NAHB: Bernanke speaks on Friday, Multifamily and Remodeling expected to increase in 2012
Submitted by
CalculatedRisk on Thu, 02/09/2012 - 6:59pm (154 comments)
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Recovery Ho!
Jonathan wrote:
You talkin' 'bout schneideman?
free dong and free dinar Can your dealer do This.Iraqi Dinar - Buy Iraqi Dinar
CR you ever been to the builders show? Never been there myself. I've heard from some of the window people its pretty nutz.
“[W]e are forecasting construction of 208,000 multifamily residences in 2012 ...” said Sharon Dworkin Bell, NAHB senior vice president for multifamily and 50+ housing.
If you own an apartment building - sell it now.
Rajesh wrote:
Dongs for Dinar? that will be popular south of market.
How much is going to be Government housing?
josap wrote:
Depends on where the building is being done.
If you are in the inner city...not so much. Those are left to rot by slumlords
Lobbyist Ben Dover wrote:
They are probably building class A apartments.
Gov housing is not in class A apartments.
Then again, I did see a lot of apartment building complexes come on the market in the city this past week....hmmmm....
True in my neighborhood. Of course there's NO new construction in my neighborhood - fully built out.
MattFea wrote:
When there is a shortage and rents are high the buildings have value. Once the new units hit the market and vacancy goes up/income falls, the value drops. Always sell when you have low vacancy and see alot of new permits issued. Leave some rent increases on the table for the new buyer, do some fix-up, position for sale and bail.
dryfly, never been there. It is probably a little more upbeat this year - like the Apartment conference last year.
From the last posting, I want to be heard. I'm pissed
BarleyReturns, " elected officials would not ever serve them selves first, ever"
What?
Like they would never ever accept an outrageously large campaign contribution, without expecting strings are attached?
Crooked as a dogs hind leg and OUR ( The Corrupt Roberts Supreme Court ) just legalizes more financial corruption in our system.
I could just scream! Just how much Money, Power, and a Good Life do we the people have to give our Supreme Court Representitives to have a court that represents US First.
Just what does it take??? maybe we need to relocate the Supreme Court to Galup, New Mexico, so they remain down to earth.
What does it take???
Thanks CR and Kcoop. I'll say good night.
Complete lunacy.
LA County Updates Ordinance On Ball, Frisbee Throwing At Beaches « CBS Los Angeles
josap wrote:
Yea I'll have to look at permits around here. Prices asking for these places, many seem to pencil roughly out to constitute a further looking into. The usual rest are asking way too much as is.
shill wrote:
You may not have fun at the beach.
Just a reminder why I don't every want to live in Ca.
half a trillion here, half a trillion there; and pretty soon you'll be talking about :real money:
:maths algorythms aint a behavorial strong point:
shill wrote:
However citations, may be given out to individuals who ignore lifeguards’ orders.
Like some $22-an-hour jack-wad is gonna tell me that I can't toss a ball around
Wait...
MattFea wrote:
That's the smart way. If it won't pencil out and the next guy can't see a profit / cash flow, why would he buy it? One reason you leave something on the table.
MBA Attendees Expect Continued Growth in 2012
Specifically, legislation was introduced last week, the Stop the Outrageous Pay (STOP) at Fannie Mae and Freddie Mac Act, that would limit executive compensation at the government sponsored entities (GSEs) Fannie Mae and Freddie Mac. Stevens said one consequence of the bill’s passage could be a drain in talent from the multifamily sides of the GSEs that affect the functioning of the multifamily market as a whole. Aside from that, there remain rumblings in Washington of gutting the GSEs entirely, which would be even more disruptive without a plan for how to replace them.
Another concern is potential rules affecting the securitization market by requiring firms to retain a “premium capture cash reserve account” to cover potential losses. The requirements, as being discussed, “would constrain the flow of private capital to the CMBS sector,” said Thomas Kim, a vice president of commercial and multifamily policy with MBA.
Still, the discussion on potential red flags was all about factors external to commercial real estate. That’s a change from recent years when a lot of talk centered on how banks were going to deal with the bad loans on their books and dealing with the ramifications of deals down at the top of the market that were going bad.
Some of those problems remain, but lenders and borrowers have been able to work through problems, and the improvement in the commercial real estate market overall means it’s a much better environment today to deal with any remaining issues.
Just one reason why today's settlement is "bogus"
TIMELINE
Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance.
Over the next six to nine months, the settlement administrator, attorneys general and the mortgage servicers will work to identify homeowners eligible for the immediate cash payments, principal reductions and refinancing. Those eligible will receive letters.
This settlement will be executed over the next three years.
Who May be Eligible for Assistance | NationalMortgageSettlement
A good short sale lawyer, Ron Ballard, will dissect this further in the weeks to come:
Links to (weak) National Mortgage Settlement :: California Short Sale Lawyer™
aleister perdurabo wrote:
Oh no! What'll we do without them?
aleister perdurabo wrote:
I call BS. The lenders are extending and rolling the loans. Losing money big time on buildings that will never payout at todays rents. At some point they have to pull the plug.
Is the Chairman going to speak about lending the big servicers the money to pay their fines at a penalty discount?
Or about Goldman trying to buy bonds sold to Credit Suisse, and vice versa....
josap wrote:
I only ever met one guy who understood this. All the others would hold out for the last dollar.
MattFea wrote:
The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide.
When they reduce principal - does the lien holder get the amount in full toward the payoff? How much per refi will the lender be paid in fees? If the mod is lower interest - will the holder of the note be paid in full as part of the cost of the modification amount the servicer pays?
mhdoc wrote:
They lose.
Can't tell you the number of times I have tried to explain this to people.
And before you buy a building - know when you are going to sell it.
With reference to Greece, there's a certain website showing a picture of a Greek newspaper with the headline "Memorandum Macht Frei" next to a picture of Merkel with a swastika.armbandphotoshopped
Any suggestions for safely disposing of a potassium permanganate solution? TIA.
Home: Forums: Mortgage Loan Servicers, Including CitiMortgage, Reach National Mortgage Settlement
Those who have CITI as a services and who's Loan is owned by CITI.
March 1 looks like go time.
well, convexity, I wouldn't drink it. that's one way I wouldn't dispose of it.
Beautiful women dancing, you got to love them.
Amazing creatures. And Tina is one of the Sexiest/ Cutest.
YouTube - Steve Winwood - Higher Love
Had to share
convexity wrote:
Coca paste is first re-dissolved in a small amount of dilute sulfuric acid (thus reconstituting a fresh agua rica solution); as previously noted, the solution has a yellowish-brown color similar to beer. Some operators then slightly increase the pH of the solution with careful addition of base. The solution is then titrated against a concentrated aqueous solution of potassium permanganate, a powerful oxidizing agent. Potassium permanganate gives an intensely purple solution when dissolved in water; as it reacts with the oxidizable alkaloidal impurities in coca paste, it is reduced to manganese dioxide (an insoluble, brown-black solid), which precipitates out of solution. While many operators just add a set volume of concentrated aqueous permanganate to a given weight of coca paste/volume of agua rica (as determined by experience), the more usual method is to slowly add the solution with vigorous stirring, wait a few minutes, and then check to see if the solution has any yellowish-brown color remaining. This is determined by visual inspection of the solution after waiting for the precipitated manganese dioxide to settle out; if the solution is still colored, the addition of the permanganate solution is continued until the solution is finally colorless. Thus, potassium permanganate also acts as its own visual endpoint indicator. Over-addition or too rapid addition of permanganate is known to result in decomposition and loss of cocaine, so the operators work carefully to get it just right.
When the permanganate addition is judged to be complete, the solution is filtered to remove the precipitated manganese dioxide. The resulting colorless, slightly acidic solution (still commonly referred to as agua rica, hereafter oxidized agua rica) is again treated with a solution of base (usually dilute ammonia at this stage) with stirring. Again, the ammonia neutralizes the cocaine sulfate and any remaining sulfuric acid, thereby precipitating purified coke base, which is filtered, dried, packaged, and transferred to a crystal laboratory.
mhdoc wrote:
It's about ego, not making a good deal.
Mystery of China’s Missing Crime Fighter Deepens
shill wrote:
If your mortgage is only serviced by CitiMortgage but is owned by another financial institution, unfortunately, you are ineligible for the consumer benefits available under this settlement agreement.
Hmmmm, I wonder how many other banks this applies to i.e. if we only service it....
josap wrote:
Josap, I have yet to see you give bad advice. Knowing when you plan to sell before you buy and making a rational decision about what to offer seem simple but very few can do it.
shill wrote:
*CitiMortgage has agreed in principle to provide assistance *
Agree "in principle". Reality however may be much different.
By the way Mike Cardace, from Citi stand up guy we have conversed on many occasions, he is the go to guy for those having trouble with CITI loans, and he is a doer and gets things done.
Recommendation: High level
josap wrote:
Lehman Brothers sues Citigroup for $2.5B - Yahoo! Finance
NEW YORK (AP) -- Lehman Brothers Holdings Inc. and its creditors are suing several units of Citigroup Inc. to recover $2.5 billion the failed investment bank transferred to a backup account at Citi months before seeking bankruptcy court protection.
According to the lawsuit, Citi demanded on June 12, 2008, that Lehman transfer between $3 billion to $5 billion into an account to cover potential overdrafts by Lehman subsidiaries that were using Citi's clearing and settlement services.
Lehman agreed that same day to set aside $2 billion from its account at Citibank into a segregated account, on the condition that the bank would have no lien or other rights to the funds.
In its statement, Citi said that it tried to help Lehman prior to its bankruptcy filing, but needed to obtain the guarantees and cash deposits from Lehman in order to protect its shareholders from potential losses.
The most important part of any business plan - is the exit strategy.
And leaving money on the table insures you do exit - fight about the last penny and you chase the price down to bottom.
aleister perdurabo wrote:
Sure they did.
ANALYSIS-Criminal probe trail going cold at MF Global
| Agricultural Commodities
| Reuters
UPDATE 1-China January trade surplus soars as imports crumble
| Reuters
Lunar new year playing havoc with the data.
shill wrote:
No suprise there.
I can't even get angry anymore. Bad sign.
But European finance ministers refused to sign off on a second aid package for Greece until the parliament approved the austerity undertakings and economic reforms.
So, all of the politicians are going to sign off and not get re-elected?
Or will there be no more elections?
josap wrote:
nope: democracy began in greece so it's only appropriate that it ends there.
josap wrote:
Late stage capitalism was never going to be fun.
Rajesh wrote:
But tis the year of the dragon so all shall be just fine.
Nice little article in the local rag about Sebastopol charging 3x the legally allowed transfer tax on home sales for a decade. Oddly, the article says "City transfer Tax rates reduced" and the illegality isn't mentioned for a few paragraphs...
adornosghost wrote:
It's a lot of fun for a very few.
shill wrote:
I am surprised they can't at least find a scapegoat given all the confusion at MF.
josap wrote:
If everybody votes for it with a metaphorical gun to their head, nodoby gets the blame except Germans and the IMF.
Tom Stone wrote:
Most just read the headline or a paragraph.
Tom Stone wrote:
I must confess- I'm enjoying it.
Of course, I enjoy Orwell blushing.
Comrade Alexei Mikhailovich wrote:
I think the Greek people know who has the gun to whos head. It isn't aimed at the politicians, the people will be the dead or wounded.
josap wrote:
dryfly wrote:
It is pretty amazing that hasn't happened yet. So just like $600 mil 'vanish' and
~splat
MattFea wrote:
But reality is closing in on our corporate whore friends-------
Four Wisconsin Republican lawmakers challenge recall signatures
| Reuters
Tom Stone wrote:
This town can't run itself yo.
adornosghost wrote:
You are not a nice man. A good one, but not nice.
Despite the surveillance systems, some (possibly) poorly compensated employees still manage to give stuff away (irresponsible social deviants that they are) US workers are 'giving away the store,' costing firms billions
Tom Stone wrote:
True----
But it gets more bizarre by the day.
I hardly get off my property these days, when not fly fishing, or entertaining the SoCal industry comrades.
adornosghost wrote:
Sounds like fun, . . . unless you're related to Howard Hughes.
Woohoo... didn't take them long to grab the football away as it was about to be kicked:
Just hours after Greece gave in to painful new job and spending cuts, European ministers declared Thursday that Athens didn't go far enough and demanded more within a week in exchange for a euro130 billion ($170 billion) bailout to stave off bankruptcy.
http://abcnews.go.com/Business/wireStory/greece-creditors-end-talks-full-deal-15544903#.TzSdArEgfLE
The ministers gave the debt-ridden country until the middle of next week to find an extra euro325 million ($430 million) in savings, pass the cuts through a divided parliament, and get written guarantees that they will be implemented even after the elections of a new government in April, said Jean-Claude Juncker, the Luxembourg prime minister who chaired Thursday's meeting of finance chiefs of the 17 euro countries.
...
Other European officials warned that more severe steps still might be necessary.
Like just giving up their sovereignty and becoming a Euro slave state.
sportsfan wrote:
No relation--- and I love microbes and most people.
JimPortlandOR wrote:
Congress finance chair under investigation: report - MarketWatch
Mehh they still have about 5 weeks to work out the kinks.
MattFea wrote:
The city council meetings here are special,very special. Funny too, if you have a strong enough stomach.
MattFea wrote:
YouTube - The Kinks - Dead End Street
JimPortlandOR wrote:
Looks like it will never be enough.
They are trying to force Greece to leave.
This is more and more like a very ugly divorce.
adornosghost wrote:
I know. If someone from 1962 could see our country today they'd think they had landed in a bad phil dick novel.
JimPortlandOR wrote:
They want them out - it is the only explanation.
josap
adornosghost linked:
Finance Chair: nah, he wouldn't get any inside information in that position.
In the US, most contracts can't be enforced by the courts if they were signed under duress (gun to head, for instance).
Advice to Greece. Sign whatever they want. Reneg about two months later, claiming contract-under-duress.
Then leave the Euro, default on all debt held outside Greece, and issue new currency.
I can't recall a time when all the "People in charge" were obviously insane before. It's blatant, they are corrupt and nuts.Worldwide. It's going to be a heck of a show before it ends...
dryfly wrote:
And they want Greece to leave and file for the divorce.
Then they will say "But we tried so hard. We offered everything. And they left us anyway."
Tom Stone wrote:
I'ld like a seat by the exit please.
josap wrote:
http://s.wsj.net/public/resources/MWimages/MW-AP468_venize_MD_20120209193746.jpg
Tom Stone wrote:
Stanislaw Lem- Philip K. Dick: A Visionary Among the Charlatans
The forces which bring about world debacle in Dick's books are fantastic, but they are not merely invented ad hoc to shock the readers. We shall show this on the example of Ubik, a work which, by the way, can also be regarded as a fantastic grotesque, a "macabresque" with obscure allegorical subtexts, decked out in the guise of ordinary SF.
Telepathic phenomena, having been mastered in the context of capitalistic society, have undergone commercialization like every other technological innovation. So businessmen hire telepaths to steal trade secrets from their competitors, and the latter for their part defend themselves against this "extrasensory industrial espionage" with the aid of "inertials," people whose psyches nullify the "psi field" that makes it possible to receive others' thoughts. By way of specialization, firms have sprung up which rent out telepaths and "inertials" by the hour, and the "strong man" Glen Runciter is the proprietor of such a firm. The medical profession has learned how to arrest the agony of victims of mortal ailments, but still has no means of curing them. Such people are therefore kept in a state of "half-life" in special institutions, "moratoriums" (a kind of "places of postponement"�of death, obviously).
If they merely rested there unconscious in their icy caskets, that would be small comfort for their surviving kin. So a technique has been developed for maintaining the mental life of such people in "cold-pac." The world which they experience is not part of reality, but a fiction created by appropriate methods. None the less, normal people can make contact with the frozen ones, for the cold-sleep apparatus has means to this end built into it, something on the order of a telephone.
This idea is not altogether absurd in terms of scientific facts: the concept of freezing the incurably ill to await the time when remedies for their diseases will be found has already come in for serious discussion. It would also be possible in principle to maintain vital processes in a person's brain when the body dies (to be sure, that brain would rapidly suffer psychological disintegration as a consequence of sensory deprivation).
josap wrote:
Gee, maybe they're politicians after all.
adornosghost wrote:
I saw that.
Really, really creepy.
josap wrote:
Got burial insurance?
Tom Stone wrote:
Wonder if all those drugs in the 60's and 70's DO have long-term consequences...
MattFea wrote:
No.
MattFea wrote:
Obviously not----
Maybe the US should offer Greece a safer haven: Commonwealth status, like Puerto Rice. (Although we would prolly have to offer the same status to Turkey also). Turkey might use the offer to settle the question (by implication that they are considering it) of Turkey's status in the EU/EMU. The turks have been f'd over by the EU for nearly a decade.
aleister perdurabo wrote:
Two of my favorites as a teen. The "Three Stigmata of Palmer Eldritch" gave me nightmares and "The Man in the High Castle" is still a favorite.
Tom Stone wrote:
Amazon.com: Dinner at Deviant's Palace (9780441148783): Tim Powers: Books
That's what Citi says.
adornosghost wrote:
"The Drawing of the Dark" is my favorite by Powers.
Greece and Turkey should just tell the EU to F themselves and go back to the important role they've played in Europe for the last 500-1000 years: Europe's drop box for smugglers. They could probably pay the bonds off easy that way.
Sicily would be sooooo pissed.
dryfly wrote:
So would Corsica and Marseille.
dryfly wrote:
YouTube - Godfather pepsi vs coca cola commercial
Is he a lawyer? Has the deal even been signed?
"I'ld like a seat by the exit please."
And with a barf bag and :beer goggles:
I've been thinking about that line ever since josap said it. I don't think I would want that. I'm thinking more of:
http://www.meh.ro/wp-content/uploads/2011/06/meh.ro7615.jpg
JimPortlandOR wrote:
They had it coming. Didn't you see Midnight Express ?
Antipodes wrote:
Bad numbers from China.
Greece is being forced to choose to leave the Euro.
Everyone is tired of the daily soap opera.
They figured out this is a good a it gets.
josap wrote:
LA Police Search For Escapee Who Stalked Madonna : NPR
LOS ANGELES (AP) — Police are asking for the public's help in locating a man who was convicted of threatening to kill Madonna and walked away from a Los Angeles-area mental hospital last week.
Los Angeles police say Robert Dewey Hoskins left the state hospital Friday. He had been committed there last year.
Hoskins, 54, is "highly psychotic" and can be extremely violent and should not be approached by members of the public, police said in a news release Thursday. They urged anyone who sees him to call authorities immediately.
Israeli fans beg PM to hold off Iran attack over Madonna show - Haaretz Daily Newspaper | Israel News
In a newly launched Facebook page, Israeli fans of U.S. pop megastar Madonna are pleading Prime Minister Benjamin Netanyahu to hold off any such plans to strike Iran until the Queen of Pop's planned show in Tel Aviv on May 29.
The group, simply and directly enough, is named: "Bibi don't start a war with Iran until after Madonna's show on May 29."
While the, currently relatively unpopulated, Facebook page could seem like a case of dealing with trivialities in the face of all-out war with Iran," Israeli Madonna fans' fears are not unsubstantiated, with a distinguished list of artists bailing out on Israeli shows in the last minute over political crises and wars.
bearly wrote:
josap wrote:
So how will you explain the
tomorrow?
aleister perdurabo wrote:
As good a reason as any other.
Awesome bike ride here:
YouTube - Danny Hart's 2011 World Championship Winning Downhill Run at Champery
Bubblisimo Gerkinov wrote:
I can't tell you how glad I am that it is not my job.
bearly wrote:
Billy Hayes (writer) - Wikipedia, the free encyclopedia
During the 1999 Cannes Film Festival, Alinur Velidedeoğlu, a Turkish advertiser, met Billy Hayes by chance and interviewed him on the film Midnight Express. Hayes expressed his disappointment with parts of the film adaptation, especially its portrayal of all Turks as bad, and his regret that Turkey's image was negatively affected by the film. Hayes also displayed affection for Turkey and Istanbul. Although the Interpol warrant for him had by then been set aside, he explained that while he wanted to return, he hesitated to do so out of concern that many Turks might blame him for the negative publicity the movie had generated.
The video was made available on YouTube.[3][4] Hayes did finally return to Turkey on June 14, 2007 to attend the 2nd Istanbul Conference on Democracy and Global Security, organized by the Turkish National Police (TNP) and the Turkish Institute for Police Studies (TIPS), to amend the negative implications of his book. He held a press conference on June 15 and made an apology to the Turkish people.
Uh huh.
Jean-Claude Juncker said the Greek parliament would now have to pass a package of cuts and reforms on Sunday.
In addition, Greek politicians will have to find an extra 325 million euros ($432m; £273m) in savings for 2012.
Mr Juncker, the prime minister of Luxembourg, also said Greek political leaders would have to give "strong political assurances" that they will continue to implement reforms after a general election due in April.
BBC News - Greece bailout: Eurozone ministers set new conditions
I wouldn't be at all surprised if Mr. Cardace's statement turned out to be actionable.
China's exports and imports fall
China's exports and imports fall in January raising fresh concerns about the impact of a global economic slowdown on its economy.
Shock loss for India's Tata Steel
Tata Steel, the largest producer in India, unexpectedly reports a loss of 6.03bn rupees ($122m; £77m) hit by weak demand.
shill wrote:
by changing your proposal to "offer renters a $100,000 check" then, you have my vote
Remodelers struggle as homeowners tighten belts - MarketWatch
“Remodelers are reporting a lot of consumer reticence out there. And the smaller jobs they are having to take are hard to schedule far in advance,” leading to low readings in the index’s gauge of future activity, Crowe said.
The only way to "make money" in general on this remodeling up here in the NorthEast is mainly through insurance loss repairs where the homeowner might upgrade a thing or two beyond what the insurance check may cover since things are getting fixed as is.
Then again, I've done hundreds of these where a claim is in and repairs are needed (simple work to photograph that work is being done so payments can be made) and between homeowners and contractors, all are crying to get "their money" held by the bank (insurance company cuts check to the homeowner and bank where the mortgage is held). Homeowner can't afford to pay contractors upfront, contractors are "cash poor" with money in and waiting to get paid, etc. etc.
Only 1. 1. Did I do where the homeowner paid the contractor as the work was done, had all the work done that was needed, then had the inspection done to get the whole check from the bank. I didn't ask how she did it, but it was a 35K+ claim..so she was either in good shape or used equity.
Given my area in the Northeast where a tornado, microburst, snowstorm/power outage, and a hail/wind storm all occurred within 4 months, that's saying an awful lot.
I can understand too the scheduling out bit: contractors are swamped right now with all this insurance work as is as it's "guaranteed pay."
https://www.wellsfargo.com/downloads/pdf/homeassist/attorneys_general_settlement.pdf?mplx=1221-49442-3408-45
If you meet all of the following eligibility criteria, you will receive a letter in the weeks
following the March 1 start date of the expanded program:
Your loan is serviced and owned byWells Fargo — that means it is not an FHA, VA,
Fannie Mae, or Freddie Mac loan, nor is it a loan owned by a private investor
Want to bet that loophole will be closed?
Oh my. Everything is so rosy. Am I in a dream or is this happening for real?
glimmerman wrote:
there goes the neighborhood.
No sane deal would allow the servicer to avoid particpation just by selling or having sold the loan.
Quick...do the paper shuffle (again).
To the contrary, this is a perfectly sane deal between bankers, politicians owned by bankers, and politicians who are afraid of the the bankers and the politicians the bankers own.
One thing to realize - since the settlement only covers loans on a bank's balance sheet, the benefits will flow primarily to jumbo mortgages. Very few conforming mortgages were retained by banks - the GSEs had such a funding advantage it made holding conforming loans unaffordable. This even applies to Alt A conforming balance loans. But this will be great marketing for the bank's HNW customers who are underwater.
"attorney for bankruptcy" is my gmail ad.
guess they know what kind of month i'm having.
YouTube - Bob Seger- Night Moves
glimmerman wrote:
If those were W-F second mortgages, the USPS would be inundated.
glimmerman wrote:
Which reminds me, Aren't we approaching the end point of those 5-year reset/recast loans (W-F claimed theirs were 7-10 years). But then again, while recasting may be a problem because of the increased principal, resetting might actually reduce the interest rate.
So if WF owns all the loans BAC services, and BAC all the loans C services, etc. everyone is out of luck? Sorry no judge is going to robo-sign that nonsense.
Any erudite thoughts out there on the PIMCO MBS bet?
1 currency now -yogi wrote:
And how would the judge know who owns what?
Our republics are glorious!
YouTube - Monkey Hustle Trailer
banana?
yogi, " So if WF owns all the loans BAC services, and BAC all the loans C services, etc. everyone is out of luck? Sorry no judge is going to robo-sign that nonsense. "
That is what the powers that be, are hopeing for !
Which side are you on ? stupid question, i figured the answrer to that a few months ago.
" The manager of the bank said it was against their policy to accept legal tender physical currency (aka U.S. dollars) as payment for BoA mortgages "
Activist Post: Cashless Society: Bank of America Refuses Cash for Mortgage Payment
Women? Don't you just Love them? I'm out of here.
New lawsuits in Fair Finance case seek more than $1 billion - Business - Ohio
February 8, 2012
Billion. With a “b.”
Fair Finance trustee Brian Bash says two companies that financed Indianapolis businessman Tim Durham’s purchase and operation of the now-bankrupt Akron company owe the estate more than $1 billion in actual and treble damages.
To be more precise, Bash, a Cleveland attorney, is seeking nearly $1.2 billion, saying the companies helped Durham and others run Fair Finance as a Ponzi scheme, according to a 152-page lawsuit filed Tuesday afternoon in U.S. Bankruptcy Court in Akron.
The lawsuit says Bash has an email showing one financial executive worried in late 2003 that Durham was using Fair Finance as a “piggy bank.”
Bash is suing Textron Financial Corp. of Providence, R.I., and Fortress Credit Corp. in New York City. Textron Financial loaned Durham $22 million, with $16 million used to buy Fair Finance in 2002 from the Fair family, according to the court document.
Bash is seeking at least $316 million and as much as $950 million from Textron and at least $72 million and as much as $223 million from Fortress.
The $223 million that more than 5,000 Ohio investors lost by buying Fair Finance investment certificates “would not have been possible without the knowing, and active participation of Textron, and, later, Fortress,” according to the lawsuit.
Bad Dawg Bobby wrote:
The problem with America is that for too many, it already IS a cashless society.
On that note,
picosec wrote:
C
YouTube - Singers & Players - Water the Garden
YouTube - Adrian Sherwood: Creation Rebel / New Age Steppers ♫♫ Earthwire Line
Big sentiment turn late afternoon Asia time. The Greek farce suddenly got less dull and bemusing and risk off sentiment broke out big time. HSI leading well down is late trading (China Ents, H-Financials) where China indices had held positive, JGBs firmed up, CDS spreads for iTraxx Japan and non-Japan IG spike over 3%, and this credit sentiment has now flowed into the Yerp open, with iTraxx Main and Crossover blowing past 3% early. Not much adverse stuff happening periphery sov paper yet.
Finviz showing 18 overnight lows on heatmap - US index futes, cattle, all metals, € and commod fx.
European Stocks, Copper Drop on Greece Aid Concern; Euro Falls - Bloomberg
C
"My colleague Dylan Evans has developed an online risk intelligence test that readers of your blog may find interesting. Dylan defines risk intelligence as the ability to estimate probabilities accurately, and his research has been featured in a number of blogs such as the Cassandra blog at the Economist (see The Economist and Pharyngula (see Measure your RQ! : Pharyngula. Dylan has discovered that people with high risk intelligence tend to make better forecasts than those with low RQ. Your readers can take the test for free by going to Projection Point Comments, criticisms and suggestions welcome."
The banks are claiming it's right there in the agreement. The DC District Court hasn't issued the judgment yet.
Here's Joe again...
“Volume precedes prices,” Granville, 88, a technical analyst who has been publishing the Granville Market Letter from Kansas City, Missouri for about 50 years, said in an interview on “Street Smart” on Bloomberg Television.
Joseph Granville, whose “sell everything” call in 1981 sparked a decline in U.S. stocks, said the Dow Jones Industrial Average (INDU) will drop toward 8,000 this year because of waning momentum and volume.
“Volume precedes prices,” Granville, 88, a technical analyst who has been publishing the Granville Market Letter from Kansas City, Missouri for about 50 years, said in an interview on “Street Smart” on Bloomberg Television. “You are seeing much lower volume. That tells you that prices are going to go much lower, much lower than most people think possible and very few people have projected.”
Read more: Notorious Market Timer Joe Granville Predicts A 50% Plunge
Where's volume been lately?
KY@ wrote:
For the night owls...
YouTube - Lyze - the happiest owlet
tpmprrow
I'll do it if Eric does first.
C
Morning
This is just like kids or the job. XXXX got is so why can't I. Its not fair!!! Portugal is talking the talk but will they be able to walk the walk? How will they meet their targets in a European recession? Their primary export is cork and wood products. A lot of this continued funding to countries is dependent on them making enough to service the debt load.
Iran sanctions already hitting oil trade flows: IEA
| Reuters
Representative Spencer Bachus, R-Alabama, who is a member of the House leadership,is under investigation for "front running" or buying stock options just before the government announced programs that would benefit the companies that Bachus invested in.
Rep. Bachus faces insider-trading investigation - The Washington Post
"There were 167,400 5+ unit starts in 2011, and only 130,500 completions. 2012 will be another strong year. Economist Tom Lawler is forecasting 225,000 multifamily starts this year."
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....."Welcome to your lovely new box home, Pilgrim..........ah......yes, you as well as another 45-other lucky families!"
Unsweet Mama: container house
Iran turns to barter for food as sanctions cripple imports
| Reuters
My slice of baklava was really thin this time.