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From Lew Sichelman at the LA Times: Owners' willingness to 'strategically default' on loans depends largely on how far underwater they are (ht Ann) Most of the LA Times article is based on the paper by Guiso, Sapienza and Zingales that I covered in June: Moral and Social Constraints to Strategic ...
Other
Meredith Whitney expressed concern about what will happen when the Fed stops buying GSE MBS by the end of the first quarter 2010. From Bloomberg: Meredith Whitney Says Bank Stocks Are ‘Grossly’ Overvalued The Federal Reserve has begun slowing purchases in the $5 trillion market for so-called ...
Stocks
Federal Reserve
Meredith Whitney
Freddie Mac
Note: The FDIC will probably release the Q3 Quarterly Banking Profile next week. The report will show the number of banks on the problem bank list, and the status of the Deposit Insurance Fund (DIF). The FDIC closed another bank on Friday, and that brings the total FDIC bank failures to 124 in ...
Government
FDIC
Anglo Irish Bank
From Tim Duy: The Fed in a Corner Over the years, I have warned a seemingly countless number of undergraduates that Fed's hold on monetary independence was tenuous at best. Independence is not guaranteed by the Constitution. Congress made the Fed, and Congress can unmake the Fed. The Fed could ...
Government
Federal Reserve
Tim Duy
Jim is featuring a few trustee sale opportunities recently ... the total loan on this one is about $650,000 and the opening bid is $331,500 for a 2100 sq ft house on over 4 acres in a remote area of San Diego:
Other
Jim Cramer
This is an unofficial list of Problem Banks compiled only from public sources. Changes and comments from surferdude808: The Unofficial Problem Bank List increased by a net six institutions to 513 while aggregate assets declined to $302.3 billion from $304 billion. There were 12 institutions ...
Government
Anglo Irish Bank
FDIC
From the FDIC: Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Commerce Bank of Southwest Florida, Fort Myers, Florida Commerce Bank of Southwest Florida, Fort Myers, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit ...
Government
FDIC
Anglo Irish Bank
From Globe St.: Values Off 43% From 2007 Peak Prices nationwide have fallen 42.9% from their October 2007 peak, according to the latest Moody’s/REAL Commercial Property Price Index report issued Thursday, while Real Capital Analytics says total transaction volume for 2009 will be the lowest of ...
Stocks
Moody's
Here is some national data on home buyer financing in October. This is from a survey by Campbell Communications (excerpted with permission) released today. Source: October Trends in Existing Home Sales, a presentation from Campbell/Inside Mortgage Finance Monthly Survey on Real Estate Market ...
Other
From Paul Krugman writing in the NY Times: The Big Squander During the bubble years, many financial companies created the illusion of financial soundness by buying credit-default swaps from A.I.G. — basically, insurance policies in which A.I.G. promised to make up the difference if borrowers ...
Other
Paul R. Krugman
From the BLS: Regional and State Employment and Unemployment Summary Twenty-nine states and the District of Columbia recorded over-the-month unemployment rate increases, 13 states registered rate decreases, and 8 states had no rate change, the U.S. Bureau of Labor Statistics reported today. ...
Stocks
Unemployment
Employment Downturn
BellSouth
From housing consultant Ivy Zelman commenting on the MBA Delinquency report in the NY Times U.S. Mortgage Delinquencies Reach a Record High "I’ve been pretty bearish on this big ugly pig stuck in the python and this cements my view that home prices are going back down." OK, a muddled metaphor ...
Stocks
Housing Market
Moody's
Goldman Sachs
David Streitfeld at the NY Times adds some color: Easy Loans in Expensive Areas In January, Mike Rowland was so broke that he had to raid his retirement savings to move [to San Francisco] from Boston. A week ago, he and a couple of buddies bought a two-unit apartment building for nearly a ...
Other
There was some buzz earlier today about short term T bill rates turning slightly negative. This happened last year too, but for different reasons ... From the Financial Times: Short-term US interest rates turn negative Short-term US interest rates turned negative on Thursday as banks ...
Government
Treasury Bills
calculatedriskblog.com - 42 hours ago
—
calculatedriskblog.com —
Here is a scatter graph comparing the seriously
delinquency rate for mortgage loans vs. unemployment rate for
all states. The seriously delinquent rate include 90+ days delinquent loans, and loans in the foreclosure process for Q3 2009 (Source: MBA). ...
(more)
States: Seriously Delinquent Mortgages vs. Unemployment Rate
Comments
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naked capitalism
found this 42 hours agofound this
Click on graph for larger image in new window. First, on the market ... This graph is from Doug Short of dshort.com (financial planner): "Four Bad Bears". Note that the Great Depression crash is based on the DOW; the three others are for the S&P; 500. Reader Yuri asked me if the number of ...
Stocks
Foreclosure Crisis
60 Minutes
From HotelNewsNow.com: New Orleans leads ADR, RevPAR declines in STR weekly numbers Overall, in year-over-year measurements, the industry’s occupancy fell 6.4 percent to end the week at 52.6 percent, ADR dropped 9.9 percent to US$95.86, and RevPAR decreased 15.7 percent to finish at US$50.47. ...
Other
On the MBA conference call concerning the "Q3 2009 National Delinquency Survey", MBA Chief Economist Jay Brinkmann said this morning: The problem is moving to prime loans, including fixed rate prime loans, and also FHA loans. "We are seeing the first hit on the weaker prime fixed borrowers." ...
Other
Foreclosure Crisis
The MBA reports a record 14.4 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q3 2009. This is an increase from 13.2% in Q2 2009. From the MBA: Delinquencies Continue to Climb in Latest MBA National Delinquency Survey The delinquency rate for ...
