Mortgage Bankers Association Half Off Sale
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CalculatedRisk on Fri, 02/05/2010 - 6:15pm (251 comments)
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Well, I guess that's sort of like a bank failure.
If Sheila isn't going to provide us sustenance, we have to look elsewhere.
best wishes
ghostfaced. I think you are exactly correct. When I started the process I checked to see if I was FandF so I could qualify for the refi program instead of the mod. I was not with FandfF and didn't qualify. That was in June. I just looked at these papers and clear as day it says F and F on the documents. The owner of the loan is US Bank National Association.
Shoulda stuck with 90 Minute IPA and reading the CR Board... Makes it difficult to spend money and provides an incentive to save.
C
I wonder if all the fixtures came with it. You know they went with mahogony desks and paneling.
49 million
that's gonna leave a mark
Was it like a normal short sale with agency negotiator?
CK, sometimes good things happen to good people-- especially when they go through the wringer to get it.
Congrats!
But what CK and CAM are showing is just their versions of gaming Calvin, a survival skill that many just don't have.
I'm quite sure I don't have it. We debt allergics have yet to develop those skills, which I suppose is what a nation of scamsters are counting on.
If I ever get stateside, I'm not going anywhere near a bank.
Too bad they didn't walk away from it. That would have been O so sweet.
Isn't the "Edifice Effect" like Murphy's 12th corollary or something?
If you can afford to, and there is no penalty, consider paying down the principle as much as you can. Make sure it's a separate check and is annotated "Principle only". *
* or they will try to pretend you're paying next month's payment early, (which would be mostly interest.)
Huzzah for Comrade Kristina!
"Mortgage Bankers Association Half Off Sale"
id feel even better if i was allowed to piss on the building first
Is Santander TBTF? I've seen that it's supposed assets are bigger than Spain's annual GDP. And they seem to have managed to lose 15% of equity val in 3 days. Anyone know what their gearing is? If it's 10:1 plus, then they're in sh!t street, no? Or are stock declines listed as temporary impairments...?
STD:US from Bloomie public:
Bloomberg.com:
Personal Finance
C
(ok, that's 30% down in a month, if that helps)
and sheila ought to take the federal reserve into receivership as bank failure #17
I was at work today but that late day pump today appeared to be spectacular! I wish I could have watched it real time...
Counterpointer wrote:
Didn't they have a big book in Argentina?
But I don't know the European definition of TBTF.
Oh, no and they are buying Mellon too where my escrow account was moved
from BankU.
Shesh, where to I go next.
And if the Kristinas of the world had gotten their mods early and
often, they would have spent money and maybe this would be half
over.
Kristina,do you feel your morals have been hazarded?
I don't believe in paying down mtges any more tho I did it myself.
instead, maybe. Especially while it's only 2%.
She could buy
AB I just found a clause that says it will pay down principle beyond the payment of 83 bucks per month if I pay on time and never become 90 days delinquent.
well would you look at this:
http://www.dailymail.co.uk/news/worldnews/article-1248567/Iraq--Missile-discovered-Baghdad-s-Abu-Ghraib-suburb.html
Yep that's real too. Doesn't last forever tho. You will get the 3k
back if you are good.
I feel like an amoral hussy liz...It's kinda nice actually....I got a
I got a 
Yep, did and still do, but listed as STD:AR, so I'm not sure of the connectivity and transmission channels for various instances of margin doom. Actually they had a decent sized book in Venez too, before el colonel seized it (!).
I think the Yerp version of TBTF is something like "never, not here, that's a disease of Anglo-Saxon capitalism"...
Only Merkel has been upfront about extend and pretend risk.
C
Hmmm, 100 city residents most likely part-time or temps with no benefits. Just wondering can DC residents afford another corp. getting tax breaks, incentives, 5yr. elimination of corporate income tax, sale and use tax exemptions?
I don't believe in paying down mtges any more tho I did it myself.
And did you do so for the immense relief of not have any mortgage at all?
CK, I got the $83 part. I meant on top of that. The point of making (for instance,) a $100 extra payment (more if you could,) is that it would chop years off your mortgage in later years when the rate was higher.
Whatever the banking problems might be in Spain, I don't think they go the Ben and Timmy route.
I mean, not so long as they have a Socialist govt.
Ben and Timmy types remind them too much of Franco.
Maybe. There's a point where it all starts to look like market leninism to me.
C
Oh, I understand that as well AB. So long as hubby can stay employed that won't be a problem either.
rich wrote:
If Santander goes down, it's questionable whether or not Spain could bail them out even if they wanted to. That's what worries me.
Ben and Timmy types remind them too much of Franco.
too bad we aren't reminded.
Nice evening, doomsters . . .
PHILADELPHIA -- VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, announced an agreement to manage vehicle titles for Santander Consumer USA Inc., ("SC USA") resulting from SC USA's acquisition of the indirect auto loan portfolio of Texas-based Triad Financial.
I like that. Santander Consumer USA I wonder what else they have
No liz, no amortization table other than the change in payments over the first 8 years.
It was a lifetime goal for the hub and I to pay off the house.
K's not underwater, but she's close. At 2% at least 100 bucks a month will
amortize away, and maybe more. in addition to the 83 bucks.
I used to tell people to pay down their loans, but why if it's underwater?
Anyway she's only 42. After the first 5 years she will owe at least 10k less than
shares of Campbell's Soup. Not housing. Not for
now, and maybe 12 k. Time enough to pay down the mtg then, if it's not
underwater.
now.
CK,
Good for you!
It is almost as if they are NOT using hubby's pay. I wonder if that became problematic considering he is NOT on the loan?
CFR predicts interest rate rise:
Jesse's Café Américain: CFR: When the Fed Stops Monetizing US Sovereign Debt
I see this was brought up earlier. So, let's look at potential fall out. Interest rates rise, mortgage rates rise, liquidity drops, leading to:
Anything else? Am I exaggerating the impact?
they almost certainly aren't counting his pay.
Savers will get rewarded. Doesn't that count for something?
I agree with you liz. Had they done this quickly when the ship started sinking the economy might not be in ruins right now. I guess we'll never know however if they are speeding this up now they might foresee even harder times coming?
Anonymous Bosch wrote:
Yeah but she'd be paying in "good" money.
If she waits, she's likely to have tons of "bad" money to pay it off.
I wondered about the legality of that myself to begin with liz. He signed nothing so how can they base a legally binding document on him?
People have been saying Japan was going to raise rates for a decade. I have a feeling we'll rhyme with Japan.
They also bought SOVEREIGN BANCORP INC in 2009 and HSBC car loan portfolio around then.
rich wrote:
Plus individual states within the EU simply cannot print their way out banking crises
Only one tonight? Left coast is gonna have to work hard...
I wish the prices in northern virginia were 50% off
In regards to debt, reduction should be a cash flow calculation. With interest rates where they are right now, paying off debt should be a fairly low priority, albeit higher than investing.
lawyerliz wrote:
Sure, that's good for savers. Only good for the economy if it is spent or the banks will loan the extra money.
Depends on what the docs say, but you know if it's a mod and
he doesn't sign, you have an argument that he didn't waive his
homestead rights. Don't know if it would win, but it's a legit argument.
This is not your problem; it is theirs. Did he sign the original mtg?
Were you married then?
Haha, good point.
lawyerliz wrote:
Through the looming higher taxation and inflation?
So would these guys just speak to themselves to renegotiate the loan? When they throw in the towel do they just mail the keys to themselves?
If the mortgage is only two percent I would not pay down the principle right away. They might take a dim view of being able to pay more when they cut the rate. Do an off set by saving the extra.
broward wrote:
Good point. If Kristina can preserve value of savings over a period of five to ten years, she can pay off the mortgage then with pocket change. I'm morally certain that we're going to see a lot of inflation by then.
No, we were not married and he was not on the title or the original mortgage. He did have to sign the application on the original loan mod application but that was to verify his income. I told them he wasn't on the loan then but they didn't seem to care.
Whenever I see talk like what's been swirling around as a tax-payer I just double-check to make sure I can touch my toes so that I'm nice and limber for what's coming.
lawyerliz wrote:
Savers can't get rewarded.
That's a lot of what's wrong.
There's far more paper savings than can ever be backed by real goods & services.
Good point, Lobbyist.
I wish the prices in northern virginia were 50% off
From peak or from now? from peak that would mean they were almost affordable.
LL can correct me, but if memory serves, if he's not on the loan, or not on the deed, he isn't in the equation.
OK all, I stand corrected about prepaying.
We went through 9 mortco's. before getting a loan back in the early 90s. It was so harrowing, we couldn't wait to see the last of bankers. We retired a conv.30 in 11 years with constant additional payments and a small inheritance. 5-25-03 Chateau Bidet was free and clear.
I should add that a lot of people are going to be in for a rude awakening because they've been accustomed to easy cash debt. 28% on the old credit card is very punitive and very common now. People could get away with not having 3 months cash before paying down debts. Now those folks are going to get hammered. 6 months is probably the new 3 months.
YouTube - saturday night live - franco
Comrade Kristina, I'm so, so happy for you.
Look forward to members of the media contacting you.
Good point LBD. I wouldn't be able to do that right away anyhow. I have bills to catch up on and hubby's car needs some work. Nothing major but I would also like to at least have some emergency money in the bank. We ate through ten thousand in savings keeping current with the mortgage before it just became impossible and I called them about making a payment late. That is when they offered me the HAMP program. Eight long months ago...
ACKKKKKKKKK Hoopajoops! No media....the past eight months of hell has my hair greying at an alarming rate...At least let me get gussied up...
That's it, it's all over.
US Senator blocks all Obama nominees amid tanker feud
A US Senator has taken the extraordinary step of blocking more than 70 of US President Barack Obama's nominees amid a dispute over a lucrative US Air Force tanker deal, senate aides said Friday.
Senator Richard Shelby, the top Republican on the Senate Banking Committee, placed a blanket "hold" in part because of the feud pitting Airbus parent EADS and its partner Northrop Grumman against Boeing, his office said.
"Senator Shelby is holding all of the president?s nominees pending on the Executive Calendar," a total of "70-plus" people, said a spokeswoman for Democratic Senate Majority Leader Harry Reid, Regan Lachapelle.
The US Senate frequently approves non-controversial nominees without a formal roll-call vote, with a "unanimous consent" determination that can be blocked by just one senator, requiring a time-consuming process and 60-votes in the 100-seat chamber to overcome.
Shelby "has placed holds on several pending nominees due to unaddressed national security concerns," his spokesman, Jonathan Graffeo, said in a statement that cited the tanker dispute as a key reason for the move.
The European Aeronautic Defence and Space Company and its rival Boeing have been locked in a long-running rivalry to win a 35-billion-dollar contract for a fleet of new aerial refueling tankers.
The EADS/Northrop partnership would build the airplane in Shelby's home state of Alabama but have accused the Pentagon of favoring Boeing in a draft request for proposal and warned they may withdraw from the competition.
Shelby is also "deeply concerned" that Obama may block the construction of an FBI center in Alabama to test improvised explosive devices -- the "roadside bombs" that have killed hundreds of US soldiers in Iraq and Afghanistan.
three for a dark eternity on the moon..."
EASTER ISLAND
Earth’s an island, Easter Island -
That became its given name;
On it God was born and died,
He rose on Easter from the tomb
Space around the atmosphere
Defends the virgin from the soiled,
No arrogance escapes from here
To reach the outermost, despoil
But on this island kingly sons,
Men of worth and dignity,
Their monuments of crippled stone
That blindly face the living sea
Pavel
February 5, 2010
YouTube - Jim Stafford Spiders and Snakes
spiders and snakes....thanks pavel.
Shelby is just acting up because his Toyota plant isn't going to be quite as lucrative as it was before.
Well, this is a highly technical point of Florida law.
Homestead.
If you are going to alienate (mtg) homestead, the spouse must join.
She wasn't married, so he didn't have to join. Now they are. If this
is deemed a "novation" (sorry nova), they should have required him to
sign. I read all the West squibs on novation once, and they were completely inconsistent.
In Fla that is.
I am using the failure of the husband to sign as a defense in a foreclosure right
now. It is a weak defense, because it is a purchase money mtg (oh, don't ask)
Her mtg is not a purchase money mtg, but a refi, so it doesn't get all the
bennies of pm mtges. Argument is stronger.
Just goes to show that real estate is local, and you put yourself in danger
when you don't know the local twists. Anyway, he would sign if he were
asked, so why not ask and eliminate the possibility?
He actually wants to be on the mortgage liz. Why I don't know, a man thing I guess. The wouldn't put him on the original because he had NO credit when I got the original and he would have hurt more than help.
Hoopajoops LTD wrote:
Sounds like we're due for another Conjure clock update.
This is unbelievably stupid, since those defense programs get spread all over the states anyway. And let's face it, Alabama... let's just say it's time for them to get a real job.
Nonononononononononono.
A thousand times no!!
This would give him butt-kicking possibilities in the future, if you need it.
Alabama: Welfare queen of the states.
Further proof, if any were needed that no one in congress
cares about the future of the republic.
OT but...
Off the Charts - A Recovery That’s Factory-Built and Gaining Speed ]
OFF THE CHARTS; A Recovery That’s Factory-Built and Gaining Speed - NY Times
Mr Norris is awfully upbeat as the title suggests!
Jobs Are Up! I Mean Down! Whatever … - Paul Krugman Blog - NYTimes.com
PK, not so much!
Nope, I just checked, I am the only signature indicated. He signed the application for the mod but that was for income verification and to release our tax documents. He is not on the title or original.
If you want to, you can put him on the title when the dust clears.
But NOT until the mod is recorded in the public records.
This is of course, between the 2 of you.
Putting him on the title afterwards does not obligate him on the modified mtg/note.
We thought getting married would make it easier to get a loan. We'd been happily shacked-up for 8 years. 5 mortcos later, it became apparent it didn't make any difference. You can't put spilled milk back in the bottle. That was ever so long ago...
I've already told him that. We took out a small loan together to build him some credit. His FICO is way higher than mine now. He really does need a different vehicle for work. Mom's old Alero is finally falling apart. I've been putting him off forever but I know it's going to die soon.
Out of work,
time.
Never would of thought BFF would be one and done, there is still a slim chance of Ohana or Central Pacific bank here in Hawaii. But CPF was shopping for investors just a week ago, so they may still have a few more weeks to line them up.
Now I love the irony of the half off sell.
Also, the documents list Fannie and Freddie now.. I believe I must be one of those mortgage they gobbled up in the past six months because I was NOT with either when the program began. I checked because if I was I would have qualified for the refi from them.
I'm a taxpayer as well, so I promise my loan will be at least ONE F and F performing loan for the next 27 years. You'll get your money back on me.
Saxon is prolly just a servicer. Is it a MERS mtg? Will be interesting
to see what corporation actually signs.
I am not surprised about the MBA building.The MAJORITY of Real Estate Brokers and Loan Brokers I knew who had more than 15 years experience drank the Koolaide including some with 25 or more years in the biz.If you were Lucille from underwriting with rhinestone glasses and a cigarrette voice you were "redundant" by 2005 at the latest.It was go along or get out and a many good people did get out one way or the other.Bringing up the reality of the current situation would get you out the door real quick even now.Dreams sell,reality does not,now.
Kahuna<
What are you drinking tonight?
Yeah, Saxon is the servicer for MS. I see MERS and F and F listed now. The bank listed as owner is US Bank National Association as Trustee blah blah...
You'll get your money back on me.
We know we will, 'cause we know where you live.
Calculated Risk. (Panama City is just where you sleep.)
Wanna go snuggle with the hub.
Gee, now you can afford a real
to keep on your acreage!!
If you buy a new car, you can call 'er pony!
Haha liz, nighty night and thank you again for all your help.
digalert wrote:
Wondering what kind of a hit their credit rating took.
Half off price, 100% off morals.
volker the viking - well would you look at this:
Wow, I thought they shipped all that stuff to Syria.
HomeGnome - What are you drinking tonight?
Just poured out a pint of a braggot, then I'll hit a Red, then IIPA.
After that I'll see if I can still see straight.
I always appreciate a well made Red Ale, Kahuna.
Cheers!
Ouch AB, I'm partaking in a celebratory
but I have to work in the AM so I can't get too happy.
Comrade Kristina, If I may also say congratulations, at least there is some mods going through.
Anybody see David Stockman on the news hour tonight? Said the AIG bailout was the worst policy mistake in a generation.
Thank you KK! Finally...It's been a long, incredibly stressful road.
If you buy a new car, you can call 'er pony!
You can't call 'er Ol' Nell. That's already taken.
I'm OK if I stop @ 2 whatevers. Then it's instant headache. Hardly worth the price of the dance.
Multiple choice question - BFF was called early today because:
(a) 1st American wiped out Sheila's DIF;
(b) there are no more problem banks;
(c) all banks are TBTF;
(d) snow in DC
(e) its Super Bowl weekend and the resoltution staff was given the weekend off to watch the game:
(f) all of the above;
(g) none of the above.
Man You has to have a jersey right, RIGHT?
Yer CR Buds are ecstatic for you!
For Broward -
Microsoft’s Creative Destruction
By DICK BRASS
Dick Brass was a vice president at Microsoft from 1997 to 2004.
Internal competition is common at great companies. It can be wisely encouraged to force ideas to compete. The problem comes when the competition becomes uncontrolled and destructive. At Microsoft, it has created a dysfunctional corporate culture in which the big established groups are allowed to prey upon emerging teams, belittle their efforts, compete unfairly against them for resources, and over time hector them out of existence. It’s not an accident that almost all the executives in charge of Microsoft’s music, e-books, phone, online, search and tablet efforts over the past decade have left.
OP-ED CONTRIBUTOR; Microsoft’s Creative Destruction - NY Times
MSFT is a known utility that is in a run-off rate and cannnot move the stock without significant dividend allocations.
boom, done.
Re: "If Sheila isn't going to provide us sustenance"
YouTube - Jimi Hendrix - Star Spangled Banner - Gothenberg 1969
Comrade Kristina wrote:
Don't put him on it. If things go south only you take the credit hit and in the meantime work towards getting his credit score healthier.
OT alert.
On the train ride in this complete stranger sits down across from myself and the 2 guys I commute with in the morning. Unsolicited he launches into a rant about the US becoming a socialist state, whips out a book "America For Sale" and starts talking about the illum uh nah tee and other secret societies.
I'm wondering which one of you was is?
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country.
Should read: ..that once employed shitloads of people that were willing to look the other way, and now they only have themselves for being too F'ing greedy and blind to the reality that they were F'ing corrupt and involved in collusion -- and that millions of people would like to see them deported!
Yeah the PPT is being very nah tee...
10 is the majic number...
Vic wrote:
Interesting piece. But as an insider, he misses some of the biggest problems with MS:
Other than that, a reasonable mea culpa.
Chest cold finally relinquishing its death grip on me. Must begin acclimating to next week's predawn schedule.
Off Topic: the SEC's latest try to make nice with Bank of America goes before Judge Jed Rakoff on monday. I'm hoping he reacts in the same way as last time.
"Real cases! Real regulators! Unreal settlements! Judge Jed continues in a moment..."
Amazon.com: America for Sale: Fighting the New World Order, Surviving a Global Depression, and Preserving USA Sovereignty (9781439154779): Jerome R Corsi: Books
:for entertainment purposes only
Do you believe in the market majick? Seeing is believing. When everything is down, looks like up.
Saxon just called. I'm beginning to think I really am dreaming...They had some very pleasant man that sounded like Denzel Washington call me. He wanted to see if I had received my mod paperwork and if I had any problems with it. I told him everything looked great and that I was just getting home from work and reading them. He told me that because they are not capitalizing more than 50K the mod does not need a Notary and that I can just sign them and send them in. Does that sound right? Why do I picture someone like Conjure in a basement of Morgan Stanley HQ's holding some UnderWriter at gunpoint?
At first blush I thought the header said Mortgage Bankers Association Bake Off Sale
another
Comrade Kristina wrote:
As mp said. Get a lawyer to review the paperwork before signing. They either are or have secretaries that are notaries and they can probably take care of the whole thing in one sitting. It will be well worth the $$ to have them make sure you don't get screwed on a technicality.
I just don't see how. I've read them over twice now and am a starting on a third time through. I'm going to lose the house if I don't get modified. That's just about inevitable. I'm a bartender, I suppose they can go recourse and chase me down for my whopping 20K per year that I make until I retire. Again, I'm a bartender so what exactly is my shelf life? I'm 43 now. Hubby isn't on the loan either.
Checked the Corsi link...sounds interesting and seems to cover the Doom turf and he's from Harvard and has also written 'Nuclear Showdown with Iran'...so...uhhh...maybe a possible guest for Glenn Beck...
Special Bonus Material (free of charge):
Soft housing market expected to stick around - JSOnline
Doug Duncan, chief economist for the Mortgage Bankers Association in Washington, D.C., said in a telephone news conference Wednesday, "We believe the market as a whole will recover the middle of next year - 24 months after its peak in July 2005."
Yah dumbass retard, WTF were smoking when yah opened yer fat trap ....huh, huh, was it F'ing
... yah idiot pervert!
Doug-Fest:
In their fairly sanguine assessment of the housing boom and the rise of innovative home financing in recent years, [Doug Duncan] and other MBA researchers essentially argue that market fundamentals explain the extraordinary price growth in most housing markets: i.e., low mortgage rates, population growth, demand for housing and rising employment.
2005: He agrees with [Doug Duncan], though. [Jack Kyser] said California's market remains underbuilt, especially for affordable housing, and that will help drive sales and prop up prices.
Ooops...
Comrade Kristina wrote:
Easy. Just have them overnight that bit in writing and you'll sign both.
Prediction: they'll refuse.
whattsa matta, Doc? Didn't you get a pony?
Mike in Long Island wrote:
I'm wondering which one of you was is?
Good god, I thought that was a dream!
Mike in Long Island wrote:
It is common knowledge that I wouldn't be caught dead using public transit.
barfly wrote:
I keep hearing it's in the mail, but no cigar.
here's how I would look at it CK, if your two best weekends tips money in a given month covers the seven hundred bucks, sign and send back.
I dated a couple bartendresses in college.
currently, four days of work a month I put in at the office covers my monthly nut...ya gotta work right, RIGHT?
Rob Dawg wrote:
If you lived in lawn guyland you might. 25 miles from downtown NYC (by bike/car). 1 hr 15 mins by mass transit (train then subway) $312/mo. Or 2plus hours each way in traffic, tolls of $11/day and parking about $300 per month.
Rob Dawg wrote:
It is common knowledge that I wouldn't be caught dead using public transit.
This BART's for you! Mish's Global Economic Trend Analysis: Rapid Transit Salaries: A Look at the Beloved BART
edit:
Mike in Long Island wrote:
I never said 'socialist state'. Quit misquoting me.
The pitch is...hey, look America is being screwed by the bankers...and both parties are in on it...Obama is as bad as Bush...America is for sale to foreigners...the middle class is toast...the dollar is doomed...are you getting mad as hell yet?...Alrighty then, let's pre-empt some more countries over there starting with I-ran...(This was a sample representation of Global Econ research or Patriot's analysis designed to get you mad as hell so you wanna go to more 'endless' war.)
merchants of fear wrote:
Quit scaring Mike in Long Island. Just read the newspaper on the train, like everyone else.
the bias in your pitch is bothering my tinitus.
After all, the trains are always on time
We still have newspapers...
sm_landlord wrote:
It ticked another second on the last thread.
Sorry, you must have missed it.
Was it merely a necessary corruption, an inescapable offense against business morality when great financial institutions were bailed out? Or did the "rescue" set in motion a fatal process that will lead to destruction?
I saw that mp. I guess with my new mortgage payment I can afford more beans and rice and concrete...
Comrade Kristina wrote:
And not just any "gun."
A pre-war Walther PPK with the little eagle on it.
pavel.chichikov wrote:
Or did the "rescue" set in motion a fatal process that will lead to destruction?
We have no Archduke Ferdinand this time...
That gun makes me hot mp...seriously. I'm a gun nut.
had to have a discussion today with an older couple who did not understand reman parts on a 7.3 Ford.
part one: a newly manufactured part would have cost TWICE as much.
part 2: I dont give discounts for paying in cash...
dont get me started on a Johns Manville tapered modified bitumen system on a spud and cover two part overlay.
*Unsolicited he launches into a rant about the US becoming a socialist state, whips out a book "America For Sale" and starts talking about the illum uh nah tee and other secret societies.
The Teabagger Convention begins in Tennessee tonight.
noob goldberg wrote:
Slight misquote - you ended your sentences with "eh"
We have no Archduke Ferdinand this time...
It's this time, not that time.
mp wrote:
Is it pink? I respect guys who are packing, but I would cross the street to avoid man carrying a pink Walther. You don't mess with a guy like that.
Haha pavel, I was just reading a transcript from part of it...This is great stuff. The first hour was "Obama doesn't have a birth certificate and is a Muslim/Marxist/Communist/Terrorist....
Ah yes, I thought that was familiar:
It is an ancient Mortgage Pig,
And he stoppeth one of three.
`By thy long beard and glittering eye,
Now wherefore stopp'st thou me ?
He went like one that hath been stunned,
And is of sense forlorn :
A sadder and a wiser man,
He rose the morrow morn.
bANK fAILURE,
The bias in my pitch...'twas a sample pitch...you must be able to see the manipulation in getting into foreign adventures that lead to nowhere but escalation to more escalation...I was just trying to capture the essence of the fear pitch...a lot of the pitch men will bitch about how we can't trust our leaders on the eCONomy and then say...oh yeah...but when it comes to the other outside threats against the nation that these same leaders (who can't be trusted) keep warning against...well we need to do more...
pavel.chichikov wrote:
It's this time, not that time.
Correct. Sometimes the tipping point is big, other times seemingly minor... But it's the axis around which history pivots.
Muslim/Marxist/Communist/Terrorist....
Vegetarian carnivore?
There really is no explaining "teh crazy" pavel...
Mike in Long Island wrote:
I used to whip out the book "Canada for sale, no...stop walking away: just for you, 50% off. Please I need to feed my family", but everyone just looked at me with overwhelming pity.
pavel.chichikov wrote:
The Teabagger Convention begins in Tennessee tonight.
It's a good thing we now have all that legislation against homegrown terrorists, and a militarized police force.
Comrade Kristina wrote:
Oops. The law of unintended consequences is at work.
dont get so worked up. the Hybrid battery systems are capturing fearful DCA US gas guzzlers.
you wanna do somehting? get long nat gas and leave oil to the camelshaggers.
pavel.chichikov wrote:
I don't know if those two statements are mutually exclusive, pavel.
Yes, yes, very interesting:
James Hughes, a market analyst at CMC Markets, said: "The Greece sovereign debt story is starting to dominate markets as fears start to grow of the country defaulting on debt payments, being bailed out by the IMF and even the possibility of being thrown out of the euro.
"This story also has the added equation of Portugal, Spain and even Ireland going the same way. The feeling is that if Greece goes, then others will follow in the domino effect."
Yes,
pavel.chichikov wrote:
Only eats Euglenia. Oooops Euglena.
euglena
Doc Holiday wrote:
He didn't say that on the air, I assume. I've never heard an on-air personality refer to sovereign debt markets as ponzi schemes.
I was salivating over this one when I got my Colt
380.
http://www.smith-wesson.com/webapp/wcs/stores/servlet/ProductDisplay?catalogId=13152&storeId=10002&productId=77466&langId=-1&parent_category_rn=43802&isFirearm=Y
When the ground shakes under their feet, it makes people wobble a bit when they walk.
I went to the hardware store around here to get some AA batteries in case the storm knocks out our power. There was a long line of people waiting to check out, and I thought their faces were both grim and scared. They were gripping shovels.
But people at the local Safeway looked a lot calmer, even though the lines were almost as long. I believe the two groups belong to different social classes. Guess which one is less affluent.
They only do that over cocktails noob.
I'm off to bed all, have work in the AM.
noob goldberg wrote:
I mixed two things there that I found by going to mp's links in the last thread; the last material you replied to is from here:
Energy report: Don't be a PIG - Commodities - Futures Magazine
I don't know if those two statements are mutually exclusive, pavel.
They weren't intended to be, noob. I just don't want to seem too much like a nut case carrying an end of the world sign down to the street corner.
pavel.chichikov - I just don't want to seem too much like a nut case carrying an end of the world sign down to the street corner.
But did you say when?
mmm/ mixed drinks.... online poker... and CR......
Comrade Kristina wrote:
Over cocktails I finally did speak my mind with regards to the current economic situation to a few of my...bosses, is probably the appropriate term. They were much more keenly interested than I would have expected. I think everyone lost their crash virginity in 2008, and this time there's going to be a lot less denial.
Mike beat me to it.
Don't put him on the mortgage.
If for some crazy reason you have to let it go, only you will take the nasty credit hit and his good credit can be used to open otherwise locked doors.
And if the gov comes out with some super crazy "a free house to every us citizen who still has a pulse and job" incentive, let him buy the super cheap investment property and then you can keep the old house or bail or rent it out.
I will never enter into another contractual relationship again. I like options....... a lot
But did you say when?
I don't know when. I just had a strong sense this evening that though the bailout seemed rational, it will have set unstoppable consequences in motion.
pavel.chichikov wrote:
Possibly. But you only buy a shovel if you think you're going to do some digging,...and that doesn't make many people happy. Whereas buying lots of Frosted Chocolate Bombs brings a sense of complacency.
Errrr, unless the shovels are flat concrete shovels,...to some people that brings a lot of joy.
Greatest hits from the employment report:
Construction employment declined by 75,000 in January, with nonresidential
specialty trade contractors (-48,000) accounting for the majority of the de-
cline. Since December 2007, employment in construction has fallen by 1.9
million.
In January, transportation and warehousing employment fell by 19,000, due to
a large job loss among couriers and messengers (-23,000)
Among the marginally attached, there were 1.1 million discouraged workers in
January, up from 734,000 a year earlier.
If the same person believes that the admin and the last admin is completely fooling us in one policy area but is telling the absolute truth in another policy area this time...I would doubt that person's judgement and common sense...
pavel.chichikov wrote:
Indeed, that's always the thread we doomers navigate. Regarding your two non-mutually exclusive sentences, I think the choices were limited, to say the least. I can't envision a political climate that would have rewarded inaction, so interference was inevitable. But I still retain the right to bitch about which action they did take.
Now pass me my sign, please.
Deflationary Jane wrote:
That statement is inconsistent. Options are a contract betwee a buyer and a seller giving the buyer the right but not the obligation to either buy stock (calls) or sell stock (puts)....
Edit: left of my
BTW CK, I think my loan is going to be paying for your 1.75%
You can buy me a drink some day >; )
Tonight's winning Trillion $$ /Trifecta-Powerball Winner:
The pricetag for a melting arctic -- $2.4 trillion
Don't count on banks to sop up MBS when Fed exits
| Reuters
U.S. commercial banks owned $1.2 trillion in total mortgage bonds at the end of 2009, up from $1.07 trillion a year earlier and $929 billion two years ago, based on Fed data.
Fed bought $12 bln net in agency MBS in latest week
| Reuters
The purchases brought the U.S. central bank's purchase of mortgage bonds guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae to roughly $1.173 trillion since January of 2009.
noob goldberg wrote:
Remember to give them the business card and brochures, too.
There are assumptions concerning business behavior which are not to be trifled with. They are confirmed in importance by long use and custom. When large financial institutions were defended this time from the consequences of their acts we crossed the boundaries of worlds and entered unknown territory.
contractual relationship = marriage
does that make more sense?
Well in that case I never want to enter another contract either.
sorry left the
off my post. I knew what you meant.
"contractual relationship = marriage
does that make more sense?"
It's a helpful comparison.
If I'm ever single and in Hawaii, you buy me a drink and we can promise to never get married
pavel.chichikov,
Yesterday I was just hanging around talking to a guy I had not seen for a long time. He has been sleeping on the couch of his son, and he could not find any work at all.
Finally someone forced him to go and apply for food stamps, so at least now he can eat some healthy food. He is a very good wood working craftsman, I also found out another craftsman I know is being evicted from his apartment.
The stress is becoming palatable if you look for it.
I love when eonomic disaster 'book review' links end up at stuff like 'Alien Agenda'...
pavel.chichikov wrote:
Absolutely, pavel. The moral hazard introduced into the financial sector--and other sectors--will have negative consequences, that is certain. The effects on corporate structure, governance, risk affinity, and stability will be real and very dangerous. The match was lit with TARP and AIG, and the resulting fire will be impossible to extinguish.
Deflationary Jane, sounds good but be warned I only hang out in dives.
That whole nightclub and bar thing is too much for me, I have lost any patience I used to have.
In a way TBTF is socialism, only backwards. Instead of the government controlling the means of production, the means of production control the government.
sdtfs wrote:
I also pick their pockets, but I only keep the
and 
.
doh! nm me. I'm just in a good mood after a very ugly winter. CK gets a loan, I get a house, made some screaming money on airgas today (hoocoodanode), and conjure is still keeping time. All is right with the world.
The stress is becoming palatable if you look for it.
Hmmmm, palpable better describes it.
I'll buy it and fix it myself
But it is only 2% for the first five years. It goes up 1% each year until it caps at 5.25 for the life of the loan. I'm still kinda dazed at how fast it seems to have happened after eight months of spinning my wheels, fighting with them and losing my mind and what was left of my youth.
Finally someone forced him to go and apply for food stamps, so at least now he can eat some healthy food. He is a very good wood working craftsman, I also found out another craftsman I know is being evicted from his apartment.
Kauai, it's terrible, depressing to hear things like that.
the means of production control the government.
corporatism, in my book.
I work at a "dive" in Panama City, off the beach over in town. You'd love it.
TBTF, the massive shifting of bad debt from private to public, and I'm always reminding myself how GM bond holders got wiped out, yet the unions got what was it 30% of the new company.
I would have to say it is more fascist than anything else, the powerful elite are re-writing the rules as they go to stay on top, and they are not even bothering to hide it very well any more.
then come to Sacramento. We have an awesome dive named the Torch Club and we even have a Lefty's just off 16th st.
sdtfs - palpable.
A yea, damm spell checker.
My husband thinks I've lost my mind. Got ready for bed then decided I had to come out and read the mod papers one more time before I go to bed...
pavel.chichikov wrote:
-reality in which we are now living.
Instead of the government controlling the means of production, the means of production control the government.
This is the embryonic stage of
pavel.chichikov wrote:
Yes, and to make things worse, the majority of that 'means of production' doesn't actually produce anything.
Haven't heard much on the econ/finance/RE blogs about 'reverse mortgages' that are so heavily advertised now on the teevee along with the 'Buy Gold!' ads...
Deflationary Jane wrote:
No moral hazard here.
I am sure it will be a better world when we've all learned to avoid any contractual obligations.
me? I'd do the cat thing and roll in them >; )
This has been apparent to those paying attention for a very long time. I'm not sure how some get it so backwards...
Comrade Kristina - read the mod papers one more time before I go to bed...
Just remember to get some sleep, and then get it done before any other wrenches get thrown in. But I do agree, get a lawyer to look it over first.
Hahahaha DJ, I used to take my tip money on particularly good nights and let my cat roll in it. He'd kick it and bite and throw it in the air...It was hilarious. I like the way you think but I'd be afraid to hurt them. They are now "The Precious" and are in my fire safe.
What would you think of an author's premise that the USA is finished and will be merged with Mexico and Canada?
patientrenter wrote:
I am sure it will be a better world when we've all learned to avoid any contractual obligations.
When player meets player, what happens?
the majority of that 'means of production' doesn't actually produce anything.
They're called 'financial products' aren't they, which would show just how alienated we're becoming.
There was a Soviet commentator - I think his name was Alexander Bovin - and if I recall correctly he said toward the end of the SU: "We will destroy you. We will take away your enemy."
MrM wrote:
What most Americans don't realize about parts of Europe, especially Spain, is that the population doesn't even have a great concept of nation, let alone Eurozone. If you go to Barcelona, for example, a lot of people relate more to their own regional culture and traditions than to Spain's. They call themselves Catalans first, Spanish second.
They figure Catalans will do just fine, even if Spain goes down the drink. The same is true of Basques in the North, Valencians and Andalucians further south. The Catalans and Basques even have their own language, and in Barcelona especially they use their language in everyday trade.
When you understand this, it's kind of amazing they were able to pawn the euro off on these people.
Not sure if this has been posted here before, but it helps remind myself not to be too freaked out about spelling or perfect grammar.
"Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteers be at the rghit pclae. The rset can be a total mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe."
Game recognizes game RIF
I have to assume the DC final review team got out this week due to snow warnings, and next week the paperwork will be in place for the great Puerto Rico Banksale. New York does the groundwork.
FDIC: Learning Bank
C
Excellent KK! I just got so busted on my speed reading...
When you understand this, it's kind of amazing they were able to pawn the euro off on these people.
They voted for it.
Don't forget Valenciano as a regional language.
patientrenter wrote:
Snark or no snark?
I'll assume snark
To that end, I think the pendulum will have to swing somewhat into the 'fewer contractual obligations' direction for a while. Due to my desire to maintain maximum flexibility for professional reasons, I've attempted to avoid as many contractual obligations--house, car, cellphone, telephone/TV/Internet, etc--as possible. But it's exceptionally difficult these days. We live in a contractually-obligated world, it seems. I am not opposed to contractual obligations--not in the least--and they do permit a company to better forecast income streams and therefore provide goods and services at lower costs. But when every element of life must sign on the dotted line, I don't think that's necessary, personally.
You know, you spend the week looking for some small bright spots. Again another BFF flop. Time to change the channel.
Are you kidding, we can't even get along with ourselves let alone others.
And what makes anyone think they would want to merge with us. Them are fighting words.
The US just needs to wear a sign
(Does not play well with others! It seems as if "others" do not like loosing.)
We here know when you say "palatable", you've got a bottle in mind.
PR
I learned from the best when I lived in Davis.
Parents would give their kids money to buy houses near the uni, let the kids rack up massive grad school deb, take out a Heloc, pay off the student loans, and then either sell or default depending on the year. The really smart ones in 2007, moved out after the heloc, defaulted, and rented the house out to 6 to 10 Asian students at a time and pocketed the money.
you could say I'm a tad jaded
Comrade Kristina wrote:
Game recognizes game RIF
It would seem that Prisoners' dilemma is the fate of people who refuse to trust... two ships pass in the night.
*The US just needs to wear a sign
(Does not play well with others! It seems as if "others" do not like loosing.) *
The US needs a Tip Jar
It also illustrates the metagrammar for mosaic theory.
C
Wind picking up here. Time for bed. I turn on our classical music station, read a few pages in a book I'm into, then off to dream land.
Good night all.
you know I almost answered that before I realized I was too sober >; 0
Counterpointer wrote:
Hey C. How have you been? Are you still looking? The SEC is looking for a writer for the OCIE (compliance, inspections and examinations). It would be a chance to have some fun.
Imagine working at a place that issues final temporary interim rules.
SEC Interim Final Temporary Rules
USAJOBS - Search Jobs
merchants of fear wrote:
As a kid I always liked to mix oil and water, to watch the hydrophobic action of the globules of fat.
So I suggest we start the merge by placing Texas and Quebec side-by-side. And then retiring to the sidelines.
Deflationary Jane wrote:
It sounds like you don't think this behavior was good. Do you think the solution is more people doing it, or fewer?
pavel.chichikov wrote:
We, as the commentariat, or we, as an economy are becoming alienated? I would agree with the latter--in terms of elevating a supporting activity into a primary activity--and while I'd like to disagree with the former, I think it may simply be a matter of time.
merchants of fear wrote:
Reverse mortgage were designed for a world where housing prices are stable or rising.
In this real world, reverse mortgages take away the incentives for older people to do rational things, like spend money to maintain their homes or go into assisted living. After a certain age, these homes become basically free rent for grandma and grandpa for as long as either lives. So, if grandpa dies, grandma may have to stay in the house as long as she lives, even if the windows are broken, the ceiling leaks, rats are running around and she gets Alzheimers. She can't afford anywhere else...and it's free rent.
It's not good for grandma or the neighborhood...or the banks.
The author who wrote 'The Late Great USA: The Coming Merger with Mexico' wrote this:
Amazon.com: Why Israel Can't Wait: The Coming War Between Israel and Iran (9781439183014): Jerome R Corsi: Books
Some of the 'analysts' and pundits who see huge problems with the U.S. economy and predict disaster are hawkish and seem to believe in more war...which will also lead the global economy into the toilet...so there seems to be 'contradictions' in some author's prescriptions...as to what might actually help the global economy...
I've been to Valencia three times and lived with Valencianos and I've never heard it spoken.
You hear Catalan in the streets and restaurants of Barcelona every day.
Kauai_Kahuna wrote:
Congrats Kristina!
Yah - we are the perfect example of a mod that did not go through. The house was appraised for more than we owe, but we have a small (i.e., <$10K) 2nd loan but the other bank refuses to subordinate, so we don't get our HARP through Chase.
noob goldberg wrote:
Noob, we rely on others for most of our sustenance. It is not reasonable to assume that we can all rely on receiving from others without also following through on our obligations to others. If we imagine we can all live in a society where these arrangements are one-sided, allowing us to keep most of the upside for ourselves, and dumping most of the obligations when they become onerous, we are ignoring the fundamental fact that the sum of all that we as a nation can reliably expect to receive from others is simply the sum of all that we have reliably committed to provide others.
Actually it was 'The Late Great USA: The Coming Merger with Mexico and Canada'...don't wanna leave the Canadians out...
Yay Comrade Kristina! (I still say that Saxton is making you such a "good" offer because they know they don't own your mortgage note nor do they have legal standing to foreclose!) But this sounds last the safest and fastest bet. Nightmare--over.
patientrenter wrote:
I agree, patientrenter, and I am a firm believer in the sanctity of contracts, believe it or not. And I have incredible appreciation for functional commodity markets, which require both buyers and sellers to meet their obligations. No question.
A contract for buying a house, of course. A contract for buying a car--if it can't be purchased with cash--excellent. A three year contract for a cell phone? Or a home phone? Or internet service? There's no reason why a pay-as-you-go service for all of those, providing equivalent service--should not be possible. I get my natural gas and electricity without signing a contract; I buy gas for my car without signing a contract. Etc etc.
I'm just venting; I want an iPhone and I can't get one without locking into a 3 year contract.
...the fundamental fact that the sum of all that we as a nation can reliably expect to receive from others is simply the sum of all that we have reliably committed to provide others.
the problem is, the various parties have very differing sums in mind, and how they are obtained. The question becomes, which side are you on?
noob goldberg wrote:
If you have a sim card and a service provider, you can buy "unlocked" cell phones without renewing a contract. amazon.com and overstock.com sell unlocked cell phones.
rps wrote:
It's true, I'll end up going this route. Or I'll suck up the contract. I just really hate the two choices of service provider that I have; it's like choosing between eating rotting meat or feces.
Some cell phones are designed to use a Subscriber Identification Module (SIM) card, or microchip that stores subscriber data. The SIM card is issued by a carrier and provides cell service by activating any phone into which it is inserted. A locked phone, however, will only recognize a SIM card from a particular carrier. If the cell phone is unlocked, it will recognize a SIM card from any carrier. The "lock" is a software setting that keeps the cell phone "loyal" to one carrier.