Report: June Surge in Lender Repossessions in Seattle, Las Vegas and Phoenix
Submitted by
CalculatedRisk on Wed, 07/29/2009 - 2:46pm (159 comments)
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hmm? again
the 400K median in king county was totally unsustainable
BTW, this developer told me that it felt like "collusion between the banks" to hold off all these REOs and slow the foreclosure process. My guess is it is related to the push on modifications (for the homes in process).
best to all
what the hell do we do if we see a house just sitting there, no sign, no nothing, is that shit there for the taking or what? I'm getting pissed just waiting.
Next wave coming, surfs up! 30 footer on the outside!
I like to see an online reverse bidding system for real estate, where sellers keep bidding down prices until the buyer approves.
Maybe they are just overwhelmed. I can't see them taking the modification thing seriously.
Current Phoenix repos are a 2nd order effect from economic downturn; or in the case of my former landlord(who had his poor man's RE empire collapse) that the most recent rental houses he picked up ate up more cash than his other rentals were receiving. More than a few Tempe Slumlords are in a similar boat.
Before that it was just people who never should've been able to buy a house in the first place.
Someone else can tell 345 about adverse possession and the discussions
we have had about it on previous threads
I got my eye on this house downtown next to the University, there was a sign up there, but now there is not. No rent, nothing, I know the area, it is about where my grandma used to live, I’m thinking about planting a flag and just bucking on any mother fucker who has a problem with it. Decisions, Decions. Can someone link me to a PDF of a land deed?
In AZ, adverse possession is only 2 years; by the time the backlog clears you could take over a house.
LOL, CR soon will have a homegrown bando...
"I can't see them taking the modification thing seriously. "
I dont think the administration is giving them much choice.
The lenders are clearly holding off on foreclosing on a lot of inventory.
The surge is working.
Yeah, the administration has a verbal agreement after all.
Hmm...the treasury needs to sell 3.3 trillion dollars (2.2T rollover) in the next six months. And the primary dealers are already saying no mas today.
"It was just a horrendous result," William O'Donnell, head of U.S. Treasury strategy at RBS Securities in Greenwich Connecticut, said about the auction.
"It was the weakest bid-to-cover since September 2008, and by my numbers it was the biggest tail since February 1993. It was just a very, very weak result."
UPDATE 1-Weak U.S. 5-year debt auction raises worries
| Reuters
I wonder which day will be the day the fat man eats a mint and blows up.
Scrooge McDuck (profile) wrote on Wed, 7/29/2009 - 6:03 pm
I wonder which day will be the day the fat man eats a mint and blows up.
the fat, floating Baron Harkonnen just came to mind... what a metaphor that is hatching!
There are different requirements in different states about actually adversely possessing
a property and clearing title to it. They all involve paying property taxes. You weren't the
first to think of it 345. Goes back at least 400 or 500 years in England.
I have actually cleared title to a house a person moved in here in Fla. Don't think
any of the other posters have. Rather rare, actually.
A condo went bankrupt? Name?
As opposed to a condo developer? One where the management has been turned over to the
buyers?
Scrooge McDuck,
Nice visual with the Monty Python reference... Kind of appropriate for the American system today...
A pity residences tend to decay over time when no one looks after them. Maybe the banks will pay someone to live in these places and take care of them?
How would negative rents affect the ol' P/R calculation so beloved by real estate investors?
The banks were/are betting that they could manage inventory and optimize returns by waiting out even a lengthy recession. The post war recessions have been 11 months ±6 months so even if the recession that started Dec 2007 lasts until as late as Jun 2009 their model says kick the can. Of course that same model was bounded by... oh... let's call then baseline and more adverse scenarios as to price declines and loss severities. I'd bet the real nervous ones even ran some "what-ifs" out in the fantasy lands where housing prices went down as much as 20% and loan loses ran an inconceivable 25%.
Yup, so long as this recession is only lengthy and price declines are merely historically high and losses are only severe then the banks are smart to be holding on waiting for the rebound.
"BTW, this developer told me that it felt like "collusion between the banks" to hold off all these REOs and slow the foreclosure process"
This is exactly what is going on IMO. What we need to focus on is the sheer lack of NOD's (notice of disclosure) to the ramp up in actual foreclosure filings. They simply do not file them because this is when the actual loss occurs. This is also the reason that we have a HUGE shadow inventory as well. Delve into the # of foreclosure's vs. NOD's and you'll see what I'm talking about.
If it walk, like a duck....etc. It's a duck.
Ciao
MS
the fat man sketch in monty python
YouTube - The Meaning Of Life - The Autumn Years
I spoke with a SoCal developer yesterday, ( snip)
he is worried about another flood of REOs. Every bank he has spoken with (snip)
is sitting on a pile of REOs and homes in the foreclosure process.
maybe time to build an ark... metaphorically speaking...
think local economy
Harkonen?
We are all barons now!
The banks are totally incompetent in selling their REOs. Even more
incompetent than when they made them in the first place. And that's
really saying something.
Remember the Palm Beach County judge with the 40k foreclosures?
Getting her 2k more won't do anything!!
The sheriff has upped the eviction fee here by $20.00. They were 6
weeks behind a while ago. Don't know about now.
come on wave!!! Crash on the shores of Long Beach and take out the town!!! If you can get to the area just east of the airport, I'd be pretty happy.
RD
Could it be as simple as hold off losses to off set profits coming back? Balance out tax liability?
Negative rents!!! I love it!!
Goes along with a negative interest rate.
lawyerliz (profile) wrote on Wed, 7/29/2009 - 3:55 pm
reply ignore user
Someone else can tell 345 about adverse possession and the discussions
we have had about it on previous threads
Oh! Oh! A chance to use the glossary term added last week: RTFUN.
Happy Headlines from the WSJ:
"Beige Book Sees Recession Easing"
"Home Prices Rise Across US"
Extend, Pretend, and Propogandize.
lawyerliz (profile) wrote on Wed, 7/29/2009 - 6:09 pm
Harkonen?
We are all barons now!
The spice melange, upon which the entire galactic civilization depends, is found only on one world...
RTFUN, thanks, haven't looked at the glossary lately.
Last night the late shift had a lot of fun comparing their Political Compass score ( The Political Compass - Test
) with their peers; I now have results from 56 of the commentariat and will publish the latest revision later tonight. It will probably be the last revision as we all have something better to do with our lives. I hope.
I've plotted an Excel scattergraph of the results (Excel 2003) and plan to make that available on the web as well, but could use some help.
1) Although I thought I had done so in the past, I am unable to have the name of the commenter show when placing the cursor over the data point. Any advice would be helpful.
2) I've already waited 18 hours for my Google Docs PW to be emailed to me and it hasn't arrived. Is there anyone knowledgeable who would accept the Excel file and/or chart by email and publish it to the web?
Hope to publish the table in 3-4 hours. Last minute entries are welcome.
They aren't that smart Ben, alas.
"maybe time to build an ark... metaphorically speaking...think local economy "
A moderately appalling number of cities don't have one; daily they ship out workers, ship in consumables and water. Some Socal towns are like space stations; no local resources, no trees, no water, no economic engine -- everything's shipped in.
The spice must flow...
. . . And the roads must roll. . .
That describes all 20 million of it from Castaic to San Ysidro, basically
i know you know, but for the record
the snips above, my comment, were from CRs post
Lobbyist Ben Dover (profile) wrote on Wed, 7/29/2009 - 4:09 pm
RD
Could it be as simple as hold off losses to off set profits coming back? Balance out tax liability?
Everyone does a little balance sheet lipstick. I think this time it is just bad management. The banks have done nothing but misread their position for nigh on half a decade. There won't be any honest profits in retail banking for a decade. Anything that shows up on the bottom line is at best taxes they are not paying via Calvineconomics.
Nite, Liz......
duplicate
"That describes all 20 million of it from Castaic to San Ysidro, basically"
Not an expert, I'll take your word for it. But driving out I-10 through the San Gabriel Valley and beyond was quite an education.
GEEEEE, what a BIG surprise. Not like I haven't been saying this for months now.
"this developer told me that it felt like "collusion between the banks" to hold off all these REOs and slow the foreclosure process."
There is no collusion. The banks were told (by Fannie/Freddie at first, then the govt) to stop foreclosures while this stupid mod program was worked out.
Then the mod program gets released, and before a house can be foreclosed upon, the borrower has to be screened to see if they are eligible for a mod.
If not, foreclosure. These guys are just now hitting the system.
if so, they go through this mod, 60% default again in a few months, and we go through the process again.
Forecast: MUCH, MUCH more money printing ahead.
picosec (profile) wrote on Wed, 7/29/2009 - 6:13 pm
Last night the late shift had a lot of fun comparing their Political Compass score ( The Political Compass - Test
) with their peers; I now have results from 56 of the commentariat and will publish the latest revision later tonight. It will probably be the last revision as we all have something better to do with our lives. I hope.
First off, thanks for the effort and taking the time to do that!
I tried, and failed, to make a scatter plot with Excel 2003 at work today (with 4 data points only), and it only worked if I used a series, and defined each data point as its own series. This allowed the chart option to display series name next to the corresponding data point too. Unfortunately 56 or more is going to get unwieldy, though Excel's actual limit is 256 series. It might be an option. That's the only way I got it done with my simpler chart.
Every day I shake my head as to how bad this thing got and not one government overseer said a thing. How could anybody want more government in their lives. Defies gravity.
Seems pretty clear to me what the bank strategy is now. They arent blind - we used to wonder here before why the banks just seemed to be sitting on their hands holding REOs and not dealing with them.
So what do they do....create a heady mix : Get a few vultures, a few loads of Taiwanese foreign RE tours, and some first timers once again feeling like they are going to miss the next bubble, and youve got your recipe. They'll continue to hold stuff off market Im thinking, in various places, to try to generate this kind of desperation/greed mentality.
And now, youve got places where bidding wars are breaking out amongst rapidly rising unemployment. Somehow, that looks like a recipe for disaster. The question is, who is unloading the properties and grabbing some cash, and who is doing the lending on the other side? On cash deals, like Liz is seeing in FL, the winner is the bank, and loser is the buyer, potentially, although some will clearly be ok, if they plan to live in the home. But who is lending on this kind of stuff? Are we setting up for yet more defaults, and more underwater properties, just held by different owners?
SeattleBubble.com explains the surge in foreclosures in WA:
Kary points out in the comments that the massive May to June spike may be due to a new state law that was passed by the legislature and signed by Gregoire at the end of April. The bill—Senate Bill 5810 (pdf)—essentially adds a bunch of additional red tape for lenders foreclosing on owner-occupied residential property with mortgages minted from 2003 through the end of 2007. In a nutshell, it requires lenders to make a good faith effort to contact borrowers by mail and telephone to notify them of the housing counseling options available to borrowers in foreclosure before they are allowed to file a notice of default (which comes before a notice of trustee sale).
Bob Dobbs wrote above
A moderately appalling number of cities don't have one (local economy); daily they ship out workers, ship in consumables and water. Some Socal towns are like space stations; no local resources, no trees, no water, no economic engine -- everything's shipped in.
recently an noted canadian economist spoke at the U of Dub in seattle...cant remember his name
but his point was that, with the increasing cost of energy... after the recession
especially transportation energy costs
the multi national... , cheap labor..., ship it across the oceans in containerized cargo..., walmart... etc companies
their business model will begin to break down
now my idea..there will be a lag between multinational supply and the ramp up of local , regional and national supply
example. domestically produced food
think local economy
Every day I shake my head as to how bad this thing got and not one government overseer said a thing.
Every day I shake my bag of coinz as to how bad this thing got and not one government overseer said a thing.
Sorry guys, I accidentally started a fight on the last thread and then got pulled into meetings.
Joanna made my point perfectly without realizing it. When employers can dump your health coverage onto uncle sam, they will. But, they won't stop paying - they aren't paying today! You are!
Socialized medicine amounts to a pay cut for you. Higher taxes, lower pay. Nice. However, the owners of your company will love it! Their share prices and dividends will go up (better eps). Those taxes on cap gains? They don't cover hc costs. Your additional earned income taxes will, however!
Gotta love it.
"Every day I shake my head as to how bad this thing got and not one government overseer said a thing. How could anybody want more government in their lives. Defies gravity."
Separate corporations and government and I believe that we would have a much better functioning system. The problem is not government per se, it's a sick government in bed with corporate interests rather than independent government run for the people. This has been a long slow slide for 20 plus years.
"Confessions of an Economic Hitman" and "Economics of Innocent Fraud" are very worthwhile reading to understand what has happened to government in the US.
Though the home sales decline has leveled off, there will be another point where there will be a sell-while-you-still-can mentality. When that comes, we'll see a flood of REOs - and you will need an ark.
I got the scatter graph just fine. What's missing is the label that names the person associated with the data point. All the info is in the file, just can't get it to display.
BTW - I CAN do it by creating 56 separate "series," one for each data point but that's a real drag. I guess that's what you did. I figure Excel's smarter than that, if I can just figure it out..
"How could anybody want more government in their lives."
I have thought many times that the ONE thing our generation learned very well was to "pass the buck, make no hard decisions, and lets have another (fill in the blank)." I feel it's gotten to the point where it is now literally impossible for MOST in DC to make the hard choices. Due to this "affliction", no choices will be made and nothing of a positive nature will be achieved, and maddeningly, you'll STILL have a big percentage of the people looking to the government as a Mommy.
345 - I don't mind the points you're trying to make, but your language leaves a little to be desired. How 'bout toning it down a little, you know, for the kids?
so are we taking bets on the GDP num out soon?
I'm say'n .03% to the upside
RockyR (profile) wrote on Wed, 7/29/2009 - 4:29 pm
When employers can dump your health coverage onto uncle sam, they will. But, they won't stop paying - they aren't paying today! You are!
Except under the proposals they can't unless they're a teeny tiny company.
Thanks for playing anyway!!
Socialized medicine amounts to a pay cut for you. Higher taxes, lower pay. Nice. However, the owners of your company will love it! Their share prices and dividends will go up (better eps). Those taxes on cap gains? They don't cover hc costs. Your additional earned income taxes will, however!
Are you bothering to try and follow the process at all or just wing nutting it?
What socialized medicine? The closest it gets is allowing co-operatives to be formed, not administered by the government at all.
picosec (profile) wrote (in reply to...) on Wed, 7/29/2009 - 6:34 pm
I got the scatter graph just fine. What's missing is the label that names the person associated with the data point. All the info is in the file, just can't get it to display.
BTW - I CAN do it by creating 56 separate "series," one for each data point but that's a real drag. I guess that's what you did. I figure Excel's smarter than that, if I can just figure it out..
Assuming there is not a better way - if you can put the current file somewhere I can get it, I think some VBA scripting would make fairly quick work of sticking the series together for us.
"Are you bothering to try and follow the process at all or just wing nutting it?"
.......ahh,,,,,,,,,I'd like to buy a vowel, and $400 for "wingnutting it", please.
.....I'll wait on the five-hour class the House had to take in the basement yesterday - given by their "staffers" no less..........how demeaning is THAT!
Alexi, I'm talking specifically about socialized medicine, not the current plan. But, nevermind what the current proposal is, the long run outcome looks pretty clear. No wing-nutting necessary.
Bob Dobbs
i found that presentation by the canadian economist who talked about the end of cheap oil and the implication for local economies
insightful interview, hope you find it valuable
Jeff Rubin on the End of Cheap Oil
How could anybody want more government in their lives. Defies gravity.
Stay tuned ResistanceIsFeudal; if I can't make progress I could e-mail it to (easy) or put it in some public place (learning curve).
I probably won't be ready 'til 6PM EDT.
" Seems pretty clear to me what the bank strategy is now. They arent blind - we used to wonder here before why the banks just seemed to be sitting on their hands holding REOs and not dealing with them.
So what do they do....create a heady mix : Get a few vultures, a few loads of Taiwanese foreign RE tours, and some first timers once again feeling like they are going to miss the next bubble, and youve got your recipe. They'll continue to hold stuff off market Im thinking, in various places, to try to generate this kind of desperation/greed mentality. "
Kind of like the Japanese buying boatlands of signature properties in the '80s, only to unload them some years later at a massive loss. Only now the target is Mr. and Mrs. Asian Bourgeois (or Uncle Sam Knifecatcher) instead of Nakamichi Heavy Industries.
How could anybody want more government in their lives. Defies gravity.
Most on Medicare are very satisfied with this government program.
Great! Now tell LBD who's paying for it. Thank's for your service, btw, and I mean that with all sincerity. I served myself, but have yet to enroll with the VA.
Most people on medicare who have midgap love it. Medicare is supposed to be very efficient. It's also well-subsidized by private payers.
Before that it was just people who never should've been able to buy a house in the first place.
That was a problem with real estate. It made a whole bunch of stupid people rich, with the observable social and cultural downturn of this country.
BSR writes: "Great Medical care - but then I'm a guy that's signed out of a half dozen medical facilities AMA, also."
I just flashed on this ugly, awful image of you walking away from a clinic in one of those open back nighties, dragging an IV thingie
shudder
My experiences with the military health care system have been subpar. On more than one occasion I have been forced to go outside the system for tests because my results were lost/botched. Also, I haven't seen a real doctor in years. All my visits have been to corpsmen. They are good nurse practitioners, but they have little formal medical training. I know people who have been misdiagnosed for serious health issues because the Navy only provides a full physical with a real doctor once every 5 years (at least for submariners). Like I said, my Primary Care Physician is a medic, not a doctor. I am glad to hear that the VA is better. Keep in mind, these are just the experiences of one man.
" found that presentation by the canadian economist who talked about the end of cheap oil and the implication for local economies
insightful interview, hope you find it valuable"
I will take a look at it, but I've read a certain amount of the literature. I live in a college town in an ag area with an ideal climate and a fishery nearby; so the Peak Oil and locavore movements are pretty big around here. I belong to a CSA; sat down to lunch the other day with four people, and three of use belonged to local CSA farms.
Some of the Peak Oil people go off the deep end, but I truly doubt it will be viable to import grapes from Chile in the off-season a few years from now. Or loom cotton cloth in the states, ship it several thousand miles to be made into t-shirts, and then ship the shirts several thousand miles back.
picosec - I didnt check the comments from last night so I dont know how people were getting these to you... anyway here is nades ~ Economic Left/Right: 1.25 --- Social Libertarian/Authoritarian: -1.49
I'm not as much of a nut as I fancy myself as!
Lobbyist Ben Dover wrote at 423 pm
"Every day I shake my head as to how bad this thing got and not one government overseer said a thing. How could anybody want more government in their lives. Defies gravity."
you are kidding right? like private industry broke its back warning americans of the coming collapse?
if anything the failure of the public servants to do more to warn is a result of the prostitution of government by corporations
please stop being a shill for the private sector and launching knee jerk attacks against the public sector
booksley born a public servant warned of the collapse and was silenced by goldmans henchmen "in gov"
WaPo profile of Brooksley Born
john mccain a public servant warned of the collapse
John McCain Warned Of Mortgage Collapse In 2005 | The Minority Report
paul volker warned of the coming collapse...i hope i dont have to give you that link...have you been awake?
Apologies for a long OT post, but it's a quick browse....it's the companies reporting today who had year-over-ear revenue declines of more than 25%.....
Rubicon Tech -72%
Adolor -66%
CGI Group -63%
Lam Research -62%
Cliffs Natural Resources -61%
Arcelor Mittal -60%
Tesoro -53%
Universal Stainless/Alloy -52%
ConocoPhillips -50%
Talisman Energy -47%
Teradyne -47%
Timken -46%
Ryland Group -44%
Hess -42%
RPC Inc -41%
FARO Techs -40%
Borg Warner -40%
Cabot -39%
Belden -38%
Elec For Imaging -37%
Affiliated Managers -35%
Tyco Electronics -34%
Whiting Petroleum -33%
Northwest Pipe -33%
Nutrisystem -32%
Dixie Group -32%
Cadence Design -32%
Penske Auto -30%
Flextronics -30%
AmeriGas Partners -30%
Benchmark Elec -29%
Wright Express -29%
MPS Group -29%
Ladish -29%
EQT Corp. -29%
Interface -28%
Kulicke & Soffa -28%
Commscope -28%
UGI Corp -28%
Oil States -28%
Spherion -27%
CB Richard Ellis -27%
Amkor -27%
Arctic Cat -26%
Martha Stewart -26%
United Rentals -26%
Enbridge -26%
Praxair -26%
SurModics -25%
Metabolix -25%
LSI Logic -25%
Bob Dobbs
yes thats the point...going off the deep end
this guy doesnt do that
he says we will never run out of oil ...and he is right
he says we will run out of cheap oil
right now it costs us a barrel of oil in the ME to bring up 100 barrels of oil
but in canada for example oil sands (and the usa with oil shale) it will cost us one barrel of oil to bring to production two or three barrels
plenty of oil..just not plenty of cheap oil
check him out
Volker - you must tell me about blonderengel. Anything. Is she ok? What's she wearing? Please, I beg you.
Migap should have been medigap. Dum bberry.
"Anything. Is she ok?"..............she's 6'2", 234-lbs, answers to Horace with a deep reassuring voice........same one, volker?
ShortCourage...thanks for the data
I just flashed on this ugly, awful image of you walking away from a clinic in one of those open back nighties, dragging an IV thingie
You can't take the IV with you, we need the pole. You're more than welcome to the Foley, however.
ROFL........thank goodness it's almost milkin' time........She's puttin' volker in touch with his feminine side......(LOL my stomach's hurting!)
No problem.
I have been looking daily at yoy revenue, as I see it as more important than earnings this quarter. It's amazing how much revenues have fallen... I can post the "Down 25% +" daily, if there's a desire for it.
she's 6'2", 234-lbs,...
So are these prime mortgages?
And more importantly, are the MBS that represent these loans being used to borrow short-term debt? (w/ leverage up the brown chute)
picosec (profile) wrote (in reply to...) on Wed, 7/29/2009 - 6:47 pm
Stay tuned ResistanceIsFeudal; if I can't make progress I could e-mail it to (easy) or put it in some public place (learning curve).
ok, I should be around most of the night, so let me know if you want me to work on it. email would be fine.
not all got hosed - a smart japanese man (kimono maven, methinks) bought tons of cheap sacto-area SFRs around the 80s/90s, and unloaded around '04. not bad.
Two Comments:
YouTube - The Cars Let The Good Times Roll
that 6'2. 234 lbs makes my 6'5 265 look downright svelt.
I would not fit inside this Skoolbus
*sweatin it out in the metal box.
ShortCourage
i vote yes, thank you very much
Stay tuned ResistanceIsFeudal; if I can't make progress I could e-mail it to (easy) or put it in some public place (learning curve).
I probably won't be ready 'til 6PM EDT. [OOPS - make that PDT]
Resistance, just took the test and got a score of -2.25 on economics and -4.67 on social.
dirk just outed his sockpuppet
Robot Attacks Human
What is the deal with time on market for listings that were previously listed, but not sold?
Bank Failure, not sure I follow yoy, who is my supposed sock puppet?
Short Courage: Apologies for a long OT post, but it's a quick browse....it's the companies reporting today who had year-over-ear revenue declines of more than 25%.....
...
Ryland Group -44%
I just checked and there are 40,000 Sept 19.00 put contracts in play. Another Calabasas mortgage victim?
......damn..........tomorrow is Jobless Claims and a 7-Yr Notes Auction..... Followed up with GDP and a busy, busy BFF.......it doesn't get any better than that..........and tonight is the $7.95 locals 2-for-1 steak special night...........YES! I told the Mrs., when she was but a little critter, all she's gotta do is stick by me - only the best.........
picosec--
for the sake of the data set: today Anak is .50 and -4.62
I'll get back to you if I'm mugged or something.
btw, I challenged a teenage nephew to take this a couple years ago when I suggested to him that in principle most Americans possess a libertarian leanings. It troubled me to no end that he came back w/ results more of the Giuliani persuasion.
thanks.
do I need to put a /snark tag on the linky?
Political compass -2.5. -.10.
picosec - did you get my compass score in a comment posting the other day?
bANK fAILURE (profile) wrote on Wed, 7/29/2009 - 7:23 pm
dirk just outed his sockpuppet
Robot Attacks Human
Now the robot has leverage to negotiate better pay and some benefits... We thought they would happily serve us forever for only their cost of operation and some occasional maintenance and programming upgrades.
picosec,
-5.67 economic
-1,85 social
Thank you for taking the time to do this.
GDD9000 - I did and the rabbit didn't die.
I dont know if any of you saw the rich comment regarding Variable Annuity Life exposure on HIG. Im tellin ya, they (Prudential et al.) are sellin it, and sellin it hard.....
edit: it was just a comment.
MT
Not a shill for the private sector. I can not use thier services if I wish. The government collects taxes to govern the private sector which they did none off.
Why does CR hate America?
In other news, Pennymac raised $500M privately, then wanted to raise another $750M in IPO, then got more modest and figured $400M would be nice, and finally they got $340M.
Los Angeles Business Journal Online - business news and information for Los Angeles California
Blackrock was one of the underwriters
Laurence D. Fink - Wikipedia, the free encyclopedia (very closely associated with NYU)
The other was Highfields Capital.
One of Highfields' founders/managing directors "is a member of the Asset Managers' Committee of the President's Working Group on Financial Markets, which was formed in 2007 to foster a dialogue with the Federal Reserve Board and Department of the Treasury on issues of significance to the investment industry."
The other founder/managing director is a trustee of the American Academy in Rome.
Their General Counsel was an attorney at the SEC.
UBMW just outed the "Establishment"
"I have been looking daily at yoy revenue, as I see it as more important than earnings this quarter. It's amazing how much revenues have fallen... I can post the "Down 25% +" daily, if there's a desire for it."
How about a chart showing a QoQ weighted average?
Those revenue declines are absolutely incredible. Please do post them every day if possible. Really shows how bad things actually are, it is funny how all the Wall Street weasels focus on per share profit and loss. Who gives a sh** about per share numbers when revenues are going off a cliff. Really amazing and unbelievably scary.
LSI Logic top line Revenue numbers beat expectations, and losses exceeded.....
LSI...HOLD.
Whenever I see Borg Warner, I read "Bong Water".
LSI is in Milpitas Mr San Francisco Banker.
dont start shittin where ya been eatin.
UB.
How the hell are yah?
LSI 2 4.
no mas 3-letter-monte
So what happens when all of these companies whose YoY revenues are down 25% or more try to roll over their corporate debt ? (Remember a lot of CEO/CFOSs started using short term debt financing to keep their interest rates lower & their stock prices higher.)
Well, it was more in the spirit of "a company that is investing in distressed debt, in an economy that doesn't indicate it's going to favor investors in distressed debt any time soon" has raised nearly a billion dollars.
Long time lurker, registered today.
Another Oregonian (there seems to be a high proportion here?)
-.012, -3.08 and from last night WA->OR, INTP (again, there seems to be a much higher than expected proportion)
Hi Doc. Tired. The bad guys are winning.
Yeah, UBMW, bin consorting elsewhere huh?
Anyhow, tomorrow's UST market action could be interesting. Gov: Here, buy my delicious 7yrs, yum, lots of em, roll up. Market : Meh, didn't like your 5s so...
C
CP: Hiya. A little...
umpqua (profile) wrote (in reply to...) on Wed, 7/29/2009 - 7:54 pm
Long time lurker, registered today.
Another Oregonian (there seems to be a high proportion here?)
-.012, -3.08 and from last night WA->OR, INTP (again, there seems to be a much higher than expected proportion)
there is a ton of NT on this board... do we have a single Sensing, Feeling person in the crowd? heh
The power went out
A few weeks ago,
And the stores had been emptied
Before the first snow.
The food that we'd stored
Developed mold,
And two of the kids
Had a bad cold.
I still had some ammo
And plenty of booze,
But an ounce of gold
Wouldn't get you
An old pair of shoes.
I worked like a dog
Gettin' the wood
To keep us all warm
As best as I could.
I sealed off the house
Only using two rooms,
And we nested like church mice
Down in the tombs.
Since the world had caved in
Like a ton of bricks,
We don't get much news
Out here in the sticks,
So we're waiting to see
What the future will bring,
And wondering if
We'll even see spring.
umpqua implies Douglas County Oregon.
kinda hot and smokey this morning, huh.
Remember a lot of CEO/CFOSs started using short term debt financing to keep their interest rates lower & their stock prices higher.
not to mention the stock buybacks...
Finally some good news.
The Maryland Independent has found a green shoot in the form of a girl with a very large pony.
Pony dreams do come true
INFJ here,odd man out as usual.
Re: "The bad guys are winning."
There are ups and downs and many cycles; the war continues..
"I ran into the fortune-teller who said beware of lightning that might strike
I haven't known peace and quit for so long I can't remember what it's like
There's a lone soldier on the cross smoke pouring out of a boxcar door
You didn't know it you didn't think it could be done in the final end he won the wars
After losing every battle.
YouTube -
Not a shill for the private sector. I can not use thier services if I wish. The government collects taxes to govern the private sector which they did none off.
It depends. Are you a bando?
I liked that barfly. While I was reading it I kept hearing phantom music with it; fiddle filled country.
kidbuck - ROTFLMAO, that's hysterical. Just think of the humor potential: pony's name is Bender, dad works at FEMA, she loves the precision of dressage.
barfly - doomer gold!
BTW, where's this survey everyone is doing?
C
Tom Stone (profile) wrote on Wed, 7/29/2009 - 8:04 pm
INFJ here,odd man out as usual.
It's a good thing that CR is not a cult! I suspect there are more J's than P's too...
rich (profile) wrote (in reply to...) on Wed, 7/29/2009 - 8:07 pm
It depends. Are you a bando?
Earlier I expressed hope that CR had birthed its first homegrown bando. Alas, they remained silent as to their intention.
Thanks, folks. Just a little entertainment for the troops.
It's actually a good exit strategy for the Fed and Obama.
Print as much as possible. Borrow and stimulate more.
Tank the dollar. Reinflate real estate. Give farmers a break.
Incentivize "buy American, buy local" with tax credits, patriotism and gismos.
Build trade barriers.
Screw China.
(Spend more on defense to protect against Chinese invasion.)
Visibility was down to about 2 miles, 104 outside now. Highway between here & Crater Lake closed by fire. Plenty of thunderheads over the mountains, will be more new fires in the AM. Feel for the crews out working these...
this is basically the icelandic approach, at least according to AEP.
Shortcourage,
Wow! That list cuts right across the sectors. The gap between stock prices and earnings just keeps getting wider. Thanks!
I see realtor signs in my neighborhood that say "Sold." But a few months later, the sign is still there. Still says "Sold."
Maybe the sign is like...a tree?
The world’s ocean surface temperature was the warmest on record for June, breaking the previous high mark set in 2005, according to a preliminary analysis by NOAA’s National Climatic Data Center in Asheville, N.C. Additionally, the combined average global land and ocean surface temperature for June was second-warmest on record. The global records began in 1880.
Hurricane Katrina of the 2005 Atlantic hurricane season was the costliest hurricane, as well as one of the five deadliest, in the history of the United States.[3] Among recorded Atlantic hurricanes, it was the sixth strongest overall. Hurricane Katrina formed over the Bahamas on August 23, 2005,
This may call for a poll: Will The 2009 Hurricane season be as bad as 2005?
Barfly,
See what public education gets you! I learned on my own what really works. Yes I lost the spelling bee also, What would I look like with out spell check!
infp here
What would I look like with out spell check!
Barfly,
Live in the world of dyslexia and all seem normal. No kidding. Can't read worth a dime either. I am from the era of unteachable. Heard that a lot.
Ben, then, for my rudeness, I apologize. The problem I have with you is more with your politics. I can see where you're coming from, a bootstrap kinda guy, and I respect that. But to expect the same from everybody else, just 'cause you did it, doesn't mean everyone is capable of the same achievement, no matter how much we wish it were so. Some people need help. Some people need a lot of help. And while I definitely appreciate your gifts of garden foodstuffs to your local foodbank, ranking on the poor otherwise, just doesn't cut it with me. I hope you will one day see, that there, but for the grace of God, go you. And I don't even believe there is a God. But, still.
I've known and have been related to a lot of "poor" people. The only one's I've known who were that way for reasons outside of their control were mentally challenged, save one.
My grandfather dropped out of school during the depression when he was 12. World war 2 came along and took his 20s away. Without an education, he worked menial wage jobs for the balance of his life. He was a good, honest man who had some unlucky circumstances. He didn't take government handouts, though, because he "wasn't poor" - his words, not mine.
The other side of the family was rife with alchoholics and drug addicts. Their life choices contributed to their economic circumstances.
Barfly,
Not offended and like the fact you pointed it out. Yes I get in over my head especially with some educated folks. That's me dive into the volcano and swim out. That is how I learn and like it.
I think if you really look at what passes for poor in this country and the abuse you to would change your mind. I started as a liberal. Thinking many needed help. I found out it was for most I want some thing free please. In business before I was 25 due to hard work and self training rewarded by my boss when he retired selling me the place. Lots of employees over the years and most slackers. That problem grew big time in the 1990's mostly the young ones. I do a lot of good guy things but not through the eyes of the public. Not my way. I truly believe if you want help you give back when you get on your feet. Our political process is nothing more then more money redistribution. Much rewards for failure.
You might try researching how many workers to population and ask who can the few continue to support the rest. Every American (including the poor) needs to pitch in a few extra bucks and effort to get out of this one in my opinion.
I like phrases and quips. short and to the point. One favorite is "If everyone is agreeing, then no one is thinking!"
.
RockyR - I agree that "the poor" paints a pretty broad stroke, and was perhaps a 'poor' choice of words, but I think you know what I meant. Even druggies and alcoholics need help.
Ben - I would definitely agree that there are many "undeserving" slackers in this country, and nothing would please me more than to see them get a swift kick in the butt to get their attention. But I just don't see the solution as shutting them out, like it used to be in the old days. I honestly don't know what the solution is. I grew up myself in the school of hard knocks. But if it wasn't for unemployment, I don't know what I would have done to get by. Are we to 'just say no' to those without jobs or other means of support? Somehow, I don't think so.
Undoubtedly, as an employer, your opinion of the average worker cannot be too good. And 'making the numbers' and thereby meeting payroll must certainly have been daunting, and no doubt you've had to make some hard choices over the years with respect to manpower, and because of all this, I can see how a lifetime of it has colored your thinking. And whose to say your solution is not the "right" one. I just don't see it as practical in this day and age, i.e., poorhouses.
Not saying now is a good time to do anything till we get our financial house in order. I do not suggest shutting them all off but there are things that can be done. Drug testing, DNA and nail the dad. Now he gets to play and walk with not responsibility. I also like a pay back for those who really need a hand. Many things can be done like peer counseling, food bank help, day care, food bank gardening, I feel this would really treat many with respect like R Rocky state it used to be folks refused to take help as the had pride. Now it is mostly a scam. Single moms are a real sore spot for me. Ok maybe one kid but how do you explain 2-3-4-5? It is really a kids for cash program here, home, food, heat, electricity, medical, on and on. We keep throwing more and more at these programs with out any progress and growing debt. Enabling is not help. That is what I see and experience confirms. I also don't include the disabled they are not the ones I want out of the free life. That is a start. Drugs and alcohol are a decision not a disease. I quit drinking in one day. What a tremendous waste of money and brain cells. I need all I can get!
Single moms are a sore spot with me, too, as my daughter is one, with two children, two different dads, all of whom I love dearly, and support myself, because the economy has them in a vise. What to do? Pay 'til you're dead, that's what.
I have and still do pay for relatives. Supported a parent for about 12 years and we took care of few others through their elders years. As parents we take care of our families the best we can. That is why the government enticing the cash for kids is so bad in my opinion. Moving to a small town and being an landlord has really opened my eyes to the system. The stories I have are flat out discusting. Nice chat, Good night.
Goodnight, sir.
NO GREEN SHOOTS HERE:
My thesis earlier this week that a massive increase in prime mortgage foreclosures is going to cause a second, more deadly drop in the financial system is starting to grow some muscle:
The Golden Truth: Foreclosures Hit Record Levels in June...
In July, Trustee sales have dropped in all the counties I follow in CA . I'll have the july graphs up Friday night / Saturday morning for those interested.
£