When Watchdogs Snore: How ABC, CBS and NBC Ignored Fannie & Freddie

The two mortgage giants Freddie Mac and Fannie Mae — seized by the government September 7 before they went completely bankrupt, at a potential cost to taxpayers of more than $25 billion — have been in obvious trouble for much of the past five years — with criminal investigations, accounting scandals, firings, resignations, [more...]

Date: 2008-09-25 21:05:52

Blog posts (461) | Videos (120)
 

Jon Henley reports on the pitiful state of the British pension system

A hundred years ago next month, half a million eldery people popped down to their local post office and collected, for the very first time, a state pension. It wasn't a lot - five bob a week, about £20 now - and there were strings attached: you had to be one of the 5% then aged over 70, and enjoy a weekly income of less than 12 shillings [more...]

Date: 2008-12-19 08:22:25

Time for A Trip to the Mall

Andrew Leonard: There’s only one shopper with a purse large enough to make a difference in this kind of mess — and that’s the U.S. government ... cards, and digging themselves even deeper into debt at a time when credit card companies are raising ... t have any credit card debt, you’re gainfully employed, and you are staring at a $499 price tag [more...]

Date: 2008-12-02 15:17:43

From Bad To Worse To Horrible To Holy Crap!

It’s Friday desk clearing time for this blogger. “After years of making Canadians feel steadily richer, ... said even more cases are coming as banks take bad loans off their books. ‘That’s when we’ll see why these loans went so bad, and there will be criminal investigations,’ said Curt Novy, a California [more...]

Date: 2008-11-14 20:26:25

Eleven (Nearly) Effortless Ways to Save Money Each Month

I confess, I haven’t had much energy the last few weeks.  Making any significant overhauls to our financial plan, our budget, etc ... lot of effort.1. Cut cell phone service down to minimum. Talk to your current provider about reducing ... our cell phone provider to tell us the average paid minutes we used over the last six months [more...]

Date: 2008-11-13 18:00:52

It's Friday

It's Friday and you know what that means. Time's up to post Pat's challenge. I sure hope it isn't just Robyn and I this week ... it out. I used some paper that didn't have a name on it, so I cannot give anyone credit for that. The ribbon ... to use them *wink* Also by buying the silk flowers on the stems, and taking them apart, I found [more...]

Date: 2009-01-16 22:37:00

Meet a self-described “bank terrorist”

Revolting (h/t: Moonbattery): Bruce Marks, founder of the leftist Neighborhood Assistance Corp ... “easy lending.” Listen to NACA’s pitch: “Come to NACA, and regardless of how bad your credit ... , while increasing the number of mortgages it restructures by lowering interest rates and extending loan [more...]

Date: 2008-11-20 23:53:27

Deflation Buyer Strategy: Buy To Renovate

A: Its been a while since I spoke out loud about a buy side tip I will be giving to my clients these days. I apologize as I focused content on the credit crisis and deteriorating macro fundamentals ... , job insecurity rising, and loans are harder and more expensive to get, what type of product [more...]

Date: 2008-11-10 16:45:43

Stocking Stuffer

Not a creature was stirring, not even a mouse… With the Federal Reserve cutting bank lending rates to near zero, ... up with a lot of what makes America both good and bad, modern and in debt. A friend told the story ... interest and never pays off the loan. That way, when the value of the house goes up, they can flip [more...]

Date: 2008-12-18 18:47:31

Ugly Americans Cause World Financial Crisis - Especially George Bush

The French government is investing $14 billion into its six biggest banks ... ? Or was it Joe the Plumber buying a McMansion with a sub prime loan instead of being content with a trailer ... with the reality of bad debts. Sorry, but it's just too easy to blame your favorite disputant (or decider [more...]

Date: 2008-10-21 20:12:44

Housing Bubble Death Trap

(This blast from the past originally appeared June 7th 2006, and it wasn't my first such article. It's still relevant, though. Keep in mind that San Diego has been on the bleeding edge of all of this, so we're likely to start our turn around sooner as well) The title was the wording of a search engine hit I got [more...]

Date: 2008-11-15 16:43:52

DEMS SEEK TO BLAME BUSH FOR THEIR MISMANAGEMENT

Submitted by: Clark Havard Fannie, Freddie And Now, Hannie By INVESTOR’S BUSINESS DAILY | Posted Thursday, January 15, 2009  Subprime Crisis: ... % of all subprime loans. Now these chickens are coming home to roost. The mortgage giants, internal memos show ... The media have pounded President Bush for a wave of Hispanic home foreclosures [more...]

Date: 2009-01-16 19:40:15

Four Guilty Pleasures

I’m busy. You are too, I’m sure. With the busyness comes the feeling of going, going, going ... the home or not, your budget is stretched taught or rather supple, it’s sometimes difficult to let yourself ... just as bad for my waistline as my budget, but I love that touch of richness in that first morning cup [more...]

Date: 2008-12-10 11:00:45

Consumers deserve greed bailout

When a college student who has just run out of money and maxed out her credit card gets that bailout from dad, what's the first thing she does? ... its plastic on the table and said, "Put it on my credit card." Banks, you see, recently cried "Uncle ... to a depositor who dipped 78 cents into the red when buying a hamburger with a debit card. The same [more...]

Date: 2008-09-19 17:05:27

The Never-Ending War Against Advertising

I spoke with a reporter the other day. She was looking for ways to fight the urge to shop. “My top tip is to avoid advertising,” I told her ... is especially bad,” I told her. “I don’t watch much TV, but I did watch the Olympics. I hadn’t watched ... . My friend’s wife came home one day with a $700 purse. He was mortified, and insisted his wife return [more...]

Date: 2008-09-18 12:00:54

Halloween Trick Or Treat With A Twist

With Halloween just around the corner, kids of all ages will do what they always do on the night of ghosts and horror, ... are not only bad for the teeth, but also for the figure. Sweets consumed in massive amounts (as kids ... benefit if you take responsibility and confiscate their candy bag once they get home. Responsible adults [more...]

Date: 2008-10-30 00:27:45

Can You Survive on One Income?

People are losing their jobs left, right and centre. I’ve been overwhelmed with the letters from people who have recently been pounced on by the Unemployment Monster. And even people who still have a job have watched pieces of their income evaporate through pay-cuts or cuts in hours worked. Corporate North America is cutting back and Joanna Average is feeling the bite. [more...]

Date: 2009-09-28 09:45:34

The Trend Of Unsupportable Housing Prices

The Boston Globe reports from Massachusetts. “The median price statewide for single-family homes last month tumbled 9 percent to $323,000 from $355, ... would be further damaged. ‘At this point, the housing market is in such bad shape I don’t think even ... , that’s got to be bad for the real estate market.’” The Seacoast Online. “George Reagan of New [more...]

Date: 2008-09-24 12:54:08

Senate Passes Renewable Energy Bill: House to Come

The senate has just passed what could end up being some of the most important legislation to the future of our country of the decade. No, I'm not talking about buying up $700 B of questionable mortgage assets...I'm talking ... years will stimulate growth in a number of clean tech sectors. The solar investment tax credit [more...]

Date: 2008-09-25 06:14:21

The Seven Steps of Financial Preparedness

The following is a guest post from Marotta Asset Management. When a hurricane threatens, making a plan and gearing up for emergencies is imperative ... . The second step to prepare for financial emergencies is to extricate yourself from credit card debt ... around the country. Ramsey suggests paying off your credit card by starting with the smallest [more...]

Date: 2008-10-13 10:29:04

Things You Tend Not To Spend Much Time Thinking Seriously About When Making A Decision To Relocate

I have had this item on my blogging to-do list for probably 18 months now, without attempting to address it ... s start with credit history, something discussed in this blog a long time ago. Or, rather, your lack of such overseas, which will hamper your efforts to obtain auto financing or even apply for local credit [more...]

Date: 2009-01-15 20:29:06

Built On A Fallacy

The Pittsburg Post Gazette reports from Pennsylvania. “Howard Hanna III has never seen a real estate market like this — and he has been keeping an eye on real estate for the past 40 years. Falling interest rates and generally low unemployment typically prompt home owners to expand their homes or trade up. But Mr [more...]

Date: 2008-09-29 13:06:00

Your Own Financial Rescue Plan, Part 1: Adequate Cash Reserves

Well, the big boys are getting their rescue/bailout plan, but I guess ours got lost in the mail… So what should we do? ... the dot-com bust days when former tech workers ended up living in their cars. A Reason ... up your emergency fund is not a bad one. Any money you may need within 5 years should be in cash [more...]

Date: 2008-10-15 13:11:36

Obama’s Government Grants to Aid with Debt Relief – Pay off All Personal and Unsecured Debt

If you’ve been getting under further and further with debt, you know the feeling of despair that can come from seeking help and being met with empty promises or a lot of red tape. The bottom line of needing debt relief is that your name is on the line and the people you are indebted to have a claim against your reputation or property and can damage your credit or repossess your belongings. [more...]

Date: 2009-09-30 17:50:48

What am I so afraid of?

Tyler Cowen lays it out: The best case scenario: The bad banks continue to be bought up, there is no run on hedge funds next Tuesday, only mid-sized European banks fail, money market funds keep on buying commercial paper ... not rise above eight or nine percent. The worst case scenario: Credit markets freeze up within [more...]

Date: 2008-09-30 16:53:31

Just Survive …

I’ve really wanted to talk about the financial crisis more.  It’s been hard to write about because things on the ground are changing so quickly ... like the one that bought up bad mortgages during the depression.  Everything he’s been suggesting is so populist ... ?  Even my first year economic students couldn’t figure [more...]

Date: 2008-10-12 21:12:23

Treasury bid to halt rent-back evictions

Owen and Moira Martin are among the many British victims of companies offering controversial sale-and-rent-back deals ... agreement to pay off about £26,000 of mainly credit card debt. 'My wife had a heart attack on my 50th ... offer to buy the property of someone facing repossession at a discount price, allowing the former [more...]

Date: 2008-11-09 00:04:48

Fannie and Freddie to Announce Mass Loan Modification Program

re-default. This may also further erode investor confidence in residential mortgage backed securities, ... monies to put towards housing payments. Step 3) Start Improving Your Credit Rating This can take a long ... you pay your bills on time, that you have good credit.  Paying your bills on time only accounts for 30 [more...]

Date: 2008-11-11 19:02:07

Falling Out Of A Bed That Gets Higher Every Day

The Herald Tribune reports from Florida. “Mark Brivik, a real estate investor who made a living buying, fixing up and selling houses on Longboat Key and other parts of Southwest Florida, has filed ... off her credit cards and ripped them up.” Still, even without credit card debt, Lesso is struggling [more...]

Date: 2008-11-24 14:34:43

Why I'm still concerned about yesterday's vote and its impact on the economy

I find fascinating this entire discussion of whether or not voting down the bailout bill yesterday poses an economic danger to the US ... that all is not lost. But credit markets are still frozen. Practically no one in America can get a loan right now. No one. So I decided to use the Google and find out more about what this credit crunch really [more...]

Date: 2008-09-30 16:57:50

Not Ready Yet to End Our Addiction to Growth

The value of public companies listed on stock markets has dropped by about a third in the past year. This means that shareholders believe that this group of companies, which are an important but not dominant factor in the global economy (the public sector, notably health and education, and privately-owned enterprises, [more...]

Date: 2008-10-14 02:37:26

What Sort of Loan Can I Get? (October 2008)

Having had two separate very qualified buyers ask me if they could get a loan in the last two days was kind of an eye opener to all of the hype out there about how difficult it is to get a loan currently. Things have swung just as far ... it significantly harder to qualify for a loan than they really should. This won't be permanent [more...]

Date: 2008-10-23 13:44:13

Finally: Republicans Finger Democrats as Responsible for Fannie/Freddie Meltdown

—Ace Good video report from Jim Angel at FoxNews. It should be noted that "Republicans" do not include "McCain ... in demogogic populism, blaming Wall Street for "forcing" loans on poor people who coudn't afford ... you can make. All you need is a signature and a smile. If the federal government were [more...]

Date: 2008-09-24 00:11:22

Welcome to the Wal-Mart Society: Why Republicans Want Automakers to Fail

Republican members of Congress who think autoworkers have "Cadillac" health care benefits should give up their health plans and take up a Wal-Mart plan, says columnist Mark Sawyer. George Bush, borrowing from author Jeff Gates, once trumpeted what he called the alm"ownership society." The ownership society was attractive in many ways [more...]

Date: 2008-12-22 17:33:25

People make mistakes...

... but for really fucking colossal mistakes, well, you can nearly always look to the state for those. Let us take the Credit Crunch... Now, this was partially caused by greedy bankers, it is true; but it wasn't entirely their fault. Y'see, what is at the heart of the Credit Crunch is a loss of faith in the value of mortgage loans [more...]

Date: 2008-09-21 01:45:31

No Bailouts For Billionaires -- And No Bail For These Bums Either

Let's make a deal before the markets open in Asia My financial advisor is pretty conservative with her suggestions ... named Paulson (not related) and some "vulture capitalists" who are buying up bad mortgages ... they presided over the packaging and sale of loans that helped bring down the investment-banking system [more...]

Date: 2008-09-28 13:00:00

Champaign Bottle corks are popping today

Joseph Stilgitz asks tough questions at The Nation: The champagne bottle corks were popping as Treasury Secretary Henry Paulson announced his trillion-dollar bailout for the banks, buying up their toxic mortgages. To a skeptic, Paulson's ... one of these rearrangements: somehow, by stripping out the bad assets from the banks and paying fair market [more...]

Date: 2008-09-29 10:41:45

Why Have Homeowners Been Forgotten?

As part of the latest directional shift in the allocation of the bailout funds being managed by Hank Paulson, ... prescribing less governance on the application of those funds than is required to redeem a typical ... of the money to buy rotten mortgages and other bad assets from banks. That had been the centerpiece of the plan [more...]

Date: 2008-11-19 17:40:58

Back to Basics: Start doing the little money-saving things again

I’ll admit that when I get a little bit of breathing room in our budget, I get lazy. I’ll go out with friends to lunch, or head to the vending machine for a snack. I don’t plan finances as much as I should. And it costs me more than if I did plan and went the cheaper route. Doing these little money-saving things takes time [more...]

Date: 2008-11-02 05:58:15

Race based social engineering led to current economic crisis

Race based social engineering led to current economic crisis Diana West is one of the few with the guts to say it: ... for minorities. To implement this policy, banks had to overlook traditional markers of good and bad risk--credit histories, employment, down payments, etc.--thus opening up the housing market to loan [more...]

Date: 2008-10-06 07:25:01

Memories Of A BMW 732i [Jalopnik Reality Garage]

Seeing the BMW 735i parked down on the street this morning we were reminded of one of our past rides, a European-spec E23 BMW 732i ... idea since I had just totaled my Buick LeSabre and had the insurance cash burning a hole in my pocket ... for me. A big car that was cheap, unique, and relatively fun to drive? It ticked all the boxes [more...]

Date: 2008-10-17 21:20:00

Psst! Hey Chicken Little, the economic sky isn’t falling

I’m not one to rant and I’ll try real hard to avoid that in this article, but I just have to get this out of my system a bit ... at work, on the news, in the papers and across the blogosphere is how bad the economy is.  How close ... invaded or a comet was on a collision course with earth! Is it really that bad? Is it really the day [more...]

Date: 2008-10-08 09:00:56

E-Books to the Rescue: Ten times I was glad I had my e-nook reader

I have long maintained that for most readers, e-books and print books don’t have to exist an ‘either/or’ scenario ... most of 2005 in a foreign country where my home was a small city which only boasted one bookstore to its credit. That bookstore was smaller than my bathroom and filled mostly with stationary products [more...]

Date: 2008-11-10 16:29:36

Bush WH Ignored Mortgage Meltdown Warnings

“In hindsight, it was spot on.” -Jeffrey Brown, former top official at the Office of Comptroller of the Currency, ... than many fixed rate mortgages,” David Schneider, home loan president of Washington Mutual, told ... by the White House. The proposed regulations might have avoided the worst fo the housing and credit [more...]

Date: 2008-12-01 19:43:15

Bailout Fatigue Sets In

attorneygeneral.utah.gov Just as troubled borrowers are poised to become the next likely recipients of government help, ... mortgage-loan modifications — the anger over bailing out borrowers has been growing. Taxpayers ... saying, ‘I didn’t buy a house I couldn’t afford. I didn’t take out a home equity loan [more...]

Date: 2008-12-09 18:38:11

Basketball’s Best-Kept Secret: Revealed!

To mark the start of a new NBA season, let’s revisit Ethan Trex’s review of the definitive basketball rap album ... , this seemed like a good way to spend four dollars. I was wrong, though. Buying this record was an outstanding way to spend four dollars. In the Pantheon of Hilariously Bad Athlete Rap, it’s the missing link [more...]

Date: 2008-10-29 01:57:00

What If The Divine Was Merely…Mortal?

I must admit that I agree with Barack Obama.  I’ve been trying to keep my chin up and look for the positive aspects of his Presidency ... ’t buying it.  What happens when the Politburo doesn’t have the support of the Faithful?  It turns ... at an extraordinary time, with bad economic news mounting by the day and with one of the country’s major [more...]

Date: 2008-12-05 03:17:52

Carnival of Personal Finance #179 - Smile Edition

Welcome to the 179th edition of Carnival of Personal Finance. This week, I want to remind everyone to smile because there’s never enough happiness in the world! Editor’s Choice Photo By Richard M. Reading these articles just brings a huge smile to my face! Great positive advices are what we should all be writing about! [more...]

Date: 2008-11-17 08:01:51

Rule #19: Too Much House

Don't Buy Too Much House I think this rule has never been truer than now, during a financial crisis of historic proportions. It remains to be seen how the credit crunch will play out, but why did it happen in the first ... and run up credit card bills, in effect choosing not to be able to afford their house [more...]

Date: 2008-10-13 13:00:00

101 Ways to Take a Bite Out of Your Food Budget

0) // Except on the Mac - ahead of its time date.setTime (date.getTime() - skew); } var expdate = new Date (); FixCookieDate (expdate); expdate.setTime (expdate.getTime() + (365 * 24 * 60 * 60 * 1000)); // 1 year from now document.cookie = "wp_ozh_wsa_regardless" + "=" + escape (1) + "; expires=" + expdate.toGMTString() + "; path=" + "/Blog/"; [more...]

Date: 2009-09-29 08:20:00

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