"Bradshers concluding point also illustrates something that has long worried me. He citing Victor Shih reports that many in China attribute the losses to bad US policy, not Chinas efforts to keep its currency down:
Victor Shih, a specialist in Chinese central banking at Northwestern University, said that when he visited the Peoples Bank of China for a series of meetings this summer, he was surprised by how many officials resented the institutions losses.
He said the officials blamed the United States and believed the controversial assertions set forth in the book Currency War, a Chinese best seller published a year ago. The book suggests that the United States deliberately lured China into buying its securities knowing that they would later plunge in value.
A lot of policy makers in China, at least midlevel policy makers, believe this, Mr. Shih said."
Dorks...shows what can happen in a country where information is tightly controlled by a central govt.
Nobody is forcing China to buy US Treasuries; they do it so they can keep the prices of their exports down.
Setser goes on to talk about how this is a source of potential friction between US and China.
They spent tens if not hundreds of billions on the Olympics to say to the world "Look out, we're big and tough" and now they're complaining that the US tricked them into massive investment losses?
I hear the bobcats have apparently been keeping the squirrel population down in the neighborhood; what will the neighbors do when the cupboard is bare? Those Californians don't like guns; I guess they can wrestle Papa Bobcat for the squirrel of the day.
"the fact that the PBoC is seeking a capital injection is still interesting"
What? The PBoC is seeking a capital injection? This would give whole new meaning to the phrase "too big to fail." Luckily, the FDIC doesn't have jurisdiction. Seriously, though, as Setser describes in his piece, eventually China will reduce its purchases of Treasuries. When that happens, rates will skyrocket, and the value of their current holdings plummets.
China faces issues just as serious, if not more so, than the USA.
"A senior vice president at a large subprime servicer, who asked not to be named, said that the suggestion of a market bottom in Massachusetts was just plain ludicrous.
Were already starting to see a sharp increase within the state as the effect of the new notice period wears off, he said."
wears off...where have I heard that before. Oh yeah, when an addicts last dose "wears off" they start going into withdrawl.
Sure why not.
I gots and idear. Give 'em another shot. That'll fix everything.
I hear the bobcats have apparently been keeping the squirrel population down in the neighborhood; what will the neighbors do when the cupboard is bare?
The authorities need to erradicate the bobcats before they spread. Otherwise, they will get nasty and dangerous.
You can contain a bobcat problem.
If the authorities won't do it, the neighborhood vigilantees should. I would use poison gas.
Extrapolating your political leanings from past posts, you'll probably be happy to hear that today, after having faithfully voted Republican ever since President Clinton took office, I've made up my mind to vote for Obama.
While I think McCain is a noble man and would make a better commander-in-chief, I just can't stomach the thought of four more years of Paulson or one of his pigmen disciples running things. The clincher was reading today that the financial/real estate industries have given the third highest amount of campaign contributions to McCain, after seniors and vets. For Obama they have only given a distant tenth.
Although I disagree with Obama vehemently on many things, at this point I'm willing to roll the dice.
I want to see Paulson arrested and tried for his crimes, and this is our only real shot.
The taxpayers of this country have taken it from behind for too long. It's time for the pigmen to hear some banjo music.
A head's up -- Saw this on Housing Wire. Short sales have become so prevalent that servicers are getting a technology solution.
Tech Roundup: REOTrans Expands Platform into Loss Mit
By: AMY MCALISTER
September 3, 2008
Advertisements
REOTrans makes the leap: Well-known REO industry tech provider REOTrans is making the big leap into loss mitigation process automation, according to a company statement. The Los Angeles-based provider of a heavily-used REO management platform currently used by 16 of the nations 25 largest servicing shops said last week it had launched a Short Payoff module, or SPO. The new module is the first loss mitigation application to pull data from the REO side of the business to inform loss mitigation decision making, based on HWs review of information made available by the company.
Given the current state of default, lenders are receiving many requests to consider short payoffs, said CEO Chris Saitta. Lenders need data to make good decisions on whether to accept or reject a request for short sale. REOTrans has an immense amount of comparable data to facilitate their decision.
The REOTrans platform has managed the sale of more than $31 billion in REO properties, company officials said. The SPO module not only performs AVM calculations based off the companys own property database, but estimates loss based on existing REO sales histories. It also allows for the selection of a local real estate agent as well to manage the sale once the borrower makes a request; the REOTrans platform maintains an agent marketplace with over 345,000 real estate agents. (http://www.reotrans.com)
RE "the bottom", it reminds me of the scene in the documentary Touching the Void...the climber falls 100ft thru the roof a crevasse and miraculously survives the fall. he lies there injured wondering how he can possibly climb out from 'the bottom', and then realizes he's lying on top of of thin snow shelf (a false floor in other words)with the rest of the crevasse falling away just inches below him.
"If the authorities won't do it, the neighborhood vigilantees should. I would use poison gas."
Seriously, what have bobcats ever done to you?
The bobcats are the neighborhood vigilantes...they're keeping that foreclosure from turning into a meth lab, a crack house, or a party pad for Bristol Palin and friends.
I bet it still has its appliances and wiring too.
"While I think McCain is a noble man and would make a better commander-in-chief, I just can't stomach the thought of four more years of Paulson or one of his pigmen disciples running things."
Ermm...Rubin came from where? Rubin left and went where?
I'd much rather see bobcats than bandos in vacant homes. Just goes to show how adaptable some creatures are. Up here in PDX a few years ago authorities found a coyote riding in one of our famous MAX light rail cars. I think he was heading down to the Pearl District for a latte.
The person who is actually qualified for the job would be dragged kicking and screaming into the oval office, because that is the person that understands what the job is about.
And perhaps we will let him out after 4 year for good behavior.
RE: PBoC and US treasuries...Dean Baker's headline on a piece talking about the same article Setser referenced(see above):
"Is China's Central Bank Run By Morons?"
"Baker can't understand how anyone could have been stupid enough, back in 2001 or 2002, not to foresee that the then mighty dollar would inevitably decline, given the size of the U.S. trade deficit. If the Times' Keith Bradsher was reporting accurately, argues Baker, when he quoted an expert in Chinese financial affairs as saying that many bank officials "resented the institution's losses," then the Times misjudged the importance of the story.
"If the people who run China's central bank are really this ignorant, that should have been the headline of the article, which should have been on the front page."
I have a good clip from "Something Wicked This Way Comes" up tonight and that sentiment is what I am feeling waiting for the evil details of the FNM/FRE bailout plan.
Lol, just listening to the radio paradise stream while I finish up a few things and on comes Peter Gabriel's "Digging in the Dirt", which contains a line that I can't help but feel adequately sums up my feelings on any bailout of FRN/FNM: this time you've gone too far!
On topic...I love to see bottom-callers discredited like this.
Off topic...The S&P 500 trailing-twelve-month PE ratio is now down to 24.66 (according to the WSJ Market Data Center). Hey, a few more weeks with this kind of market action and we might get it down near the long-term trend of 16! Well, actually more than a few more weeks, given that the demoninator "E" will be declining going forward!
Getting new whores in the whore house or changing the name on the door isn't going to change the fact that it's a whore house. That is all about this election is going to do. The systems rotten to the core.
Paulson Meets With Bernanke, Fannie, Freddie Chiefs
Paulson Meets With Bernanke, Fannie, Freddie Chiefs (Update3) - Bloomberg.com
Paulson gathered with Federal Reserve Chairman Ben S. Bernanke, Fannie Mae Chief Executive Officer Daniel Mudd, Freddie Mac CEO Richard Syron and Federal Housing Finance Agency director James Lockhart in Washington. Mudd and his aides have also been meeting at the FHFA, which oversees the two firms, with catered food scheduled for delivery at the agency through the weekend.
By glod, Tanta and CR have been prolific today. Actually have to work, and I get hopelessly behind.
The entire Florida peninsula is in the 5 day cone of probabilities for Ike, and a turn south is likely. Still to far out to really say. The storms have been very badly behaved this year.
"I wonder if they went for the teaser ARM or did a conventional 30-yr fixed."
My understanding of Bobcats is that if you tease them, they will probably bite your ARM off. Since they rarely live 30 yrs, my guess is that they'll be leaping at those ARMS. The loan officer offering their ARM might be a bit inconvenienced after having lost an ARM. But it's not like they had other deals to close.
maybe MBA chief economist, Brinkman ought to talk to Paul Volker or at least read his interview in todays bloomberg report
By Doug Alexander and Steve Matthews
Sept. 5 (Bloomberg) -- Former Federal Reserve Chairman Paul Volcker said the U.S. financial system, dependent upon securitization rather than traditional bank loans, is broken, and may contribute to the weakest expansion since the 1930s.
snip
It is the most complicated financial crisis I have ever experienced, and I have experienced a few,'' said Volcker, who has endorsed Democratic presidential candidate Barack Obama
snip
The former Fed chief projected ``a lot'' more losses from the collapse in the mortgage-backed debt market, after the more than $500 billion tallied so far...
snip
Volcker's comments came after a government report today showed the U.S. unemployment rate rose to a five-year high as the economy lost more jobs than forecast in August. The report underscored concerns that U.S. consumer spending will weaken and push the American economy into a recession.
I am so POd by the thought that our government would backstop GSE preferred. Give our children a bleeping break! Backstopping 85% of GSE debt is generous enough.
The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with the conversations.
When I was a kid living in Montana my best friends Dad killed a bobcat by throwing a wrench at it. He had it skinned, and it was kept on the living room couch as a really tiny throw rug or something. I thought it was cool.
Why does Downey, Fannie and the Fred sound like dragging it out to after Nov.?
I spent most of the day studying Enigma message traffic for atrocities, then came home and read a little about the Middle East. Coming here is my happy pill.
central_scrutinizers writes:
...Although I disagree with Obama vehemently on many things, at this point I'm willing to roll the dice.
I want to see Paulson arrested and tried for his crimes, and this is our only real shot....
Nemo writes:
...I have never voted for a Democrat in my entire life... But I, too, am seriously considering it. Intrade says this one's going to be a squeaker...
Bad Dawg Bobby writes:
...I gots and idear. Give 'em another shot. That'll fix everything...
mock turtle notes
it might not matter how you vote
the game is rigged,... how?
example, palin was named the vp running mate more than a week ago yet not one reporter has been allowed to interview her or ask questions???
maybe they repubs dont trust her to think on her feet..telepromters can make any newbie who can read good look like a genius
im voting for obama because i want to see the banksters and fraudsters and the rest of the crooks prosecuted and that will require a dem attorney general, period
I think it was a real estate agent who had not had a closing in a few months that was squatting in that house--they are easily mistaken for bob cats--all hair, teeth & claws.
Press Releases
Nevada State Bank Acquires the Insured Deposits of Silver State Bank, Henderson, Nevada
FOR IMMEDIATE RELEASE
September 5, 2008 \t
Media Contact:
David Barr
Office 202-898-6992
Cell 202-622-4790 dbarr@fdic.gov
En Español
Silver State Bank, Henderson, Nevada, was closed today by the Nevada Financial Institutions Division, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a Purchase and Assumption Agreement with Nevada State Bank, Las Vegas, Nevada, to assume the Insured Deposits of Silver State Bank.
The branches of Silver State Bank will open on Monday as Nevada State Bank in Nevada and National Bank of Arizona in Arizona. Depositors of the failed bank will automatically become depositors of Nevada State Bank or National Bank of Arizona. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
Over the weekend, customers of Silver State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2008, Silver State Bank had total assets of $2.0 billion and total deposits of $1.7 billion. Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3 percent. At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Silver State Bank also had approximately $700 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers directly for the amount of their insured funds.
Customers with accounts in excess of $100,000 should contact the FDIC toll-free at 1-800-523-8177 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m. PDT; on Saturday and Sunday from 9:00 a.m. to 6:00 p.m. PDT; and on Monday and thereafter from 8:00 a.m. to 8:00 p.m. PDT.
In addition to assuming the failed bank's insured deposits, Nevada State Bank will purchase a small amount of assets comprised of cash and securities. The FDIC will retain the remaining assets for later disposition.
The transaction is the least costly resolution option, and the FDIC estimates that the cost to its Deposit Insurance Fund is between $450 and $550 million. Silver State Bank is the second bank to fail in Nevada in 2008. First National Bank of Nevada, Reno failed on July 25, 2008. This year, a total of eleven FDIC-insured institutions have been closed.
Nevada State Bank Acquires the Insured Deposits of Silver State Bank, Henderson, Nevada
(see Good News at FFDIC | 09.05.08 - 9:16 pm | # )
"At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers."
The Los Angeles Times is reporting that bobcats
are squatting in a foreclosed home in Lake Elsinore.
First I lived in Massachusetts then I lived in California.
"just plain ludicrous.
That is how I prefer my women.
Dang, first we have subprime, then we have bank failures, now we have bobcats. What's next? Ill tempered sea bass?
Wait, we don't know yet if the greasy-haired lady gets to sing this evening. Could still be more CON(enter)TAINMENT!
With highway money running out, President Bush pulls a U-turn | Countdown to Crawford | Los Angeles Times
More ripples of effect. Which collapses first? The banking system of the government? Race is too close to call.
Brad Setser today:
"Bradshers concluding point also illustrates something that has long worried me. He citing Victor Shih reports that many in China attribute the losses to bad US policy, not Chinas efforts to keep its currency down:
Victor Shih, a specialist in Chinese central banking at Northwestern University, said that when he visited the Peoples Bank of China for a series of meetings this summer, he was surprised by how many officials resented the institutions losses.
He said the officials blamed the United States and believed the controversial assertions set forth in the book Currency War, a Chinese best seller published a year ago. The book suggests that the United States deliberately lured China into buying its securities knowing that they would later plunge in value.
A lot of policy makers in China, at least midlevel policy makers, believe this, Mr. Shih said."
Dorks...shows what can happen in a country where information is tightly controlled by a central govt.
Nobody is forcing China to buy US Treasuries; they do it so they can keep the prices of their exports down.
Setser goes on to talk about how this is a source of potential friction between US and China.
They spent tens if not hundreds of billions on the Olympics to say to the world "Look out, we're big and tough" and now they're complaining that the US tricked them into massive investment losses?
The MBA economist will somehow work the word "bottom" into every statement. It's in his job description.
Just for fun, I tried to do the same thing for a day. I nearly got fired for harrassment.
Kung Fu Panda,
Why can't they expect to be bailed out and made whole? Our entire financial system is waiting in line for our tax money, why not the sovereign funds?
I hear the bobcats have apparently been keeping the squirrel population down in the neighborhood; what will the neighbors do when the cupboard is bare? Those Californians don't like guns; I guess they can wrestle Papa Bobcat for the squirrel of the day.
We are all subprime now.
Who is the uboat commander?
Not Mr. Bueller.
Kudlow time- free coke for all!!
Obviously, BKuna and DSL are going to be soon.
Chuck Schumer didn't even have to say a word.
FDIC gonna have to start offering free beer to staff.
Someday this war's gonna end...
I don't know about anyone else, but I'd like a bank failure before I go home today.
It's 4:00 here on the West Coast.
I'd really like to leave before 5:00.
Kung Fu Panda,
"I hear the bobcats have apparently been keeping the squirrel population down in the neighborhood;"
You hear wrong. That's rabbits. Squirrels are smart and can scamper up trees.
Cheers,
The key quote from the Setser piece is this:
"the fact that the PBoC is seeking a capital injection is still interesting"
What? The PBoC is seeking a capital injection? This would give whole new meaning to the phrase "too big to fail." Luckily, the FDIC doesn't have jurisdiction. Seriously, though, as Setser describes in his piece, eventually China will reduce its purchases of Treasuries. When that happens, rates will skyrocket, and the value of their current holdings plummets.
China faces issues just as serious, if not more so, than the USA.
"A senior vice president at a large subprime servicer, who asked not to be named, said that the suggestion of a market bottom in Massachusetts was just plain ludicrous.
Were already starting to see a sharp increase within the state as the effect of the new notice period wears off, he said."
wears off...where have I heard that before. Oh yeah, when an addicts last dose "wears off" they start going into withdrawl.
Sure why not.
I gots and idear. Give 'em another shot. That'll fix everything.
Cheers,
The authorities need to erradicate the bobcats before they spread. Otherwise, they will get nasty and dangerous.
You can contain a bobcat problem.
If the authorities won't do it, the neighborhood vigilantees should. I would use poison gas.
Sounds kinda like the Village Voice piece Tanta commented on. China is complaining about "fraudulently induced" investments? Nice...
First I lived in Massachusetts then I lived in California.
That's ok, I moved from Mass. to Florida.
rich,
"If the authorities won't do it, the neighborhood vigilantees should. I would use poison gas."
I'd nuke 'em from orbit. It's the only way to be sure.
Cheers,
rich,
Extrapolating your political leanings from past posts, you'll probably be happy to hear that today, after having faithfully voted Republican ever since President Clinton took office, I've made up my mind to vote for Obama.
While I think McCain is a noble man and would make a better commander-in-chief, I just can't stomach the thought of four more years of Paulson or one of his pigmen disciples running things. The clincher was reading today that the financial/real estate industries have given the third highest amount of campaign contributions to McCain, after seniors and vets. For Obama they have only given a distant tenth.
Although I disagree with Obama vehemently on many things, at this point I'm willing to roll the dice.
I want to see Paulson arrested and tried for his crimes, and this is our only real shot.
The taxpayers of this country have taken it from behind for too long. It's time for the pigmen to hear some banjo music.
A head's up -- Saw this on Housing Wire. Short sales have become so prevalent that servicers are getting a technology solution.
Tech Roundup: REOTrans Expands Platform into Loss Mit
By: AMY MCALISTER
September 3, 2008
Advertisements
REOTrans makes the leap: Well-known REO industry tech provider REOTrans is making the big leap into loss mitigation process automation, according to a company statement. The Los Angeles-based provider of a heavily-used REO management platform currently used by 16 of the nations 25 largest servicing shops said last week it had launched a Short Payoff module, or SPO. The new module is the first loss mitigation application to pull data from the REO side of the business to inform loss mitigation decision making, based on HWs review of information made available by the company.
Given the current state of default, lenders are receiving many requests to consider short payoffs, said CEO Chris Saitta. Lenders need data to make good decisions on whether to accept or reject a request for short sale. REOTrans has an immense amount of comparable data to facilitate their decision.
The REOTrans platform has managed the sale of more than $31 billion in REO properties, company officials said. The SPO module not only performs AVM calculations based off the companys own property database, but estimates loss based on existing REO sales histories. It also allows for the selection of a local real estate agent as well to manage the sale once the borrower makes a request; the REOTrans platform maintains an agent marketplace with over 345,000 real estate agents. (http://www.reotrans.com)
RE "the bottom", it reminds me of the scene in the documentary Touching the Void...the climber falls 100ft thru the roof a crevasse and miraculously survives the fall. he lies there injured wondering how he can possibly climb out from 'the bottom', and then realizes he's lying on top of of thin snow shelf (a false floor in other words)with the rest of the crevasse falling away just inches below him.
"If the authorities won't do it, the neighborhood vigilantees should. I would use poison gas."
Seriously, what have bobcats ever done to you?
The bobcats are the neighborhood vigilantes...they're keeping that foreclosure from turning into a meth lab, a crack house, or a party pad for Bristol Palin and friends.
I bet it still has its appliances and wiring too.
central_scrutinizer --
I have never voted for a Democrat in my entire life... But I, too, am seriously considering it. Intrade says this one's going to be a squeaker.
P.S. Did you see the thing about disenfranchising Texas?
I gots and idear. Give 'em another shot. That'll fix everything.
Then another, then another, and on and on until the Big Boys are solvent or the tax payers are broke!
c_s,
"While I think McCain is a noble man and would make a better commander-in-chief, I just can't stomach the thought of four more years of Paulson or one of his pigmen disciples running things."
Ermm...Rubin came from where? Rubin left and went where?
Keeping on my Aliens meme:
"It won't make any difference"
http://www.moviesoundclips.net/movies1/aliens/difference.wav
Cheers,
Nemo,
Hadn't seen that one, thanks. That's a riot, imagine if Texas had to strike both candidates off the ballot!
Ralph Nader is another option, I believe he is on the ballot in 38 states.
Nader 2008
Aw hell, I'm voting for me. I'm the only one incompetent for the job. Really, think about it.
Cheers,
I'd much rather see bobcats than bandos in vacant homes. Just goes to show how adaptable some creatures are. Up here in PDX a few years ago authorities found a coyote riding in one of our famous MAX light rail cars. I think he was heading down to the Pearl District for a latte.
Nope, the coyote was heading for the South Waterfront. Hundreds of empty condos to choose from.
Aw hell, I'm voting for me.
The person who is actually qualified for the job would be dragged kicking and screaming into the oval office, because that is the person that understands what the job is about.
And perhaps we will let him out after 4 year for good behavior.
RE: PBoC and US treasuries...Dean Baker's headline on a piece talking about the same article Setser referenced(see above):
"Is China's Central Bank Run By Morons?"
"Baker can't understand how anyone could have been stupid enough, back in 2001 or 2002, not to foresee that the then mighty dollar would inevitably decline, given the size of the U.S. trade deficit. If the Times' Keith Bradsher was reporting accurately, argues Baker, when he quoted an expert in Chinese financial affairs as saying that many bank officials "resented the institution's losses," then the Times misjudged the importance of the story.
"If the people who run China's central bank are really this ignorant, that should have been the headline of the article, which should have been on the front page."
Misean,
I have a good clip from "Something Wicked This Way Comes" up tonight and that sentiment is what I am feeling waiting for the evil details of the FNM/FRE bailout plan.
Misean,
For you and TCA from the previous thread...
Code Monkey
Lol, just listening to the radio paradise stream while I finish up a few things and on comes Peter Gabriel's "Digging in the Dirt", which contains a line that I can't help but feel adequately sums up my feelings on any bailout of FRN/FNM: this time you've gone too far!
On topic...I love to see bottom-callers discredited like this.
Off topic...The S&P 500 trailing-twelve-month PE ratio is now down to 24.66 (according to the WSJ Market Data Center). Hey, a few more weeks with this kind of market action and we might get it down near the long-term trend of 16! Well, actually more than a few more weeks, given that the demoninator "E" will be declining going forward!
central_scrutinizer
Getting new whores in the whore house or changing the name on the door isn't going to change the fact that it's a whore house. That is all about this election is going to do. The systems rotten to the core.
energy,
Caught it...my highly intellectual response:
energy,
BWAHAHAHAHAHAAHAHHAHAHAHA!
Cheers,
Tyler K,
Friday thread music then. Let's spin some Peter:
YouTube - Peter Gabriel-Digging In The Dirt
That one was too good, hence the double post...
I'll vote for Misean.
Glad to see the boys are eating well this weekend
Paulson Meets With Bernanke, Fannie, Freddie Chiefs
Paulson Meets With Bernanke, Fannie, Freddie Chiefs (Update3) - Bloomberg.com
Paulson gathered with Federal Reserve Chairman Ben S. Bernanke, Fannie Mae Chief Executive Officer Daniel Mudd, Freddie Mac CEO Richard Syron and Federal Housing Finance Agency director James Lockhart in Washington. Mudd and his aides have also been meeting at the FHFA, which oversees the two firms, with catered food scheduled for delivery at the agency through the weekend.
energy,
Agreed.
Elvis,
I'm gonna put out bumper stickers:
"Vote for this Tin Foil Hat wearing idiot. You can't do worse."
Cheers,
MoT,
"with catered food scheduled for delivery at the agency through the weekend."
Question is it pizza or Denny's?
Cheers,
"bobcats are squatting in a foreclosed home in Lake Elsinore."
I wonder if they went for the teaser ARM or did a conventional 30-yr fixed.
Misean, it should be crow.
My house that appraised for $260 in '05 and I walked out owing $200 on in late '07 just sold for $124
That's less than I paid for it in '02
Anonymous (if that is your real name),
Agreed. The same 35,000 lobbyists will be there next year either way. We might even get some more.
By glod, Tanta and CR have been prolific today. Actually have to work, and I get hopelessly behind.
The entire Florida peninsula is in the 5 day cone of probabilities for Ike, and a turn south is likely. Still to far out to really say. The storms have been very badly behaved this year.
Ok, now to reading.
MoT,
Pffff....LOL.
bluestatedon,
"I wonder if they went for the teaser ARM or did a conventional 30-yr fixed."
My understanding of Bobcats is that if you tease them, they will probably bite your ARM off. Since they rarely live 30 yrs, my guess is that they'll be leaping at those ARMS. The loan officer offering their ARM might be a bit inconvenienced after having lost an ARM. But it's not like they had other deals to close.
Cheers,
"sums up my feelings on any bailout of FRN/FNM: this time you've gone too far!"
There's a big Sledge Hammer coming.
"The loan officer offering their ARM might be a bit inconvenienced after having lost an ARM."
I hear you. I just heard a relitter say yesterday she'd give her right arm to close a sale. Payment's due on the Beemer.
bluestatedon,
"There's a big Sledge Hammer coming."
Your welcome in advance.
Sledge Hammer:
YouTube - Sledgehammer - Peter Gabriel
Cheers,
bluestatedon,
"I just heard a relitter say yesterday she'd give her right arm to close a sale."
ROFL
Cheers,
Yes, Fannie and Freddie is the big story today...
If the Olympics had been conceived of in 21st century America, the gold medals would be awarded for last place.
maybe MBA chief economist, Brinkman ought to talk to Paul Volker or at least read his interview in todays bloomberg report
By Doug Alexander and Steve Matthews
Sept. 5 (Bloomberg) -- Former Federal Reserve Chairman Paul Volcker said the U.S. financial system, dependent upon securitization rather than traditional bank loans, is broken, and may contribute to the weakest expansion since the 1930s.
snip
It is the most complicated financial crisis I have ever experienced, and I have experienced a few,'' said Volcker, who has endorsed Democratic presidential candidate Barack Obama
snip
The former Fed chief projected ``a lot'' more losses from the collapse in the mortgage-backed debt market, after the more than $500 billion tallied so far...
snip
Volcker's comments came after a government report today showed the U.S. unemployment rate rose to a five-year high as the economy lost more jobs than forecast in August. The report underscored concerns that U.S. consumer spending will weaken and push the American economy into a recession.
Volcker Says Finance System `Broken,' Losses May Rise (Update1) - Bloomberg.com
hat tip to ritholtz at "big picture" where the story is regerenced
Sorry...a little late...
I am so POd by the thought that our government would backstop GSE preferred. Give our children a bleeping break! Backstopping 85% of GSE debt is generous enough.
ac,
"If the Olympics had been conceived of in 21st century America, the gold medals would be awarded for last place."
Why You dissin' glod?
Cheers,
Some of you old timers will remember (certainly FFDIC) the 80s' saying -
"The best way to rob a bank is to buy one."
but would she sell her center slot?
If you tell me your name Misean, and promise to engage your 11th and 12th brain cells, I'll write you in!!
Or, I'll just write Misean at CR, the famous blog.
OT: WaPost has the scoop on Fannie/Freddie:
The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac under federal control, dismiss their top executives, and use government funds to prop them up, government officials told the two companies yesterday, according to sources familiar with the conversations.
everytime the market bell rings a Pimpco gets its wings...
liz,
"If you tell me your name Misean, and promise to engage your 11th and 12th brain cells, I'll write you in!!
Or, I'll just write Misean at CR, the famous blog."
I have a better shot with your second proposal.
Hope Ike is NOT a problem for you and hubby. As an aside. Viel Glück!
If you get bad, leave it on my blog...I'll help.
Cheers,
Bobcat Goldthwait is probably a bando now, since there haven't been any Police Academy movies lately.
Steve Guttenberg is hoping for a Three Men and a Baby Grows Up movie, because he is probably a bando, too.
Ike too far away!! Ask me tomorrow, and not today.
WaPo article
in times like these, it's important to remember the 'no one ever loses' passage from qtrly BIS reports.
http://www.bis.org/publ/qtrpdf/r_qt0806.pdf
it's in their somewhere, i'll find it shortly.
When I was a kid living in Montana my best friends Dad killed a bobcat by throwing a wrench at it. He had it skinned, and it was kept on the living room couch as a really tiny throw rug or something. I thought it was cool.
Why does Downey, Fannie and the Fred sound like dragging it out to after Nov.?
I spent most of the day studying Enigma message traffic for atrocities, then came home and read a little about the Middle East. Coming here is my happy pill.
central_scrutinizers writes:
...Although I disagree with Obama vehemently on many things, at this point I'm willing to roll the dice.
I want to see Paulson arrested and tried for his crimes, and this is our only real shot....
Nemo writes:
...I have never voted for a Democrat in my entire life... But I, too, am seriously considering it. Intrade says this one's going to be a squeaker...
Bad Dawg Bobby writes:
...I gots and idear. Give 'em another shot. That'll fix everything...
mock turtle notes
it might not matter how you vote
the game is rigged,... how?
example, palin was named the vp running mate more than a week ago yet not one reporter has been allowed to interview her or ask questions???
maybe they repubs dont trust her to think on her feet..telepromters can make any newbie who can read good look like a genius
im voting for obama because i want to see the banksters and fraudsters and the rest of the crooks prosecuted and that will require a dem attorney general, period
Bernanke to Paulson to Cox. One of the great double cross trios.
You have to hand it to these three even though they should be shot.
Engineering the commodities masacre and bank ramp on July 13th and the leak of the bailout of the GSE's today was brilliantly done.
Now that inflation (commodity) is no longer a threat, there will be a suprise rate cut/cuts before the election. Fed fund futures imply as much.
Currency purshasing power destruction looks to become an international sport. We will probably take the glod in this one also.
Dispicable is a word that cannot be overused.
silver state bank just failed per the local news here in vegas.
I think it was a real estate agent who had not had a closing in a few months that was squatting in that house--they are easily mistaken for bob cats--all hair, teeth & claws.
Good News!
Marijuana Ingredient May Fight Bacteria
"Marijuana may be something of a wonder drug though perhaps not in the way you might think."
OBSERVATORY; Marijuana Ingredient May Fight Bacteria - NY Times
I heard that the Glod Medals in Beijing contained unsafe levels of lead.
FFDIC,
More good news:
HowStuffWorks "How can nicotine be good for me?"
tis official
FDIC: Failed Bank Information - Bank Closing Information for Silver State Bank, Henderson, NV
Happy BFF!
Silver State wasn't one of the directors who recently resigned related to a prominent politician....
Someday this war's gonna end...
Press Releases
Nevada State Bank Acquires the Insured Deposits of Silver State Bank, Henderson, Nevada
FOR IMMEDIATE RELEASE
September 5, 2008 \t
Media Contact:
David Barr
Office 202-898-6992
Cell 202-622-4790
dbarr@fdic.gov
En Español
Silver State Bank, Henderson, Nevada, was closed today by the Nevada Financial Institutions Division, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a Purchase and Assumption Agreement with Nevada State Bank, Las Vegas, Nevada, to assume the Insured Deposits of Silver State Bank.
The branches of Silver State Bank will open on Monday as Nevada State Bank in Nevada and National Bank of Arizona in Arizona. Depositors of the failed bank will automatically become depositors of Nevada State Bank or National Bank of Arizona. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
Over the weekend, customers of Silver State Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2008, Silver State Bank had total assets of $2.0 billion and total deposits of $1.7 billion. Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3 percent. At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Silver State Bank also had approximately $700 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers directly for the amount of their insured funds.
Customers with accounts in excess of $100,000 should contact the FDIC toll-free at 1-800-523-8177 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m. PDT; on Saturday and Sunday from 9:00 a.m. to 6:00 p.m. PDT; and on Monday and thereafter from 8:00 a.m. to 8:00 p.m. PDT.
Customers who would like more information on today's transaction should visit the FDIC's Web site at FDIC: Failed Bank Information - Bank Closing Information for Silver State Bank, Henderson, NV
. Beginning Monday, depositors of Silver State Bank with more than $100,000 at the bank may visit the FDIC's Web page, "Is My Account Fully Insured?" at http://www2.fdic.gov/dip/Index.asp 
to determine their insurance coverage
In addition to assuming the failed bank's insured deposits, Nevada State Bank will purchase a small amount of assets comprised of cash and securities. The FDIC will retain the remaining assets for later disposition.
The transaction is the least costly resolution option, and the FDIC estimates that the cost to its Deposit Insurance Fund is between $450 and $550 million. Silver State Bank is the second bank to fail in Nevada in 2008. First National Bank of Nevada, Reno failed on July 25, 2008. This year, a total of eleven FDIC-insured institutions have been closed.
OT-Paulson Meets With Bernanke, Fannie, Freddie Chiefs
Paulson Meets With Bernanke, Fannie, Freddie Chiefs (Update3) - Bloomberg.com
FDIC list confirms:
FDIC: Failed Bank Information - Bank Closing Information for Silver State Bank, Henderson, NV
earthworm writes:
silver state bank just failed per the local news here in vegas.
Whew ... thought I'd never get my Friday bank failure.
Thanks, Earthworm.
Thank you Las Vegas FBs.
Nevada State Bank Acquires the Insured Deposits of Silver State Bank, Henderson, Nevada
(see Good News at FFDIC | 09.05.08 - 9:16 pm | # )
"At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers."
earthworm
you were fast
i guess its true
the early worm gets the bird
Silver State Bank. RIP.
Obviously nickel and not sterling silver.
One a week so far and the Dallas office is not yet geared up.
Ross,
Look for other FDIC consolidated offices opening soon with CA first.
Stepped out for some hamburger buns, and look what happens. Damn!
FFDIC,
Forgot about the other regionals. I suppose when they are geared up, they will get the credit for their areas.
Did I say credit? Grimm Reaping.
FDIC is changing to GRCC. Better to reflect the times.
GRCC= Grimm Reaper Credit Closer.