thestatedtruth.com | November 8, 2009
Volcker: U.S. Must Consume Less  Friday, November 6, 2009 11:56 AM           By: Dan Weil  Former Federal Reserve Board Chairman Paul Volcker says the consumer accounts for too much of the economy, a point he says is understood by President Obama and one which implies political support for a weaker U.S. dollar.In a recent speech, […]
thestatedtruth.com | November 5, 2009
U.S. to Sell $81 Billion in Long-Term Debt Next Week (Update2) By Rebecca Christie Nov. 4 (Bloomberg) — The U.S. Treasury Department said it plans to sell a record $81 billion in its quarterly auctions of long-term debt next week and will replace the inflation- protected 20-year bond with a reintroduced 30-year security. The Treasury […]
thestatedtruth.com | November 5, 2009
Fannie Seeks $15 Billion in U.S. Aid After Ninth Straight Loss By Dawn Kopecki Nov. 5 (Bloomberg) — Fannie Mae, operating under a federal conservatorship, said it will seek $15 billion in aid from the U.S. Treasury as its ninth straight quarterly loss once again drove the mortgage-finance company’s net worth below zero. A third-quarter […]
thestatedtruth.com | November 2, 2009
Gene Inger’s Daily Briefing . . . for Tuesday November 3, 2009: Â Â A waterfall decline . . . Â Possibly the prospect of a heavier decline looming (irrespective of this technical fight, as well as psychological holding action purportedly merely awaiting the Fed decisions on Wednesday, which is actually what this is not primarily […]
thestatedtruth.com | November 2, 2009
thestatedtruth.com | November 1, 2009
Geithner Urges Banks to Resume Lending, Help Recovery By Alison Fitzgerald Nov. 1 (Bloomberg) — U.S. Treasury Secretary Timothy Geithner said the country’s economic recovery and job creation hinge on banks taking more risk and restoring the flow of credit to businesses. “The big risk we face now is that banks are going to overcorrect […]
thestatedtruth.com | October 31, 2009
thestatedtruth.com | October 31, 2009
A Â bunch of crap……….Banks have generally been keeping a lid on commercial real-estate losses by extending these mortgages upon maturity. However, that practice, billed by many industry observers as “extending and pretending,” has come under criticism by some analysts and investors as it promises to put off the pains into the future. Â Â Banks Get […]
thestatedtruth.com | October 28, 2009
thestatedtruth.com | October 26, 2009
thestatedtruth.com | October 26, 2009
 Subprime resets crushed the housing market in ’07 and ’08. Now a new wave of adjustable-rate mortgages is just around the corner. “These helped frame where we are in the mortgage crisis,â€Â “which has been the main shark in the water over the past couple of years. You should know where that shark is […]
thestatedtruth.com | October 25, 2009
Debts have value only to the extent that they are being paid, and a rapidly rising number of U.S. households aren’t doing so. Those defaults are leading to losses at banks, a wave of foreclosures, trouble for neighborhoods and strife for families. But they are also providing an immediate, albeit radical, form of debt relief. […]
thestatedtruth.com | October 23, 2009
Commercial Real Estate Bust Looms By John W. Schoen Thurs., Oct . 22, 2009 That big whoosh you’re hearing is the air rushing out of a commercial real estate bubble. More than two years into the worst housing crisis in decades, commercial real estate is shaping up as the second half of what some are […]
thestatedtruth.com | October 20, 2009
thestatedtruth.com | October 15, 2009
“US foreclosures jumped to an all-time high of 937,840 in the third quarter,” writes Ian Mathias in today’s issue of The 5 Min. Forecast. “That’s a 23% rise from the same time last year, says a report from RealtyTrac today. One in every 136 households received a filing – also a record. Once again Nevada […]
thestatedtruth.com | October 15, 2009
That Was Then, This Is Now – In his terrific “Big Picture†blog, Barry Ritholtz cited a neat 1999 comparison by Peter Boockvar. Here’s the citation…… With the DJIA approaching 10,000 again, let’s reminisce about 1999, the year it first passed that magic level on March 29th. Millennium by the Backstreet Boys was the best […]
thestatedtruth.com | October 15, 2009
U.S. Foreclosure Filings Jump 23% to Record in Third Quarter By Dan Levy Oct. 15 (Bloomberg) — U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc. A total of 937,840 homes received a default or auction notice or were repossessed by […]
thestatedtruth.com | October 14, 2009
by Bill Bonner London, England Two important items in the news today: First, Bloomberg reports that retails sales fell 2.1% in September – the biggest decrease this year. Know what that means? It means the “Age of Thrift” is here…and that consumers really are cutting back – just like we said they would. And it […]
thestatedtruth.com | October 8, 2009
 How can they lose this much money?    Oh, they’re giving loans to the same home buyers that wiped out sub prime. The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said. It […]
thestatedtruth.com | September 18, 2009
“Option” Mortgages To Explode  Thu Sep 17, 2009 By Lisa Lambert WASHINGTON (Reuters) – The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset. “Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller […]
thestatedtruth.com | September 18, 2009
So, the banks are told to re write first mortgages, and write off home equity loans and second trust deeds. It sounds like they are doing that, unless the servicier is also the provider of the second (the 4 largest servicers are BofA, JP Morgan, Wells Fargo and Citi)…..in which case they ask (demand) the homeowner to acept new terms on the home equity and second trust deeds or they won’t rewrite the first morgages. This then allows the servicing bank to show the home equity and seconds as performing loans and they then don’t have to show the write off on their books…. Thieve’in Banks…….Thats what we have here.
thestatedtruth.com | September 18, 2009
Total houehold wealth is up 3.9% April through June 2009, but  is still down by 19% from the high reached back in the third quarter of 2007. To put things into another perspective, just do tthe math on the next chart from 2007.  To do the math….hint, we are subtracting  the 19% loss that we’ve had since the third quarter 2007  from […]
thestatedtruth.com | September 13, 2009
thestatedtruth.com | September 3, 2009
More Pain Felt by ‘Prime’Borrowers By ROBIN SIDEL SEPTEMBER 4, 2009 The long recession and rising joblessness are taking an increasing toll on the nation’s most credit-worthy borrowers, who are now falling behind on their mortgage and credit-card payments at a faster pace than people with poor financial histories. The mortgage-delinquency rate among so-called subprime […]
thestatedtruth.com | September 1, 2009
 Sheila Bair was very candid about commercial defaults being more of a driver of lots of bank failures this Fall. This is precisely the type of issue we’ve been concerned of. The references some are making about the ‘stress tests’ being feather tests of banks, is something we’ve argued all along; based on ridiculous […]
thestatedtruth.com | September 1, 2009
Housing Won’t Lead U.S. Out of Recession, Gross Says By Susanne Walker Sept. 1 (Bloomberg) — Housing won’t lead the U.S. out of its recession, Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., wrote in his September investment outlook. There has been a significant break in the traditional economic […]
thestatedtruth.com | August 21, 2009
Meredith Whitney Predicts More Than 300 Bank Failures By Lynn Thomasson and Margaret Brennan Aug. 21 (Bloomberg) — Meredith Whitney, the analyst who predicted that Citigroup Inc. would cut its dividend last year, said the number of U.S. bank failures will quadruple as lenders struggle with bad loans. “There will be over 300 bank closures,†[…]
thestatedtruth.com | August 20, 2009
Mortgage defaults rise to record 13% Â In the second quarter, the number of homeowners behind on payments or in foreclosure rose along with the jobless rate, with California among states leading the way. Â The mortgage meltdown continued to worsen in the second quarter as the number of homeowners who are either behind on […]
thestatedtruth.com | August 20, 2009
Pension Plans’ Private-Equity Cash Depleted as Profits Shrink By Jason Kelly and Jonathan Keehner Aug. 20 (Bloomberg) — U.S. pension funds contributed to the record $1.2 trillion that private-equity firms raised this decade. Three of the biggest investors, state pensions in California, Oregon and Washington, plunked down at least $53.8 billion. So far, they only […]
thestatedtruth.com | August 15, 2009
thestatedtruth.com | August 14, 2009
Toxic Loans Topping 5% May Push 150 Banks to Point of  No Return By Ari Levy Aug. 14 (Bloomberg) — More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival. […]
thestatedtruth.com | August 14, 2009
U.S. Homeowners Cut Asking Prices $27.8 Billion, Led by Nevada By Dan Levy Aug. 14, 2009Â (Bloomberg) — U.S. homeowners cut their asking prices by $27.8 billion with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia Inc. said. Owners slashed prices by 15 percent in Nevada […]
thestatedtruth.com | July 29, 2009
Commercial Real Estate Crash  Looming, Says Fed’s Yellen  By AUSTIN KILGORE July 29, 2009 9:55 AM CST   As the industry looks for signs the housing sector is beginning to stabilize, the threat of a crash in the commercial mortgage market grows, according to San Francisco Federal Reserve president Janet Yellen. Speaking […]
thestatedtruth.com | July 26, 2009
Storm Watch Update  THE END OF AN ERA  (Excerpt from a 17 July 2009 President’s Message to Jim’s clients at PFS Group) When the facts change, I change my mind. What do you do, sir? — John Maynard Keynes, British economist (1883–1946), in reply to a criticism during the Great Depression of having […]
thestatedtruth.com | July 25, 2009
This is an astonishing datapoint: “There were 18.7 million vacant homes in the U.S. during the second quarter as the steepest recession in 50 years sapped demand for real estate and banks seized properties from delinquent borrowers. The number of vacant properties, including foreclosures, residences for sale and vacation homes, was little changed from 18.6 […]
thestatedtruth.com | July 25, 2009
At one point, housing construction was over 5% of GDP. Now it is around 2.5%. The graph shows how much a shrinking home-construction industry has reduced GDP each quarter for the last two years.
thestatedtruth.com | July 23, 2009
Commercial Real Estate Prices in Freefall Boston Business Journal – by Katherine Conrad San Jose Business Journal Thursday,  July 23, 2009 Commercial real estate values around the country have dropped 35 percent from their peak in October 2007, according to Moody’s REAL Commercial Property Price Indices. The decline appears to be accelerating as the index […]
thestatedtruth.com | July 23, 2009
Through March of 2009, banks had taken only $1.1 trillion in write- downs to date. Even the most conservative estimates put total credit losses at $2.2 trillion. Tilson and Tongue make a convincing case that the losses will be far worse than that – more like $3.8 trillion. And these numbers have only grown over time. […]
thestatedtruth.com | July 12, 2009
A study finds that 26% of the defaults across the country are calculated economic decisions to bail out of loans by borrowers who could afford to make the monthly payments. By Kenneth R. Harney July 12, 2009 Reporting from Washington — Would you, under any circumstances, default on your home mortgage, even if you could […]
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