The Fed Translated…..
Release Date: December 16, 2008 The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 ... . No arguments there. Financial markets remain quite strained and credit conditions tight. I’m not sure ... . Let me rephrase that, in light of the Consumer Price Index report this morning, it’s pretty [more...]
Date: 2008-12-17 04:47:10
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Credit Crisis Sequel, Global Bank Bailout, Emerging Markets Still a Buy?, Gas Wars and More!
Ghosts of the fourth quarter haunt global financials… so begins the second act of the credit saga… Even the IMF needs a loan… $150 billion to back ... and notprofitable) segments of the business. Robert Rubin, who among other things helped create this “ ... predicted today. According to Morgan’s report, profits at HSBC will decline “sharply” this year [more...]
Date: 2009-01-16 15:28:24
Is Bush Tanking Stocks to Grab the Remaining $350 Billion TARP? Remember the much decried end-of-Clinton- era pardons, the most controversial of which involved tax cheat and storied trader Marc Rich? Well, if I am reading the tea leaves right, those shenanigans pales compared to the nonsense Bush is trying to pull in his last week in office [more...]
Date: 2009-01-13 21:43:00
Soimething to offend Everyone
Political satire or reality?We will do something a little different in today’s post. Rather that blather about our own political views, let me share with you the contents of an email I received from dear friend and colleague Dr. Jerry. We’ve omitted the illustrations from the original since my technical knowledge is not sophisticated enough to [more...]
Date: 2009-01-14 00:17:00
Bad Credit Financing For Personal Loans: Reveal The Truth Here!
by Asem Eltaher 2009 is the year to refinance since the FEDS brought down rates at the beginning of the year. Pushing rates down to the 5% range and now to 4% making this the best time to apply for relief, especially when you are getting deeper in debt and have impaired your credit. Homeowners can apply for bad credit financing that is helping relieve some of the load. Sub Prime lenders are experienced with mortgage refinancing and personal loans for bad credit. [more...]
Date: 2009-10-01 10:42:17
IMF Report: Good News and Bad News, But Not Much New News
John Lounsbury submits: The IMF has issued its semi-annual report on the world economy this morning. There is some good news and some bad news. There is not a lot of headline news here, but the report is a good compilation of where the world is more than halfway through 2009. I start with lists of some summary items, followed by reviews of items of interesting data in the report. Good News 1. Banking systems have stepped back from the brink of disaster; 2. [more...]
Date: 2009-10-01 02:04:17
Blocking, Tackling & Running: Leveraging a Crisis Into Real Change
There's a fairly well known cartoon of two scientists working out a problem on a chalkboard covered with complex equations and down in the circle is a little circle with the key step inserted in small print - "and then a miracle occurs". Wouldn't it be nice if we could take the same short-cut to fixing the horrendous shopping list of significant [more...]
Date: 2009-01-16 20:07:11
Ripples from Chase. Banks in the news, and not in a good way
Here is a job listing just in time for all those great folks at Chase Chase’s exit from wholesale left brokers searching the rate sheets in their ... up-front fees for application, credit report and appraisal with the thinking being “once a customer writes a check, even for a nominal amount, they are motivated to stay put”. And successful [more...]
Date: 2009-01-15 14:34:13
Recent Bankruptcy? It’s Not Impossible to Obtain a Home Loan
Because the new bankruptcy laws go into effect on October 17, 2005, more Americans than ever are filing for relief using the federal bankruptcy laws ... (unless creditors report incorrectly). By filing simple dispute letters with the three credit bureaus ... a bankruptcy. How is that possible? An example of this is Dave Olson (a fictional character). He [more...]
Date: 2009-01-15 00:11:26
Anything That Could Go Wrong Did Go Wrong
The Gazette Times reports from Oregon. “After a months-long struggle to move through the city’s planning department and overcome objections by wetlands advocates, Ashwood Preserve is up for sale. The 9.52-acre parcel, which became a test case for a provision which allows a land owner to build on property even if it is mostly covered by natural [more...]
Date: 2008-12-29 17:24:14
Desperation Has An Ugly Face
It’s Friday desk clearing time for this blogger. “A lot has happened since 2004 — in the housing market and in the lives of everyone associated with Vantage Pointe, the largest residential project ever to be built in downtown San Diego. Jennifer Bishop made a 5 percent deposit on a unit in Vantage Pointe in one of the first phases, she said [more...]
Date: 2008-12-05 19:49:04
Paulson Bank Bailout in ‘Great Stress’ Misses Terms Buffett Won
Henry Paulson’s bank bailouts, done under “great stress” during the worst financial crisis since the Great Depression, failed to win for U.S. taxpayers what Warren Buffett received for his shareholders by investing in Goldman Sachs Group Inc. The Treasury secretary made 174 purchases of banks’ preferred shares that include warrants to buy stock [more...]
Date: 2009-01-11 18:02:45
National letstalk survey reveals consumer spending still strong on cell phones and plans
Recent economic hardships may have consumers scrambling even more to stay out of debt, but Americans won’t let the wireless payment slip ... , credit card payment, or rent/mortgage payment. When asked the primary motivation for prioritizing ... . Surprisingly, over 75 percent of respondents report never being late on their wireless bill [more...]
Date: 2008-11-04 05:52:38
Bailout Scorecard: Giving Thanks
The bailouts keep on coming. The Federal Reserve is busy introducing plans to support the asset-backed securities market, ... that their off-balance sheet funds held scores of bad debts, and they wanted to find a way to offload ... , for the betterment of everyone. Bear Stearns After the company’s stock slumped and its credit-default swaps [more...]
Date: 2008-11-26 10:42:00
Bottoming Signs
Bottoming Signs Here and there are some small signs that the economy is at least bottoming — a crucial stepping ... continues to expand its balance sheet.Additionally, the credit freeze continues to thaw. The three-month ... stone to meaningful recovery.For example, the ISM non-manufacturing services report released today [more...]
Date: 2009-01-07 23:49:00
Short-Term Strategies Don't Work for Wall Street or the Planet
By Mindy S. Lubber The fiscal crisis on Wall Street is a painful lesson in how entire industries can delude themselves into ignoring the most fundamental issues -- in this case, the hidden risks from easy sub-prime mortgages. It also reveals the vast pitfalls of an economic system obsessed with short-term gains and growth at all costs while [more...]
Date: 2008-10-14 16:25:47
Layaway Is Making A Comeback
The Wall Street Journal: Layaway, a payment practice that was made popular during the Great Depression but nearly became extinct due to the instant gratification of credit cards, is back in fashion thanks to the credit crunch. Only ... Warehouse Corp.; and Kmart, — report that demand for layaway is stronger than it has been in years [more...]
Date: 2008-10-28 14:07:56
Financial stocks hit new lows despite U.S. cash infusions
If the government’s financial-system rescue plan was supposed to give investors comfort about holding stocks of banks, ... . But that obviously isn’t making shareholders feel better about the credit card giant’s prospects ... that Goldman will report its first quarterly loss since came public in 1999. Meanwhile, Newport Beach [more...]
Date: 2008-11-11 19:26:16
Stanley Kurtz: HOW ACORN & ITS DEM ALLIES BUILT THE MORTGAGE DISASTER, and how Obama is right in the middle of it
UPDATED Please scroll down I didn’t have a chance to post on it yesterday, but Maria and a couple of friends sent this, ... to force banks into making high-risk loans to low-credit customers is still active. None ... , was worried that charges of discrimination had become an excuse for lowering credit standards. She warned [more...]
Date: 2008-10-14 12:37:34
Could It Be ….. Recovery? If So, Hurry Up Already
I’m starting to like this 78-day presidential transition period more and more. That’s because in another 30 days or so, the economy might ( ... to be a flock of refi applications. At a minimum, most of these will lower monthly payments and free ... freeze” on credit to worthy borrowers has struck me as absurd for the three months. The reported [more...]
Date: 2008-12-18 17:29:55
Weekend Conspiracy Theory - Can You Stomach It?
A: Are we all just pawns in a bigger chess game? I'm not one to buy into conspiracies, but this read is just too crazy, given what we know of today's credit/financial crisis and how it has evolved from dynamics/products such as counterparty risk, credit default swaps, complex derivatives - mortgage backed securities [more...]
Date: 2008-10-18 22:54:48
Welsh Investment letter – September 2009
~~~ V-SHAPED RECOVERY VERSUS SECULAR AND CYCLICAL HEADWINDS Growing up in Chicago, I looked forward to every baseball season, and I cheered for both the White Sox and Cubs, since neither team won that much. I never saw the point in being choosey. The GO-Go White Sox went to the World Series in 1959, before winning it 46 years later in 2005, and 88 years after winning in 1917. The Cubs haven’t won a World Series since 1908, and that 100 year streak appears safe in 2009. [more...]
Date: 2009-10-01 14:45:08
A Long Way To Go In California
The Contra Costa Times reports from California. “A grass-roots effort aimed at curbing the massive home foreclosures in East County, ... This is not an acceptable situation for us.’” “The latest report of the State Foreclosure Prevention ... delinquent homeowners were not on track for any modification. According to the report, ‘the mortgage [more...]
Date: 2008-10-30 17:31:39
FHA Update: The “It Girl” of Mortgage
This morning I’ve been trying to update articles I’ve written on FHA in an attempt to have the information be accurate during this day and age of ... credit scores. Home Buyers can still obtain a gift or loan from family members as long as it meets underwriting guidelines. Rental income credit when buying a new home and renting the existing [more...]
Date: 2008-10-18 17:09:29
Introduction (4)
What should I do if I find mistakes in my report? As you read through your report, make a list of everything out-of-date, such as: Lawsuits, ... C and D, for more information on reviewing and correcting your credit report.) Taken From : Credit Repair by Attorneys Robin ... it may look as if you have too much open credit accounts listed more than once, [more...]
Date: 2009-01-10 04:35:04
MBIA’s CDO Misadventures Continue (Commercial Real Estate Edition)
Monoline insurers were last year’s story, but I have a prurient interest in some of the smoldering hulks of the credit crisis. Readers may recall that in January-Feb of last year, seemingly imminent demise of monolines looked to be ready to set off financial armageddon, since monoline (and AIG) credit enhancement was critical to a lot of structured credit instruments. [more...]
Date: 2009-10-01 03:03:47
MBIA’s CDO Misadventures Continue (Commercial Real Estate Edition)
Monoline insurers were last year’s story, but I have a prurient interest in some of the smoldering hulks of the credit crisis. Readers may recall that in January-Feb of last year, seemingly imminent demise of monolines looked to be ready to set off financial armageddon, since monoline (and AIG) credit enhancement was critical to a lot of structured credit instruments. [more...]
Date: 2009-10-01 04:03:47
UNCERTAIN BUILDING
“The advanced price correction and rapidly falling interest rates in recent months have combined to make property much more affordable and attractive to those who need a home now.”“If you are buying a home and you can get it at a 20 or 30% reduction and the cost of financing it is similar to the rent you are paying, then it makes sense to purchase [more...]
Date: 2009-01-12 10:08:00
China Stimulus, Troublesome Retail Earnings, Global Economic Woes
China unveiled yesterday (Sunday) what it described as a “massive” economic stimulus package – a planned capital infusion of $586 billion that it plans to use to reverse its slowing growth, to loosen credit and to offset slowing global growth ... in a research report Friday. “This is a key theme for China and indeed, the entire Asian region.” [more...]
Date: 2008-11-10 12:23:58
Why would anyone buy a home today?
From MarketWatch: Home buyers advised to look before they leap Fox-Pitt Kelton home-builder analyst Robert Stevenson said Wednesday he thinks this ... that now is great time to buy a home given low mortgage rates and falling home prices, we believe that for most homebuyers, the opposite is true,” Stevenson said in a report to clients. … “Buyers [more...]
Date: 2009-01-07 18:21:09
Market Gains Don't Impress Stockbroker Photos [The Panic Of '08]
Asian and European stock markets are posting gains of 4 to 10 percent this morning thanks to a coordinated effort among ... was aimed at the wrong target. Purchasing mortgage securities from banks wouldn't do anything to kick-start lending and get credit flowing again, they said. Rather, banks would use the proceeds [more...]
Date: 2008-10-13 12:20:58
GOP Target-->Barney Frank
Barney Frank and his Democratic friends have brought down the banking industry by forcing banks to give loans to people who couldn't afford them, ... . . . . According to the report below, Frank is FINALLY on the Republican Party hit list: McCain, GOP ... mate, Alaska Gov. Sarah Palin, said Saturday that an Obama presidency combined with Democratic [more...]
Date: 2008-10-26 00:56:56
Ministers could set loan rates, banks warned
Direct Whitehall control over the lending rates of Britain's high-street banks is among the contingency plans being drawn up by Alistair Darling to ensure that the dearth of lending caused by the credit crunch does not force thousands of small ... to the small business sector had risen in recent months. A Treasury source said the government's [more...]
Date: 2008-11-27 00:10:52
Debbie Downer Is Alive And Depressed In New York City
You haven’t heard from me because I spent half the day with travel delays –it’s cold and rainy in NYC, ... Housing Report. The heads — Bob Shiller wants to see us trade real estate securities like stocks, thinks ... a financial physician that the government should subsidize. (Reality check: the government does provide [more...]
Date: 2009-01-08 06:45:48
Trying to be Politically Correct.
In North Florida, we called them “Trailers”. In Maryland, I was corrected. They called them “Mobile Homes” ... to know the price ranges. We knew that our credit report would come up as “DANGER, DANGER!” so we figured ... : It seems, Mr. Our-Last-Name, you don’t have a credit report. Mark: Um. What? Salesman: Nothing [more...]
Date: 2009-01-08 15:58:37
Three Ways to Know When the Credit Crisis Hits Bottom
There is a growing body of data that suggests banks have recognized only a fraction of the overall potential losses - approximately $50 billion to ... t include the additional losses from secondary-prime mortgage loans, auto loans, credit card balances, student loans and the other credit-related flotsam and jetsam floating around in the debt markets [more...]
Date: 2008-12-08 13:42:23
What Didn't Cause the Crisis?
Tyler Cowen, contradicting Anna Schwartz, says it was private sector imperfections, not government policy that caused the imperfection ... Funds rate to blame?, by Tyler Cowen: ...I don't side with Austrian Business Cycle Theory in citing ... of that wealth through credit and the desire for additional risk. Note that if an increase in real [more...]
Date: 2008-10-21 22:06:00
A Ph.D. In Loss
A report from Oregon Public Radio. “In the last several years high-end resort communities have sprung up across the West. But those destination resorts are suffering big time under the housing slump and credit crunch ... Boomers were looking for vacation homes. Getting credit was easy and there was a huge rush in real [more...]
Date: 2008-11-18 21:21:40
Beige Book’s Midwestern Summary
From the Federal Reserve’s Beige Book (HTML, PDF). Economic activity in the Seventh District declined further in December, ... market conditions weakened. Construction declined, and manufacturing activity moved lower. Credit ... service center activity continued to be robust. Sales were sluggish for Detroit three nameplate [more...]
Date: 2009-01-15 01:00:38
And Where It Will Stop, Nobody Knows
Headlines / economic news of the past 48 hours: Global trade (combined exports & imports) dropped 18% in the four months ended November 2008 ... of Finance. China’s report was its worst in at least a decade and Germany had its worst export drop ... in December as job losses and the choking-off of credit led Americans to cut back on everything [more...]
Date: 2009-01-14 16:22:05
How Bad Will The Bush Depression Be?
It looks like Bush is racing in his final days as occupant of the White House to see if he can beat Herbert Hoover's economic record as the most disastrous U.S. president for American families. Today's employment report puts Bush in good shape ... to the worsening credit crisis. That has put pressure on Congress and the White House to come [more...]
Date: 2008-12-05 20:30:00
Nationalizing Detroit
Nationalizing DetroitWhatever Detroit's failings, it is unlikely that Washington will be any better at knowing how to run a successful ... extension of credit will not likely be paid back any time soon and that more federal financial relief ... and domestic violence, but also polygamy, under-age marriage, welfare fraud, and the exploitation [more...]
Date: 2008-12-10 18:50:51
Your mission, should you choose to accept it, is to spread this information...
Good news today for Sen. John McCain and Gov. Sarah Palin: "Among "likely voters" which uses the traditional models of historical voting habits, ... '? Will it be Joe the Terrorist? ACORN? According to a report authored by Rob Paral and Associates, “The New ... credit for Obama's lead? Quite Possibly. How? Why? Joe the Terrorist does not want John [more...]
Date: 2008-10-28 20:54:49
Mortgage Calculators Can Be Invaluable When Comparing Loans
by Matthew Eccles Are you looking for some inside information on free mortgage calculators? Here’s an up-to-date report from mortgage calculator experts who should know the formulas used to calculate mortgage payments. Mortgage calculators can be a useful tool for comparing loan offers. Some mortgage calculators allow you to enter your current mortgage rate and term length into the calculator along with the rates and terms of prospective lenders. [more...]
Date: 2009-09-30 22:59:48
The First To Fall And The Last To Rise
The Manteca Bulletin reports from California. “In the go-go days of stratospheric housing price increases some newer neighborhoods - such as Woodward Park, Diamond Oaks, and Villa Ticino - were seeing prices jump as much as $5,000 a month. Now those neighborhoods have returned back to earth as closed deals so far this month signal that banks are [more...]
Date: 2008-10-11 18:59:11
John McCain: Davenport Liveblog
Why is John McCain in Iowa when polls show him trailing? Will he again defend his opponent Barack Obama from personal attacks as he did Friday? What is his response to an Alaska legislative report charging his running mate Sarah Palin ... in Davenport. The Republican nominee insists he’ll win Iowa, but had no comment about the Palin report. Nearly [more...]
Date: 2008-10-11 13:02:40
Stocks fall as retail sales show steep drop
NEW YORK (AP) -- Volatility battered Wall Street again Wednesday after a disappointing retail sales report reminded investors that country is either ... percent, to 1,722.99. The government's report that retail sales plunged in September by 1.2 percent ... Department report is sobering because consumer spending accounts for more than two-thirds [more...]
Date: 2008-10-15 16:06:23
The Community Report
We hope you are enjoying the new year! As we mentioned in our last update, The M & M Team has made some changes ... some changes) we have elected to upgrade our Community Report. This system will periodically send ... s market may be challenging, particularly for those with credit problems or little saved to put toward [more...]
Date: 2009-01-16 22:42:10
Monday morning links
TOP STORIES U.S. Approves Plan to Help Citigroup Cope With Losses - NY Times Democrats' Stimulus Plan May Reach $700 Billion - Washington Post Bring ... World With More Dollars - Bloomberg Fed Pledges Top $7.4 Trillion to Ease Frozen Credit - Bloomberg ... on Crisis - Bloomberg US influence to decline, NIC intelligence report predicts - Telegraph China [more...]
Date: 2008-11-24 14:04:18
Money dangers we know — but ignore
Money dangers we know — but ignore We’re smarter than this. But sometimes dollar signs disable our brains ... continuing labor-contract talks between the union and Chrysler on Wednesday morning. Mortgage Loan ... that managers who commit fraud anticipate large stock price declines if they were to report truthfully [more...]
Date: 2009-01-15 09:19:03
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