Government plan to plug Gulf leak with bad mortgages fails

From CNN/Money:

75% of modified home loans will redefault

Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday.

Between 65% and 75% of loans that are modified through the Home Affordable Modification Program but not backed by the federal government are likely to go bad, according to the report released by Fitch Ratings, a N.Y.-based credit-rating agency.

The main reason these borrowers continue to struggle is that HAMP does nothing to solve the rest of their debt problems, the report added.

“Many of these borrowers still have very heavy levels of other debt,” said Diane Pendley, a Fitch managing director, “auto loans, credit cards and other expenses. The HAMP modifications reduce housing expenses down to 31% of income but do not touch these other obligations.”

On average, HAMP-modified borrowers, according to Pendley, have 64% of their monthly pretax income spent before they even buy a quart of milk. If even a small emergency arises — an unexpected car repair, a medical bill or a loss of overtime income — they’re in trouble.

Currently, according to the Fitch report, about half of prime borrowers who lose their homes now do so through foreclosure.

The other 50% go through short sales, in which they sell their homes for less than what they owe the bank, or deed-in-lieu, a transaction where the bank takes back the property directly and forgives the outstanding balance.

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131 Responses to Government plan to plug Gulf leak with bad mortgages fails

  1. Yikes says:

    USA! USA!

    nice elbow to start it, Clint

    show these Slovenians what we’re about

  2. Nomad says:

    So if they got a HELOC, blew all the $$, default and now they refi with a chance of another default in the 65% – 75% range, does that mean the gov’t (you and I) get hammered twice on the same house?

    Lets just take the beating and get it over with.

    Burning down the house
    http://www.youtube.com/watch?v=xNnAvTTaJjM

  3. Mr Wantanapolous says:

    “I can’t commit dollars to what could eventually become a wasteland.”

    From previous thread.

    Fiddy,

    One wishes that Bergabe had the same attitude.

  4. grim says:

    From the Record:

    2 plans for N.J. property tax relief; no consensus

    Democrats and Republicans are vowing to combat New Jersey’s highest-in-nation property taxes in very different ways, but each side has one thing in common: Neither idea is likely to get legislative approval anytime soon.

    Democrats want to raise taxes on the wealthy and Republicans want to enact a tax cap, but neither idea has enough support to move through the Legislature.

    On Monday, the Assembly will vote on whether to override Gov. Chris Christie’s veto of a tax on millionaires. Democrats want to use the taxes generated by the tax to restore property tax rebates for seniors and the disabled.

    The tax would raise an estimated $637 million by adding an income tax surcharge of nearly 2 percent on about 16,000 residents who make more than $1 million annually. The money would be used to restore property tax rebates for 600,000 senior citizens and disabled residents.

    Meanwhile, DeCroce and other GOP leaders were calling on Assembly Speaker Sheila Oliver to post the governor’s 2.5 percent property tax cap proposal, which must pass through an Assembly committee in less than three weeks to make it in time to get on the November ballot. That also seems unlikely.

  5. Mr Wantanapolous says:

    The asset declines, yet the debt remains. What a bitch.

  6. Knifecatcher - Painhrtz says:

    wow just saw 50.5 agreed with me. I think I need a shower

  7. Mr Wantanapolous says:

    “Many of these borrowers still have very heavy levels of other debt,” said Diane Pendley, a Fitch managing director.”

    Consumer or the 91 banks and thrifts that missed their Tarp payment in May? Then again, could be those that played the hide a debt game, via OTC derivatives.

  8. Mr Wantanapolous says:

    I agree with 50.5.

  9. Yikes says:

    Sorry, I forgot how bad the USA defense is. Nothing like an early 1-0 hole.

  10. Mr Wantanapolous says:

    Presently, the Pigs, soon the UK, then Japan, last the US. The vigilantes are coming, just a matter of time.

    http://www.grandich.com/wp-content/uploads/2010/06/risk-aversion-6-18-10.gif

  11. Knifecatcher - Painhrtz says:

    Gator Stu your mayor is a moron from Orion posted article. Residents are clamoring becasue the pool was opened a month lath. so up go the taxes.

    I wonder which residents?

  12. Final Doom says:

    yikes (10)-

    We suck. Playing kickball and getting owned by a bunch of guys in Charlie Brown shirts.

  13. Libtard In the City says:

    Said it since day one. Christie is no better than any of the governors before him. Once he approved Montclair’s waiver, I realized for sure that he is doing the same thing as Whitman did. Cut spending from the state to match drop in revenues. Then allow municipalities to raise property taxes to the moon to make up for the cuts in state aid. Unfortunately, there won’t be any DEP position waiting for the fatman with Broccoli Obama in the WH. How anyone in their right mind could back any politician, let alone political party, is completely beyond me. Then again, the masses are @sses. Sadly, many genocidal leaders also obtained the backing of the proletariat.

  14. Libtard In the City says:

    Knife…Agreed. He is so f’in out of touch. He is so damn progressive that he’s almost racist in his willingness to raise taxes regardless of the inability of his constituents to be able to pay for them. At the same time, he spends money on ‘Complete Streets’ initiatives and $25,000 artistic entrances to playgrounds.

  15. Final Doom says:

    2-0 Slovenia. Pack your bags, boys.

    Everyone involved with the men’s side of US Soccer should be fired. Every defect of their organization, development and training programs is oozing all over that field like a lanced boil.

  16. Orion says:

    Personal expiration

    Anyone on this board scheduling their expiration in 2010 to avoid 55% estate taxes which goes into effect 1/1/2011? Just curious.

  17. Final Doom says:

    We could’ve hired Klinsmann years ago. Of course, he’s a real fcuking coach, not some type-A martinet.

    Now, we’ll get to watch Klinsmann slag the team afterwards on ESPN. And, he’ll be right in doing so.

  18. Yikes says:

    FD, what is the future of USA soccer? Are the u17s any good?

    2002 was great. 2006 was supposed to be great. it was horrendous. and 2010 has been a massive flop

  19. Knifecatcher - Painhrtz says:

    Doom could be worse I had to cancel dinner plans with my in-laws because of the Fckin Serbs. Talked to my MIL she basically said between the Germans and now the Americans he is a raving lunatic

  20. meter says:

    from previous thread:

    “Hyde – 147 – I’m thinking some nice interior lakefront property might be nice for Mr. and Mrs. Shore.

    Shore – not sure if this will work for you, but we have friends that are keen on this place and shopping for a lake house here now.

    http://www.lakenaomiclub.com/index.htm

    My parents built a lakefront home there in the early 80s. Sold it 10 years ago as they just weren’t using it much, but it’s a nice community. Nothing extravagant or lavish, but also not a neighborhood of typical Poconos crapshacks.

    Nice if you like canoeing and that sort of thing but no motor boats allowed.

  21. relo says:

    22:

    http://www.youtube.com/watch?v=xuHkDT7q6Gg

    Nice if you like canoeing and that sort of thing but no motor boats allowed.

  22. Juice Box says:

    Somehow I think the enrollment in the Botany classes at Rutgers is going to go up.

    http://www.nj.com/news/index.ssf/2010/06/christie_administration_wants_1.html

  23. NJGator says:

    Lib 16 – $25k for a playground entrance and no f’ing gate. We burn money and we are stupid too.

    http://www.baristanet.com/baristakids/blog/edgemont-park-playground-gets-new-entryway/

  24. Comrade Nom Deplume says:

    [167] [prior thread] hyde

    “I wonder how long the USVI/BVI stay out of the reach of the oil. Once those beaches get hit (if they do) those islands are toast as their ONLY economy is tourism.”

    Tourism is huge, but the USVI has been aggressively trying to diversify for awhile. St. Croix has the Cruzan distillery and the Hovensa refinery, the largest in the hemisphere. But a tourism hit would be devastating, to be sure.

  25. meter says:

    @12 –

    The lesson here is that if you mayor’s last name is Fried, you’re going to be fried.

  26. NJGator says:

    Knife 13 – Yes, people were pissed about the pools, because they raised the fees on them (by a ridiculously small $30/family) and never announced that they were going to open them one month late, plus cut the hours. The pools now close at 7PM on weeknights making them useless for commuters. They also will not open on 1 until the weekend. Now people weren’t pissed because of cost cutting measures, but we have 3 pools, and the town didn’t even discuss or consider closing one for the summer or even rotating open and close dates/open times among the 3 to cut costs, yet still keep some sort of access available to residents.

    Also, Councilor Weller-Demming is on public record as saying that access to the pools is a public safety issue. We couldn’t raise pool fees, or people might die (yes, she said it. It’s in the public record). Apparently no one is in danger of dieing between Memorial Day and June 24.

    Also offensive in that article is the fact that Mayor Bike Boy has no problem jacking up taxes by 10% this year even though he apparently has no idea what the actual impact will be on someone’s tax bill.

  27. Ben says:

    “OMG!
    Robbinsville property tax increase:”

    Robbinsville is already way overpriced and the taxes are way too high. These guys are insane.

  28. meter says:

    @17 –

    Is it just me or do all Americans at the pro level suck at passing the ball? You watch all other teams – even SA – and their passes are more or less on target.

    Our guys are just kicking the ball at random, seeing what happens. Even Tim Howard’s clears end up on opponents’ feet. It’s mindboggling and nobody ever points this out.

  29. Mr Hyde says:

    Nom 26

    I am familiar with both of those businesses. neither can come close to balancing out the tourism dependency.

  30. Pat wowed by USA says:

    I have chills, clot.

  31. NJGator says:

    $569k with $13k/year is taxes on a 60×100 lot counts as “priced for quick sale” in BLOOMFIELD? There’s not even any granite in the non EIK.

    Purchased in 6/08 for $510k.

    GSMLS 2780860 85 Hawthorne

    http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=55795418_13399

  32. Ben says:

    “Is it just me or do all Americans at the pro level suck at passing the ball? You watch all other teams – even SA – and their passes are more or less on target.

    Our guys are just kicking the ball at random, seeing what happens. Even Tim Howard’s clears end up on opponents’ feet. It’s mindboggling and nobody ever points this out.”

    Most sports have deevolved where no one knows how to pass anymore.

  33. Mr Hyde says:

    Gator,

    Montclair is a case of real life being more outrageous then fiction.

    I cant wait to see what they do once the town bankruptcies start up.

  34. Chuck says:

    Hello guys,
    I have been looking at houses in Morris County and am now worried seeing all these comments about Montclair. Is Parsippany any good? Any opinions/comments about it would be appreciated. Is this a good, quiet residential town?

    Thanks,
    Chuck

  35. meter says:

    Wow, that ref needs to be tortured. What a travesty.

  36. Shore Guy says:

    “Anyone on this board scheduling their expiration in 2010 to avoid 55% estate taxes which goes into effect 1/1/201”

    It is better to plan someone else’s, no?

  37. Mr Hyde says:

    Chuck,

    Montclair is in Essex county.

  38. Shore Guy says:

    “that ref needs to be tortured.”

    FIFA has not banned waterboarding, have they?

  39. Pat wowed by USA says:

    Guess sometimes, like John at 2 am, you take what you can get and you like it.

  40. Shore Guy says:

    I don’t get a sport where a tie is such great news.

  41. Shore Guy says:

    “Is Parsippany any good? ”

    For?

  42. Shore Guy says:

    Maybe soccer needs a new tie braeking system. Say, after regulation and one overtime, start removing players from the field. The second overtime each team removes one player, the next one, they remove another. EVENTUALLY, there will be a bloody winner.

  43. House Hunter says:

    Diana Oleck and flood insurance in Bergen county
    http://www.cnbc.com/id/37779046

  44. Shore Guy says:

    Makes buying a house at the Shore a bigger problem.

  45. Anon E. Moose says:

    Doom [17];

    2:2 draw today – how you like them now? Holding ENG to a draw pays dividends; win (over ALG) and they’re in for USA.

  46. Anon E. Moose says:

    Meter [37];

    Concur on Findley’s yellow. Apparently it is now a foul to take the ball of your face.

  47. Shore Guy says:

    Now, a soccer match on the Parkway, just south of the Driscol Bridge, THAT I would watch. It would have sort of a Mad Max meets Elmore Leonard meets Jim Boughton quality.

  48. wtf says:

    Headline: ‘U.S. battles back for thrilling tie’

    “thrilling tie” = oxymoron

  49. Yikes says:

    well, the ref blew the call on the maurice edu goal. USA should have won.

    where is the foul? i see one on Slovenia.

    http://www.youtube.com/watch?v=G5rGDAZnvcI

  50. Anon E. Moose says:

    Yikes[51];

    Wow, I missed that (and apprently the ref did too – I can blame working; what’s his excuse?). Esp. cheezy since he didn’t call offsides on LJUBIJANKIC’s goal – who was at least as far offsides.

  51. Shore Guy says:

    “Thrilling tie”

    Is that like energeric corpse?

  52. NJGator says:

    “Is Parsippany any good?”

    Hmmm….not since Veggie Heaven closed down.

  53. Dink says:

    Wasn’t an offsides call, it was a phantom penalty call.

    No one knows who he called it on.

  54. Libtard In the City says:

    Parsippany still has decent Indian food I’ve heard.

  55. House Hunter says:

    Shore, there was another article this morning that I can no longer find, gov’t flood insurance program is broke by about 19 mil or bil, can’t recall. They no longer take in the necessary $ to cover expenses…no other insurance co would function like that, they have the taxpayer to “bail it out”

  56. Shore Guy says:

    Clot,

    Here is a “publication” that has the perfect name for you:

    Morbidity and Mortality Weekly Report.

    http://www.cdc.gov/mmwr/

    I wonder if they can turn it into a reality show?

  57. Shore Guy says:

    “they have the taxpayer to “bail it out”

    It is only fair.

  58. Shore Guy says:

    Here is the show I want to develop:

    Real Underwater “Homeowners” of (insert location name here).”

    Maybe make it:

    Really Underwater “Homeowners” of (insert location name here).”

    The prize for participating in the show could be security deposit and first and ladt months rent for an apartment the “homeowner” can afford.

  59. Shore Guy says:

    “Wasn’t an offsides call, it was a phantom penalty call.”

    Perhaps it was just a matter of, “I have the power to penalize you and you are an American.”

  60. Anon E. Moose says:

    Shore [61];

    I’d love to see any indication of a foul before the ball hit the back of the net. I suspect there is none.

  61. still_looking says:

    Shore, 58

    Now you’re posting my bathroom read? Shucks. That journal is our WSJ.

    My ER could be a reality show. You should hear what I got written up about this time…

    It’s a GTG story…. worthy of two inches of scotch, neat.

    sl

  62. Final Doom says:

    yikes (20)-

    The future is in the women’s game. The U-17 men are very average.

    The ODP (nat’l team development program) on the men’s side is screwed up. Many top players don’t even participate, as it is expensive.

    US Soccer has plenty of money. Why they need to charge exorbitant fees to players’ families from the age of 12 is a mystery to me.

  63. Final Doom says:

    moose (47)-

    A tie is not really a good result today. Algeria is not a guaranteed win; Belhadj is possibly the best right back in the EPL, and Yebda is a handful, too.

    Conceding early goals, then pushing an extra player forward and playing like madmen to gain a draw is not winning soccer. It is exciting, but it is not right.

  64. Ben says:

    “Real Underwater “Homeowners” of (insert location name here).””

    I think it would be better to follow up on Extreme Makeover: Home Edition.

    You can profile each family in the new show “Extreme Foreclosure”

  65. meter says:

    A tie is a very bad news.

    It means we will need a win against Algeria by more than a 1 goal differential and a tie between England and Slovenia, along with the assumption that England beats Algeria.

    I think we’re not going to make it out of round 1 thanks to that awful ref.

  66. Mr Hyde says:

    SHore 58

    Morbidity and Mortality Weekly Report.

    Put a bunch of meth junkies and 600 lb fatties on a reality TV show by that name, Have them run challenges in order to get what they want (food for the fatties, meth for the junkies).

  67. Comrade Nom Deplume says:

    [66] relo

    I see they interviewed someone I know, Cantwell Muckenfuss, III, a.k.a. Chuck Muckenfuss.

  68. Sas3 says:

    Q for Shore and others, about this guy stuck in Yemen because of no-fly list:

    Can’t he fly into Canada (does no-fly list prevent him from that) and take a train/drive down to US. I am not trying to be insensitive to someone (unfairly?) stuck in another country, but wouldn’t it be just easier to come back to US and talk to the local congresscritter or even sue for damages?

    I am probably anti-Doom. When the SHTF, I probably will try to cover myself with blankets and try to open windows and hope the smell goes off.

    S

  69. Roughneck Fiddy says:

    Did we analyze the livin’ daylights out of this NYT article…..I don’t recall seeing a link to this story —

    http://www.nytimes.com/2010/06/06/us/06rig.html?scp=1&sq=at%20issue%20in%20gulf&st=cse

  70. Confused in NJ says:

    Tons of bushmeat smuggled into Paris, study finds

    Jun 17, 7:56 pm ET
    PARIS – The traders sell an array of bushmeat: monkey carcasses, smoked anteater, even preserved porcupine.

    But this isn’t a roadside market in Africa — it’s the heart of Paris, where a new study has found more than five tons of bushmeat slips through the city’s main airport each week.

    Experts suspect similar amounts are arriving in other European hubs as well — an illegal trade that is raising concerns about diseases ranging from monkeypox to Ebola, and is another twist in the continent’s struggle to integrate a growing African immigrant population.

    Ummmmm

  71. Shore Guy says:

    Relo,

    It is like being rescued by Dudley Dooright.

  72. Shore Guy says:

    Or hiring a fox to guard the hen house.

  73. Shore Guy says:

    Or hiring a fox to guard the hen house.

  74. Final Doom says:

    Monkeypox?

    I think we have a diagnosis for Frank.

  75. Shore Guy says:

    Sastry,

    Let’s just say that for someone with enough motivation to get into the United States, there are ways. There is no reason to be stuck in one place.

  76. Nomad says:

    Humanitarian aid

    Nothing like some heavy munitions and a few thousand rounds of ammo hidden behind bags of food.

    I guess the bullets are for sportsman as there is a lot of big game hunting in gaza. Bison burger anyone?

    http://www.flix.co.il/tapuz/showVideo.asp?m=3423928

  77. Fabius Maximus says:

    #162 (Previous thread)

    Not sure there’s proof, but I wouldn’t put it past him.

    But DC and Hal1burton are the poster children on all that is wrong with that drawn line.

    But to continue on Shores point. It is not a case that the imprudent said WTF it won’t happen to me, it is more a case that the corporate person sat down with the actuaries and worked out the risk model. It may be a case that the 20 billion for a clean up may be more than offset by the compounding the saving of years and years of cut corners. It may cost less to clean up the oil splill than have to “do the right thing” in the first place.

    We can’t forget that in corporate finance, the only way spending money on “do the right thing”, can be justified, is by being forced to to meet a regulation, or in defense of the brand. Every other time the dollar spent has to be evaluated against Shareholder Value. In some cases Shareholder Value may say “Spill and Clean, its cheaper”.

  78. Shore Guy says:

    Good news for BP’s Hayward, he gets to have his life back. No more pesky destruction of a mega-ecosystem to disrupt his days:

    http://af.reuters.com/article/energyOilNews/idAFWBT01399620100618

  79. Fabius Maximus says:

    Some fun from Europe

    IMF says Spain taking right steps towards stability
    http://news.bbc.co.uk/2/hi/business/10349212.stm

  80. Fabius Maximus says:

    Pretty Colors.

    It would be good if they could map this for the US states.

    http://news.bbc.co.uk/2/hi/business/10150007.stm

  81. relo says:

    70: I’m going to incorporate that into my speaking i.e. What Mucken Fuss this turned out to be!

  82. relo says:

    ps – I’m also incorporating Nom dropper.

  83. NJGator says:

    Shore 81 – Makes total sense Shore. Good managers delegate down those pesky day to day tasks and concentrate on bigger picture issues.

  84. NJGator says:

    Montclair Mayor Jerry “Bike Boy” Fried speaks out on the 2010 tax increase.

    http://www.baristanet.com/2010/06/mayor_frieds_statement_on_mont.php#more

  85. meter says:

    @86 – that looks like a Monty Python skit.

  86. Comrade Nom Deplume says:

    [80] fabius

    Proof? We don’t need no stinkin’ proof!

    You are correct about the calculus of capitalism. Risk is priced in, and if it isn’t the corporation doing it, it is the analysts.

    There is also a correlation between risk and price. We can increase the risk penalty exponentially, as we seem to want to do here. That raises the cost of entry, thus it forms a barrier to entry. It also restricts supply with the concominant effect on prices.

    Congress doesn’t like monopolies controlling vital and increasingly expensive resources. So to lower prices and barriers to entry, they weigh the value of the environment versus the effect on their constituents, the economy and their reelection prospects, and, guess what, they perform the same calculation that the corporation performs.

    So it really does come back to DC, and will again because in spite of all the calls for Change, it seems that we really don’t want Change that hurts. And all Change hurts.

  87. Al "Fat Thumbery" Gore says:

    Bullion B_tches!

  88. Chuck says:

    I guess I meant to ask “Is parsippany a good town to live in?”

    Thanks in advance.

  89. jamil says:

    Heck, North Korea is giving up. Will Obama follow?

    “SEOUL — Bowing to reality, the North Korean government has lifted all restrictions on private markets — a last-resort option for a regime desperate to prevent its people from starving.

    In recent weeks, according to North Korea observers and defector groups with sources in the country, Kim Jong Il’s government admitted its inability to solve the current food shortage and encouraged its people to rely on private markets for the purchase of goods. ..”

  90. Shore Guy says:

    ” Good managers delegate down those pesky day to day tasks and concentrate on bigger picture issue”

    Yup. Like, “I wonder whether I should spend Jaanuary in St. Barths, or is February better?”

  91. Juice Box says:

    re: #6 – re: Debt remains, sure does about 1/4 of all mortgages are under water.

    Wait until the avalanche of millions of homes in the shadow inventory begin hitting the market, those who have been patiently trying to sell their home for the past 12 to 18 months without accepting an offer, that is if they even received a single low-ball will then rush to lower their asking prices in order to dump their homes as quickly as possible.

    The underwater rate could quickly reach 1/2 of all mortgages.

  92. Mr Wantanapolous says:

    [93],

    Al? Restraint? What are you smoking? The architect of the printing press, now a hawk? There will not be a bailout of the US. Swap lines from the ECB? Japan? Hilarious.

    It’s QE to infinity. Fiat paper is dead. The corresponding contagion will be a mess. Buckle up.

  93. borat obama says:

    Last

  94. Essex says:

    63. Oooo lemme pitch it JJ style….”Tough as nails ER Doc battles daily for the lives of thugs and derelicts. Secretly yearns for a home and turns to the street for the fun she craves. Think guns, gams, and gauze!”

  95. Pat wowed by USA says:

    WTF has John ever done secretly. John would have a specific, achievable and measurable goal with no judgements.

    ER Doc with big mouth pisses nurse who sucks up to the BB. Ends up driving 74 Chevy Nova blue no less up and down Route 9 in JC for 15 bucks an hour handing out 2 real condoms for every balloon handed in.

  96. Fabius Maximus says:

    #90 Nom

    I would disagree with part of that. Lobbyists will insure that the monopolies will continue. The price will be kept high to insure that the smaller providers cant play at the top level in a lot of industries. Change can come in many forms ad in trying to enact change will always have pain for someone it just comes down to how hard they scream. From trial lawyers fighting tort reform to drug companies fighting prescription drug reform and grew market imports. It is on all sides.
    Change within government is painful and is like turning a supertanker (bad pun), very slow. Healthcare reform is change that came with a lot of noise and a lot of pain and a 2014 start date. The end result is good for some and bad for others. The administrations job is to run that risk reward model and work out if it is good for the whole (or what their politics deem good for the whole) country.

    That is balance that has to be struck.

  97. Final Doom says:

    Fascist States of Amerika.

  98. NJGator says:

    Senate candidate Rubio faces Fla. foreclosure

    http://www.msnbc.msn.com/id/37786046/ns/politics-decision_2010/

  99. Anon E. Moose says:

    Meter [68];

    When I said the US is “win and they’re in”, I was assuming that ENG was going to beat ALG.

    With the ENG-ALG 0:0 draw, the US is still a lock to get through with a win, regardless of who wins ENG-SLV. They also make it through on a draw against ALG, if ENG loses or draws, – unless in the latter ENG scores 3 more goals than the US does. Not that I’d be happy getting into the round of 16 on 3 draws, its better than going home. USA draw + ENG win means we go home early.

  100. sas3 says:

    Regarding exciting ties…

    At least in cricket (where tonnes of runs are scored), a tie is often the most exciting result — far better than most wins (which are often not very close). Even “draws” in test matches where there are one or two low-skilled batsmen left and one has to survive for an long time (sometimes even hours) can be exciting.

    Like in chess, when one is down, forcing a stalemate is a victory in itself.

    Or, like in life, just hanging on to our jobs can sometimes be very eventful, especially when we have to run hard to stay in the same place.

    May be I am a commie for feeling happy when both sides come out “sharing” the prize after a hard fought match [of course, not this match, which US actually won].

    I think US will win against Algeria.

  101. Confused in NJ says:

    WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.

    The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.

    The failure of Nevada Security Bank is expected to cost the deposit insurance fund $80.9 million.

    In addition, the FDIC and Umpqua Bank agreed to share losses on $368.2 million of Nevada Security Bank’s loans and other assets.

    With 83 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.

    The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007.

    As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, and its deficit stood at $20.7 billion as of March 31.

    The number of banks on the FDIC’s confidential “problem” list jumped to 775 in the first quarter from 702 three months earlier, even as the industry as a whole had its best quarter in two years.

    A majority of institutions posted profit gains in the January-March quarter. But many small and midsized banks are likely to continue to suffer distress in the coming months and years, especially from soured loans for office buildings and development projects.

    The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.

    The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.

    Depositors’ money — insured up to $250,000 per account — is not at risk, with the FDIC backed by the government

  102. All "H-Train" Hype says:
  103. All "H-Train" Hype says:
  104. Mr Wantanapolous says:

    1930, 1980, 2015? Forgot, cycle BS. Who pays attention to that crap? Voodoo Obamanomics.

    http://pragcap.com/the-dowgold-ratio-says-stay-long-gold-short-equities

    2-1, 1-1, 1-2?

  105. Mr Hyde says:

    Hey watan

    enough with the cycle voodooo ok!

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