to use it on HP or not.Here is the link. It just came out on Yahoo! news. Hope it helps. It's a DOOZEY of an article.http://news.yahoo.com/s/ap/20080226/ap_on_bi_ge/foreclosure_ratesAnd, keep up the good work. I had a blog of my own once, and I know how difficult it is to keep up with - people yelling at you from all corners (I loved that part of my blog). I really like your blog and what it stands for. You do a great jog on keeping track of the "REIC" lies and thievery. Your fellow HP blogger,- Rob (tater)
I am wondering whether the bank will allow a short sale, or whether I simply need to give my house back up to the bank and take a foreclosure like so many people are doing./////////////////////////////////Good luck to you jeremy. i hope you sell the house. this market really does suck.
LOL, the owner of the Cubs called the housing bottom on tv this morning.Who's next?
Arizona? Fraud? Land deal? Congress? Shocker!"Rick Renzi IndictedArizona Representative Rick Renzi was indicted last week for extortion, wire fraud and money laundering. The federal indictment is a result of an investigation into land deals in Arizona and the suspicion that Renzi received payments in return for his influence on the Natural Resources Committee. He is accused of receiving at least $733,000 from a former business partner in return for arranging land swaps, where buyers could purchase land and exchange it for federal property."http://tinyurl.com/2xf7js
Now I have been offered a dream job in the Midwest and the market has crashed so fast down here I am actually faced with the prospect of selling at a loss!I am always amazed how many uneducated, imbecile morons live in South Florida. So you've been offered another dipshit IT job where you sit and fart in a cubicle. Why don't you asinine idiots ever learn anything? In 2003 you could only buy a crack smokers shit shack for $137k. Only a brain amputated retard could delute himself to think that a rat trap like that could be sold at all. These types of dwellings are good for one thing only "DEMOLITION". I'm actually glad that you're leaving South Florida. One jackass less, good riddance. Write me a postcard from your shit-hole 1BR rental apartment in the Midwest.
Yahoo top Finance stories, and the market is edging up. Yes, keep pumping it while I locate the exits.* Job Worries Sink Consumer Confidence- AP* Wall Street Wobbles on Inflation News- AP * Home Prices Drop 8.9 Percent in 3 Months- AP * Home Depot Has First Annual Sales Dip- AP * Wholesale Prices Jump in January- AP * Sales Slowdown Drags on Target 4Q Profit- AP * US Home Foreclosures Soar in January- AP
CNN: Home price plunge accelerates. 2007 year-end results are in and the news is bad: Major housing markets were down even more than anticipated.http://tinyurl.com/2l8u64
this whole thing is getting as old as 3 percent interest rate yeilds on treasuries when munis with toll booths and pay into slots are auctioning at yeilds of 20 percent, which still require years to break even on housing, not even more than inflation, like losing money investing with govt................
if the banks are using taxpayer money to prop up housing prices you would think the sticky fingeredness might at least some what get to the shareholders....hardly with those million dollor salaries and bonuses ...highly disapointing
Everyone is looking for someone to blame for this mess. Let's blame irresponsible borrowers who took out mortgages they knew they could not afford, wait, wait no, let's blame the predatory lenders who shoved unaffordable mortgages down the throats of the unknowing sheeple. Hey wait a minute, let's blame greedy Wall Street investment bankers who sliced and diced these loans and sold them to �smart and intelligent� investors all over the globe. Then there are the corrupt rating agencies that are controlled by the United Nations putting AAA ratings onto garbage disposal cans. NOOOO, hold it man, let�s blame the real culprit WOMEN, it�s them that always nag that they want a bigger and better house, they force their spouses to go into deep hock for what they want the house the SUV and the bling thing. And let�s blame Keith who started the housing bust with his negative publicity. Last not least, blame this f*ckhead Blowfly who is a perfect example of the dumbing out of America.
Hey, would anybody care to help a fellow bubble blogger beat some cocky sports blogs in a popularity contest? Seattle Bubble is up against a couple of sports blogs in the semi-finals of a local blog tournament thing. I'd appreciate any votes you all could send my way. Thanks in advance.Go here to vote.
Grandma PKK to Born to Lose--Did Bush really say: cripplingDepression? That would be quite the slip of the tongue.
Anonymous: house in Minnesota...why don't you provide a link to your lising...Maybe someone here would find it of interest? Grandma PKK
From Bloomberg:Higher energy and food bills also are hurting consumers' outlooks and their ability to spend on non-essential items. The amount of Americans must spend each month on debt service, housing, medical care, food and energy rose to 66.9 percent of their total spending in December, the highest since record- keeping began in 1980, according to Bloomberg figures.That's gonna hurt...
MBIA retains highest credit rating - first Moodys and S&P helped the Fed creating the housing bubble, now their ratings become a complete joke. Some political backroom dealing must be assumed if a company like MBIA gets the same rating as US treasuries. More infos underhttp://globaleconomicanalysis.blogspot.com/2008/02/mbia-maintains-highest-rating-pfizer.html
Don't get your news from The Onion. The W quote about the autobiography is funny though.My kids had to learn about Glass-Steagall in high school. The removal of the depression era protections will be seen as the cause of the coming depression. Blaming Clinton for that is a stretch. The contract on america GOP that ran the country from 1994-2006 carries 99% of the blame.Everyone needs to rent the movie "Idiocracy". LMAO."Go Away, I'm Bate-ing."
This was a good read:http://www.housingwire.com/2008/02/26/fitch-downgrades-81-billion-from-10-ameriquest-subprime-rmbs-deals/I liked the second comment
What's up? INFLATION. Of course we knew that was coming.
Hey guys! MSM is catching up with you and becoming more and more interesting. They seem to be getting ahead of bloggers! You got to be more creative in order to stay on top of things.MAX
Grandma PKKThanks for the suggestion... here's a link to my house. Buy me!
http://tinyurl.com/278lcl You are all worried about housing?there is something even MORE valuable than shelter....
Great News!!! I just received this e-mail from B of A:---------------Your credit line has been increased to: $18,100. Thank you for being a great customer.Because of your excellent history with us, we're increasing your credit line to $18,100. It's our way of saying thank you. We value your business and are committed to helping you achieve your goals.---------------They could increase it to $180K. Doesn't matter; that shit is getting paid in full every month. And that is not what they want.
Where is John Rambo when we need him????Inflation is breaking loose all over the place and only Rambo can save America!!!!!!
The issue has now become everyones. No finger pointing more solutions let get it done.
The state of Pennsylvania has stopped giving out student loans because of the credit crunch. What I want to know is will this create a shortage of "professionals" i.e., doctors, lawyers, engineers, etc.http://tinyurl.com/yvw43x
Here's one for you gullible fools who believe the world is heating up. KABUL (Reuters) - The death toll from Afghanistan's harshest winter in recent living memory has hit 926, an official said on Saturday, adding the figure could rise further as access to remote areas improves with the thawing of snow.More than 316,000 cattle had perished since the onset of winter in mid December, Noor Padshah Kohistani of the National Disaster Management Commission said."The figure for human losses stands at 926 today. It could go higher, for roads have been reopened and we will find unreported fatalities," he said.Nearly half of the victims came from western areas and where more than 90 people have had their fingers or toes amputated because of frostbite.A special hospital is dealing with frostbite victims in the western city of Herat.
Anonymous said... Let's see the NAR spin this one.January foreclosures up 57%http://tinyurl.com/2uu9p7And I'd like to see Keith's choice of picture for this.This house was a stealhttp://tinyurl.com/2fqenn(Countrywide financed it, of course).February 26, 2008 11:07 AM===========================OMG! That was hilarious, morbid, but hilarious. And good old Countrywide withdrew from the foreclosure because state law prohibits drawing up a sales contract with someone who isn't in condition to do so. You would think that Countrywide's legal eagles could have gotten around a little issue like: THE OWNERS BEEN SITTING IN A CHAIR IN HIS LIVING ROOM FOR THREE YEARS, THROUGH THREE PROPERTY OWNERS, BECAUSE HE'S DEAD! Wouldn't it have been simpler to mail in the keys? What some FB's will do to get out of a house payment!(sarcasim off!)
Your credit line has been increased to: $18,100Tyrone has not taken his medication again and has become delusional. In fact he has no credit card at all. He is what is commonly known as an asinine 1BR shit hole renting idiot and subsists in the worst part of town where you take your life in your hands just walking out on the street. But hey it's all good. Surrounded by his fellows, all brain dead, dimwitted, moronic convicted retards. They dream, no, mind masturbate about a better future and the American dream of your own MTV crib. Listen ghetto dweller, you cannot kill these f*cking cock-roaches and rats in your shit-shack, that’s cruelty to animals dip-shit. Now repeat after Blowfly: I am an idiotic water-head traitor for flushing money down the toilet by renting decrepit shit-holes and consuming crapola from China instead of establishing credit and buying an American made home. If I was president I’d have your treasonous asses deported to Darfur.
Anonymous Blowfly said... Your credit line has been increased to: $18,100 Tyrone has not taken his medication again and has become delusional. In fact he has no credit card at all. He is what is commonly known as an asinine 1BR shit hole renting idiot and subsists in the worst part of town where you take your life in your hands just walking out on the street. But hey it's all good. Surrounded by his fellows, all brain dead, dimwitted, moronic convicted retards. They dream, no, mind masturbate about a better future and the American dream of your own MTV crib. Listen ghetto dweller, you cannot kill these f*cking cock-roaches and rats in your shit-shack, that’s cruelty to animals dip-shit. Now repeat after Blowfly: I am an idiotic water-head traitor for flushing money down the toilet by renting decrepit shit-holes and consuming crapola from China instead of establishing credit and buying an American made home. If I was president I’d have your treasonous asses deported to Darfur.I would almost bet 20 bucks that Blowfly is DOPES or at least that they share a common ancestor on the Tree of Life.
I'm with you tyrone. Balance paid every month, no CC debt, pretty high limit.Blowfly, go f*ck yourself, your comments are beyond retarded. Anybody with a shred of education sees right through your rhetoric. People like you participate in "Are you smarter than 5th grader" and usually never win.
From Marketwatch..."Shares of Fannie Mae and Freddie Mac shot higher early Wednesday afternoon after the companies' regulator said it would allow the two government-sponsored mortgage-finance giants to buy more mortgages as of March 1 ... The decision by the Office of Federal Housing Enterprise Oversight came the same day Fannie Mae reported a $3.6 billion loss for the fourth quarter and a $2.05 billion loss for 2007, citing the continuing drag in the housing and mortgage markets and disruptions in the credit markets."Im voice of Lumburg, "THAT'S GREEEAAAATTTTT"
My credit cards have all been raising my limits too, which I find odd since it's supposed to be harder to get credit now, not easier. Recently I've also received a couple of letters offering to change the terms of my accounts to make my cards "more rewarding to use."I pay my cards in full most of the time but occasionally carry a balance for a large purchase that I'll pay off within 2-3 months. I hate paying interest, and even when I don't pay in full I try not to let the interest go over the amount of cash back I received on the purchase, so I'll break even.It's like they are deliberately trying to find my financial breaking point so I'll charge more than I can afford to pay, and then they'll have me. Sorry, I'm not going to play.
Another idiot to keep an eye on:http://www.cnbc.com/id/23350846/site/14081545Zell Sees Start of Housing Recovery in the SpringBy CNBC.com | 26 Feb 2008 | 09:43 AM ETThe US economy will avoid recession as the housing market begins to recover this spring, according to billionaire investor Sam Zell.Speaking on "Squawk Box" this morning, Zell attributed much of the current economic troubles to fear-mongering and politicking by Democratic presidential contenders Hillary Rodham Clinton and Barack Obama."Obviously what we have going on is an attempt to create a self-fulfilling prophecy," said Zell, chairman of Equity Investments Group and owner of the Chicago Cubs, Chicago Tribune, Los Angeles Times and other companies. "We have two Democratic candidates who are vying with each other to describe the economic situation worse."The reality is that if you live on Wall Street and you're in the credit markets the world couldn't be worse. If you're a farmer and you're getting $25 for your wheat, you're having a great time. If you're a CEO and you've got a balance sheet that's bullet-proof, you're in a great position. This whole thing is way out of control, way out of hand."Zell said that although he doesn't try to pick bottoms in markets he believes housing has hit its nadir and will turn around this spring as inventory clears out.As for the credit situation, he projected that once markdowns are out of the way banks will begin to regain their footing.In the wide-ranging interview, Zell also voiced support for Federal Reserve Chairman Ben Bernanke."I think he should be renewed when his term is up. I think one of the positives of the United States is having people in the position of the Federal Reserve (chairman) for long periods of time," Zell said."I think Bernanke's reduction in interest rates has been spot-on, because basically we're going to fix the credit markets by creating a big enough spread between the risk-free cost of capital and what's available so that greed overtakes fear and the game begins again."
Apollonius said... The state of Pennsylvania has stopped giving out student loans because of the credit crunch. What I want to know is will this create a shortage of "professionals" i.e., doctors, lawyers, engineers, etc.http://tinyurl.com/yvw43xFebruary 27, 2008 3:45 PM============================ The agency that handles student loans here in Taxsylvania is populated by (ex) lawmakers. Their unbelievable spending for perks, bonuses, and benefits for themselves has made the headlines time and time again. Yet each time the current newspaper expose dies down, its back to squandering as usual, and NOTHING is ever done about it. The pigs at the greed trough take care of their own!
Here's one for the roundtable:Questions are arising over the constitutionality of McCain's presidential bid given the fact he was born in the Panama Canal Zone.So I guess all you Rue Paul supporting, strict constitutionalists would disqualify him.....And all the children born to parents on duty in foreign lands.....But you would qualify any illegal who pops their 3rd world baby on US soil, to lead the once most powerful nation on earth.........Viva la Migre!
Long ago, South Dakota decidedto abandon integrity, and dancefor the credit card industry.I will always avoid South Dakota,and work revenge as I can.
from wikipedia on South Dakota:"After the public discovery ofgold in the 1870s, the conflictover control of the region sparkedthe last major Indian War on theGreat Plains, the Black Hills War.The 1868 Treaty of Fort Laramiehad previously confirmed theLakota (Teton Sioux) ownership …"
Anyone who has not passed acollege course in physics andchemistry, or made a specialstudy of climatology, shouldkeep their trap shut on global warming.This-and-that storytellingmeans far less than nothing.
edd,By that token anyone who has not passed a course on economics, finance or has made a special study of capital markets theory should keep their traps shut regarding econ/finance issues.Deal?
area 51,This is old news regarding McCain and a non issue.Article II of the constiitution says: "no person except a natural born Citizen... shall be eligible to the Office of President."Congressional Act passed in 1790 says:"The children of citizens of the United States that may be born beyond sea, or outside the limits of the United States, shall be considered as natural-born citizens of the United States."John McCain's parents were both US citizens when he was born. Therefore he is a natural born citizen. Doesn't get much more clear than that.
Ed said …."anyone who has not passed acourse on economics, finance,or has made a special study ofcapital markets theory shouldkeep their traps shut regardingecon/finance issues. Deal ?"………………….Ed: I have passed a collegecourse on economics; you ?Also, this is a housing blog,not a climatology blog.Also, capital markets are notalways equal to econ/financein the housing arena.Also, I might not presumeto suggest qualificationsfor comments not requiring aknowledge of thermodynamics.
Quit feeding off such negativity! Times are bad, I realize that, but if you're looking to own, and plan to stay 5 or more years, buy when you've found the home you love. Trust yourself. If you read enough of the blogger crap, pretty soon you become it. Pay attention to what's around you, but don't feed off this stuff. Use your own brain. You have one, don't you? Best to buy in an established area, I prefer older to new, but if you must have new, buy one of the last in the development, not one of the first. Use a good real estate agent. Find one who is sharp, and seasoned. Find one who was in their late 20's or early 30's during the 1980's, and was selling real estate. If they've survived this long, they know what they are doing. Don't expect them to negotiate their commission for you. You are going to need a lot of their time, their wisdom, and their sage advice. Ask them for a couple of lenders too. They should know the BEST lenders in your area
Mike McC said... Quit feeding off such negativity! Times are bad, I realize that, but if you're looking to own, and plan to stay 5 or more years, buy when you've found the home you love. Trust yourself. If you read enough of the blogger crap, pretty soon you become it. Pay attention to what's around you, but don't feed off this stuff. Use your own brain. You have one, don't you? Best to buy in an established area, I prefer older to new, but if you must have new, buy one of the last in the development, not one of the first. Use a good real estate agent. Find one who is sharp, and seasoned. Find one who was in their late 20's or early 30's during the 1980's, and was selling real estate. If they've survived this long, they know what they are doing. Don't expect them to negotiate their commission for you. You are going to need a lot of their time, their wisdom, and their sage advice. Ask them for a couple of lenders too. They should know the BEST lenders in your areaLawrence? Lawrence Yun? Is it really you?
Kids born in '99 and above are called the Milleniums. Too young to put on your poll, but I just heard this the other day and thought it was clever. Beignet
I like to google Buffett and Soros to get long term investment news. I found this tho. kind of tin foil but worth a read. supportive links too.George Soros and the Alchemy of 'Regime Change'Just after he failed in 2004 to bring about Bush's demise, he went right on trying to force a conclusion to his self-fulfilling prophecy of doom for the U.S. And this year, it appears as though he may have finally hit pay dirt in the sub-prime meltdown which threatens to actually bring on that long hoped-for recession. Hillary's utopian plan is of a global village, where the role of America is that of supreme benefactor, with herself as our beneficent queen. Hillary's plans for the redistribution of American wealth extend benefits not just to other Americans, but to every other country in need. Obama, too, sees global poverty as the root cause of all evil in the world, including crime, war and terrorism. His single piece of signature legislation in the Senate is a bill that would authorize an additional $845 billion from American tax payers to eradicate global poverty, and legislate a demand on future presidents to bring America in line with UN mandates on percentage of national GDP given to fight global poverty.\\\\\\\\\\\Soros is donating to HRC and BHO but backing BHO. Soros is also funneling $$ to Mccain. Seems like a lock.
I am glad that in my town, I am starting to see alot less of the following.Poser's Soccer moms driving 1 child to school in a ford excursionBlingOverweight white trash at every event or store or festival or any other place pretending to be richPressure washing guys driving the largest truck they can make payments onCrowds everywhere money can be spent.The fake rich
This explains a lot .....-- BUSH A CHINESE AGENT --http://tinyurl.com/2ufon9
edd,Honors degree in economcis with a minor in finance, so yeah I passed a few.My point was that one need not have formal education in a topic, to debate that topic. If that were the case, the world would be pretty damn boring.It's not a climatology boards. It is an anything goes board which is what makes it so good.Capital markets influence everything, even climatology.
"You are going to need a lot of their time, their wisdom, and their sage advice. "HA HA HA HA HA HA HAHA HA HA HA HA HA HA HAHA HA HA HA HA HA HA HA HA HASage advice and wisdom from a realtorHA HA HA HAHA HA HA HA HA HA HA
Looks like the rising mortgage interest rates have just erased the last 3 months declines. Here's the link. http://tinyurl.com/35ndl6
Use your own brain. You have one, don't you?From the drivel of your post I assume that you have a hollow cavity where your brain is supposed to be. I’ll give you some sage advice right up your ass you shit for brains deadbeat renter scum. Nobody here gives a flying rats ass about what you imagine because someone as retarded as yourself could never aspire to the word “think”. If you own, you probably own a trailer in the redneck trashy park across the tracks that your daddy left you before he died from and overdose of moonshine and crystal meth-snorting resulting in liver cirrhosis. Just stop posting here you imbecile moronic idiot. This blog is for intelligent people not for homeless gypsies.
Do any of you think we are in for ZIRP (Zero Interest Rate Policy)?Thanks
Ed said, at 7:11 ... " degree in economics …finance…"[so I hope you were among the first to warn of the economic Armageddon we face]"… one need not have formal education in a topic, to debate …"[without basic physical science,or study of climatology, supplysiders have delayed facing reality,and still obstruct action]" It is an anything goes board …" [ "…to talk about the housing bubble & mortgage meltdown"]" Capital markets influence everything, even climatology."[And climatology will have direeffects on all markets. If the Atlantic thermohaline salinity &temperature reach a tipping point, hell-plus will break loose asnorthern Europe freezes on a warming planet.]This year's weather reports fromKabul mean nothing unless takenwith world reports over time.Unusual weather is common now,and signals much worse to come.The weighted causes of warmingcan be debated, but warming it is.And one inch rise in water takesfifteen inches off that nice beach.
Schiff is still duking it out with those morons Mike Norman and Tom Adkins:http://www.europac.net/Schiff-FBN-2-27-08_lg.aspAlmost as futile as some of the arguments on here...
Oil hit a new high above $103 on Friday after Ecuador shut a key export pipeline and a fire hit a major European natural gas plant, while the U.S. dollar's decline to a succession of lows kept fresh funds flowing in.U.S. crude jumped 39 cents to $102.98 a barrel by 1:22 a.m. British time, after hitting $103.05 in early morning trade, smashing the inflation-adjusted high of $102.53 reached in 1980, a year after the Iranian revolution.
Under questioning from lawmakers, Bernanke acknowledged that the Fed has made "mistakes in terms of regulation and oversight" regarding the housing bubble and Wall Street's over-leveraged heyday.He said it might be "worthwhile" for the federal government to buy distressed mortgages to help ease the housing recession.The Dow jumped about 120 points a few minutes after Bernanke spoke, and retreated to 12,694.28 - adding just 9.36. The Standard & Poor's 500 index fell 1.27 to 1,380.02, and the Nasdaq rose 8.79 to 2,353.78. "New problems in the economy are popping up like a not-very-funny version of whack-a-mole," said Rep. Rep. Carolyn Maloney (D-NY)."Many commentators are now saying that credit cards will be the next area of consumer credit where overburdened borrowers will no longer be able to pay their bills."
Holy Shit! Schiff, Norman, Adkins, back on Fox Business news, IN the studio, TOGETHER! Peter Schiff February 27 2008 Fox Business News.
Japanese crude oil imports grew 8.6% year-on-year in January, the Ministry of Economy, Trade and Industry indicated Friday. Crude imports totaled 23.09 million kiloliters, the report added. Compared to prior month, crude imports were up 5.1%.Meanwhile, production of crude oil products increased 3.1% from the previous year in January to 19.63 million kiloliters.
Oil vaulted more than 3 percent a barrel on Thursday to an all-time peak near $103 -- eclipsing the previous inflation-adjusted high set 28 years ago -- after a fire hit a major European natural gas terminal and the U.S. dollar fell to a record low.
edd,"The weighted causes of warmingcan be debated, but warming it is.And one inch rise in water takesfifteen inches off that nice beach."Depends on what time scale. Sure looking at a chart of the last 50 years it is warming. Looking over the past 500 years it's not. Given that the earth is what, 4 billion years old, 50 years is not that significant.And you say that this winter is not proof of any long term trends. I would agree with that. However, this summer when there is a heat wave somewhere in the world, you know very well the global warming alarmists and their MSM whores will be out in full force claiming the heat wave as evidence of global warming.It is SOP for the MSM. Dismiss unusual cold weather and a one off event. Treat every instance of unsual warm weather and proof positive that the end is near.Oh and yes I did predict the economic collapse and profited quite handsomely from it. Even though I have a degree in finance, I have not worked in the field for the past 10 years. It didn't take a PhD in economics to figure out what was going on.
Well march is here keith, It's time to show that graph of all the foreclosures coming this month.
Stooge Nicholas Retsinas just on Bberg TV acting like he saw all of this housing carnage coming. What a joke.
Uncle Ben! We need a "bernanke put" right about now! the dow is down over 200 points! how about a .75 cut?
Hey Keith, take a look at this article about "ghost towns":Vacant Homes in U.S. Climb to Most Since 1970s With Ghost Towns http://bloomberg.com/apps/news?pid=20601109&sid=au67GKPyS_Dg&refer=home
PIGS FLY!!!!!In an article in the WSJ an underwater 'owner' (gag) says that to hold on the house would be - wait for it- THROWING MONEY AWAY!!!http://tinyurl.com/yppb9xThe classic accusation of renting!This is a historic point, in that it is the first time in major media that ownership has been painted with this brush.This calls for a drink, Keith!Up is now down, black is white, and owning is throwing money away.BrianHere is the money quote:"I don't think that house is going to recover in value any time soon," said the 40-year-old. "I'd just be throwing the money away."
so we are renting a big house in the suburbs of tampa. and last saturday the landlord called to say a realtor was comming over becasue she wanted to sell the place. A whole army of realtors arrived. well at least a platoon. anyway we hear them talking and its a short sale. the landord is upside down 160,000 from taking out equity at the top and she is loosing all of her properties. which by the way she bought from 04-06. so obviously this is a bankruptcy and obviously we aren't getting our deposit back. anyone know how long before the police come to kick us out? the realators said not to worry we can stay here but i think they were just giving us a line. my inclination is to stop paying any rent because obviosuly the landord isn't the owner anymore. anyone know how long we have? it'd be great to go rent free for a few months. hahahah. oh well, any advice will be appreciated.
Markets taking a big ole crap on Helicopter Ben's head.S&P in April 1999: 1345Fast forward Feb. 2008: 1330A net LOSER over the last 9 years. Great job George Bush. All that voted for him and have seen zero gains in your 401K, you got what you deserved.
Anon: 8:19 PMIf it's a short sale the buyer will be bound by your lease and you'll just keep on renting. If they can't sell it and it is foreclosed then the bank will kick you out. It's illegal to stop paying, but honestly it's what I'd do. Moving will set you back at least a grand.
anon 8:19 said: the realtors said not to worry we can stay here but i think they were just giving us a line. You are correct in your suspicions of real estate agents. The reason that there was a platoon of real estate agents at your house was because it takes a platoon of real estate agents to figure out how to turn the doorknob just to get into your house. Plus, the only 'line' a real-estate agent knows, is the BS line. I'd stay in the house until they brought in a platoon of sheriff's deputies. And, that's probably gonna be a goood while.
Keep an eye on that Vegas motel ricin story floks! It might suddenly top MSM headlines.Bush is looking for any excuse to trigger the dormant fears and deflect peoples' attention from the real daily panic stories of the economy.MAX
Here is a twist on the "jingle mail" phenom. Not that it came as a surprise of course.....Now people who are ABLE to pay their mortgages will stop paying as they realize just how upsidedown they are. Not uncommon to be in the $100,000 range these days......http://tinyurl.com/yppb9x
How to Sell Real Estate:http://tinyurl.com/2y8tr4
I see enemies; and they are us.I see remedies; and they are us.
More on Obama's dirty ass home town:http://www.suntimes.com/news/politics/819265,CST-NWS-pr29.articleBY STEVE PATTERSON Staff Reporterfirstname.lastname@example.org Cook County Board President Todd Stroger's latest choice for public relations chief has a tough job.Before he can begin to try to clean up his boss' image, Gene Mullins has a PR problem of his own.He'll have to answer criticisms that Stroger's hiring practices resemble a "friends and family plan."The rub for Mullins?He's a childhood friend of Stroger."This is why taxpayers don't trust Todd Stroger," said Commissioner Forrest Claypool. "They see a government full of friends and family and know they are paying for it."Please do not vote this kind of garbage into the White House! We don't like it here and you will you like it at 1600 Penn. Ave.
While Bush ruled out supporting a second stimulus bill to aid the housing market, he appeared thrown by a reporter's question about the possibility of $4 per gallon gasoline. Asked about possible $4 gas, Bush said, "That's interesting. I hadn't heard that. ... I know it's high now."$4.09/gallon gas - ShellOakland, CaliforniaAs of Friday Feb 29, 2008 reported at 10:02 PMhttp://www.oaklandgasprices.com/$3.92/gallon gas - Tesoro Kahului, hawaiiAs of Wednesday Feb 27, 2008 reported at 5:21 PMhttp://www.hawaiigasprices.com/$3.89/gallon gas - ShellSan Bruno, CaliforniaAs of Thursday Feb 28, 2008 reported at 5:38 PM$3.89/gallon gas - ShellSan Francisco, CaliforniaAs of Thursday Feb 28, 2008 reported at 3:13 PMhttp://www.sanfrangasprices.com/$3.89/gallon gas - 76El Cajon, CaliforniaAs of Friday Feb 29, 2008 reported at 8:08 AMhttp://www.sandiegogasprices.com/
Inflation Overtakes Wages In JanuaryJanuary's sluggish consumer spending growth was outpaced by inflation. Americans will be forced to pull in their belts if this trend continues because paychecks aren't going as far as they used to.
MANILA, PhilippinesAverage consumer prices likely rose by 4.8-5.5 percent year-on-year in February because of an upsurge in food prices, the inflation-targeting Philippine central bank, Bangko Sentral ng Pilipinas, said Friday.“Inflation in February may have risen because of elevated prices of key food items such as rice, meat, corn and flour, which comprise around 13.5 percent of the CPI [consumer price index] basket,” BSP Governor Amando Tetangco Jr. said.
Isn't this an early warning of hyper-inflation.Most Gulf Workers Plan to Quit as Inflation Soars, Survey Says Two thirds of workers in Gulf states including Saudi Arabia and the United Arab Emirates plan to change jobs this year as soaring living costs erode income, Arabian Business reported from its first regional salary survey.In the U.A.E., 68 percent of workers are looking for another job, compared with 67 percent in Saudi Arabia, the Dubai-based magazine said in an e-mailed report today, citing data from a poll of 8,914 people across the Gulf Cooperation Council states.About 32 percent of respondents said they want to change jobs to get a pay increase to meet the rising cost of food and rent, according to the report. Citizens of the Gulf states said lack of recognition at work is the main reason for them to seek new jobs.GCC central banks are under pressure to change their pegs against the dollar as the U.S. currency declines, stoking inflation to record levels.
from Contrarian Chronicles:How could MBIA -- which recentlyhad to pay 14% to borrow money… possibly be considered AAA ?If the ratings agencies are to haveone shred of credibility again,ever, they might as well start now.….we are right smack in the middleof a full-blown Wall Street fantasy…This story would strike any saneperson as the stuff of nightmare.
The UAE should drop its dirham currency's peg to the dollar to help fight soaring inflation, the chief executive of a Saudi Arabian real estate firm said. Abdulraman Al-Tassan, chief executive of Rakaa Properties, is the latest business leader to call on the second-largest Arab economy to sever its link to the dollar as it tackles inflation which hit a 19-year peak of 9.3% in 2006."The long-awaited decision on whether to de-peg the GCC currencies from the dollar is one possible effective solution" to combat inflation, Al-Tassan said in a statement issued on Wednesday on the impact of a regional real estate boom on inflation.
US Dollar index went as low as 73.56 today.Jefferies CRB Index went as high as 413.78 todayGold went as high as 975.10 today
Home sales prices in the county dropped more than 3 percent in just one month and 9.14 percent in three months, according to December data from the Case-Shiller Home Price Index, compiled by Standard & Poor's. The national 20-city composite lost 9.08 percent from December 2006.Year-over-year, homes in all of San Diego County lost about 15 percent in value.The index's numbers indicate that the decline in prices is accelerating at a historic pace, and many real estate agents and housing analysts said in interviews Tuesday that they think the price decline will continue because foreclosures have hit new highs and sales new lows."As long as the sales are going down, that means the market sucks and there's no bottom in sight," said Jim Klinge, owner of Klinge Realty in Carlsbad. "But really, the market's great if you're a seller and you're willing to put an attractive price on it. Buyers are out there. But seller don't want to sell it. They want to goose it up 10 (percent) or 20 percent and try and hit the jackpot like they're in the casinos."
Hey Blowfly, do you just spend all day sitting around thinking up nasty things to say about other people?It's ironic that you mention this is a forum for "intelligent" people, yet you are obviously not one of them, just a scumbag who spews bile.Die in a fire.
"ed" said on Feb 29 12:11 PM:"… looking at a chart of thelast 50 years, it is warming.Looking over the past 500 years it's not. Given that the earthis what, 4 billion years old, 50 years is not that significant.… the global warming alarmistsand their MSM whores[!] will beout in full force claiming theheat wave as evidence ofglobal warming."-----------------------I thank "ed" for proving my point on uninformed opinions regarding climatology.And "MSM whores" tells me all I need to know about "ed".
Keith, I don't see this blog listed on your sidebar:http://suddendebt.blogspot.com/It's written by a guy who says he spent his career in finance, coming from an engineering background.Highly recommend it: he writes very well, and posts three or four times a week with a lot of insight on the Grand Ponzi scheme.I think it's the best of the "rocket science" blogs.
Anon 7:07Seriously, Obama is a platitude spouting empty suit, but he's not even in the same corruption galaxy as Todd Stroger ("the Toddler" as he's affectionately known to us locally) let alone part of the good ole Chicago political machine. Stroger is the most egregious example of runaway nepotism, skullduggery and corruption in a Chicago politician in recent memory and THAT if you are unfamiliar with Chicago politics, is saying one hell of a lot!!!
More bad news from Chicago. What h3ll is wrong this this city anyway?!Activists Bare Teeth Over Foreclosureshttp://biz.yahoo.com/ap/080301/the_shark_hunters.htmlThe tactics came back to bite them."We lost about 90 percent of our funding overnight," Seifert recalls.The nonprofit staggered. If it was going to be confrontational, it needed to keep the foundations that fed its budget in the loop.Fighting foreclosures became their new cause. But they brought along old tactics -- a brand of confrontation honed by Saul Alinsky, the legendarily radical Chicago organizer."Power is not only what you have," Alinsky schooled his followers, "but what the enemy thinks you have."ESOP was banking on anger. Clevelanders were losing their homes, organizers concluded, because aggressive lenders had put people in mortgages they couldn't possibly afford.During efforts to physically force your way into the office, one of the firm employees was actually bitten by an ESOP member," Countrywide's chief counsel, Sandor Samuels, wrote afterward. "We will not enter into relationships with organizations that desire to subject our employees, contractors and Chief Executive Officer to harassment."
PRICELESS!!!http://tinyurl.com/2285tp"They rounded the suburban traffic circle in a pair of rented school buses after a half-hour ride from far more modest neighborhoods, rumbling to a stop at the Garmone family's driveway. Forty-two caffeinated Clevelanders piled out, their leaders carrying bullhorns.""Their quarry, Mike Garmone — a regional vice president at Countrywide Financial Corp., the nation's largest mortgage lender — didn't answer his door. So they deployed, ringing bells at the big homes with three-car garages, handing out accusatory fliers and lambasting Garmone and his company's loans. Before departing, they left their calling card — thousands of 2½-inch plastic sharks — flung across Garmone's frozen flower beds, up into the gutters, littering the doorstep.""The East Side group didn't want just any boss. They demanded Angelo Mozilo, Countrywide's chairman and CEO."DOPES!!!
very soon 1 ounce of gold will buy a house.
MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!MARKET CRASH ALERT!!!!!!!!
Is blowfly a chicago politician?
Keith, is Social Security and 401 (k)s the next bubble?Here's an article on 'blogocrat' at:http://blogocrat.blogspot.com/
Congratulations!!!! The great firewall of China denies access to this wonderful site! This is most disconcerting during my forays. Were else to keep a breast? (besides a bra). It seems that their own (albeit less inflated)re bubble should never even be remotely considered. What you are doing is great. Great enough to be censored. Keep up the good work old boy! - almost a chinaman
"MARKET CRASH ALERT!!!!!!!!""very soon 1 ounce of gold will buy a house." How about raising the level of discourse a couple of notches by explaining why your prognostications might come to pass?-almost a chinaman
Born and raised in Central Illinois, where the farmers whine louder than a taxi-ing jet plane. Now that wheat hit >$20/bu on the Minneapolis exchange...I have one question. Where's my f*cking FARM-AID?I want my FARM-AID and I want it NOW!Poor Willie & Cougar.
very soon 1 ounce of gold will buy a house...GREAT I can buy 103 houses and become a real estate tycoon!
1 ounce of gold will buy a house?I'd like to see that house!
My God! The Housing Bubble is now impacting PIZZA! "Contained", my ass!Pizza and beer now cost an arm and a leg.(previous post was messed up)
New construction, never lived in house on Nuevo Mejico, in Las Cruces, NM. Fancy neighborhood. Rented for $1,100 per month. It's right here in the Sunday paper, Sunday, March 2, 2008.To buy a similar house a few doors down in this fancy new neighborhood?$325,000!What's wrong with this picture?
"I am actually faced with the prospect of selling at a loss!"Boo-hoo. Welcome to the world of grown ups. You pays your money, you takes your chances.Suck it up. Take the loss and move on. You are still alive aren't you?Learn something from this experience. That is all there is. Repeat, that is all there is.
hey edd, the temp was 2 degrees higher today than average, better call Al Gore
Awesome video!Tribute to Peter Schiff.I love the shots of Adkins, Norman, and Cramer. Nice touch.
very soon 1 ounce of gold will buy a house...You can buy nine houses with one ounce of gold in parts of Detroit.
Americans experience more sleepless nights-- studyhttp://tinyurl.com/26l76t
Most of you on this blog are treasonous scum. How dare you put China and Arab countries above the land that our fathers built, fought for and died? Sure we're having a tough time of it now and we need to cut back big time but unless we pull together as a country we are truly doomed. Anyone wishing for that is a traitor. And treason still is a captial offense.
F#CK!Even sh*tty silver is over $20 frickin dollars an ounce. SILVER?!?Who the f^ck wants silver?????
Note to Farmers:Where's MY f*cking FARM-AID?Wheat - $20Corn - $5.50Soybeans - $15.50Hey you greedy scum-bags and your farm subsidies, idle-acres subsidies, farm-aid, ethanol subsidies....GFY.Wake up America.
The Seven Conditions for Revolution...and how they all exist right now in the U.S.http://www.alternet.org/democracy/77498/?page=1
The worst case scenario:Unfettered, cascading cross-defaults leading to margin calls on under-collateralized assets collapsing the credit, equity and bond markets resulting in the common man trading in his fiat for any and all assets ultimately leading to hyperinflation, currency collapse and revaluation. When that happens you wish you would'a bought a house!
We love you Peter Schiff!!Taking so many hits from absolute Bafoons like Norman, and the Rabid Realtor, clueless idiots that are SO in denial--they couldn't find their asses with both hands.Keep on shootin straight--Americans can't say they were not warned now.
The question is: If 1 ounce of gold will buy a home, who will be able to afford the rent? And no doubt the government won't let you throw out folks who can't pay.
Maybe one ounce of gold will buy a house in Florida???Buffett Interview on CNBC Warren Buffett was interviewed for three hours on CNBC today. Here is the transcript and a brief excerpt on housing prices (hat tip cord): LIESMAN: One of the most striking things in this poll is for the first time--we've done this for four quarters now--Americans now look for a decline in their home values. What's the significance of that from an economic point of view, Mr. Buffett?BUFFETT: Well, it has a huge effect because, you know, with 60 percent-plus of the American people being homeowners, as being a huge asset--and in many cases it's a leverage asset--it obviously is going to be on their mind big time. And I get the figures every month. We have a number of real estate brokerage operations around the country, and I get the--I get the figures from many markets on listings and sales, and I've seen something like Dade and Broward County go from 6,000 listings and 3600 sales a month to where they're now, I think, 82,000 listings and about 1500 sales a month. So unless there's some major intervention by the government in some way, or something of the sort, home prices have not stopped going down. Now, they will at some point.
Gift Cards NOT ACCEPTED!!!Bankruptcy makes gift cards worthlessNEW YORK - You know that Sharper Image gift card you got for Christmas? Right now, it's worthless. And other gift cards in your wallet could lose their value, too. As more retailers file for bankruptcy or go out of business, more than $75 million in gift cards are at risk of becoming worthless pieces of plastic this year."If I knew this was going to happen, I would have used them right away," said Jon Tapper, a public relations executive from Boston who received two Sharper Image cards as business gifts just a few weeks ago. Their total face value is $50."I love gift cards, but now this makes me think twice."
The Commerce Department said spending on housing, public works and commercial real estate construction fell 1.7% from December, the biggest monthly fall since 1994. Most of the decline was in housing, which plunged 3% from December, and nearly 20% from a year earlier. But Ian Shepherdson, chief economist of High Frequency Economics, called a "grim new development" the 1.2% January dip in spending for commercial construction. Commercial development had risen for 15 consecutive months and had buoyed contractors in the midst of the sharp housing downturn.The commercial real estate market "lags housing, and a sharp downturn is now way overdue; there is every reason to think this is the start," Shepherdson said. "With banks increasingly reluctant to lend … activity will plunge for the foreseeable future, adding to the downward pressure on growth."Commercial real estate spending is still up 17.3% from a year ago, but Shepherdson predicts it could easily fall 20% by this time next year.Adding to the gloomy view, government public works spending declined for the second month in a row. State and local governments face tight budgets due to a slowing economy and lower tax receipts.Have you ever wondered why Berkshire Hathaway Inc.'s offer to accept bond insurance business from rivals including MBIA Inc. has been withdrawn.
United Arab Emirates policy makers are studying dropping the dirham's peg to the dollar, said Eirvin Knox, chief executive officer of the Abu Dhabi Commercial Bank, raising the possibility of a currency revaluation. ``Policy makers are looking at it,'' Knox told reporters in Abu Dhabi today when asked if he would push for an end to the dirham's 30-year peg to the dollar. ADCB is the second-largest bank in Abu Dhabi by market value. Its largest shareholder is the Abu Dhabi Investment Council, an arm of the Abu Dhabi Investment Authority, which controls the emirate's surplus from oil sales. The U.A.E. is among Gulf states under pressure to drop their currencies' dollar pegs to slow record inflation. Knox's comments suggest that an end to the dirham's peg to the dollar may be under consideration, even after central bank governor Sultan Bin Nasser al-Suwaidi ruled it out as recently as January.
Prime Minister Ehud Olmert abruptly ended Israel's "Warm Winter" anti-missile campaign.Olmert was being criticized even from within his own government and his own party by security minded Avi Dichter, internal security minister and former Shin Bet chief, and Shaul Mofaz, transport ministers, and a former defense minister and chief of staff. Both publicly urged a stepped-up ground offensive to crush Hamas and oust its rule of Gaza, arguing that all other tactics had failed. It is believed that Olmert was looking ahead to the upcoming visit of US Secretary of State Condoleezza Rice, who had threatened to call off her visit tomorrow, laying the blame on Israel for the breakdown of peace talks with the Palestinians, even though it was Mahmoud Abbas who suspended all contacts with Israel. She accused Israel of undermining the Bush administration?s Middle East strategy. Olmert, as usual, gave in to the pressure. Saudi Arabia, which condemns the Israeli war crimes against the Palestinian people and the threats of Israeli officials to transform Gaza into an inferno, sees that Israel is simulating through these actions the Nazi war crimesOPEC kingpin Saudi Arabian oil minister Ali Naimi declined to comment when questioned by reporters about OPEC's plans for this Wednesday's production quota meeting.
Developer blames "Eco Terror" for buring down it's own project:http://www.cnn.com/2008/CRIME/03/03/seattle.fire/index.htmlEco terror is going to be the new scapegoat for burning down your own debt.
OPEC ministers gathering here for an output policy meeting insisted Monday that the cartel was not about to increase oil production, as the price of crude struck a record high of almost 104 dollars.OPEC's president, Algerian Energy Minister Chakib Khelil, said the 13-member cartel which produces 40 percent of world oil would not consider an output hike at its official meeting in the Austrian capital on Wednesday.His views were shared by Kuwait's acting oil minister, Mohammad al-Olaim, while Saudi Arabian Oil Minister Ali al-Nuaimi, whose kingdom is the world's biggest producer of crude oil and OPEC's most influential member, refused to address the media on arrival in Vienna.
The Bank of England's concerns over price pressures were fuelled yesterday as a key indicator of the price of goods leaving factories showed that British manufacturers had increased prices at a record rate last month.The key gauge of the measure of prices charged by industry in a monthly survey from the Chartered Institute for Purchasing and Supply (CIPS) rose to 59.9 last month, the highest since the figures were first collected in 1999. Any figure above 50 indicates increasing pricing pressures.Manufacturers also reported a leap in prices for raw materials, components and fuel. The input price index rose to 72.2, from 69.7 in January, the highest figure recorded since 2004.Paul Dales, of Capital Economics, said that the figures would deal a blow to the Bank's Monetary Policy Committee's hopes that an economic slowdown would keep inflation at bay by showing that manufacturers were still increasing prices at record rates.
THE Reserve Bank has raised interest rates to a 12-year high of 7.25 per centThe decision was announced by central bank governor Glenn Stevens and the 25 basis point increase will take mortgage rates to more than 9 per cent.Economists believe the key driver of the rates decision - which was the first back to back move in more than four years - was the persistently high core rate of inflation.The financial markets are now speculating whether the February and March double will be followed with another move, possibly in May.The chances of further increases have been solid
Thornburg Mortgage Inc. is continuing to face massive margin calls that the company said could effect its "ability to continue its business in the current manner."The company said that since filing its annual report on Feb. 28, it has been subject to margin calls of approximately $270 million. This follows on $300 million in margin calls the company managed to meet earlier in February. Meeting the earlier calls left the company with "limited available liquidity" to meet the new calls."There is no assurance as to Thornburg Mortgage's ability to sell such assets or raise additional funds in the current market at acceptable prices, or to raise additional capital," according to a Thornburg news release.Failing to satisfy the calls could lead to defaults and liquidation of pledged securities."Such an occurrence would have a material adverse effect on the company's ability to continue its business in the current manner," the release continued.
Standard & Poor's Ratings Services said it placed its ratings on 1,887 classes of residential mortgage-backed securities (RMBS) backed by US first-lien Alternative-A (Alt-A) mortgage loan collateral issued during 2006 and the first half of 2007 on CreditWatch with negative implications.The classes are from 404 RMBS transactions.Alt-A loans are first-lien residential mortgages that generally conform to traditional "prime" credit guidelines. However, the loan-to-value ratio, loan documentation, occupancy status, property type, or other factors prevent these loans from qualifying under standard underwriting programs for prime jumbo and prime quality conforming loans.In aggregate, the affected classes represent an original par amount of about 13.96 bln usd, which is 2.5 pct of the 673.24 bln usd original par amount of US first-lien Alt-A mortgage collateral rated by S&P during 2006 and the first half of 2007.The certificates with ratings placed on CreditWatch negative have a current balance of 12.93 bln usd.The CreditWatch actions reflect a persistent rise in the level of delinquencies among the Alt-A mortgage loans supporting these transactions.
HSBC the last of the UK banks to report results, is expected to write off up to £2 bn on Monday because of its exposure to the American home loans disaster. These losses will come on top of the £5.1bn already announced by other British lenders.But many fear the write-offs are far from over. One leading US financier last week said bank results were 'meaningless' because no one really yet knew the true scale of the losses.The latest fears centre on 'Alt-A mortgages' in America. These are mortgages that while not 'subprime', are still regarded as being higher risk and are often referred to as 'nearly prime'.
Gulf investment agency Dubai International Capital (DIC) said on Tuesday it would take "a lot more money" to rescue Citigroup Inc following investments from Abu Dhabi, Kuwait and Saudi Arabia's Prince Alwaleed.Sameer al-Ansari, chief executive officer of the investment agency owned by the ruler of Dubai, was asked by Reuters what it would take to rescue the bank.Dubai International Capital, which manages about $13 billion of assets, has invested in HSBC Holdings Plc and India's ICICI Bank"It's going to take more than that to rescue Citi," he had earlier told a private equity financial conference.
JPMorgan Chase & Co. (JPM) said Wednesday that its losses from home-equity loans could nearly double to $450 million during this year's first quarter, and losses stemming from the loans could dog the nation's lenders and their balance sheets for the rest of 2008.As for JPMorgan itself, the bank's net charge-offs for home-equity lending - where a bank lends money to a homeowner against the equity in the home - rose to $564 million in 2007 from $143 million in 2006.The pace of losses is quickening: JPMorgan's home-equity charge-offs grew more than 65% during last year's fourth quarter alone, swelling from $150 million in 2007's third quarter to $248 million in the fourth.
Most of you on this blog are treasonous scum Hello doushebag renter moron, who the f*ck are you talking to, presumably to yourself, playing with your ding dong in your rat and roach infested hole. It's always a drooling, uneducated idiotic MF that brings up patriotic drivel when it is not at all called for. The imbeciles here are discussing what they call an "epic housing crash" that is obviously only happening in bumf*ck Uzbekistan. Stop bashing the Chinese, let them do our laundry on the cheap. I do not care about retarded Arabs who f*ck their camels at Midnight in the Oasis. Start talking about something that matters. Women, booze and party time!
3/3 Anon 4:53Most of you on this blog are treasonous scum. How dare you put China and Arab countries above the land that our fathers built, fought for and died? Sure we're having a tough time of it now and we need to cut back big time but unless we pull together as a country we are truly doomed. Anyone wishing for that is a traitor. And treason still is a captial offense.********That sounds like we have a member of the AAPACBUCBBPTSID (American Association for Puting the Arabs and Chinese Below Us and Cutting Back Big-time, as well as Pulling Together to Stave-off Imminent Doom.)Peddle your snapper-turtle somewhere else. We're pulling together here!America, F*ck Yeah!!
Well, Helicopter Ben finally let the government's real feelings be known when it comes to the current mess. Here's the link: http://tinyurl.com/2ok96qBelow is a quote:"He said financial firms should consider reducing the principal of the trouble loans and not only lowering the interest rate of the loans."Not only does the government want the interest rates lowered, they now want the PRINCIPAL amount of the loans lowered. Unbelievable!All this for a bunch of realtors, appraisers, illegal alien loving, builders and for sheeple who paid too much for their home, and now want a bailout. I am going out right now, and buy a home, then i'll quit making the payments after a month. That way, I can get the principal amount LOWERED. I can then enjoy a lower interest rate AND a lower principal amount. But, i'll be sure to warn the bank that i'll be doing it again next year, so my principal amount can be reduced again. But HEAVEN HELP YOU if you make your payments on time, because YOU GET NOTHIN'!
TRIPLE AAA COMPANIES PAYING 14 PERCENT YEILDS AND THE FED PAYING 1.5..WHATS UP WITH THAT?
We are making a nice impact out there!!I sent a link to that Roubini Report to Paul Farrell on Marketwatch, (posted on HP)--and his article today talks all about it!!HP'rs--Educating the Sheeple far and wide!
Anonymous said... Most of you on this blog are treasonous scum. How dare you put China and Arab countries above the land that our fathers built, fought for and died? Sure we're having a tough time of it now and we need to cut back big time but unless we pull together as a country we are truly doomed. Anyone wishing for that is a traitor. And treason still is a captial offense. March 03, 2008 4:53 PMDoes pulling together as a country mean "Everybody get out your wallets and lets bail each other out"? Call me the T word if you like, but this country isn't made of the same people as our forefathers, and don't threaten us with "capital offense" please. If anyone should be prosecuted in U.S. it should begin at the top and work its way down.Why are you posting here anyway? Did your family tell you to zip it and you are frustrated?
Haha Ben Bernanke just admitted that the housing mess is far from over and has suggested that lenders reduce the loan amount to keep people from walking from their home. I'm sure the banks are going to go for that!http://tinyurl.com/32phqe"One of the suggestions Bernanke made was for mortgage and other financial companies to reduce the amount of the loan to provide relief to a struggling owner. "Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure," Bernanke said."
Exactly--Pay on time, and you are absolutely SCREWED.I hope Bernanke thinks long and hard about the slippery slope he will put us on, once he ok's the nulification of contract law in the US.EVERYONE will walk- hands down.
For the gen x-yers that have been blaming boomers, look at yourself, turkey. See beow:http://paper-money.blogspot.com/"The perception of affluence and sophistication is undoubtedly an important factor in American culture today.The notions of “aspirational” consumption, “upward mobility” and “urban chic” were coined not merely as an exercise in pop culture marketing but, I believe, because they accurately reflect that sentiment shared by millions of Americans whose only experience is easy prosperity and consumption.Although generations “X” and “Y” are, in general, more educated and “professional” than past generations, most have little to no real experience with a prolonged period of economic contraction and its deleterious effects on self and society.Sure, some wised up during the aftermath of the dot-com bust but that contraction was not only artificially cut short and postponed but its mitigation came on the back of an unprecedented era of easy credit and lending leading to a massive buildup of debt by average Americans.Is it any surprise that we find ourselves in the latest economic predicament?American culture and our media routinely celebrate a false reality.Whether it’s the adoration of our celebrities with their faux appearance and character and endless awards ceremonies for what amounts to the accomplishment of nothing of any importance, or our celebration of the wealthy, especially those with either dynastic or ill gotten gains, or our continual “trend following” even if it leads us to living above our means, Americans seem dissatisfied with the typical lot in life.Witness a recent article published in the Boston Globe titled “Look Homeward, Gen X” by correspondent Kate M. Jackson.The article chronicles the home buying exploits of a couple of 35 year olds who, apparently, represent the new “Autonomous, Web-wise, and tenacious” Gen X homebuyer which the Realtors regard as the “savviest home buyers around”.Yet, a little creative digging (hattip Hard Rain) reveals that this young Gen X couple is in debt to the tune of $645,400 with the majority their principle balance being financed with adjustable rate loans leaving them minimally with a $15,400 negative equity position.The couple financed their $245,000 Salem condo, purchased at nearly the absolute zenith of the market in 2004, with a first loan (made possible by Fannie Mae) and second loan (piggyback model… i.e. no deposit) totaling $260,400… yes… that’s right they hold $260,400 of debt on a $245,000 condo purchase.After deciding to buy a single family home last year, the couple were unable to sell their condo (or at least unwilling to take a loss) and, like so many other bay state home owners, became landlords renting the unit through craigslist.In 2007, the “savvy” Gen X couple purchased their new home, again utilizing 100% financing with a first loan (made possible by Fannie Mae) and second loan totaling $385,000 the exact purchase price of the home.Celebrating this couple’s foray into what will likely result in default and insolvency and representing it as a new generation approach to self assured and independent high finance is truly appalling and provides yet another measure of how off balance our culture and disgraceful our media have gotten.As they say, only when the tide goes out do you discover who's been swimming naked and with the economy firmly on a downward trend, soon we will all see the true reality."
Most of you on this blog are treasonous scum. How dare you put China and Arab countries above the land that our fathers built, fought for and died? Sure we're having a tough time of it now and we need to cut back big time but unless we pull together as a country we are truly doomed. Anyone wishing for that is a traitor. And treason still is a captial [sic] offense._____Well, you farqing idjit, it's us and our elected officials who have put China and the Arab countries above us, The American People.So who exactly should be considered traitors?Maybe all of us...yes, we, who elected our gubmit officials, and who consume the goods made in China and the petroleum from Arab countries in mass quantities...Think (if you can) before you write such silly, authoritarian, pseudo-patriotic drivel.
F#CK!Even sh*tty silver is over $20 frickin dollars an ounce. SILVER?!?Who the f^ck wants silver?????_____Lots of people, ya 'tard...it has many industrial uses.
Anonymous said...Celebrating this couple’s foray into what will likely result in default and insolvency and representing it as a new generation approach to self assured and independent high finance is truly appalling and provides yet another measure of how off balance our culture and disgraceful our media have gotten.I am so sick to death of having my husband's kids lecture us on how old fashioned and stupid we are to live within our means. The operative word of Gen X/Y is Debt ManagementThey truly think that they have discovered a new pathway to prosperity. You just need to know how to juggle your debt. "Make it work for you, not against you".In the meantime, there is no private school for the kids, no retirement plan of any kind. No savings. What selfishness.Terrific, well written post.
Can you believe what kind of morons are running the country? Did you hear what Bernanke said? Did he really mean it when he asked the banks to reduce the principal on bad mortgages to help gamblers keep homes for which they had put no money down? Does this idiot realize that he was in fact asking banks on the verge of collapse to give away more money to gamblers-- money the banks themselves don't have?I just can't believe this.. No! Really! This is too much!
Haha Ben Bernanke just admitted that the housing mess is far from over and has suggested that lenders reduce the loan amount to keep people from walking from their home. I'm sure the banks are going to go for that!http://tinyurl.com/32phqe"One of the suggestions Bernanke made was for mortgage and other financial companies to reduce the amount of the loan to provide relief to a struggling owner. "Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure," Bernanke said."---------------------Actually, what he suggested was a little worse... he suggested reducing the principal just enough so the homeowner can refinance into a goverment FHA loan.In otherwords, why wait 120 days and let the house depreciate and lose 40% when you can quickly cut off 30% and dump the loan on taxpayers.
Why would anybody continue to pay their mortgage on time? All you have to do folks is default on your payments and Bernanke will show up at your doorstep with a letter from your bank telling you that your mortgage principal has just been slashed and, as a bonus with that letter, a free 6pack and a bagful of popcorn, so that you can stay put in your sweet home, watch Fox news and fart and burp.
I've got to wonder about a lot of the prime lending going on...I just saw our credit scores, and am somewhat dumbfounded. Hubby's is over 800, and mine is about 785.Supposedly we are super stellar credit risks, right? We do pay our bills on time, but..We have a first and second mortgage on our house that are not being paid off early. We have about $13K on credit cards we shuffle around to keep good rates - and that balance is going up. Our retirement accounts are a little on the pathetic side.We do have a fair amount of silver bullion in safe deposit boxes, but the credit agencies wouldn't know about that.Why would the credit agencies think that we are so creditworthy?
What do the words CREDIT WORTHINESS means. A creditor's measure of an individual's or company's ability to meet debt obligations.How can bond investors ever trust any lenders if the words CREDIT WORTHINESS mean nothing.Why should any bond investors invest in any future mortgage backed securities when the future worth of their investment will be less then the present worth that they want to invest.Federal Reserve Chairman Ben S. Bernanke, battling the worst housing recession in a quarter century, urged lenders to forgive portions of mortgages held by homeowners at risk of defaulting.Bernanke urges more principal writedowns to avert foreclosures
Opec ministers are expected to leave output unchanged but will also discuss a possible reduction in output.Saudi Oil Minister Ali al-Naimi sees no need to change production because market fundamentals are "healthy", according to an interview published on Wednesday in which he blamed record high prices on "tremendous speculation"."This speculation has no link to the stable market fundamentals, which do not need any action," the London-based daily al-Hayat quoted Naimi, OPEC's most influential voice, as saying in an interview ahead its meeting later on Wednesday."Why then should any new action be taken if the health of the market that we follow...is sound?"George W. Bush yesterday accused Opec of worsening the US economic slowdown by keeping oil prices at record highs.The president's attack came on the eve of the meeting of the oil producers' cartel in Vienna today. Meanwhile, US President George W. Bush said on Tuesday he remained optimistic that Israel and the Palestinians could reach a peace deal before he leaves
U.S. Secretary of State Condoleezza Rice defended the deployment of a U.S. warship off the coast of Lebanon, saying it was designed to show Washington's readiness to defend its allies' interests.http://www.nasdaq.com/aspxcontent/NewsStory
Gloom. Doom. Calamity. Home prices are tumbling. We're bombarded by somber reports. But wait. This is actually good news, because lower home prices are the only real solution to the housing collapse. The sooner prices fall, the better. The longer the adjustment takes, the longer the housing slump (weak sales, low construction, high numbers of unsold homes) will last.It's elementary economics. Pretend that houses are apples. We have 1,000 apples, priced at $1 each. They don't sell. We can either keep the price at $1 and watch the apples rot or cut the price until people buy. Housing is no different.Even many economists -- who should know better -- describe the present situation as an oversupply of unsold homes. True, there is about 10 months' supply of existing homes as opposed to four months' a few years ago. But the real problem is insufficient demand. There aren't more homes than there are Americans who want homes; that would be a true surplus. There's so much supply because many prospective customers can't buy at today's prices. http://www.washingtonpost.com/wp-dyn/content/article/2008/03/04/AR2008030402330.html
When the bottom line is all about CREDIT WORTHINESS why should bond investors buy MBS at low yields when they could by muni bonds at higher yieldshttp://www.modbee.com/local/story/228352.htmlTwo Stanislaus County irrigation districts are caught in the same national credit crisis that's driving up interest rates on Modesto bonds.Rates doubled in the past month on some Modesto Irrigation District and Turlock Irrigation District bonds, costing the agencies hundreds of thousands of dollars.The TID's monthly charges on a $60 million bond it financed three years ago increased by $148,000 to about $300,000, while its interest rate climbed from an average of 3 percent to 7.4 percent. At one point, the rate hit 12 percent, Assistant General Manager Steve Boyd said.
Here is one for you dipshit renters. Paul W. a computer engineer rented a 2BR luxury waterfront condominium from an investor in the Blue Condo tower in Miami. Rental price $2,500 per month. Terms: First, Last and Security ($7,500) cashier’s check. Paul moved in on February 1st and sent his check for $2,500. Yesterday a foreclosure notice was posted at his door and he will have to move out in 2 weeks. Will the landlord return his deposit? This imbecile moron doesn’t deserve it better. Stupid ass rentards are being fleeced. Bwahahahahahah!!!!
DIDN'T KNOW WHAT I WAS SIGNING????Every day I read a story about some poor loser who got a toxic ARM who says, "Oh the broker told me this or that and I just signed...blah blah..."That is bullsh*t, you have to go to a F-ing title company to sign refi's, and they are an impartial 3rd party (by law) who explains the documents (at least in my experience at 5 signings). Am I missing something here, or are the poor FB's just trying to blame someone else when they should blame themselves? Why isn't the media calling them on their BS?
Here's part of a comment I posted on the UK Telegraph web site: I worked as a mortgage broker in Oakland, CA from 2005 to 2006. I made absolutely certain that ALL of my borrowers understood the terms of their loans. And based on my knowledge of the competitive environment, I'd say at least 75% (probably 85%) of all California mortgage borrowers knew what they were getting into but could NOT be persuaded to take less risky loans. Of the minority who did not understand what they were signing up for, at least half were WILFULLY ignorant; they signed loan documents without reading them or asking questions. In California, licensed real estate escrow agents, who serve as disinterested parties in all real estate/mortgage transactions, prepare and make copies of loan documents before presenting them for signature; they are neutral parties who keep the system honest and are required to answer borrower questions truthfully. Unfortunately, more than a few borrowers (aka 'victims') do not want to know the truth, ever.I remember trying to persuade a former client to stay away from the type of Option ARM loan described in the article. I had obtained a good mortgage for him and his wife but he wanted to refinance into a larger loan with a teaser rate/payment in order to remodel his home. He wanted me to obtain a similar loan for him but I refused because it would not be in his interest, and I take my fiduciary responsibilities very seriously. I explained...You can read the rest here:('Ninja' loans explode on sub-prime frontline)http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/03/ccsubprime103.xml&posted=true&_requestid=266036#comments
The reason the media are giving the FB's so many breaks is because it's considered so old-fashioned and tacky to bring up things like personal responsibility any more. Everyone wants to be able to assume the victim position and claim that this or that was DONE TO THEM.And the press feeds into that because that's what people need to feel okay about themselves. They're not going to turn on their TVs if their own stupid actions are named as such by the dumb newsreading bleached blondes.
OOPSIE!My bad, we made a $50BILLION mistake........."We made some mistakes," -Jamie Dimon, JPMorgan Chase Chairman and CEOhttp://tinyurl.com/2aqemd
KEITH, I REALLY HOPE YOU LISTEN TO THE RADIO PROGREAM THAT I AM GOING TO TRY AND GIVE YOU ALL THE RIGHT INFORMATION TO GET TO. TODAY, MARCH 5, 2008, THEY INTERVIEWED WILLIAM POOLE, THE OUTGOING GOVERNOR OF THE ST. LOUIS CHAPTER OF THE FEDERAL RESERVE BANK. IT WAS ON NATIONAL PUBLIC RADIO SHOW BASED OUT OF ST. LOIUS CALLED "ST. LOUIS ON THE AIR". THE WEBSITE IS www.kwmu.org/programs/slota/archive (March 5, 2008). Another way to get ther is go to www.npr.com and put in St. Louis 90.7FM and go to "Programs" and scroll down to 11:am to "St. Louis on the Air" and look for "March 5, 2008 - Federal Reserve" in the archives. This was so telling and zero accountability on his part. Talked about the decline of the dollar and that is not their fault and how the federal reserve did not see the "Sub-Prime' mess coming but neither did the Investors. The callers asked tough questions but not tough enough. I wondered what would happen if some of us HPer's called in, unfortunately I couldn't because of being at work. Please listen to this creepy guy.
Two derivatives traders from Key Bank spoke in my accounting policy class tonight. During the Q&A I asked them about how they think the residential mortgage backed securities market will shake out (Key has very little exposure in this area) and they just shrugged and laughed...
Unrealtors®:Now is a bad time to lie.Like property disclosures.Like "bank addendum as-is"....... for non-REO's.Like what a REO really is.Like buyer incentives.Like kickbacks/bribes.Like crime rates.Like inspections.Like costs at closing.Like flood history.Like price trends.Like correction permits.Like relistings.Like vacancy duration.Like buyer-seller agency.Like appraisals.Like a meth lab.Like schools.Like some other offer.Like the 12 pages of fine print.
Here is one for you dipshit renters. Paul W. a computer engineer rented a 2BR luxury waterfront condominium from an investor in the Blue Condo tower in Miami. Rental price $2,500 per month. Terms: First, Last and Security ($7,500) cashier’s check. Paul moved in on February 1st and sent his check for $2,500. Yesterday a foreclosure notice was posted at his door and he will have to move out in 2 weeks. Will the landlord return his deposit? This imbecile moron doesn’t deserve it better. Stupid ass rentards are being fleeced. Bwahahahahahah!!!!Anybody want to take a guess as to how small Blowfly's penis is?
Anybody want to take a guess as to how small Blowfly's penis is?You stupid-ass renting retard with a 3rd grade education. I remember what my dad had said one night, he said n*ggers dicks are bigger than white! Now go and f*ck off you dog faced bald headed realtwhore!
the government should offer a 1% loan to those being forclosed on. This would keep everyone in the home and the government would still be making money. The alternative is to let the whole economey go down like the Titanic. Doesn't anyone in country have common sense....
Don't like higher taxes? Well, just leave. Palatine, a Chicago suburb, wants out of Cook County.Cook tax increase has county border towns steamingPalatine looking into ways it can secede from Cook County in wake of new increase
Well, since the housing market has gone to pot, might as well let it sink like a rock. I'd only offer 1%, yes, 1% of the going price for a house if you wanted the housing bubble to blow up. Most of the houses in Amurica are only worth that anyway so it's not a big deal. Get a mansion in Beverly Hills for 100K. Buy that flat in Manhattan for 70K. Or get a real house elsewhere for $1,000 - $2,500! What a deal!We haven't screwed up the economy enough yet so let's hope that gold drops to $5 per oz and silver drops to $0.02/oz and the Dow Jones goes to 1000 and the S&P 500 drops so low it becomes the S&P 5! Forget about the MSM and the economy and all the other crap and let's just have a party-based economy instead of a RE economy! Plenty of Mcmansions to trash...BWAHAHAHAHAHAHAHAAA!!!!!!!
Is a house an 'asset', anymore?Home Equity Falls Below 50 PercentNEW YORK (AP) -- Americans' percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday.Economists expect this figure to drop even further as declining home prices eat into the value of most Americans' single largest asset.Definition: ASSET1. useful or valuable quality, person, or thing; an advantage or resource: proved herself an asset to the company. 2. A valuable item that is owned. 3. A spy working in his or her own country and controlled by the enemy. 4.assets Accounting The entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill. The entire property owned by a person, especially a bankrupt, that can be used to settle debts.
"Here is one for you dipshit renters. Paul W. a computer engineer rented a 2BR luxury waterfront condominium from an investor in the Blue Condo tower in Miami. Rental price $2,500 per month. Terms: First, Last and Security ($7,500) cashier’s check. Paul moved in on February 1st and sent his check for $2,500. Yesterday a foreclosure notice was posted at his door and he will have to move out in 2 weeks. Will the landlord return his deposit? This imbecile moron doesn’t deserve it better. Stupid ass rentards are being fleeced. Bwahahahahahah!!!!"BOO-YAH! Another renting idiot fleeced.
Renting is for college students and those on welfare. Anyone over 25 with a job who rents is a moron.
Why would the credit agencies think that we are so creditworthy?March 05, 2008 3:28 AM When calculating FICO, the amount of debt doesn't matter too much. What matters is do you pay on time, how long have you had debt and what is your ratio of debt to available debt. So if you have $13K in cc debt, but make payments on time, have been doing so for many years and have at least another $20K in cc debt available, you will have a high fico score.
Blowfly said...You stupid-ass renting retard with a 3rd grade education. I remember what my dad had said one night, he said n*ggers dicks are bigger than white! Now go and f*ck off you dog faced bald headed realtwhore!March 06, 2008 2:58 PMSo then you are a black man????
Renting is for college students and those on welfare. Anyone over 25 with a job who rents is a moron.F*ck off, retard. Do everybody a favor, take yourself out of the gene pool.
Love seeing all the chronic masturbators getting red in the face whenever someone disagrees with HP conventional wisdom. You guys need to get out of your parents' basement more often and live a little.
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