All Ur Houses are belong to us!
Chuck Ponzi December 31st, 2009
Any thoughts as to why over the last 1.5 years, 90 day lates have doubled while bank owned halved?
Any conspiracy theories?
Sphere: Related ContentArchive for December, 2009
Merry Christmas – Where’s my bailout?
Chuck Ponzi December 15th, 2009
I know someone who stayed in their house without paying for 26 months. It was a nice house too. Ugh. Makes me regret actually paying my bills.
“Substantial” Bank Losses are Needed
Chuck Ponzi December 14th, 2009
Let me state right now that I couldn’t care less one way or another about debt forgiveness, but many who propose to just “forgive” debt forget 2 main arguments for not doing it.
1. Banks can’t stay solvent and still do it. Our entire banking system will probably collapse if wholesale write offs take place too quickly.
2. If you let one person do it, you gotta let ‘em all do it. Foreclosures are still the best way to liquidate debt.
Bloomberg’s all over it.
Sphere: Related ContentDec. 14 (Bloomberg) — Banks will need to take “substantial” writedowns on home-equity loans to enable loan modifications that will allow the U.S. housing market to recover, according to Amherst Securities Group LP.
The government’s mortgage-modification program will fail to avert many of the 9 million to 10 million looming foreclosures because it doesn’t reduce principal for borrowers, about a quarter of whom owe more than the current values of their houses, Laurie Goodman, a New York-based mortgage-bond analyst at Amherst, said today in a Bloomberg Radio interview.
“It’s important to realize the largest second-lien holders are the largest banks, and there’s going to have to be some very substantial writedowns if you go to a principal-reduction program,” Goodman said. “And this is going to have to be addressed head-on.”
Whitney: Consumers Still in Trouble: Worse, not better
Chuck Ponzi December 9th, 2009
Houston, we’ve got a disconnect.
Housing to the moon!
Sphere: Related ContentClimate Gate? What about Stimulus-Gate?
Chuck Ponzi December 8th, 2009
I guess when everyone’s fearful, it’s easier to control the masses.
I present 2 opposing viewpoints:
Blah Blah Blah… It’s warming. Just trust us, we’re scientists.
Blah Blah Blah… I dunno, seems like a lot of made up information to support a thesis.
Suddenly “peer-reviewed” data seems kinda suspect. Kinda like asking the NAR if housing prices are going to go up.
Sphere: Related ContentThe Coming Collapse of the Middle Class
Chuck Ponzi December 7th, 2009
Whether you like it or not, the truth is that the middle class has been squeezed over the past 30 years, as Elizabeth Warren of Harvard Law and the House Oversight Committee explains in the attached video. it’s almost an hour long, but one of the most fascinating analysis I’ve ever seen with after and in-depth research into what is causing fundamental shifts in spending in the US within the middle class. She touches on the role of women entering the workforce en masse and some definitely surprising findings (we are spending more on housing, but not really getting so much more out of it). Healthcare, food, clothing, etc.
I would remind readers, though, that predicting is a difficult art to perfect. As Elizabeth herself states, she would have herself been surprised by the outcome of the pressures. In the same way, “collapse” is probably a misnomer. We will adjust, but with a quite different set of priorities. Technology has improved many parts of our lives; but has contributed little to our happiness. Our ancestors would probably be surprised how little we do with our large amount of spare time, but surprised at how hard much stress our daily lives entail; which is probably the biggest toll that the housing bubble has had on America; the human cost is much greater than the monetary cost, especially considering that our children and grandchildren will pay dearly for our stupidity over the past 5 years.
Sphere: Related ContentWord of the Day: Biflation
Chuck Ponzi December 1st, 2009
Biflation is a state of the economy where the processes of inflation and deflation occur simultaneously.[1] The term was first introduced by Dr. F. Osborne Brown, a Senior Financial Analyst for the Phoenix Investment Group.[2] During Biflation, there’s a rise in the price of commodity/earnings-based assets (inflation) and a simultaneous fall in the price of debt-based assets (deflation).
via Wikipedia.
Good news: the outcome is easy… EITHER WAY YOU’RE SCREWED.
Sphere: Related ContentBernanke: Pwned?
Chuck Ponzi December 1st, 2009
Bernanke should have just let the suckers fail and mopped up the mess. Our banking system would be better off if he had.
- Denial
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