Congressional Reform Act of 2010….How To Fix “The Good Ole Boys Club” Meaning Congress

| October 31, 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 Congressman collects […]

Hallow’s Evening….Or As We Now Know It, Halloween

| October 31, 2010

Back in (approx.) 823 B.C., the most inventive, charming and clever people ever to grace God’s green earth came up with an ingenious idea.  They were, of course, the Irish (at this time A/K/A the Celts).  Being bright they did not labor upon the obvious.  So they let somebody else invent fire, the wheel, iron, […]

Looks Like A Ben Bernanke Moment After Wednesday’s Fed Decision!

| October 31, 2010

Movie Quiz

| October 31, 2010

Hmm, no matter how you add it, the number always comes out to number 9!    Movie  Test:   Pick a number from  1-9. Multiply by 3. Add  3. Multiply by 3 again.    Now add the two digits together to find your predicted favorite movie in the list of 18 movies below.         […]

WSJ Says 107 Months to Clear Banks’ Housing Backlog.

| October 30, 2010

This article from the Wall Street Journal:    No matter how you slice it, the housing market faces almost nine years of foreclosure hangover.  That means materially lower prices are likely from here with a chance we fall off a cliff when (not if) the next economic dislocation shows up.  October 30, 2010   By Mark Whitehouse 107:  Is […]

The Reverse (Upside Down) Pyrimid

| October 29, 2010

Mohammed Is Now The Most Popular Name For Baby Boys In Britain

| October 28, 2010

By Jack Doyle October 28, 2010 Mohammed has become the most popular name for newborn boys in Britain. It shot up from third the previous year, overtaking Jack, which had topped the list for the past 14 years but was relegated to third spot. Olivia topped the list for little girls for the second year in […]

In Spain, They Take Your Home But The Debt Stays With You Forever!

| October 28, 2010

So….The real question is how did personal liability mortgages ever become so common in Europe?  Why would anyone ever buy a house under such strenuous terms?  Inquiring minds want to know! By SUZANNE DALEY Published: October 27, 2010 MADRID — Manolo Marbán, 59, is still living in his house in Toledo and going to work in […]

Portugal Back On The Hot Seat…..Or Grill Shall We Say!

| October 27, 2010

The BBC reports:  “the minority government of Portugal has failed to gain opposition support for its proposed austerity budget. A failure to pass the budget could plunge the country back into the debt crisis it had seemingly escaped since the summer.” And this: “Prime Minister Jose Socrates threatened to quit if the budget fails, while the […]

25th Sequential Stock Fund Outflow….$81 Billion Year To Date

| October 27, 2010

ICI reported the 25th outflow in a row. Total YTD money redeemed is now $81 billion. From the market bottom in July, all the way to the current 2010 highs, the market has seen $51 billion in 16 sequential outflows. Yeh, so what!

The Number Of Californians Entering Foreclosure Surges 19% In The Third Quarter

| October 26, 2010

Fresh data shows the number of California homes entering foreclosure jumped nearly 19% in the third quarter from the previous quarter.  It’s the first time the Golden State has logged an increase in the key measure since hitting a peak early last year. Californians were a median five months behind on their mortgages when their lenders […]

Massive Storm Hits The Midwest

| October 26, 2010

A powerful, 2,200-mile-wide wind storm plowed across the middle of the country Tuesday, spawning tornadoes and brutal wind gusts stretching from the front range of the Rocky Mountains to the eastern Great Lakes. “It’s a huge storm, and it’s dominating the wind pattern and the weather over a big chunk of North America,” said WGN-TV […]

Real World Inflation

| October 26, 2010

As is often the case, there is a big difference between what the government statistics are reporting and what’s going on in the real world. According to the most recent inflation reading published by the Bureau of Labor Statistics (BLS), consumer prices grew at an annual rate of just 1.1% in August. The government has […]

Home Lending To Drop Below $1 Trillion…..Lowest Level Since 1996

| October 26, 2010

By Jody Shenn Oct. 26 (Bloomberg) — Home lending in the U.S. will fall below $1 trillion next year to the lowest level since 1996, according to the Mortgage Bankers Association. Originations will decline to $996 billion in 2011, from a projected total of $1.4 trillion this year, the trade group said today in a […]

Real Estate Existing Home Sales Numbers Showed A 10% Jump, But Still Logged Third Worst Month In Record Keeping History

| October 25, 2010

Before anyone gets jazzed about this, the numbers will be revised next month, and percentages don’t tell the real story! The NAR reported September existing home sales came at 4.53 million units, a 10% jump from the prior downward revised number of 4.12 million, compared to expectations of 4.3 million. Keeping this number in perspective, it […]

The Cutting Of Popular Tax Deductions Is Now On The Table….First Up, Mortgage Interest Tax Deduction!

| October 25, 2010

This from The Wall Street Journal….Are they kidding?…….Nope…….You want civil unrest and riots, like they have in France,  just try to take away or cut the mortgage interest tax deduction……..and watch housing fall further at the same time.  Any Senator or Congressman can be voted out of office if this happens, but not until next election unfortunately.  Hot Hot Potatoes. Sacrosanct […]

The Mortgage Interest Deduction…..Why Home Buying Is Heavily Subsidized In The United States

| October 24, 2010

One of the sacred cows of our economy revolves around the mortgage interest tax deduction.  Home buying is heavily subsidized in the United States.  The Federal Reserve has injected trillions of dollars in purchasing mortgage backed securities and other questionable assets all for the purpose of keeping interest rates low.  Yet this is one area […]

The Government Entities Appear To Want In On The Fun!

| 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 […]

California Has The Perfect Storm Brewing In Pensions

| 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, […]

Foreclosures Top 100,000 In September

| 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 […]

Say It Isn’t So…..Fannie Mae And Freddie Mac Need More Money

| 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 […]

Protests Rage In France Over Pension Cuts

| 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 […]

Deflation Hits The NBA…..

| 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 […]

Outflows From Domestic Stock Mutual Funds Reach 24 Consecutive Weeks

| 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:

Fed Beige Book Shows Little Growth

| 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 […]

Pimco, Blackrock And New York Fed Said To Seek Bank Of America Mortgage Putbacks

| 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 […]

Moody’s Commercial Property Price Index Drops To Lowest Level Since 2002

| 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 […]

Germany And The Failure Of Multiculturalism

| 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 […]

Some Practical Ideas For The Good Old Boys Club (Congress And The Senate)

| 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 […]

Credit Scores: 720 Becomes The New 680

| 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 […]

MERS In Class Action Suit

| 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 […]

The New Normal…..Democrats Are In Trouble

| 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 […]

French Strikes Continue, Country Runs Out Of Gasoline

| 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 […]

Equity Ownership And Fund Flows:

| October 17, 2010

Bank Foreclosure Kindergarden Class 101

| 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 […]

Mortgage Rate On 30-Year Loans Fall To All Time Record Low Of 4.19%

| 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 […]

Chief Executive Officers Confidence Fell In October Survey

| 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 […]

Meet Danielle And Jim: The Squatters Who “Reclaimed” Their Foreclosed Home Over The Weekend

| 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 […]

Cumberland Associates Commentary…Treasury Dept. And Small Business

| 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 […]

Mutual Funds See 23rd Sequential Outflow As Redemptions Accelerate, Hit $80 Billion

| 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:

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