Are we looking at the wrong set of borrowers to save?

From HousingWire:

40% of subprime mortgages stand delinquent, can prime be next?

Mortgage analytics firm CoreLogic is reporting, in data provided to HousingWire, subprime delinquencies are steadily trending downward; though the firm’s main economist warns the performance of prime mortgages may be a growing concern, especially considering economic hardship can suddenly hit any American family, regardless of the types of housing debt they hold.

Overall, the numbers show that despite the decrease in volume, subprime mortgages still account for the grand percent of current delinquent loans and foreclosures across the board.

As of June, 39.6% of the subprime loan market is 60 days delinquent — 35% of that is 90 days delinquent, 13% of that are now in foreclosure and 3.8% of mortgages are real estate owned.

But that’s comparable to the nearly 6.5 million prime mortgages that fit into the same delinquency categories, where 60+ day delinquencies are not showing a significant decline and foreclosures continue to steadily inch upward, now passing the 2% mark.

Prime loans, however, made it pass the housing bubble without much default or trouble because or they were not susceptible to price fluctuations. Fleming warned that the impact percentage of delinquent loans in the prime space have been masked because the volume is so huge. Compared to the less than 3.5 million subprime, there are about 40 million prime loans in the marketplace, 6.2% of which were 60 days delinquent in June 2010 and 3% of which were 90 days delinquent.

“If you’re looking at delinquencies and foreclosures by data type you’re comparing 16% versus 40%,” said Fleming in an interview. “But that’s 16% of 40 million loans (prime) versus 40% of only 2 million loans (subprime),” which equals 6,355,506 delinquent prime mortgages versus 950,448 delinquent subprime mortgages.

“Maybe we need policy to look at what kind of loans people have,” Fleming said with regard to decreasing delinquency. “If I were a policy maker I would be focusing law toward the prime space.”

This entry was posted in Economics, Foreclosures, Housing Bubble, National Real Estate. Bookmark the permalink.

72 Responses to Are we looking at the wrong set of borrowers to save?

  1. grim says:

    From the Sentinel:

    East Brunswick slammed by $1.6M in tax appeals

    Township officials are looking to pass a bond ordinance that would minimize the impact of this year’s influx of tax appeals.

    Despite allotting $690,000 in reserves in this year’s budget for the refund of successful appeals, Mayor David Stahl said the total number of tax appeals has doubled from last year, costing the township more than $1.6 million.

    In order to mitigate the financial repercussions of the hundreds of residential and commercial appeals, officials are considering a bond ordinance for $1.31 million that will go before the Township Council for adoption on Nov. 8.

    “This is reflective of the economy nationwide. Many other communities in New Jersey have had a record number of appeals this year, and East Brunswick is no different,” Stahl said. Monroe, for example, is paying out $5 million. “Property values have gone down, just like many other towns, and it’s something we need to deal with. But we need to tackle this carefully,” he said.

    East Brunswick has seen about 300 residential and 100 commercial appeals in 2010, as compared with 97 residential and 104 commercial appeals in 2009, and just five residential appeals in 2008.

    Stahl said the influx of appeals is economically driven. Because housing prices are declining, more and more residents have been appealing to the tax assessor in order to re-evaluate the valuation of their properties.

    The higher number of appeals could have been devastating for East Brunswick taxpayers, Stahl said, and residents could have seen an immediate tax rate increase of 12 cents per $100 of assessed valuation if officials had not opted to bond for the money.

    “The numbers came in beyond anything we could expect,” Stahl said. “But we wanted to spread the total amount over a few years so it wouldn’t hit the township so hard.”

  2. grim says:

    From the NYT:

    The Bears and the State of Housing

    Of all the uncertainties in our halting economic recovery, the housing market may be the most confusing of all.

    At times, real estate seems to be in the early stages of a severe double dip. Home sales plunged in July, and some analysts are now predicting that the market will struggle for years, if not decades.

    Others argue that the worst is over. As Karl Case, the eminent real estate economist (and the Case in the Case-Shiller price index), recently wrote, “Buying a house now can make a lot of sense.”

    I can’t claim to clear up all the uncertainty. But I do want to suggest a framework for figuring out whether you lean bearish or less bearish: do you believe that housing is a luxury good and that societies spend more on it as they get richer? Or do you think it’s more like food, clothing and other staples that account for an ever smaller share of consumer spending over time?

    If you believe housing resembles a luxury good, then you’ll end up thinking house prices will rise nearly as fast as incomes in the long run and that houses today aren’t terribly overvalued. If housing is a staple, though, prices will rise more slowly — with general inflation, as food tends to.

    The difference between these two views ends up being huge, and it’s become the subject of an intriguing debate.

  3. grim says:

    From the Daily Record:

    More Morris County, NJ, residents seek help as unemployment rate rises

    The number of Morris County residents checking into the county’s Office of Temporary Assistance topped 5,000 in August, according to Mary Jo Buchanan, the county’s human services coordinator.

    “It is discouraging that the number continues to rise,” she said before the freeholder board on Tuesday.

    The office is where families in need register for unemployment insurance and get food or housing assistance.

    Buchanan said the 5,000 visits to the local office was 426 more than sought help in June, when 4,574 were counted. More than 80 applications for unemployment insurance were received over the department’s website, she said. She said that is
    appears people are seeking help for many of the same reasons in August as in June: People who lost their jobs some time ago but did not seek government help as they used up savings, those facing foreclosure or who lost their homes.

    The start of school and the coming of colder weather could also be factors in the increase of those seeking help, Buchanan said. The start of school could trigger expenses that further strained tight budgets, and the need to purchase heating oil or make other preparations for cold weather might create the need for more funds or help with the heating bill.

  4. grim says:

    From Bloomberg:

    Homebuilders Revive Stalled U.S. Projects as Banks Unload Lots

    Construction crews are returning to the Cascades of Groveland, a gated 55-and-older community west of Orlando, Florida, almost three years after its bankrupt developer left owners of the existing 238 houses surrounded by empty lots, partially built homes, and an unfinished clubhouse.

    Shea Homes, a builder based in Walnut, California, bought the remaining 761 lots from Bank of America Corp. in June and reopened the project Aug. 25 with a new sales office, lower prices and a changed name: “Trilogy.” Residents, who had taken over the guardhouse for mahjong, bingo and poker games, will get a 38,000-square-foot (3,530-square-meter) recreational center with indoor and outdoor pools, tennis courts and a card room.

    “For the people here, the activity of construction equipment is music to their ears,” said Eric Sorkin, 61, president of the homeowners association at the development, 35 miles northwest of Walt Disney World. “There’s a future.”

    Builders are buying lots at less than half their original prices from lenders eager to move distressed construction loans off their books. Developments are being resuscitated from Florida, California, and Las Vegas to Utah and the suburbs of Washington, D.C., according to Brad Hunter, chief economist for Metrostudy, a Houston-based housing researcher.

    “This is a natural progression of the cycle,” Hunter said. “Projects fail, the price of the asset drops until it reaches a point where it’s profitable for someone else to pick it up and remarket it. They reposition the project and then what was formerly infeasible, is feasible.”

  5. grim says:

    More jobs go poof..

    From New Jersey Newsroom:

    Star-Ledger looking for more buyouts and pay cuts

    The ongoing battle for survival in the newspaper industry continues. This morning the Newark Star-Ledger extended another buyout offer to most employees.

    In a written announcement to the staff, publisher Richard Vezza said full-time, non-represented employees hired before Jan. 1, 2006, would be eligible for a buyout equal to one year of salary, plus continued health benefits for the same period.

    Vezza told The Star-Ledger, which is nearly half the size of its 2004 circulation of 401,192 daily and 598,029 on Sundays, was on course to lose $10 million this year. Those losses followed a year in which the paper lost “about $9 million,” he said.

  6. grim says:

    From Bloomberg:

    Wall Street Firms to Cut 80,000 Jobs in 18 Months, Whitney Says

    Securities firms around the world will cut as many as 80,000 jobs in the next 18 months as revenue growth begins to slow, said Meredith Whitney, the former Oppenheimer & Co. analyst who now runs her own firm.

    The reductions, about 10 percent of current levels, will come after 2010 compensation payments, Whitney, 40, said in a report dated Aug. 31 and obtained by Bloomberg News today. The industry’s payouts will be “down dramatically,” said Whitney, who started New York-based Meredith Whitney Group after correctly predicting Citigroup Inc.’s dividend cut in 2007.

    “The key product drivers of Wall Street’s revenues and profits over the past decade have been in a structural decline over the past three years,” Whitney said in the report. “2010 marks the first year in many in which Wall Street-centric firms will go through structural changes.”

  7. Final Doom says:

    Letter to Reggie Middleton, exposing fraudulent reporting of delinquencies by banks. It’s accompanied with copies of credit reports. Mind blowing.

    “Hello Reggie,

    I’m a big fan of your blog and greatly appreciate your diligent efforts in effectively educating your readers while exposing the the biggest heist ever perpetrated on the American Public by Wall Street. I know you are the most up to date person out there when it comes to the scams the banks are running but I wasn’t sure if you knew of a specific scam that they have been running on the mortgage side of their business. I’m hoping you can be the voice that warns people of a new type of fraud which the banks are perpetrating in broad day light.

    I have been a Mortgage Banker for the last 18 years. I also follow the markets and particularly the banking sector with great interest. While reviewing the Banks most recent quarterly earnings, the common theme evident in all of their disclosures was that their delinquency rates had dropped dramatically and hence they were lowering their loan loss reserves.

    Meanwhile, I have repeatedly come across delinquent and even defaulted loans which are not being properly reported by the loan servicers to the credit bureaus.

    As an example, I recently came across a new mortgage client who was referred to me and I thought I’d share it with you for a potential story. These particular clients had a house which they were way upside down on, so last year they went ahead and purchased another house under an FHA loan with 3.5% down and immediately let the old, upside down house go into foreclosure thereafter.

    These particular clients called me to see if they could refinance their new home’s FHA loan to a lower rate. I told them that it would be near impossible because of the damage done to their credit by the foreclosure on the previous house. They were adamant that their scores were still in the high 670’s and so I ran both of their credit reports. Sure enough, his middle score was a 674 and her score was a 678. When I looked at the previous mortgage, it showed as “FORECLOSED- NO DELINQUENCIES”!!! When I asked them they stated that they hadn’t made a payment to the bank for more than a year prior to the foreclosure on their house.

    Same is true for many loan modification cases that I have come across. While the banks are dragging out the process with the borrowers, who are living in the homes 100% mortgage free, their statements reflect the borrowers as being current every month.

    Is that not just absolutely ridiculous!?!? This is blatant fraud!

    While Bank CEO/CFOs are going on their quarterly calls and lying to investors about how they are reducing their loan loss reserves due to their delinquency rates being substantially lower, they are deliberately falsifying their credit ratings while foreclosing on homeowners.

    What happens when these banks end up losing billions of dollars on all of these foreclosures after depleting their loan loss reserves? More of 2008 is what I imagine. Except their won’t be any more bailouts.

    I implore you to please feel free to contact me or any other sources you may have at your disposal to investigate this newest fraud being perpetrated against investors. Should you be interested, I can forward you the above credit report for your review.

    Investors should know what the heck is going on before they listen to analysts telling them that “this is a buying opportunity of a lifetime” while the banks are fudging their numbers. This is exactly how we got into this mess. Investment Banks pulling Repo 105 scams, not marking their books correctly, and so on.

    Shame on them for defrauding investors and the Public the first time and causing the global credit crisis. Shame on us for sitting by and letting it happen again two years later while they wipe out millions more of investors retirement accounts and cause the next Great Depression.

    Attached please find the first two pages of the credit report that I told you about. I [also have access to] mortgage statements from Bank of America, in which the borrower has not made a payment in over 18 months and is currently in the loan mod process, yet their statements reflect a current status each and every month. The borrowers had a foreclosure back in 04/2010 with no mortgage lates reported on their credit report. Please refer to the first trade line on page 2 of the credit report under Derogatory Tradelines.

    Thank you for your time and consideration.”

  8. still_looking says:

    Doom, above

    link bad [zh?] gives a google url.


  9. Mr Wantanapolous says:

    Doom [7],

    Same suits, same fraud. Same as it ever was.

    If loans were truly mark to market, there would be more than 2,000 banks sliding down the slope of hope.

  10. Mr Wantanapolous says:

    “Maybe we need policy to look at what kind of loans people have,” Fleming said with regard to decreasing delinquency. “If I were a policy maker I would be focusing law toward the prime space.”

    I’m confused. I thought subprime was contained.

  11. #11 – I’m confused. I thought subprime was contained.

    It was, in that, technically, it was confined to this local time/space field.
    Although I do believe Countrywide provided a %125 Cash-out on Talos IV for Cpt. Pike.

    /geek off

  12. Final Doom says:

    renty (12)-

    Burn, mf’er, burn.

  13. Final Doom says:

    BC (10)-

    Let’s not even get started on the games being played in CRE.

  14. yo'me says:

    If you believe housing resembles a luxury good, then you’ll end up thinking house prices will rise nearly as fast as incomes in the long run.

    I think this statement is wrong.Luxury goods are mostly commodity .It depends how deep the persons pocket or how deep they want to be in debt.With out the credit market,purchases will be based on a person savings not an appreciating investment.If we compare an automobile and a house purchase is no difference.Why does a car purchase depreciate in value and house appreciate? Supply and Demand.

    You have to be moron to trick yourself that RE can only go up ,when there is a big glut and no demand. Bulldoze the md’fr to bring supply down

  15. Snap says:

    as seen on Drudge …

    George Grier said he had to use his rifle on Sunday night to stop what he thought was going to be an invasion of his Uniondale home by a gang he thought might have been the vicious “MS-13.” He said the whole deal happened as he was about to drive his cousin home.

    “I went around and went into the house, ran upstairs and told my wife to call the police. I get the gun and I go outside and I come into the doorway and now, by this time, they are in the driveway, back here near the house. I tell them, you know, ‘Can you please leave?’ Grier said.

    Grier said the five men dared him to use the gun; and that their shouts brought another larger group of gang members in front of his house.

    “He starts threatening my family, my life. ‘Oh you’re dead. I’m gonna kill your family and your babies. You’re dead.’ So when he says that, 20 others guys come rushing around the corner. And so I fired four warning shots into the grass,” Grier said.

    Grier was later arrested.

  16. Snap says:

    For what it’s worth, I don’t think Mr. Ak-47 would have been arrested in Pennsylvania.

    Also, the comments on that story are 700 deep, and most kind of crazy.

    Off to purchase more ammo …

  17. Final Doom says:

    MS-13 are nothing more than the infantry in the gubmint’s war against us.

  18. yo'me says:

    Stocks, U.S. Futures Rise as Debt Concern Eases; Bonds Decline

    What the h3ll did they do overnight.Suddenly euro debt problems are in the back burner

  19. Final Doom says:

    Ireland, Portugal, Greece spreads blow out vs bund. Grab a riot shield and a Guinness and join the party at the ramparts. Nothing to do now but wait for the defaults.

    Europe is just Lemon Bros, writ large.

  20. Final Doom says:

    Wait until people start getting smaller pension checks in the newly “austere” Eurozone.

    We’ll get to check out their winter rioting skills.

  21. Final Doom says:

    I have a nephew in Paris who just loves to watch cars burn.

  22. Libtard says:

    MS-13? Why do I picture a bunch of unlucky computer geeks?

  23. All "H-Train" Hype says:

    yo’me (20):

    It’s easy to have a bond sale when the only people buying are the Fed and the ECB. The Portuguese bond spread went from 372 to 359 points. Not that great of a drop.

    Doom, you will love this, Ireland takes out debt to pay debt, how American of them,,,,

  24. yo'me says:

    The MBA Purchase Applications index jumped 6.3 percent in the September 3 week and is at its highest level since May. The index is still well below levels prior to the April expiration of second-round housing stimulus and is still down nearly 40 percent year-on-year. Yet much more important is the indication for month-to-month change and the latest gain, the third in a row for this index, together with last week’s jump in the pending home sales index, will raise hopes that the housing sector is now beginning to climb out of its post-stimulus valley.

  25. Pat says:

    What types of truths are we looking for in answering the NYT black/white luxury/commodity question?

  26. Final Doom says:

    Truth is dead. It was in the same car crash as God.

  27. Final Doom says:

    New Michael Lewis:

    “As it turned out, what the Greeks wanted to do, once the lights went out and they were alone in the dark with a pile of borrowed money, was turn their government into a piñata stuffed with fantastic sums and give as many citizens as possible a whack at it. In just the past decade the wage bill of the Greek public sector has doubled, in real terms—and that number doesn’t take into account the bribes collected by public officials. The average government job pays almost three times the average private-sector job. The national railroad has annual revenues of 100 million euros against an annual wage bill of 400 million, plus 300 million euros in other expenses. The average state railroad employee earns 65,000 euros a year. Twenty years ago a successful businessman turned minister of finance named Stefanos Manos pointed out that it would be cheaper to put all Greece’s rail passengers into taxicabs: it’s still true. “We have a railroad company which is bankrupt beyond comprehension,” Manos put it to me. “And yet there isn’t a single private company in Greece with that kind of average pay.” The Greek public-school system is the site of breathtaking inefficiency: one of the lowest-ranked systems in Europe, it nonetheless employs four times as many teachers per pupil as the highest-ranked, Finland’s. Greeks who send their children to public schools simply assume that they will need to hire private tutors to make sure they actually learn something. There are three government-owned defense companies: together they have billions of euros in debts, and mounting losses. The retirement age for Greek jobs classified as “arduous” is as early as 55 for men and 50 for women. As this is also the moment when the state begins to shovel out generous pensions, more than 600 Greek professions somehow managed to get themselves classified as arduous: hairdressers, radio announcers, waiters, musicians, and on and on and on. The Greek public health-care system spends far more on supplies than the European average—and it is not uncommon, several Greeks tell me, to see nurses and doctors leaving the job with their arms filled with paper towels and diapers and whatever else they can plunder from the supply closets.”

    Read More

  28. grim says:

    We’re all Greek now?

  29. grim says:

    Scary just how right BC’s handle is.

  30. dim says:

    Wonder how much Greek docs must be making if they have to steal paper towels (!) for personal use…

  31. Juice Box says:

    re: Banks and their financial statements.

    I would think if the Feds don’t lock up Tricky Dick Fuld then nobody is going to be made to pay the piper. Remember we already had a full blown investigation on Lehman. It took one year, Congress got involved in it. Results have been published. This company engaged in the same control fraud as Enron & S&L owners. Now its time to prosecute.

    No additional probing is required yet nothing happens.

    The Brooklyn and Manhattan federal attorneys have yet to charge Fuld or former CFO Erin Callan nearly two years after Lehman collapsed. There is more than enough law on the books to prosecute yet nothing happens.

    Eric Holder —> ET TU BRUTE

  32. Final Doom says:

    drat; #35 moderated

  33. reinvestor101 says:

    Dammit, this might be better than bulldozing the damn excess real estate. These damn bulldozers cost money. A couple of damn matches cost next to nothing:!+Mail

  34. dan says:

    A trip down memory lane……..

    gary says:
    February 28, 2007 at 9:38 am
    I’m calling the bottom of the housing market. I called the top in October 2005 and now I’m calling the bottom as of March 2007. House prices will now appreciate at 5% annually over the next seven years and the next bull run will begin in 2014. House sales will be brisk starting this spring and desirable houses will be sold within 1 to 2 weeks with possible multiple bids on some and within a few thousand dollars of asking price.

    A non-dormered cape in Fairlawn in mid 2007 will go for an average price of 450K with $9,000 per year in property taxes. These observations are based on speaking with a number of realtors in recent weeks along with a number of visits to various open houses as well as talking to other potential buyers. Northern New Jersey appears to be an anomoly and it’s my conclusion is exempt from the rest of the national market dynamics.

    A newer center hall colonial in Raleigh-Durham, NC; Bucks County, PA; Atlanta, Georgia or San Antonio, Texas can be bought anywhere in the 300K to 400K range. That same house in Northern New Jersey: 800K plus. This is called an exception to the norm. Be prepared to pay better than 50% of your monthly net to live in Northern New Jersey or circle a date on the calendar when you are going to call the interstate moving company.

  35. Poltroon says:

    None of this will matter when civil unrest is widespread.

  36. Orion says:

    O. speaking on tv, sounds like one pissed puppy.

  37. freedy says:

    What did the Kenyan have to say this AM. ?

  38. Mr Hyde says:



  39. Libtard says:

    “What did the Kenyan have to say this AM. ?”

    You mean the ‘muslim’ Kenyan whose middle name is Hussein right?

  40. Simply Ravishing HEHEHE says:
  41. Shore Guy says:


    He is a neutered puppy. Nobody fears him politically, his unilateral policy options are quite limited, he can’t get major legislation through the congress anymore (even with a Democratic majority in both houses), and he is almost certain to face Republican leadership in the House come January. BO is currently a spent political force, even less relevant to policy making than Bush was in August of 2001. Of course, things can change. But, if they don’t, I would not be surprised to hear him say, “For the good of my daughters, who need a full-time dad, I have decided to not seek reelection… in 2012.”

    He will always leave the door open to anoher run later in life (it has been done before). This prospect will keep hime relevant and boost his speaking and book-advance fees.

  42. Shore Guy says:


    Is that you? You are sounding more Clottish by the day.

  43. Shore Guy says:

    “No additional probing is required ”

    Wrong! The part of the public that pays taxes will be probed. Now bend over and say, “Thank you Fed/Treasury, may I have another.”

    It is for the good of your neighbors, after all.

  44. Poltroon says:

    Behold, the new handle.

    Clotpoll = Doom = Poltroon

    This is a good indicator of exactly how bored I am.

  45. Poltroon says:

    I think Poltroon has a bit more hopeful ring to it.

  46. Painhrtz says:

    Clot your new handle sounds like a Japanese battle robot formed out of angry parakeets. i like it!

  47. Mr Wantanapolous says:


    “In recessions, the economy is stimulated by the government sector. In depressions, the economy is sustained by the government sector.”

  48. Poltroon says:

    In America, the economy is sustained by control fraud.

  49. Shore Guy says:

    One just has to love this. I seems that Castro, yes Fidel, has concluded that socialism does not work before Obama.

  50. Essex says:

    Oh Doom……tsk tsk tsk…..boredom is something only the truly stupid experience. You are just in a lull. Perhaps some crank calls to teh White House?

  51. Mikeinwaiting says:

    Clot had to double check meaning on “poltroon”, yes had it right. Not very flattering.

  52. skep-tic says:

    is it just me or has tequila gotten way too expensive?

  53. Poltroon says:

    sx (55)-

    Maybe I can work on my Ahmadinejad impersonation, then call the WH and tell them they’re “on the clock”.

  54. skep-tic says:

    housing is a luxury good. look at the difference in size and amenities of a modern house vs a house from 100, 200, etc years ago.

  55. Shore Guy says:

    Has this been posted before?

    As Stadiums Vanish, Their Debt Lives On

    It’s the gift that keeps on taking. The old Giants Stadium, demolished to make way for New Meadowlands Stadium, still carries about $110 million in debt, or nearly $13 for every New Jersey resident, even though it is now a parking lot.

    The financial hole was dug over decades by politicians who passed along the cost of building and fixing the stadium, and it is getting deeper. With the razing of the old stadium and the Giantsand the Jets moving into their splashy new home next door, a big source of revenue to pay down the debt has shriveled.


    Giants Stadium is the granddaddy of phantom facilities. Taxpayers in New Jersey, already under pressure from declining local government revenues, this year will pay $35.8 million in principal and interest on the $266 million in remaining bonds for the Meadowlands Sports Complex, which opened in 1976 and includes the Izod Center and a horse racing track. Those bonds will not be paid until 2025.

    For its first decade, the complex was a success. But its fortunes faded as horse racing declined, the Nets and the Devils left for Newark, and the Jets and the Giants built their own $1.6 billion stadium next door,


    To offset its declining revenue, the New Jersey Sports and Exposition Authority, which runs the sports complex but not the New Meadowlands Stadium, expanded instead of contracting: building aquariums, convention centers and other facilities, issuing hundreds of millions of dollars in additional bonds.


    “The Meadowlands wasn’t a bad idea, but ” said Steven Malanga, a senior fellow at the Manhattan Institute, who has written about the perils of publicly financed stadiums. “Politicians essentially turned a good thing into a money loser for taxpayers at exactly the wrong time.”


  56. Mr Wantanapolous says:

    “is it just me or has tequila gotten way too expensive?”

    Stop eating and drinking. Otherwise, you may come to the conclusion that govt reports, pertaining to inflation, are a total sham.

  57. Essex says:

    Call Rahm, Pretend your are Richie Daley….Invite Rahm to a day spa. I understand he does A Lot of bidness in the showers.

  58. Shore Guy says:

    “rather than pay it off, they let it ride,”

    How many “homeowners” does this sound like?

  59. Comrade Nom Deplume aux maison says:

    [50] poltroon

    Are you sure about that? I seem to recall that poltroon was a real word, so I checked.

  60. Comrade Nom Deplume aux maison says:

    [57] skep

    Tequila had a huge price run up a couple of years ago. I started laying in other booze because I expected some elasticity to leak over, and was worried about sin taxes. Now I am low on vodka and out of gin. Rum running lower too. Time for a buying binge in a tax-free jurisdiction.

  61. Mr Wantanapolous says:

    “housing is a luxury good. look at the difference in size and amenities of a modern house vs a house from 100, 200, etc years ago.”

  62. Poltroon says:

    plume (65)-

    Time to start making your own.

  63. grim says:

    #67 …

    “But,” he adds, “I think it’s incredibly important for policymakers to understand that whenever you induce the purchase of any good — whether it be homes, whether it be a washing machine — you are in some sense stealing those purchases from the very near future.”

  64. gary says:

    dan [37],

    That post was dripping with frustration, disdain, insolence, contempt and a patience level that was at zero. Now, I just don’t give a f*ck. :) As Doom would say, “let the M’fer burn!”

  65. Fabius Maximus says:

    So can anyone here define large?

    Goldman now faces large fine in UK

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