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03/01/2009

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You would be hard pressed to find a lender who will refinance your mortgage or give you a home equity loan on a home that is currently for sale. While lenders have different policies on the subject, a lender is going to be cautious about lending money ... [Read More]

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Maria

ALL I CAN SAY IS
IMPEACH OBAMA
IMPEACH OBAMA
IMPEACH OBAMA
IMPEACH OBAMA
HE"S THE WORST PRESIDENT SINCE CARTER!!!!!!!!!!!!!

–ú–∞—Ä–∏–∞–Ω–Ω–∞

good block

Jack

Maria: It's interesting that you compare Barack to Carter, as Carter too inherited the tough situation that arose after Nixon had to devalue the dollar and take us off the "gold standard". Also, this is something of a serious site so we'd expect you to shore up your "claims" with some sort of supporting data; factual stuff if possible. Perhaps a good start might be that of demonstrating how the Bush admin was "superior??" to that of Carter? Or that of the first 40 days of Obama being "worse" in some way?? than Reagan or HW??? BTW has something caused your caps key to get stuck?

David Drake

Why in the world would the government want to encourage new home building now? There's a huge glut on the market!

Fannie and Freddie should try first to sort out what mortgages they already hold by type of borrower (e.g. speculators, people who refinanced and used proceeds to splurge, homeowners who bought homes they could not possibly afford if interest rates and terms were normal, and homeowners who were talked into refinancing their homes with payments they didn't understand and couldn't afford). Then they should help the last group and foreclose on the rest.

Fan and Fred should use the money from the government to buy back the CDOs they issued and which the government implicitly guaranteed and do the same thing with the mortgages securing the CDOs.

neilehat

The last thing the Banks need at the moment is to be holding the Title on property that no one wants and in most cases can't afford. I'm talking about the multi-million dollar McMansions that were built until just recently and the shacks that were pawned off on less than sophisticated borrowers in the Innercity by predatory lenders.

The main solution to the problem is keeping people in their houses and receiving some sort of payment, even if it is a percentage of what the Mortgage should be. At least until the Economy improves. This will require a massive restructering of the Real Estate/Mortgage Industry
and the Bankruptcy Laws in the Country. The current Administration's plan is a step in the right direction. Even if it is fraught with complexities and potential problems.

To a Banker, a couple of bucks in hand is better than holding real estate you can't sell. Even at Foreclosure prices.

Jack

David...... fair question, but housing starts have fallen from about 2.5 million to perhaps half a million. "Zero" is not the right number for these reasons:

One, it that the glut is not evenly distributed; in some cities housing is doing fairly well. Keep in mind that the US has something over 100 million homes and the average life is not a century so just replacement alone would indicate more than a million units per year.

Two, is that housing typically leads us out of recessions and there's a reason for that too: Consider, when you contract to have a new home built you may only put a few thousand down, but your action creates immediate employment for the amount of labor to build your home........ plus say a multiplier of 4 times that amount....... some of which likely ends up in the auto biz which has the same effect; wages now and paying it off over time.

BTW........ I suspect there is even another problem: That is that the "move up" market is FAR softer than that of the first time buyer whose choices are staying in a cramped apt with their new family, or buying a modest "starter home". The $8k first time buyer incentive will increase this effect.

Unless the McMansions that are much of the problem fall a lot further than they have, they'll still be out of the first time buyer's league. Further? With unease about energy, many, and especially the FTB are going to be leery driving to deep suburbia if there are other options.

Paul Rudolph

Jack,

Just because there are 100 million homes does not mean that 1 million are falling apart every year. A high percentage of these homes were built in more recent years. Therefore, most of these homes are not in need of replacement.

Additionally, it is unreasnonable for first time home buyers to expect to purchase the "McMansions" you refer to. I agree that the "move-up" market is extremely soft, but there is still a "starter home" for these first-time buyers to get. The starter homes have fallen much less in value than the McMansions you speak of.

Jack

Paul: Agreed that the big homes have fallen more than the "must have" sizes.

I don't know what the replacement rate of homes is, and agree that the base in 1920 was much smaller than in more recent years. My point was more to that of the surplus inventory not suiting the market.

For example I'm in Tulsa just now where, to be sure the market is slower than a few years ago, but today's paper reported a 4% rise in home prices and a 10% rise in the price of the average sale. LOTS of apartments are being built, perhaps too many!! and after a few years or months in apts young marrieds will be out looking at starter homes.

It's a little bit interesting to speculate on what happens to older homes these days. In the Tulsa market a fairly typical 25 year old tract home might have $30k worth of delayed maintenance and perhaps a cracked foundation and after one did that work the home would still be in the $150k range and a bit more would buy a new home built to better design and energy standards.

I'd surmise that w/o one million home starts a year, the US economy will not be well at all. At even a $300k average or $250k median one million starts is a $300 billion industry that gins up demand for appliances, furnishings et all that are still largely Made in America.

I'd say the $8,000 first time buyer credit will deliver a good bang for the buck as stimulus.

One more graph?

http://www.nahb.org/generic.aspx?genericContentID=45409

neilehat

Jack, New built to better design and energy standards? Most of the ones I've seen built today are pretty shoddy. Especially the McMansions. As a Contaractor I know told me, it's all about "margins", the central principle of Business. Why should I build quality maderate income housing when I can make greater profit building large houses. As for the old housing stock, its a down and dirty, cheap as possible Re-hab and quick sell-off to the first buyer that comes along. And we all wonder why there are problems in the industry?

As for most homeowners, most can make their mortgage payments, but at the same time, most cannot afford the maintanence and upkeep costs that goes along with home ownership. When I bought my place, I had to replace, the furnace, A/C, the roof, carpeting, windows, wiring (conversion from Aluminum to Copper), plumbing fixture stop valves, and put on a new coat of paint. As for paying for all this, there was a deduct in the purchase price. As for current housing stock? It's falling apart faster than it can be rebuilt. And in most cases, it's cheaper to build new than repair.

Mcmansion's that we can't afford anyone?

Jack

Neil: Much agreement: "And in most cases, it's cheaper to build new than repair."

........ Well at least the new is financed at 5% over a long time while major repairs put a real dent in already thin incomes.

......... New homes "shoddy?" Probably not so simple and "whose fault" is even more vague. Consider the structure of today's home is guided by the building codes that have actually been strengthened in recent years. Many are using better insulating tech and putting more insulation in the attics with FAR more Energystar homes being sold than in past years. 13 SEER HVAC is now a government mandate (and a GOOD thing too as builders DO just put what they have to for the most part) up from 7 SEER 15 years ago and 10 SEER recently.

But to be fair, what's going on here is that the public is largely a bunch of giddy children buying as much space and flash, dance, and granite as possible in an "upscale" 'hood such that nothing is left for the correct level of insulation, metal ties in areas of strong winds and hurricanes. Even Low E windows for $50/window is relatively new and has to be sold. This factor is the same for virtually all income levels.

NO improvements are being led by "the market" nor by "competition" or education from the builders or HBA. Used home Realtors? Forget it, most barely know what makes a house stand up!

The builder has the choice of selling into that giddy market or not selling much at all. In short we have just finished building some 20 million "new homes" which are dinosaurs though structurally they'll be there for a LONG time. NOW "the government" (us!) is going to help pay the far higher costs of retrofitting what can be retro'd. Ha! and builders? are true "conservatives" who don't want government mandates but rarely build beyond what is mandated.

hans merz story

Raivo Pommer
[email protected]

Schwarze geld

Die Schweizer Regierung will am Bankgeheimnis vorerst nicht rütteln. Sie bietet allerdings Gespräche über die anonyme Zinsbesteuerung, wie sie schon mit der EU besteht, und die Amtshilfe an. Nach einer Regierungssitzung sagte Bundespräsident und Finanzminister Hans-Rudolf Merz, die Schweiz habe viele völkerrechtliche Verträge geschlossen, die eine Grundlage für den Informationsaustausch mit anderen Staaten böten. Mit einer Expertengruppe soll diese Zusammenarbeit über „Steuerdelikte“ verstärkt werden, kündigte Merz an. Der Finanzplatz dürfe keine Wettbewerbsnachteile erleiden. Zugleich schloss der Finanzminister nicht aus, dass die Schweiz auf eine „schwarze Liste“ geraten könne.

Die Schweiz leistet Amtshilfe nur bei mutmaßlichem Steuerbetrug, nicht jedoch bei Steuerhinterziehung. Der Begriff „Steuerdelikt“, den Merz jetzt verwendete, lässt den weiteren Weg offen. Merz hatte vor wenigen Tagen gesagt, das Bankgeheimnis solle „weiterentwickelt“ werden. Mit ihrem Gesprächsangebot versucht die Regierung dem wachsenden internationalen Druck zu begegnen. In der Finanz- und Wirtschaftskrise haben die Kritiker vermehrt Gehör gefunden, welche die „Steueroase“ Schweiz austrocknen wollen. So erwägen die wichtigsten Industrie- und Schwellenländer (G-20) unter Führung der Vereinigten Staaten, Großbritanniens, Frankreichs und Deutschlands entsprechende Beschlüsse auf ihrem Weltfinanzgipfel am 2. April in London. Eine Teilnahme der Schweiz wurde abgelehnt.

df

Raivo Pommer
[email protected]

Schwarze geld

Die Schweizer Regierung will am Bankgeheimnis vorerst nicht rütteln. Sie bietet allerdings Gespräche über die anonyme Zinsbesteuerung, wie sie schon mit der EU besteht, und die Amtshilfe an. Nach einer Regierungssitzung sagte Bundespräsident und Finanzminister Hans-Rudolf Merz, die Schweiz habe viele völkerrechtliche Verträge geschlossen, die eine Grundlage für den Informationsaustausch mit anderen Staaten böten. Mit einer Expertengruppe soll diese Zusammenarbeit über „Steuerdelikte“ verstärkt werden, kündigte Merz an. Der Finanzplatz dürfe keine Wettbewerbsnachteile erleiden. Zugleich schloss der Finanzminister nicht aus, dass die Schweiz auf eine „schwarze Liste“ geraten könne.

Die Schweiz leistet Amtshilfe nur bei mutmaßlichem Steuerbetrug, nicht jedoch bei Steuerhinterziehung. Der Begriff „Steuerdelikt“, den Merz jetzt verwendete, lässt den weiteren Weg offen. Merz hatte vor wenigen Tagen gesagt, das Bankgeheimnis solle „weiterentwickelt“ werden. Mit ihrem Gesprächsangebot versucht die Regierung dem wachsenden internationalen Druck zu begegnen. In der Finanz- und Wirtschaftskrise haben die Kritiker vermehrt Gehör gefunden, welche die „Steueroase“ Schweiz austrocknen wollen. So erwägen die wichtigsten Industrie- und Schwellenländer (G-20) unter Führung der Vereinigten Staaten, Großbritanniens, Frankreichs und Deutschlands entsprechende Beschlüsse auf ihrem Weltfinanzgipfel am 2. April in London. Eine Teilnahme der Schweiz wurde abgelehnt.

Jake

Jack is a Leninist. Imagine life serving beneath such a person and his ilk. Horrible thought.

Jack

Jake: Could you try to support your case, somehow? Feel free to use as example anything I've posted here, OK?

neilehat

Since the discussion has degenerated into "Name calling", better a Marxist-Leninist than a "Neo-Con/Neo-Nazi". Using the "tarbucket" is so much easier and much more fun than having too come to grips with the problems at hand in a rational manner.

Huzzah! NEWT GINGRICH for President! Remember to vote the American National Party ticket in every and all Elections. ;)

hubertus

Raivo Pommer
[email protected]

Caos und Arbeitlos

Der Machtkampf zwischen Continental und Schaeffler eskaliert. Conti-Aufsichtsratschef Hubertus von Grünberg trat jetzt mit sofortiger Wirkung zurück.

«Es zeichnet sich ab, dass Continental weiter Schaden nimmt«, sagte der 66-Jährige gestern in Frankfurt nach einer Sitzung des Aufsichtsrats des Autozulieferers. «Wir laufen Gefahr, in das Schaeffler-Problem hineingezogen zu werden.« Von Grünberg kritisierte, die schwer angeschlagene Schaeffler-Gruppe sei der Forderung nach einem tragfähigen Zukunftskonzept nicht nachgekommen und stattdessen auf Konfrontationskurs gegangen.

Der Herzogenauracher Autozulieferer, der wegen der auf Pump finanzierten Conti-Übernahme hoch verschuldet ist, wies die Vorwürfe von Grünbergs zurück. Grünberg habe das Vertrauen im Aufsichtsrat verloren, hieß es. Die Besprechung eines Zukunftskonzeptes habe bei der Sitzung in Frankfurt überhaupt nicht auf der Agenda gestanden.

Jack

Neil, Ha! Yup times up for our drive by spammer and I'm out a perfectly good gauntlet!

Sen Joe? The "Independent?" Are you familiar with this site:

http://www.opensecrets.org/politicians/contrib.php?cycle=2006&cid=N00000616

It's very good for finding out who gave who got and you can drill down to the details.

Looks like a lot of Joe's friends have had a lot of problems this year!

David Drake

Raivo Pommer
[email protected]

HEDGE-FOND

Die Kapitalabflüsse gestalteten sich in der Branche in Europa und den Vereinigten Staaten allerdings sehr unterschiedlich: Während amerikanische Hedge-Fonds in großem Umfang juristische Sperren nutzten, die eine sofortige Rückzahlung von Anlagegeld an die Kunden beschränkten oder hinauszögerten (Gates), ist dies bei europäischen Hedge-Fonds weniger üblich. Auch gibt es in Europa mehr Dachfonds, in die Privatinvestoren investieren. Diese hatten die erste Kündigungswelle bei Hedge-Fonds im Herbst 2008 ausgelöst. Die Kapitalabflüsse aus Hedge-Fonds waren daher in der zweiten Jahreshälfte vor allem in Europa relativ hoch. Die Mittel europäischer Hedge-Fonds schrumpften nach Einschätzung von Morgan Stanley um 25 bis 30 Prozent.

In den Vereinigten Staaten beliefen sich die Mittelabflüsse zunächst „nur“ auf 15 bis 20 Prozent. Dies erklärt, warum der weltweite Verband der Hedge-Fonds, die Alternative Investment Management Association (AIMA), kürzlich bekanntgab, dass das Anlagekapital der 1200 bei der AIMA registrierten Mitglieder jetzt zum Großteil von institutionellen Investoren gehalten werde und nicht mehr von vermögenden Einzelpersonen, wie dies früher der Fall gewesen war.

Refinance Mortgage

Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness.

Joseph Aldeguer

Make sure to know the state of your finances before contacting your lender. Determine how much income you're bringing in each month, how much you're paying in bills and where you can cut costs. Just a tip!

Zpapa

The last thing the Banks need at the moment is to be holding the Title on property that no one wants and in most cases can't afford. I'm talking about the multi-million dollar McMansions that were built until just recently and the shacks that were pawned off on less than sophisticated borrowers in the Innercity by predatory lenders.

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eywallah

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