blasted

Wells Fargo Earnings: What's Real, What's Not?

The only way Wells stays standing is a Facist Banking system. All these profits writing even more mortgages at super low intrest rates. The mortgages they wrote this quarter are sub prime by old school underwriting standards. Wells does all their own appraisals and over the past 10 years hired only the cheapest, fastest and bigest liars. I would have thought they would be one of the first players to belly up.

Marc Faber: 'It Will All End in Disaster'

I bought and held Japan related closed end funds 20 years ago figuring they were a bargin. What I see now is the US in the same mess trying the same solutions. There would not be enough business for all the bank branchs in my local shoping area even if they struck gold and oil out in the corn fields. The natural thing to do would be to let half of them close because we have four times more than before the credit bubble.

Souring FHA Loans

What do you think is going to happen when you only have a .035% cousion on an asset that takes 7% to market in a flat market. FHA is a joke that only works in a market with 3% to %5 appreciation a year. Also when you originate to distrubute you are going to have a lot more problems than if the originators are eating their own cooking. As long as the banking queen is picking up the tab who cares about messes. Lenders were not so wrong back in the day when any less than under a 20% LTV was considered flakey.

New Horses for the Foreclosure Merry-Go-Round Won't Make It Spin Faster

It looks like housing is going the way of farming. Totally distorted by big brother. Big brother is the defactor owner of a lot of residential real estate, a lot of banks, the car manufactures, a good hunk of insurance companies. I think I read in here one day it is like playing poker with no rules. So right.

Report: Renters Are Wealthier than Home 'Owners'

One cost of ownership is the loss of mobility. Mobilty can be the key to sucess. Just asks the jews in Germany. Owners stuck around will the renters boogyed. For some good shoppers it has always been cheaper to rent than own. Lots of owners under rent their property for one reason or anouther. Particulary high end single family.

Deutsche Bundesbank's Weber: Lessons in Moral Hazard and Market Discipline

Deutsche bank has the most forclosures of any bank in the Fort Wayne IN market and the loans are mostly in the very worst neighborhoods on houses that need to be torn down. I am amazed I haven't heard more about it. Now I know it was all originate to distrubite. They would be bankrupt if they weren't just acting as the trustee for who ever really owns that worthless paper.

Cramdowns and Refinancings Won't Need Appraisals

As long as Sammy is co-signing (even the AGI stuff) who cares about valuation? Valuation just gets in the way keeping the credit rolling.

Why the Housing Stats Are Lumpy

In my market (NE Indiana) there has always been an over supply of homes in certain segments. Over $650,000, second homes and rental properties. I think the sellers list in hope of geting their dream price. So when looking at statistics that shoud be considered. It not like this apparent over suply is a brand new thing, not to say the market is not much worse.

Time for the American Government and People To Confront Reality

Spending money you don't have is like wetting the bed. You get a warm feeling and a sense of relief, then before you know it you are in a very uncomortable position. So these clowns are going to dump money out of B-52's? I don't believe there are so many people can't learn that lesson.

No Real Estate Bubble in Central U.S.

It is really a financing bubble. Sound underwriting was replaced by writing as much business as possible based on home prices increasing by 5% or so a year by people with no skin in the game. Also anything flies as long as Sam co-signs. Now it is anything flies as long as Uncle Sam co-signs and Sam sure has a lot of houses for sell. Next? Sam is the defacto owner of 25% of the residential real estate, the car companys, the banks and the insurance companies. Sam is in control. Nest eggs evaporated if they are in the market or real estate. New winners emerge and it isn't the investor class.

The One-Word Topic of the Day, and Week: Obama

What we need is for the goverment to stop cosigning every silly peace of paper put in front of it and stop penenizing investors in single family housing property taxwise.

It Might Be Impossible to Stop the Decline of Housing Prices

First the goverment should stop co-siging evey goofy loan put in front of it. Second they should stop charging landlords more than homeowners for property taxs. In Indiana landlords pay double what home owners pay for a similar home. If property taxes were fairer investors would buy more REO's lowering the number of houses on the market, . Also an increse in renters causes rents to go up and home prices to be supported.
On Nov 09 09:54 PM Kiisu wrote:

> Perhaps I missed something, but regarding:
>
> * "a buy-back program with the Federal Government offering to buy
> from owners..."
>
> * "the government should create a new lending entity guaranteed by
> the full faith and credit of the U.S. Gov. that makes loans..."<br/>
>
> * "A job creation program..."
>
> * "Take all the low prices homes that have been foreclosed on and
> give them to the homeless..."
>
> * "A program which subsidizes rents of homes..."
>
> And all similar Federal Government-oughta-dos....
>
> I've read the US Constitution.
>
> I've yet to find a clause that permits the Federal Government to
> assume any of those powers.
>
> Though it seems obvious from history that many of our legislative,
> executive and judicial leaders have consistently and willfully violated
> their oaths to "protect and defend the Constitution against all enemies
> foreign and domestic"... I fail to see how proposing additional violations
> of the Constitution would solve any of our perceived problems.<br/>
>
> As my grandfather might have said, "unconstitutional expansions of
> the Federal Government are not the solution... they _are_ the problem."
>
>
> If you truly desire to remove the limits and give such powers to
> the Federal Government, then it is right, just, and appropriate to
> amend the Constitution accordingly.
>
> Until then "we the people" should not be begging the source of the
> problem to illegally assume even more power.

FHA: Faulty Housing Assumptions?

The current system works well as long as prices go up 5% a year or so. All sins are forgiven.

FHA: Faulty Housing Assumptions?

FHA is greet at creating new homeowners. The only problem is they go in the front door and right out the back door! They don't have any money in the deal and are under water on the loan from the get go. THE SALES PRICES are inflated by 6 or 7 percent to cover the closing cost and fees so the buyers are almost 15 percent in the hole if they would need to hire a realtor and move. 22 percent in the hole if they want to hire a realtor and sell FHA again and pay 6 or 7 percent of the next buyers closing cost.

FHA: Faulty Housing Assumptions?

FHA is greet at creating new homeowners. The only problem is they go in the front door and right out the back door! They don't have any money in the deal and are under water on the loan from the get go. THE SALES PRICES are inflated by 6 or 7 percent to cover the closing cost and fees so the buyers are almost 15 percent in the hole if they would need to hire a realtor and move. 22 percent in the hole if they want to hire a realtor and sell FHA again and pay 6 or 7 percent of the next buyers closing cost.