Fannie, Freddie Lift Foreclosure Moratorium

Submitted by
CalculatedRisk on Sat, 04/04/2009 - 9:52am (41 comments)
in
Anonymous wrote on Sat, 4/4/2009 - 9:57 am

Do you really think foreclosures will go up with Timmy pimping TARP II?

Anonymous wrote on Sat, 4/4/2009 - 9:58 am

This comment thread has been CRC-IZED by yagij (CRbot helped a little).

CRCizer: Fannie, Freddie Lift Foreclosure Morator... <br/><br/><br/> And for the stubborn old-timers... it's also been HALO-IZED by CRbot.

http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/5251123029896216753

Anonymous wrote on Sat, 4/4/2009 - 10:03 am

MrM,
Thank you very much for the link to the BLS PR archive ( http://www.bls.gov/schedule/archives/empsit_nr.htm )

Anonymous wrote on Sat, 4/4/2009 - 10:07 am

If you haven't seen this, must viewing!  Black says the bankers have committed fraud.
 
<a href="http://www.pbs.org/moyers/journal/04032009/watch.html">Bill Moyers (PBS) Journal: with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. </a>

Anonymous wrote on Sat, 4/4/2009 - 10:12 am

Isn't that wonderful news with home owner foreclosures starting back up and just in time to join the CRE melt down. It just can't get any better than that. CR the charts should getting easier to make with everyhting head in the same way. Sad, well back out to the garden. Cool
jo6pac

Anonymous wrote on Sat, 4/4/2009 - 10:12 am

Does it make sense to have comments posted in three places, resulting in only being able to see comments in the one place you are viewing?

No other blog I'm aware of has such a messed up commenting 'system'.

Anonymous wrote on Sat, 4/4/2009 - 12:58 pm (in reply to...)

I have to agree 'I Heart CRbot'... the multiple mirroring of comments is a bit crazy here. Sad too since so much of the value of this blog is the comments.
 
I also can't help suspect that some of the js-kit problems might be related to the bots. How many hits does the 'HALO'ing of each thread take? Are they polling? It wouldn't shock me if the majority of hits on js-kit are bots.
 
(My appoligies if the bots are using a non-polling algorythm and are getting events from js-kit.)

Anonymous wrote on Sat, 4/4/2009 - 10:15 am

and this will probably lead to an increase in foreclosures for April....
 
and May, June and the mid-term future.....

Anonymous wrote on Sat, 4/4/2009 - 10:16 am

Two quick thoughts from previous thread:
 
sportsfan -- glad you liked the music.  Pandora is a great resource.
 
OregonGuy -- I have had good luck with USBank.  A feature they have that I like is linking the checking and VISA accounts so that I can make a credit card payment online and the funds are credited to my bill immediately.  I'm not sure how many other banks offer that, but my impression is that online bill-pay usually involves the bank mailing a check, which obviously I could do myself...

Anonymous wrote on Sat, 4/4/2009 - 10:16 am

It won't take long and the moratorium will be put back in place as the politicians start screaming.

Black Star Ranch wrote on Sat, 4/4/2009 - 10:21 am

On the 31st, Freddy & Fannie were paid $46-billion by FedGov, right? Now they just paid out $50-million in bonuses and another $200-million still to go?
 
It won't ever stop until the money is gone - just like AIG - just like the banks - just like the States - just like the pension plans - just like the no more cash cow SSI Revenue - just like the auto makers - just like Medicare & Meds - just like the armed forces bases around the world . . . . . . . . . . .

Anonymous wrote on Sat, 4/4/2009 - 10:26 am

This was just the scheduled end of the moratorium - and this will probably lead to an increase in foreclosures for April. - CR
 
I give it 10 business days before either an explicit moratorium extension or an implicit (wink-wink) internal suspension is instigated.  

Anonymous wrote on Sat, 4/4/2009 - 10:37 am

r
There are two local banks that are candidates for a future Friday  announcement - one of which , Cape Fear Bank (CAPE), as been mentioned by CR in the past. Local fishwrap headline reads "Cape Fear Bank says survival in doubt. Apparently CAPE used brokered deposits to fund insider RE projects (Privitize profits,socialize losses) and a 2/24 cease and dedist order shut off this source of funding.
 
The other firm is Cooperative Bankshares the parent of Cooperative Bank which is also under a cease and desist order . Cooperative has announced it will report "a loss substantially higher than it had previously predicted".
 
I suspect failures of small regional banks which ,in essence, are funding vehicles for a select group of developers will increase greatly in coming months. Theree is nothing special in Wilmington NC that is not  replicated whereever there was a building boom.
 
Wilmington-based Cape Fear Bank casts doubt on its survival | StarNewsOnline.com | Star News | Wilmington, NC
 
Cooperative Bank expects greater losses | StarNewsOnline.com | Star News | Wilmington, NC
 
Jim

Anonymous wrote on Sat, 4/4/2009 - 11:14 am

This comment thread has been CRC-IZED by yagij (CRbot helped a little).

THE CRC-IZER <br/><br/><br/> And for the stubborn old-timers... it's also been HALO-IZED by CRbot.

http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/1714231527182234491

Anonymous wrote on Sat, 4/4/2009 - 11:24 am

Jim in Portland - yeah, I caught that interview last night.  It kind of fell apart at the end, when it could have been a "Mad as Hell" finish.  Black's action items continue to leave it up to the PTB.  Would rather he had action items for Joe Sixpack to light a fire under the PTB.

Anonymous wrote on Sat, 4/4/2009 - 1:07 pm (in reply to...)

RE: Freckless Ness and the relance on the Powers that Be (PTB)
 
YES! I think his point was right on about how we won't recover untill the people that caused the mess are replaced. He didn't make the next logical leap... relying on the PWB to 'appoint' replacements.
 
If Congress is going to act, I would like to see them act to give more power to shareholders. The shareholders are the first and biggest losers so far. It's likely that Citibank shareholders will be wipped out... yet they have little power to replace the people who bankrupted the company and no say in the nonimating of new people to take over. They have no direct say on pay.
 
Most shareholders are long term buy and hold types. who IMHO would have a longer term view/focus than short term casino CEO/boards. Give them more power.
 
 

Anonymous wrote on Sat, 4/4/2009 - 11:27 am

CR - the comments link to Hoocoodanode.org disappeared from your site

Anonymous wrote on Sat, 4/4/2009 - 11:52 am

The ban has been banned.

sdtfs wrote on Sat, 4/4/2009 - 11:54 am

Does it make sense to have comments posted in three places, resulting in only being able to see comments in the one place you are viewing? No other blog I'm aware of has such a messed up commenting 'system'.
 
Damn Commie. Ever hear of "freedom of choice"? We're cutting edge.  Soon every blog will have multiple commenting sections divided by a common language!  If you think this is bad, I hear Broward is planning on opening up a fourth front on our assault on your sensibilties.

Anonymous wrote on Sat, 4/4/2009 - 12:01 pm

This comment thread has been CRC-IZED by yagij (CRbot helped a little).

THE CRC-IZER <br/><br/><br/> And for the stubborn old-timers... it's also been HALO-IZED by CRbot.

http://realize.org/cr/halokit.php?halourl=http://www.haloscan.com/comments/calculatedrisk/1714231527182234491

sdtfs wrote on Sat, 4/4/2009 - 12:05 pm

Ooooo, I forgot: js-kit, Hoocoodanode, CRC-Ized, and Halo-ized,...hell, we're alredy at four!

Anonymous wrote on Sat, 4/4/2009 - 12:14 pm

"and this will probably lead to an increase in foreclosures for April."
 
I thought the economy was showing signs of recovery.

Anonymous wrote on Sat, 4/4/2009 - 12:17 pm

As several others have pointed out, the moratorium on foreclosures will be revived, perhaps quietly, if it hasn't already.  Populist politicians now make the most important decisions on our nation's lending, for good or for ill.

Anonymous wrote on Sat, 4/4/2009 - 12:34 pm

The Latest from Mish:

John Hancock Tower Foreclosure Sale, a 65% Haircut In 3 Years

Comrade De Chaos wrote on Sat, 4/4/2009 - 12:35 pm

so there is this japanese TV channel : NHK World, amazing world coverage in English. Right now they show documentary on Chinese market reforms. Just in 1993 the sale of electronic goods was illegal and you had to have a special coupon to purchase TV, VCR, etc. 
So market system kicked in and we all now about changes that has happened there. Maybe, just maybe it is too early to proclaim the death of market capitalism. 
 
 

Anonymous wrote on Sat, 4/4/2009 - 12:37 pm

The Latest from Denninger:

How Does It Feel Ben?

Comrade De Chaos wrote on Sat, 4/4/2009 - 12:38 pm

also, an interesting banking story :
The Banker Who Said No - Forbes.com 
 
banker who said no. (the best example of what is wrong with TARP & alike, those programs benefit wrong FIRMS.) 

Anonymous wrote on Sat, 4/4/2009 - 1:02 pm

Comrade de Chaos,
thnx for suggestion of NHK World
 
O/T: NYTimes is threatening shutdown of Boston Globe
CBC News - Media - New York Times Co. threatens to close Boston Globe, wants big cuts

Anonymous wrote on Sat, 4/4/2009 - 1:05 pm

Um... I don't understand why people are complaining about too many options to view the comments.
 
You do know, of course, that the Haloizer posted its comments directly back to JS-kit, and all its messages were retrieved from JS-kit (on a 30 second cache).
 
You also know, of course, that the CRCizer had its own separate database which allowed it to act as a standalone comment system, but also synchronized comments both ways.  Meaning that comments posted to JSkit would appear on CRCizer, and the comments posted to CRCizer would also get posted back to JS-kit, thereby maintaining a synchronous view of the comments on all sites, but allowing it to continue to function if JSkit went down for whatever reason.
 
The only comment system that doesn't post its comments back to JSkit is the new drupal based Hoocoodanode, but why bother when you have a guarantee that you'll be the system to replace jskit.
 
So any complaints about comments not getting posted back to maintain a consistent view of comments should be directed at Hoocoodanode, since everything I've done or contributed to has not had that problem.
 
However, I do think you guys will not have too much longer to complain, since haloizer is definitely not getting ported.  CRbot will not get ported.   CRCizer may or may not get ported, we'll see.
 
By the way, the bot polls JSkit very gently, and it is not JSkits primary problem.  JSkit's problem is managing scale, since they are not just providing comments for CR, but also Mish and many many other sites.

Anonymous wrote on Sat, 4/4/2009 - 1:05 pm

mortgage pig's now eating comments

Anonymous wrote on Sat, 4/4/2009 - 1:06 pm

It is sad that things have gotten so bad that no one can raise the anger to protest the complete abrogation of principles inherent in a moratorium.  When exactly will the IRS start selectively prosecuting... oh wait.  Never mind.  

Anonymous wrote on Sat, 4/4/2009 - 1:07 pm

r
From last thread:
 
<i>No not all those institutions, instead, "flash banking."  We need to target just one at a time.  And don't pull accounts.  There are too many restrictions.  Just withdraw a few hundred in cash and put a strain on their ability to continue to claim solvency.  </i> 
  
What restrictions?  Yeah, so it takes a week or so to move everything and get new checks....  Open the new account and then begin to transfer when you are ready.  I'm moving to Farmers & Merchants Bank from BofA.  As long as you have money at one of the "too big to fail" crowd, they are making money on you.  They don't like those compensation restrictions?  Damn, that's really too bad.  
  
Vote with your wallet.  It's the only vote that counts.
 
I've been suggesting this since Paulson's first bailout made it through the House on the 2nd try.
 
They're scared to death of a bank run.  And it's a relatively painless way to register a protest.  Who knows?  It might even force the bankster-loving Treasury Department to do what it ought to do.  And it might help some local institutions that actually contribute to their communities.
 
One at a time or all at once?  I don't know.  But if it's one, I vote for Jamie Dimon's JPM.  Is there a more arrogant bastard on the planet?

Anonymous wrote on Sat, 4/4/2009 - 1:11 pm

New Thread: The DAP Legacy: FHA Delinquencies Rise Sharply in 2008
http://www.calculatedriskblog.com/2009/04/dap-legacy-fha-delinquencies-rise.html ( 0 comments ...You could be FIRST! )

I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)

CRbot is now proud to have the honor of introducing a NEW ERA in CR comments. With the JS-kit, but not below the JS-kit. A independent but integrated solution for all CR fanatics...

Brought to you by the hard work, dedication, and carpal-tunnel ridden fingers of your own yagij (and to a trifling amount your lovable CRbot code janitor, who will be flogged later)....

But first, let me don my ever stylish-- trendy but classic -- black mock turtleneck.
And now, introducing the revolutionary new innovative revolution that will no doubt revolutionize CR comments forever... ENDING the era of agonizing over long, carefully crafted comments only to lose COUNTLESS MINUTES when your comment is eaten by the JS-kit gremlins... CHANGING for all time the way you talk about mortgage pigs, hoopajoops, red and green colored muppets, and born and bred dopes...

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yagij and CRbot: Now with more CRC-ized posting power. You can worship us a little now, mortals.

Anonymous wrote on Sat, 4/4/2009 - 1:20 pm

GoinSouth,
"They" can move billions with a button.  "They" cannot get stacks of green to the right places fast enough when we "flash bank."  Nothing like running out of money at a bank branch to send a message.  Modern day bank runs can be papered over with a keyboard.  No, old fashioned bank runs are the way to protest.  

Anonymous wrote on Sat, 4/4/2009 - 1:33 pm

<div class="js-singleCommentHeader">
<div style="float: left;">Virtual Dawgbot says:</div>
<div class="js-singleCommentDate" style="float: right;">Today, 5:20:28 PM</div>
</div>
<div class="js-singleCommentText">“GoinSouth, 
"They" can move billions with a button.  "They" cannot get stacks of green to the right places fast enough when we "flash bank."  Nothing like running out of money at a bank branch to send a message.  Modern day bank runs can be papered over with a keyboard.  No, old fashioned bank runs are the way to protest.  </div>
<div class="js-singleCommentText">
</div>
<div class="js-singleCommentText">Sounds right.  Disrupting their weekly cash need expectation would be a good tactic.  I had originally suggested connecting it to something symbolic like withdrawing $7, $70 or $700 in honor of the $700 billion or giving the teller a roll of toilet paper to symbolize the trash the taxpayer was going to buy.
</div>

Anonymous wrote on Sat, 4/4/2009 - 2:56 pm

The foreclosure moratoriums are effectively still in place since the GSEs will make servicers certify that a borrower is not eligible for HAMP prior to proceeding with a foreclosure sale.

Anonymous wrote on Sat, 4/4/2009 - 3:15 pm

New Thread: Summary Post
http://www.calculatedriskblog.com/2009/04/summary-post.html ( 66 comments )

I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)

CRbot is now proud to have the honor of introducing a NEW ERA in CR comments. With the JS-kit, but not below the JS-kit. A independent but integrated solution for all CR fanatics...

Brought to you by the hard work, dedication, and carpal-tunnel ridden fingers of your own yagij (and to a trifling amount your lovable CRbot code janitor, who will be flogged later)....

But first, let me don my ever stylish-- trendy but classic -- black mock turtleneck.
And now, introducing the revolutionary new innovative revolution that will no doubt revolutionize CR comments forever... ENDING the era of agonizing over long, carefully crafted comments only to lose COUNTLESS MINUTES when your comment is eaten by the JS-kit gremlins... CHANGING for all time the way you talk about mortgage pigs, hoopajoops, red and green colored muppets, and born and bred dopes...

With no further adieu... CRbot gives you... THE CRC-IZER!!!!!!!

You can also find a index of the 10 most recent threads, with mobile links at: http://realize.org/cr/crcizer/phpCRo.php<br/><br/> Ahem. Now the skeptical amongst you might consider this to be a joke since it IS April 1st. I find such lack of faith disturbing. Click and BELIEVE!
--Your much-more-db-enhanced bot

yagij and CRbot: Now with more CRC-ized posting power. You can worship us a little now, mortals.

Anon wrote on Sat, 4/4/2009 - 5:27 pm (in reply to...)

Bushes fault!

Michael wrote on Sun, 4/5/2009 - 9:40 am

Shh, Wouldn't want to damage the subjective mindset known as CONFIDENCE.

Michael wrote on Sun, 4/5/2009 - 9:45 am

Anonymous people should register( upper left side column) and take a handle.

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