CantFindAlpha

USDA Subprime

I have to admit, as a young professional I have been able to capitalize on this. $0 down, no mortgage insurance and an $8,000 tax credit check. My house is a block outside the 'city limit' and my prior year's income fell under the max by $1,500, thus it qualifies for the USDA loan. I am not the target of this loan program that is for sure, but I am certainly capitalizing on the opportunity. I agree that many of these loans will go under. However, it is not an adjustable mortgage with variance in payments years down the road. It is a fixed mortgage so that could bode well for many of these 'middle income type people' who have capitalized on the opportunity alongside me.

The Dilemma Facing Overstock.com's New Auditors

Fun read but I think some of your arguments are misguided. Most significantly, the date upon which subsequent events (you refer to this as... "New Evidence of a botched audit by PWC and Overstock.com") is a new required disclosure under SFAS 165 for periods ending after June 15, 2009. Prior to 2nd qtr. 2009, the date which subsequent events were evaluated was implied by the date on the auditor's report but did not require its own footnote.