From the Jersey Journal:
MAYOR CAN’T HANDLE TRUTH IN ADVERTISING
Mayor Dave Roberts pulled out the political big guns yesterday to take down a billboard that offended him.
Jersey City real estate firm Metropolitan & Waterfront Residential Brokerage paid for the billboard outside the Hoboken PATH station that read: “Cut your Hoboken property taxes 47%. We’ll help you leave.”
The sign, which was up for only a day, referenced Hoboken’s state takeover and subsequent massive tax hike. The overall property tax rate for Hoboken property owners increased 47 percent for the fiscal year that ends June 30. The municipal tax rate rose 84 percent.
After hearing from Roberts and others, Jaime LeFrak – a principal of the LeFrak Organization and a Jersey City waterfront developer who has a one-third interest in Metropolitan & Waterfront – ordered the billboard removed, a process he said would take about a week.
But Roberts was not about to wait that long.
The mayor called NJ Transit “several” times yesterday and the agency removed the billboard from its property last night.
“It’s outrageous they’re trying to use this as a marketing tool, which is totally inappropriate. Now we have a developer from Jersey City mocking our situation?” said Roberts.
…
“I received friendly requests from other people who kindly asked us to think of a different advertising campaign and we obliged,” said LeFrak.“We don’t legally have to take it down, but we’re nice guys and if someone asks you in nice way to do something as a friend we’ll do it.”
Roberts said he and LeFrak had a heated exchange.
“I would not tolerate it if a Hoboken developer started printing the murder rate in Jersey City – that kind of advertising would be despicable,” said the mayor.
Asbury Park GTG had a good turnout. Heck, even Bruce showed up.
WOW Grim – Now that bears explaining!
the over-extended people are torching their own cars
http://online.wsj.com/article/SB123793742263531857.html
Grim,
Did you go to one of Convention Hall shows?
Rev (last thread)-
You are attempting to make a process that is always messy, indirect and precise into one that is logical and predictable.
You can’t do it. All you can do by pursuing that is further frustrate yourself.
You got outbid. It happens. Move on.
BTW, buying raw land is the riskiest RE investment there is. New construction? Good luck with NJ code officials.
“Yeah it took awhile, but I got them down ‘almost’ to my magic number. I thought they’d bite for sure. Instead, either someone called for a look or the seller agent did an impromptu open house that w/e, and I think the owners said “give us $5K more than these guys and it’s yours”. They jumped on it (what luck! an unexpected offer of tens of thousands off asking from the sellers!) It hurt a bit b/c I did ALOT of research to get at that number, and someone else sort of fell into it.”
Banks have trillions in off balance sheet bad securitized loans.
http://www.bloomberg.com/apps/news?pid=20601039&sid=akv_p6LBNIdw&refer=home
Dave Roberts = Mayor Quimby
http://online.wsj.com/article/SB123793811398132049.html
Toxic Assets were Hidden Assets
Opinion: WSJ Hernando De Soto
“We can’t allow shadow economies to grow this big”
“Government’s main duty now is to bring the whole toxic environment under the rule of law where it will be subject to enforcement. No economic activity based on the public trust should be allowed to operate outside the principals of property law.
Financial institutions will have to serve society and fully report what they own and what they owe – just like the rest of us – so that we get the facts necessary to find our way out of the current maze. They must begin learning to put on paper statements about facts, instead of staements about statements.”
I know, I know – Everyone will say “That will never happen.”
But at least people are calling for it to happen – in print – in the WSJ. That is a step in the right direction.
Quimby is such a knucklehead. Walking down the street two months or so ago, right across from city hall, I saw Quimby pop out of the bakery. Before he could make it across the street with his goodies, someone yelled out, ‘thanks for the tax.increase you f@ck’. He gave a look like a constipated Nicholson. Made my day
His son Chucky Cammarano will have a similar tenure…
Cammarano is already passing around the street cash. I had a homeless women tell me the other day of all the good he’s been doing for the senior citizens.
Honestly I was a little surprised that Fat Boy Quimby Roberts even had enough pull left to be able to get a billboard banned.
An icy stare, targeting civilians while a nation is in crisis, slighting physically challenged people on the late night circuit with an elitist pop culture attitiude, giggling on 60 minutes…
By voting for a local organizer, the masses have demonstrated how bloated, sedated and dependent they’ve become.
http://buzz.yahoo.com/buzzlog/92400?fp=1
Nobody told Revelations to put a floor and a ceiling on his bids.
I wouldn’t have lost.
$500 more than any other bidder, automatically, within ten grand of his last bid.
He wouldn’t have lost.
Rev, I was going to tell you that I was praying for the other offer to fail, so that you could offer $25k off your last bid.
I love recrimination in the morning.
But you FAILED FAILED. Loser.
Pat (15)-
One giant fail.
From MarketWatch:
U.S. Feb. durable goods orders up 3.4%, surprising analysts
Orders for U.S.-made durable goods rose in February, rising 3.4% on weaker demand for machinery and defense goods, the Commerce Department reported Wednesday. This is the first increase after six monthly declines and the biggest gain since December 2007. Excluding the 2.0% increase in transportation goods, orders rose 3.9%, the sharpest rise since August 2005. The increase far exceeded the expected 1.2% fall forecast by economists surveyed by MarketWatch. Offsetting the gain somewhat, orders in January were revised sharply lower. Orders fell a revised 7.3% in January, compared with the previous estimate of a fall of 4.5%. Shipments fell 0.5% in February and were down 0.4% excluding transportation goods. Inventories fell 0.9%.
How about the last one in Flint, turn out the lights?
Today’s Mish:
“Banks are far more interested in reinflating the price of $500,000 homes now fallen to $300,000 than taking care of urban blight. However, reinflating home prices cannot work because home prices needs to fall to levels that are affordable.”
http://globaleconomicanalysis.blogspot.com/2009/03/americas-abandoned-cities.html
Homes in Flint and other such areas, have indeed fallen to their true value (less than zero). No one wants them at any price. Moreover there’s little incentive for anyone to do anything about this. Thus the discussion involves “shutting down portions of Flint, officially abandoning them and cutting off police and fire service.”
Our throw-away society has effectively reached a new level of efficiency: the throw-away city.”
http://www.comcast.net/articles/finance/20090324/New.Frugality.Auctioning.Groceries/
This is my childhood hood. Always innovative in the area of being…the sticks.
Here’s a story I would like to see:
WESTFIELD, NJ: Tamara “Buffy” Roberts is elated. The phones at her Westfield realty office have been ringing constantly with calls from prospective buyers. And nearly all of the calls are coming from one local exchange: Hoboken. “It’s been terrific” exclaimed Tamara, flashing an ear-to-ear grin, as she took more messages from her receptionist. “People really want to get out of Hoboken, and Westfield has been a traditional move-up for most of the professional couples there with pre-school children. But this year, the interest is intense, and it has really defied the downturn.”
When asked why she thought so many Hobokenites were looking to go to Westfield, she replied “Oh, it isn’t just Westfield. Realtors in Maplewood, Clark, even Union are all telling me that their calls from Hoboken are running at least three times last year’s volume. Everyone wants to get out of there, it seems.” When asked why Hoboken had suddenly become terra non grata, she giggled and replied “isn’t it obvious? Taxes went through the roof there in one year, and there is no relief in sight. And you have, well, let’s face it, the last to rise rule of property values.”
Traditionally, real estate professionals have maintained that location is everything, and a related rule is “last to rise, first to fall.” Hoboken’s reputation as a desireable, hip city on the Hudson is fairly recent, and developers have been privately concerned that the downturn would hit cities like Hoboken first, and spare the tonier suburbs like Millburn or Westfield.
And then Tamara disclosed a revelation: The local realtors were backing the mayor and incumbent city council. “Some of us have talked about contributing to their campaigns, and maybe even hosting a fundraiser.” When asked why realtors in Union county would raise money for Hoboken politicians, she was candid: “Look, it behooves for them to stay in place. Look at the realtors in Bucks County. They have been contributing to Corzine. Why? They seem to think that Bucks county real estate will benefit with Corzine in office. And we think the same. Is it a bit harsh? I suppose, but that is business, and we want those professionals and their families here.”
“Asbury Park GTG had a good turnout. Heck, even Bruce showed up.”
Opening with Badlands! Can’t wait for the next GTG.
http://www.ritholtz.com/blog/
The Big Picture
“It’s not the cost of money, stupid”
“Price has been the main driver of activity as evidenced by the level of foreclosures and not the cost of money. While refi’s are very helpful, the Fed embarked on this path to spur demand for buying homes.”
Have you all said this a gazillion times…
NEW YORK (Reuters) – U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans. Refinancing accounted for 78.5 percent of all applications.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.63 percent, down 0.26 percentage point from the previous week, reaching a record low, the MBA said. It has been conducting the weekly survey since 1990.
Interest rates were well below year-ago levels of 5.74 percent.
From CNBC. Never thought I would hear this from a European.
“A top European Union politician on Wednesday slammed U.S. plans to spend its way out of recession as “a way to hell.”
Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, told the European Parliament that President Barack Obama’s massive stimulus package and banking bailout “will undermine the stability of the global financial market.”
A day after his government collapsed because of a parliamentary vote of no-confidence, Topolanek took the EU presidency on a collision course with Washington over how to deal with the global economic recession.
Most European leaders favor tighter financial regulation, while the U.S. has been pushing for larger economic stimulus plans.
Topolanek’s comments are the strongest criticism so far from a European leader as the 27-nation bloc bristles from recent U.S. criticism that it is not spending enough to stimulate demand.
They also pave the way for a stormy summit next week in London between leaders of the Group of 20 industrialized countries.
The host of the summit, British Prime Minister Gordon Brown, praised Obama on Tuesday for his willingness to work with Europe on reforming the global economy in the run-up to the G-20 summit.
The United States plans to spend heavily to try and lift its economy out of recession with a $787 billion economic stimulus plan of tax rebates, health and welfare benefits, as well as extra energy and infrastructure spending.
To encourage banks to lend again, the government will also pump $1 trillion into the financial system by buying up treasury bonds and mortgage securities in an effort to clear some of the “toxic assets” — devalued and untradeable assets — from banks’ balance sheets.
Topolanek bluntly said that “the United States did not take the right path.”
He slammed the U.S.’ widening budget deficit and protectionist trade measures — such as the “Buy America” — and said that “all of these steps, these combinations and permanency is the way to hell.”
(21) BC –
“Opening with Badlands! Can’t wait for the next GTG.”
Hey, What gives!
Lefrak for mayor! At least someone speaks truth to Quimby.
Opening with Badlands!
Hoped to hear Devils and Dust…
Was it just me or was there a hint of a recessionary theme that permeated through the set list?
Or is that just Bruce?
plume (20)-
Too bad all those Hobrokens are stuck in their hopelessly-underwater homes. Noting for them to do but await oblivion.
AIG exec’s letter of resignation (via Pravda):
http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=2&ref=opinion
“It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context:
..
I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down…”
I cannot imagine more disgraceful congress, White House or state AG’s than the current buffoons. Well, ACORN is in charge of the country now.
Clot,
Re disposable cities:
What happens to all of the planned suburbia neighborhoods that popped up like mushrooms over the last 5-8 years? how many of them are doomed to rot in place in NJ as the high paying industries bailout of the state?
How long do you think the toxic plywood/drywall from china held together with dirty cheap unskilled labor is going to last?
“But you also are aware that most of the employees of your financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress last Wednesday and from the press over our retention payments, and that you didn’t defend us against the baseless and reckless comments made by the attorneys general of New York and Connecticut.”
..
“The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press.”
http://blog.nj.com/springsteen/2009/03/bruce_springsteens_tuesday_asb.html#more
Okay – I Googled March 24 – Springsteen – Asbury Park….
I get this set list ….beginning with “Badlands.”
Do you two know anything about this….
JB [27],
Just Bruce. However, an extended version last night.
Were you guys in Asbury last night ??
Sorry I missed that GTG. Between Shore Guy, Crossroads, Chifi, and me…..we could have given you the Grand Tour !
#28 clot: That is exactly what I was thinking. If you rent in Hoboken and were considering buying, than fine.
But if you want to sell in Hoboken and than move to Brigadoon, it ain’t happening.
If the owners want to leave Hoboken because of taxes why would they assume there are others who will buy?
So durbale good were up for Feb, when expected to be down, but Jan’s decrease was doubled, and so in the end what do we have?
Just does not sound right to me.
C: ask the person with the HANDWRITTEN SET LIST.
(37) Chicago – Say what?
Fess up Dudes – WHO HAS A HANDWRITTEN SET LIST?
HE-
Re Cammarano.
Great to hear…. :(
[28] clot
Sorry clot, I was aware of that fact, but I did not know how to massage that into a parody news story while typing on a blackberry, and did not feel motivated enough to think it through.
Feel free to question my dedication to the blog.
“So durbale good were up for Feb, when expected to be down, but Jan’s decrease was doubled, and so in the end what do we have?”
More fun with numbers by the gubmint.
grim #17: “Orders for U.S.-made durable goods rose in February, rising 3.4%…The increase far exceeded the expected 1.2% fall forecast by economists surveyed by MarketWatch…Orders fell a revised 7.3% in January, compared with the previous estimate of a fall of 4.5%.”
It’s MATH TIME!!!
Start with X
We got ourselves two scenarios expected and ‘actual’.
First Scenario (expected):
4.5% fall gives 0.955X
A further 1.2% fall gives
(0.955X)0.988 = 0.94354X
Second Scenario (actual — well for today at least):
7.3% fall gives 0.927X
A 3.4% increase gives
(0.927X)(1.034) = 0.958518X
For the two months we have a 4.15% fall instead of a 5.65% fall. It’s better than expected, but ‘far exceeded’ is a stretch.
Lately, I’ve been noticing positive headline spin (PHS) on the economic numbers. For example, yesterday’s housing data ballyhooed the month-to-month positive change instead of the more pertinent year-to-year negative change.
The question is: Is the PHS due to ignorance or mendacity? Perhaps these are attempts to prop up the Obama admin’s current policies that reward Wall Street’s recklessness on the backs of the U.S. taxpayers.
More generally, a lot of economics reporting is sh*t. Dean Baker has a good blog exposing some of the more egregious stuff BTW.
Now this makes sense…
“grim says:
March 21, 2009 at 7:25 am
Re: Donations
Just want to thank all the donors out there, it is you folks that keep this site up and running.
Realize that this site generates no income other than what comes in via the tip jar. No ads, no pop-ups, and no spam.
I think the same thing that motivates me to continue blogging is the same thing that motivates you folks to keep coming.
Special thanks go out to what might just be the coolest donation I’ve ever received. Can’t wait for Tuesday!”
#41 – Thanks, I saw that too when the numbers popped up on Marketwatch. This is NAR math.
#42 – CR also noted; This is still a decline of 22% from February 2008, but whatev’s let them enjoy their rally.
Goulash, anyone?
http://online.wsj.com/article/SB123793340762430957.html
Hoboken property taxes up 50%? Where’s the recession?
This jewel could have been yours up until the end of last week, but alas it was pulled from the market (maybe they did not like my commentary from last weekend).
It was avaiable for 435k, a steal as it last sold for 460k in December of 2005.
But hey all is not lost, it is now available for rent at $2100. Hurry, hurry!!
http://www.njmls.com/cf/details.cfm?mls_number=2911564&id=999999
Jamil,
Are you a squirrel?
3b (48)-
What a crapbox.
Comrade Nom
Re Hobokenites fleeing to Westfield
I believe that the phone is ringing off the hook with people leaving for the low taxes of Westfield (hehe). But since they are fleeing the Hoboken property tax increase, they must have to sell their property. To whom? Who is lined up to buy into that new tax increase?
#48
there selling a doll house for that much??? Wow!! LOL
U.K. Bond Auction Fails for First Time Since 2002
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQGG.mWeZ4eU&refer=worldwide
But don’t worry, the Dow is up, the worst is over.
#50 clot: Hey come on, blue ribbon bergen co train town, and look at that kitchen remodel.
Some savvy renter should grab it with an option to buy.(sarcasm off)
Either Comrad’s a comic genius or news has become that stupid.
I want to think a little of both.
It was great to meet everybody at the Asbury Park GTG. Forget Bruce- Grim was the celebrity last night. Chifi did you make it to the show? Load out finished by 2:00AM. Now switching gears for Live at the Starland Ballroom tomorrow.
As the economic meltdown has progressed, we’ve learned a lot about which experts got everything wrong leading up to the crisis, but did anyone get it right? As it turns out, someone did. Way back in 2000, right after George W. Bush was declared the winner of that year’s Presidential election, Jon Stewart gave Daily Show viewers a financial tip, a piece of advice that had you followed you’d now be sitting pretty.
http://ccinsider.comedycentral.com/2009/03/24/jon-stewart-gives-prophetic-financial-advice-in-2000/
In December 2000, gold was trading around $270/oz., and today, it’s at nearly $950/oz. How did all that non-joke in-context financial advice you took turn out?
Can someone provide the address for
MLS# 2663498 in Pequannock? Thanks
CalculatedRisk has the new home sales stat’s. Kinda ugly;
This is 4.7 percent (±18.3%) above the revised January rate of 322,000, but is 41.1 percent (±7.9%) below the February 2008 estimate of 572,000.
NJC [56],
It’s gonna be a long walk home.
“Syracuse school board adopts $353.48 million spending plan
District’s $353.48 million spending plan cuts about 70 teaching positions.”
http://www.syracuse.com/news/index.ssf?/base/news-0/1237971533232870.xml&coll=1
[51, 55]
You all know that the “news story” was a parody, right?
What Brigadoon real estate agent would ever go by “Buffy” anyway?
“MTA approves ‘doomsday’ budget
The Metropolitan Transportation Authority approved fare hikes that will raise the price of a single ride to $2.50 and increase unlimited 30-day MetroCard to $103”
http://www.crainsnewyork.com/article/20090325/FREE/903259997
“Big landlord takes hit on falling apt. rents
Equity Residential, a Chicago-based real estate investment trust that owns 47 apartment buildings in the New York area, has chopped charges by nearly 20%”
http://www.crainsnewyork.com/article/20090324/FREE/903249973
Comrade
You put it on the internet. It is as real as if Stephen Colbert reported it himself. I myself have even hired Muffy as my agent.
Or Buffy
64 sas “Equity Residential, a Chicago-based ”
Well, I can confirm this. I negotiated with them last week and they offered 15-20% off from last year rents. So did pretty much everybody else, though..
“MARCH 24, ASBURY PARK: SEEDS OF A NEW TOUR”
http://www.backstreets.com/news.html
When do home prices in NJ fall?
my guess is next spring/summer will likely be a big drop.
Right now a large % of people can hang on by taking reduced hours or picking up supplemental work. Many of the companies i work with are cutting contractors and reducing budgets/hours. By next spring, if the economy has not started to turn around, many of these companies will have to start layoff.
This will affect both lower and upper middle class groups. The problem is that once these cuts get made it will be a viscous cycle as it is often cheaper to move an operation out of the northeast as opposed to restaffing it.
So to answer gary’s oft repeated question, housing will see big drops when the employers start to hit the wall financially. that is starting to happen from what i am seeing
Nom,
It took me a moment to pick up the sarcasm. It was a really well written piece.
For a moment I thought “Wow, things are much more messed up in NJ than I thought”.
I’m wondering if the govt sponsored bailout is going to dump more money into these firms than they are worth. I don’t know what C is worth,but what’s the sense in buying $100B in crap when we could nationalize the firm and reorganize it? Some of these firms are broke and can not sell for less that 100%.
Chinese find opportunity in slumping U.S. real estate prices
http://www.mcclatchydc.com/251/story/64734.html
Bargain-hunting home buyers wearing on sellers
http://www.ajc.com/business/content/business/stories/2009/03/24/spring_lowball_homes.html?ref=patrick.net
That article about the UK not being able to make a debt sale jogs my memory of some discussions about the US not being able to make a debt sale and its implications.
I guess the point is moot because instead of the US failing a debt sale they decided to just print money and buy its own debt.
I watch debt sales by the US because student loans with variable rates are based upon the auctions that occur this time of year.
Does anyone have any predictions for the auctions or will the US keep buying its own debt?
#20 non
There were 35 3bdrs below 500k for sale in westfield when I checked over the weekend. I think that # was below 10 a year ago.
I hope those hobokoners stay in Hoboken. Already enough wankers in this area.
“Bargain-hunting home buyers wearing on sellers”
that attitude is why I renewed my lease. 99% of sellers simply do not get it. it is pointless to try to negotiate with someone who thinks you are stealing from them.
This is just terrible:
Vandals target Sir Fred Goodwin’s house and carWindows smashed at home of former RBS boss
http://www.guardian.co.uk/business/2009/mar/25/sir-fred-goodwin-royalbankofscotlandgroup
The 3Br house across the street from us in Westfield just listed last weekend for $540k. My wife and I were shocked at the price given the location (on Boulevard).
So far, we’ve only seen 2 folks come by.
Good thing we rent.
“Bargain-hunting home buyers wearing on sellers”
Hillarious. There have been several articles like these around. Where are the articles discussing home buyers weary of unrealistically priced homes for sale? I think that’s pretty much the subtext for the last 2 years of reports of declining home sale volumes. But it’s a theme rarely picked up by the media.
The government is all behind the concept that home prices must not fall. What if they applied the same theory to gasoline or corn flakes? You’d have market disequilibrium, and massive excess inventories of same. Sounds a lot like today’s real estate market.
It’s going to get much worse in NJ when people have to sell rather than just want to sell, while the population flees what is among the highest taxed, most private-employer-unfriendly states in the nation.
Good. This should remind me not to trade up houses in NJ in the next year or two, keeping my NJreestate exposure manageable.
peep
Fed and Treasury – Putting off Hard Choices with Easy Money (and Probable Chaos)
Last week, the Federal Reserve announced its intention to purchase a trillion dollars worth of Treasury debt by creating the little pieces of paper in your pocket that have “Federal Reserve Note” inscribed at the top. In effect, the Fed intends to monetize the Treasury debt in an amount that exceeds the entire pre-2008 monetary base of the United States.
http://www.hussmanfunds.com/wmc/wmc090323.htm
another dummy for the archives
Fed’s Evans: U.S. growth should resume this year
The U.S. economy should start growing by the end of this year and unemployment, expected to peak at around 9 percent, will begin to decline in 2010, Chicago Fed President Charles Evans said on Tuesday
http://www.reuters.com/article/GCA-Economy/idUSTRE52N2ZU20090324
ok, stop the doom and gloom, all is well now!
One in Five Americans Plan to Buy a House
While half of all Americans are concerned they or someone they know will face foreclosure in the next six to 12 months, 23 percent of adults plan to purchase a home in the next five years, and 53.5 percent of them happen to be first time homebuyers, according to a new survey commissioned by Move Inc., released Monday. The Move survey found the housing downturn, now entering its third year, has created demand for homeownership especially among first-time homebuyers. While 5.8 percent plan to purchase a home in the next 12 months, 12.8 percent of Americans say they plan to buy a home in the next two years and 11 percent plan to purchase a home in two to five years.
http://www.housingwire.com/2009/03/23/one-in-five-americans-plan-to-buy-a-house-report/
Bank of China Has Bigger-Than-Expected 59% Profit Drop as Writedowns Swell
Bank of China Ltd., the world’s third-largest lender by market value, had a wider-than-expected 59 percent drop in fourth-quarter profit on writedowns of U.S. mortgage investments and higher bad-loan provisions. Net income declined to 4.42 billion yuan ($647 million) from 10.77 billion yuan a year earlier, based on figures released by the Shanghai-based company. That fell short of the average 7.59 billion yuan estimate among 25 analysts surveyed by Bloomberg. Bank of China has lost more on mortgage investments than all other Chinese lenders combined as the U.S. housing collapse sparked a credit seizure. Speculation that most of the bank’s writedowns are behind it has helped push the stock 12 percent higher in Hong Kong this year, the second-best performance among Chinese lenders traded there.
http://www.bloomberg.com/apps/news?pid=20601089&sid=aCWpLvHL7FsA&refer=china
Last
dead last !