New BankUnited CEO John Kanas: No Green Shoots
Submitted by
CalculatedRisk on Thu, 06/25/2009 - 11:16am (87 comments)
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Where's Nemo?
What's the matter with Kanas, can't he follow the script?
If BKUNA says it's bad, does it mean it is getting better?
or do we call it Neo BKUNA?
I'm waiting for the first honest participant to truly blast this "green shoots" lie. You know, bringing up the danger of premature optimism. Markets up 2% on bad employment and the worst post war GDP quarter in history?
green snot, dripping on the kleenex of debt
Consumption was an old-fashioned term of describing somebody with tb, and now it means somebody with too much.
Neo BANKUN. Fred Camner is gone. Whoever Kanas is, he's got to be
better.
Very funny Kilroy.
Rob Dawg -
I'm waiting for the first honest participant to truly blast this "green shoots" lie.
Did you forget to take your green pill this morning?
Stay away from them red ones, your just not going to fit in after that.
. The only reason for not letting home prices find their equilibrium price quickly was to avoid the cascading effect on the banks. If the Government was going to bail out the banks then they should have allowed for a much swifter decline in the economy. Speaking for my town our main street is losing a merchant a month. May not sound like much but against that kind of back drop who would want to start a new business. I think six closing at once and then nothing more for four -five months would then cause somebody to take a chance on a "green shoot".
I think the big problem with the stimulus is that it kicked in about six months too soon.
Depends on if you are consum-er, or a consum-ee, with the tb eating you up.
Reading a good book called the Ruins of the Roman Empire. I think all the
doomsters would like it.
MP
followed your posts on Sanyo HVACs.... produced originally for the Japanese markets, where energy prices prices have long been high, summers hot and humid, and residential spaces are tiny.
US companies would design similar things, if they were forced to operate under similar conditions. Hence a reason why taxing carbon would drive innovation.
Taxing carbon, wouldn't that be intruding on the market? Yes, but no more so than the past 100 years of intruding on the market to maintain supply of low priced petroleum in the U.S. as compared.
"Oto, we're not in Kanas any more!"
Since we're on banks, T minus 7 for corus.
I would enact a carbon tax on all pencils, if I was given a czaring role.
lawyerliz -
Hey, did you see the article linked to a few threads back on the 15,000 un-serviced foreclosure actions in FL?
Kind of a mind blower I would think to anyone in FL.
Seems like Becky? puffed up the green shoots...
Anecdotally, Eastern Avenue in Balto has about the same number of empty shops as it ever did.
Not good for a long long time, but now no worse than it was. Lots of vacant lots where the
small manufacturers used to be. But this has been true for a long time.
My mom's realtor said he has 20 listings and 15 of them are short sales.
Everywhere in Merritt Island and Miami Dade are lots of empty shops; some of them
newly empty. These recent ones would be the stronger small merchants.
maintain supply of low priced petroleum in the U.S. as compared.
Ahhhh, more conspiracy theory. I thought the oil companies were screwing Americans by jacking prices but apparently they're keeping prices low out of the goodness of their hearts.
The cat ate all of my Green Shoots Brownies and has a rather Cheshire-like grin...
Now those brownies do a heck of a job...
HurricaneHigh.
No, I've been off line, could you reference it again.
What do you mean unserviced? Ignored?
Nothing about mtg foreclosures would blow my mind
now.
Green shoots == catnip?
He's new, and of course things are worse than he expected. Expect bigger-than-anticipated losses at his bank as they make corrections to all of the previous mistakes (and hedge for future mistakes). By no later than the start of the first fiscal year he'll be responsible for, the tune should change.
US companies would design similar things, if they were forced to operate under similar conditions. Hence a reason why taxing carbon would drive innovation.
Instead of creating yet another expensive bureaucracy, one could simply eliminate rate-setting by government and one would get the same price increases. But instead we get the proposal of government setting electric rates low AND taxing the hell out of carbon to make prices higher.
t minus 30....here comes the twister baby, here comes the twister. (same as it ever was)
Pretty much too late to do anything to prop up house prices.
Except cram downs.
liz- too late for the low end junk, but rest assured, CA will try to find a way from averting the disaster that looms in ALT A and Option ARM garbage.
I know of one BankUn foreclosure where at least 600k was lost. Maybe more.
They have lots of pick-a-pay loans.
Fitch downgrades California to A-, watch negative
How, 9000?
And has Cali done anything I've missed in the last 3 days, or are we 3 days closer to
Calisplosion day?
And have you all been following the Carolina gov who walked the Appalachian trail
all the way to Argentina.
energyecon (homepage, profile) wrote on Thu, 6/25/2009 - 4:39 am
* reply
* Ignore user
Highlight from the 15K unserved foreclosures link posted earlier:
Foreclosures
Judge grapples with her discovery of 15,000 unserved foreclosure cases
June 24, 2009 By: Billy Shields
Miami-Dade Circuit Court judge discovered more than 15,000 foreclosure cases filed this year haven’t been served.
It’s the latest shoe to drop in a foreclosure crisis garnering nationwide attention, and an unwelcome discovery in the face of state budget cuts that produced layoffs for courts and clerks.
The backlog is critical because cases where homeowners haven’t been served within four months are subject to dismissal.
404 Not Found...
the Carolina gov who walked the Appalachian trail
all the way to Argentina.
Another conspiracy theory?
E tu, Liz?
"I think the big problem with the stimulus is that it kicked in about six months too soon."
...that's ok, if the first stimulus missed the mark, there is always another on the way
it's a cornucopia of everlasting prosperity
It's a new branch of the Appalachian Trail:
THE Happy trail...
I'll be here all week folks.
Other South Carolina news:
We still have:
1. 14.7% adult illiteracy rate
2. 12.1% unemployment
3. 56% high school grad rate.
4. No plan or idea how we're going to repay the fed "stimulus" money.
Oh, I read unserviced, not unserved.
So some foreclosure mills are using the sheriff? Or that many people are hiding?
The 4 month thing is really stupid, I've always thought, and relatively new.
Maybe this will get rid of it.
Dearest Broward,
Historically, oil prices in the US have been about the lowest in the industrial world - partly because of domestic production in the 20th century, partly because European countries have longimposed high taxes on gasoline and diesel, and also because the US repeatedly intervened in oil producing countries in the 20th century to install sympathetic leaders (been reading about the lingering effects of the 1953 coup in Iran lately?).
Conspiracy theory? No, not at all. Just US foreign policy.
But your post on the last thread about the job market was enlightening. Do you think you can't get a job because the global job market has been politicized against you? Or because in a capitalist world jobs go to those who do things best at the lowest price?
broward (homepage, profile) wrote on Thu, 6/25/2009 - 11:04 am reply Ignore user Is everyone having a good time as America becomes a much BIGGER version of Argentina or Mexico in the near future
I don't see how the U.S. recovers.
Best case scenario is Japan-like.
Essentially, most jobs are politicized now.
Who you know and how well you paint an image versus what you produce.
Which means a growing level of paranoia and social schizophrenia.
Not only is California a fiscal nightmare from a governing standpoint, but the idea that a suburban home in a decent area of SD/OC/LA/SF is still around $500k, combined with a lack of jobs means the bigger they are the bigger the fall, come the fall...
I have a retail biz and commercial retail property. No green shoots now nor has there been for the past 3 months for me or my tenants. Things are BAD.
On a different note: does anyone follow the slosh report? I'm no expert but looks like a drain of $95.5 billion on july 2nd. Is this right?
The Slosh Report
This green shoots idea is assuming some sort of normal recovery following a recession - I don't see that at all.
oh well ... best to all
New BankUnited CEO John Kanas: No Green Shoots
Give that man some taffy.
James Candy Company manufacturers of salt water taffy and other boardwalk candy-James' 1 lb Box Chocolate Sealed Taffy
lawyerliz
Oh, I read unserviced, not unserved.
In the article I think they used the term serviced, but it did seem as un-served.
There was some things I did not understand but the number was surprising, since I think it was 17,000 foreclosures, and 15,000 are in nowhere land and may result in new litigation in 6 months to a year later.
@ Juv,
Black Swan Diving at the Jimmy Cliffs...
liz - no idea...but they will try. They will throw out a few more hopeless plans, that will fail as spectacularly as the foreclosure moratorium. But you never know when things will get so desperate there that some unthinkable idea is uttered and looked upon as a savior.
Ive just been screwed coming and going for all my repsonsible behavior of saving and renting, so why should it be any other way than for me to get screwed out of any chance to ever buy the house I want at an affordable price? Honestly, Ive got nothing but pain out of this whole mess. It seems that the more responsible you were, the more you avoided the effects of the market correction, but the more you pay for it when the government tries to correct the market's overeagerness to do what it does.
Juvenal Delinquent -
Not only is California a fiscal nightmare from a governing standpoint, but the idea that a suburban home in a decent area of SD/OC/LA/SF is still around $500k, combined with a lack of jobs means the bigger they are the bigger the fall, come the fall...
Reading your post put some major shivers down my back, I think we are around two years behind OC, CA.
@ Kahuna
Relax, have a homebrew.
Thanks, but that Miami Review thing didn't work.
Typically, Plaintiffs who can't find defendants for 4 months just ask for more time
which they automatically get. Foreclosure mills obviously haven't the staff to
monitor this. If the people have left or hiding, you publish, but you have to prove
you really tried to find them. The timing is such that you are hard pressed to publish
before the time is up. Normal Plaintiffs have no problem asking for more time.
But swamped foreclosure mills who aren't getting paid enough prolly don't have
enough staff to ask for the more time, and there aren't enough judges to hold even
a one minute hearing to grant it.
Hmmmm, one more possible foreclosure defense?
Most of the time the actions are not opposed, but if the suits where subject to
dismissal and nobody asked for it and the judge didn't dismiss on his/her own,
well does the foreclosure and sale adequately transfer title?
I don't know the answer. But I expect I'll find out in the next coupla months & let you
know.
GDD9000 - Ive just been screwed coming and going for all my repsonsible behavior of saving and renting,
Says the preacher to the choir. Can I get a Hell-I-owe-What?
Liz, sorry, cut and paste did not work:
Daily Business Review: Unserved_foreclosure
There were about 55k foreclosures in Miami Dade County last year; don't know
about '09.
Old concern: Puppy Mills
New concern: Foreclosure Mills
HomeGnome -
Relax, have a homebrew.
Yea, one more and it's time to crash.
We all know what it is,a health care plan to insure 20 million illegal aliens,and their 10 million anchor babies.Excuse me if I don't join in on the celebration.
one man's conspiracy is another man's fairy tale.
For the oil companies to collude to keep prices low, they'd have to....
actually keep prices low.
So sad.
Hypothesis fails.
Fitch downgrades State of California to A-minus
Go, Kermit!
I have shares for sale!
KK:
Left a car purchase anecdote for you at the end of the last thread.
Nascarolina was certainly a welcome break from the usual twisted lies we hear on Wall*Street...
The stock market is the biggest of the green shoots.
nice pump into the close
Broward
1: Historical pricing, which is what would have shaped business decisions and innovation over the last 75 years.
2: To say that prices are low or high is a relative statement. Gasoline cost less in the US than in Europe or Japan.
3: It has been the US govt that has toppled governments in Iran and Mexico when they wanted to nationalize oil production, and intervened in slightly more subtle ways to keep the House of Saud in power, etc. The argument was about government actions, efffectively interveingnin the market no less than it would by taxing carbon.
But if you believe there was another 13th amendment and party with the birthers, well, what can one say?
burnside -
Thanks, I am trying to track the secondary market and keeping an eye out for a deal, I'm just not a bling, or status kind of car guy. The Ford Fusions are more my style, basic with all the necessities but here I feel the prices are still a few thousand overpriced. I'm just wondering if my resolve or the prices will break first.
MP, if your still around, which model of the Sony did you get? I would like to read up about it and take notes. One of these days I may be able to afford a SFH and that sounded good.
Okay searchmeisters, I am trying to figure out when I first posted on CR- I was trolling through some of the old comments in the archives when this question popped up in my head. I used to just be AllenM- who has the answer?
Thanks in advance!
AllenM
Bonds UP- Equities UP
What's UP with that ?
lliz,
Yes, that seems like a big deal - particularly the bit buried in the article about the claim being extinguished if they don't get served within four months?!
bearly -
Major pump - just take that green pill.
What's up with car rental companies?
Look at this pump:
Vehicle Rental Stocks Index (*RNTVE) at tickerspy.com
Bernanke does it again.
energyecon -
I was in read only mode at the time (work).
Thanks for posting that,
It made me start to wonder what is happening here, and what will happen.
Judge Jennifer Bailey is an excellent judge, with regard to the non-service angle.
But the article left me a little puzzled.
It could mean that the process server actually served the defendants, but they
returned the docs to the foreclosure mills, who never got them back to the Courts
timely. What happens if the foreclosure papers were timely serviced, but not
timely sent back to the Courts? I don't know. It could be the process servers are
lying about service.
It's nice to have somebody realize that this is a title nightmare of the future.
The foreclosure mills are writing their own title insurance, which I think is a
clear conflict of interest.
Who knows, maybe title companies will be out of business 4 or 5 years from
now?
Ben Ezra is the one competent foreclosure mill I know of.
It's not clear to me what Judge Bailey is going to send out? Notice of dismissal
on the judge's own initiative? Challenges to ask for more time or get booted?
It isn't that the Miami Review article is bad, it's just not comprehensive enough, or
maybe I just didn't real the whole thing.
You also have to file a paper within a year to keep a file alive. I have one which will
be a year in late fall: do I file a Motion to Dismiss or keep my head down?
Bernanke manages one day lift - tomorrow, full reversal. Talk is cheap. Front running is cheaper.
the US govt that has toppled governments in ... Mexico when they wanted to nationalize oil production
Umm, maybe, but in Mexico oil production IS nationalized
Pemex - Wikipedia, the free encyclopedia
.
Which Mexican administration was toppled? did the "toppling" not turn out how the gringos planned?
KK--I love my Ford Fusion.
accenture and micron miss revenue, cali goes a-
what a pump job....
"Bernanke manages one day lift"
Well, he sure lifted the glod miners. HUI up 4.95% today.
Stock market indices are their last modus operandi the later-day Monetary-Machiavellians can jerk around @ will, as necessary.
Why isn't the media (at least the media I'm seeing?) reporting on the tremendous fiasco in the New York state legislature? Any other year this would be page-1 news. And certainly of more consequence to more people than lame-duck Mark Sanford's peripatetic philanderings!
What's everyone talking about that's supposed to be happening tonight? (Sorry, read last thread but not one before...)
As for the market staying high - it just looks like the 200 day moving average and the 900 price point are both pretty firm support right now.
Finally - would it be a BAD thing if the economy just went into "stable" mode for a while? No green shoots or raging bubbly growth, but no crashing depression? If this is about where the bottom of the L will be, that might not be bad. Time will heal a lot of disequilibrated markets, and the workforce needs to re-equilibrate to the non-bubble number of jobs.
lawyerliz - KK--I love my Ford Fusion.
Now that is what I'm hearing, and the 2010 has fixed all the little issues that people had. I hear it is the best thing going, but no way in hell am I going for the hybrid at that mark up, the other issue is the 25 MPG. My current POS still gets 31 MPG. Arrg, time to stop talking about cars,
I'm intrigued about what the servicing mess will mean not only for Florida but every where else since the courts system is being cut to the bones.
Citizen Allen M:
I started lurking in approx mid 2006 and recall you posting then.
Likewise, Dryfly, mp, misean, Dr Strangemoney, etc.
No offense to those not listed.
Well how much ammo can the ECB lend them...or until when (EEurope cratering?)?
So based on the market action I have to guess we brokered some kind of backroom deal to do a cross border money printing and monetization scheme.
homedad43, I think it was summer of '06.
I was rereading some of my snark with regard to what has happened and thinking- I should be rich!
I remember I started posting more over here after BDL kicked me off for being too snarky to Anne- I wonder how much her Vanguard Reit retirement investment is worth now?
I still remember when I was watching Apocalypse Now Redux and adopted my tagline.
Someday this war's gonna end....
@ Wisdom (and anyone else who is interested)
New York State Legislature - Google News
ac --
...money printing and monetization scheme
Wait, what's a "money monetization" scheme?
Yeah, what mysterious thing is 'sposed to happen?
HomeGnome - Relax, have a homebrew.
Nothing like a 10 month old WIT to end the day, time to crash all. Have a good day, evening and night, and thanks for the reality check.
You're one lucky Kahuna.
OT:
Thirty five companies are qualified to bid on foreign oil contracts with Iraq starting next week, the Wall Street Journal reports. The government decided to auction off foreign oil contracts in an attempt to boost up its war torn economy.
The auction is taking place for the first time since Iraq nationalized its oil industry more than 30 years ago. Among top potential bidders are Exxon Mobil Corp., Royal Dutch Shell PLC, Italy's Eni SpA, Russia's Lukoil and China Petroleum & Chemical Corp. If all goes according to plan, the new contracts with foreign companies will help Iraq to stabilize six developed fields which have suffered because of the war.
Now, didn't the Red and Blue Neo-Cons tell us this oil was going to pay for the war?
Hey, Beers and Pig.
Just like my party this saturday!
Kauai, I understand not wanting bling. Since you mentioned checking Craigslist, thought I'd recommend EBay since my experience there was good.