thestatedtruth.com | October 21, 2010
The regulator for Fannie is set to get litigious ….. OCTOBER 21, 2010 By NICK TIMIRAOS The federal regulator overseeing Fannie Mae and Freddie Mac hired a law firm specializing in litigation as the agency considers how to move forward with efforts to recoup billions of dollars on soured mortgage-backed securities purchased from banks and […]
thestatedtruth.com | October 21, 2010
Why California is About to Fall Into an Ocean of Unpayable Debt Perry Wong, Director of Regional Economics at the Milken Institute is co-author of a new report, Addressing California’s Pension Shortfalls: The Role of Demographics in Designing Solutions.  His conclusion: We’re talking about a perfect storm: more state services needed for an aging population, […]
thestatedtruth.com | October 21, 2010
The number of U.S. homes seized by banks topped 100,000 in September for the first time ever, according to RealtyTrac, a real-estate data company. The average loan in foreclosure is 484 days delinquent, according to LPS Applied Analytics. Some 23 states require foreclosures to go through the courts. Even if the outcome of most cases […]
thestatedtruth.com | October 21, 2010
These two giant white elephants funded more than 62 percent of new mortgages in the first half of this year, according to Inside Mortgage Finance, a trade publication in Bethesda, Maryland. It would seem that they some how managed to  loose money on every mortgage funded! Fannie Mae and Freddie Mac the mortgage-finance companies operating under […]
thestatedtruth.com | October 21, 2010
French unions to the government….you can’t do this to us or it will end an entire network of welfare benefits that make France an enviable place to work and live. Are they kidding?   No they’re not! PARIS (AP) – Protesters blockaded Marseille’s airport, Lady Gaga canceled concerts in Paris and rioting youths attacked police in Lyon […]
thestatedtruth.com | October 21, 2010
NEW YORK — NBA commissioner David Stern says there was no progress in collective bargaining talks over the summer, and the league has revealed it is seeking a reduction in player salary costs by about one-third. Stern says the league wants player costs to drop by about $750 million to $800 million. The NBA currently […]
thestatedtruth.com | October 20, 2010
ICI reports the latest fund flow data: flows into everything are up… except domestic stocks. The only silver lining: the outflow is declining, and we may see an inflow next week. The only marginal buyers continue to be the primary dealers (using POMO cash), pension funds, and algos. Weekly Flows: Cumulative Flows:
thestatedtruth.com | October 20, 2010
U.S. economic activity continued to rise only modestly in September and early October, according to a report released by the Fed. Hiring Remains Sluggish as many Fed districts reported little demand for new full-time workers. The picture painted by the beige book showed consumers spending just a bit more. Retailers told the Federal Reserve Bank of […]
thestatedtruth.com | October 19, 2010
Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said. The bondholders wrote a letter to Bank of America and Bank […]
thestatedtruth.com | October 19, 2010
10/19/2010 The banks have a $3 trillion footnote on their balance sheets known as CRE. They are lucky they’re not insolvent: the Moody’s REAL/Commercial Property Price Index index dropped by 3.3% in August, and is now 45.1% lower compared to the October 2007 peak. Moody’s Summary Points: The National — All Property Type Aggregate Index recorded a […]
thestatedtruth.com | October 19, 2010
   October 19, 2010 By George Friedman German Chancellor Angela Merkel declared at an Oct. 16 meeting of young members of her party, the Christian Democratic Union, that multiculturalism, or Multikulti, as the Germans put it, “has failed totally.†Horst Seehofer, minister-president of Bavaria and the chairman of a sister party to the Christian […]
thestatedtruth.com | October 19, 2010
This Is How To Fix Congress!    Congressional Reform Act of 2010  1. Term Limits.    12 years only, one of the possible options below..   A. Two Six-year Senate terms   B. Six Two-year House terms   C. One Six-year Senate term and three Two-Year House terms 2. No Tenure / No Pension. A […]
thestatedtruth.com | October 19, 2010
Card Sharp by AnnaMaria Andriotis Until recently, a credit score of 680 was meaningfull. It meant you paid most of your bills on time, got dinged a little when you went shopping for a refi, but in general you were solid enough to get a loan at the best rates. Not anymore. That 680 is firmly […]
thestatedtruth.com | October 18, 2010
It’s likely that most informed people will agree with the 3 points made below. Our Guess is that more class actions are coming, it’s just a matter of time! Class action lawsuit against the MERS system for mortgage holdings  A class action lawsuit by citizens vs MERS and numerous banks depicting fraud and unfair practices has […]
thestatedtruth.com | October 18, 2010
October 18, 2010 By Amy Walter   ABC News Political Director In the Senate, the path to the majority runs through NV, CO, IL, KY, WV, PA, WA, CA, and CT. For Republicans to win the Senate they need to win 7 of these 9 states. CT and CA are the toughest for GOP to win.In […]
thestatedtruth.com | October 18, 2010
As the ongoing strikes in France against austerity continue, and see increasingly more participation, the latest development is all too familiar to all those who travelled through Athens in the summer: huge lines for gas. About 1,000 gas stations across France have run out of fuel because strikers had blocked access to oil refineries and […]
thestatedtruth.com | October 15, 2010
The banks are (bigger) petrified dinosaur brains then even we gave them credit for! Morons to the tenth power!   This covers some new stuff, so its worth the read. Key Points: when a homebuyer signs a mortgage, the key document is the note. As said before, it’s the actual IOU. In order for the mortgage note to […]
thestatedtruth.com | October 14, 2010
U.S. mortgage rates fell for a third straight week. They now sit at the lowest level on record as housing demand slumps. Rates for 30-year fixed loans declined to 4.19 percent in the week ended today from 4.27 percent, Freddie Mac said in a statement. It is the lowest rate since the McLean, Virginia- based company […]
thestatedtruth.com | October 14, 2010
Confidence among chief executive officers in the U.S. fell in October to the lowest level since May 2009 according to a survey from the Business Council. The Washington-based group’s sentiment gauge dropped to 51.2 this month from a two-year high of 66.6 in May, a report showed today. As calculated by the Conference Board, readings greater […]
thestatedtruth.com | October 14, 2010
Let’s review this again……..the banks are run by people with prehistoric dinosaur brains* (but then again so are the homeowners)! Lets see, these homeowners bought the house for $500,000 in 2001 and then borrowed everything out of it with an $880,000 no interest loan, so who made the loan, right if you said the banks, the stupid […]
thestatedtruth.com | October 14, 2010
By Bill Dunkelberg October 14, 2011 Dr. William Dunkelberg is the Chief Economist of the National Federation of Independent Business. The Treasury Department has just announced a new program to encourage lending to small businesses, the State Small Business Credit Initiative. Selected states can access the $1.5 billion fund if they can demonstrate that each […]
thestatedtruth.com | October 13, 2010
 ICI has just reported the 23rd sequential outflow from domestic equity mutual funds, this time redeeming $5.6 billion, the highest since the beginning of September, bringing the total YTD mutual fund redemptions to $80 billion. Weekly Outflows: Cumulative Outflows: www.zerohedge.com
thestatedtruth.com | October 13, 2010
Art Cashin on the floor of The New York Stock Exchange…..Something to think about! Originally, on this day (-2) in 1922, the German Central Bank and the German Treasury took an inevitable step in a process which had begun with their previous effort to “jump start” a stagnant economy. Many months earlier they had decided […]
thestatedtruth.com | October 13, 2010
It would appear that the bankers do their thinking with prehistoric dinosaur brains.  In depositions released Tuesday, many of the workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. In an effort to […]
thestatedtruth.com | October 13, 2010
The mortgage is still owed, but there’s going to be a problem figuring out who actually holds the mortgage, and they would be the ones bringing the foreclosure. You have a trust that has been getting payments from borrowers for years that it has no right to receive. So you might see borrowers suing the […]
thestatedtruth.com | October 12, 2010
3 Billion Individuals or more than two thirds of the global adult population have wealth below USD $10,000. Figures for mid-2010 indicate that 24.2 million adults are above the threshold for dollar millionaires. While they make up less than 1% of the global adult population, they own more than a third of global household wealth. […]
thestatedtruth.com | October 12, 2010
Words of a wise man, pay attention everyone!  By Bloomberg News October 12, 2010 Advanced economies risk a lost decade unless policy makers recognize the severity of the wounds left by the financial crisis, said Mohamed El-Erian, chief executive officer of Pacific Investment Management Co. El-Erian, who popularized the phrase new normal to describe how […]
thestatedtruth.com | October 11, 2010
MINIMUM Average Gross Income REQUIRED TO BE IN TOP 1% of TAXPAYERS 1980 — $ 80,580 1985 — $108,134 1990 — $167,421 1995 — $209,406 2000 — $313,469 2005 — $364,657 2007 — $410,096 2008 — $380,354 Figures from www.wsj.com
thestatedtruth.com | October 11, 2010
Retired folks are now getting liitle or no interest on their savings (if they have anything left) and now this happens to them!  For many older people, every little bit matters. It really looks to this observer as if our government is out of touch with reality and favoring the rich. WASHINGTON     As if voters don’t have enough to be […]
thestatedtruth.com | October 10, 2010
Here are the latest ranking of ETF’s by asset size.  It was no surprise to see State Street Global Advisors’ SPDR S&P 500 (SPY) on top, with $78 billion in assets. It was the second and third spots that is the most titillating. The World Gold Trust Services’ Gold Trust ETF (GLD) came in second, now […]
thestatedtruth.com | October 8, 2010
Recently J.P. Morgan Chase, Bank of America and Ally Financial have temporarily halted foreclosures in 23 states due to flawed affidavits used in legal proceedings. Now Bank of America has expanded this halt to all 50 states, while PNC Financial Services said it was stopping foreclosures in 23 states for a month. Banks insist the problems are administrative and […]
thestatedtruth.com | October 8, 2010
Billionaire investor George Soros said he shared concerns about a “currency war†and China must do more to accept its responsibilities in the global monetary system. “I share the growing concern about the misalignment of currencies,†Soros wrote in an article for the Financial Times. “Brazil’s finance minister speaks of a latent currency war, and […]
thestatedtruth.com | October 8, 2010
This is just the begining for government layoffs! Government payrolls decreased by 159,000 last month. State and local governments reduced employment by 83,000, while the federal government lost 76,000 jobs as census workers were fired. State and local governments from New Jersey to California are firing workers to balance their budgets as declining property values […]
thestatedtruth.com | October 7, 2010
Former Federal Reserve Chairman Alan Greenspan said the fiscal deficit in the U.S. is “scary†and the government needs to reduce entitlement programs. “We’re involved in a dangerous game,†Greenspan said today at a foreign-exchange conference in New York sponsored by Bloomberg LP, the parent of Bloomberg News. “We’re increasing the debt held by the […]
thestatedtruth.com | October 7, 2010
No surprise here, it’s called the prudent man’s rule! The only problem is the government isn’t leading by example. Consumer borrowing declined in August as Americans trimmed credit-card balances and remained reluctant to take on more debt as job losses climbed. Credit declined by $3.34 billion after falling a revised $4.09 billion in July. This was more […]
thestatedtruth.com | October 7, 2010
By Scott Stewart In this week’s Geopolitical Weekly, George Friedman wrote that recent warnings by the U.S. government of possible terrorist attacks in Europe illustrate the fact that jihadist terrorism is a threat the world will have to live with for the foreseeable future. Certainly, every effort should be made to disrupt terrorist groups and […]
thestatedtruth.com | October 6, 2010
Former Federal Reserve Chairman Paul Volcker an adviser to President Barack Obama said he doesn’t expect consumer spending to spur growth, and the U.S. and other developed nations face the prospect of protracted joblessness. “This has not been an ordinary recession,†Volcker, 83, said today in a speech in Toronto. It’s “very difficult to find […]
thestatedtruth.com | October 6, 2010
July food stamps have just set a new all time high. According to the Supplemental Nutrition Assistance Program (SNAP) at the Food and Nutrion Service, July foodstamp usage rose 1.4% from June, hitting a new record of 41.8 million, and 17.5% higher than the 35.6 million on assistance from a year ago. Participation has set records […]
thestatedtruth.com | October 6, 2010
Today’s POMO is over: at $2.069 billion, the operation was right in line with expectations, coming in at a lofty 12.16 submitted to accepted ratio, as investors apparently are not too crazy about the yield perspective of the 4 2013 CUSIPs that were repruchased. However, what is far more important is that with holdings of […]
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