From Lender Processing Service:
LPS Mortgage Monitor – October 2010 Mortgage Performance Observations
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One.
It now takes longer to sell houses than many marriages last.
From the WSJ:
Fannie, Freddie Cut Ties to Law Firm
Fannie Mae and Freddie Mac terminated their relationships with a top Florida foreclosure attorney on Tuesday, one day after the companies began taking back loan files from the firm that has processed thousands of evictions on behalf of the mortgage-finance giants.
Fannie and Freddie dispatched employees on Monday afternoon to begin removing loan files from the law offices of David J. Stern in Plantation, Fla. Those files are needed to process foreclosures, which must be done through courts in Florida.
Fannie and Freddie said they would begin redistributing the files to other local attorneys in a bid to resume evictions. Last month, the companies suspended all foreclosures that had been referred to the Stern law firm and had directed mortgage servicers, which handle day-to-day loan management, to stop sending new foreclosure and bankruptcy cases to the firm.
…
The Stern law firm has been at the center of allegations by the Florida attorney general’s office of improper foreclosure practices and is one of four firms under state investigation. The office has released depositions of former law-firm employees who have alleged that the firm forged notarized documents and that employees signed files without reviewing them in an effort to speed through foreclosure filings.
In those depositions, former employees testified that the firms would go to great lengths to conceal improper practices during regular audits by Fannie and Freddie. A lawyer for Mr. Stern has dismissed the allegations as falsehoods made by disgruntled employees.
The mortgage bust had been good for business at the Stern firm, which last year processed more than 70,000 foreclosures. In December, the firm also spun off its foreclosure-servicing business, rechristened as DJSP Enterprises Inc., as a publicly traded company that is listed on the Nasdaq Stock Market. Mr. Stern was named “attorney of the year” by Fannie in 1998 and 1999, according to a biography included in DJSP filings. In trading Tuesday, the stock closed at 85 cents, down 9.6%.
From CNBC:
US homeownership stays at lowest level in a decade
The United States’ homeownership rate remained at its lowest in more than a decade, hampered by a rise in foreclosures and weak demand for housing.
The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That’s the same as the April-June quarter.
The last time the rate was lower was in 1999, when the rate was 66.7 percent.
The homeownership rate was around 64 percent from 1985 through 1995. It then rose dramatically during the Clinton and Bush administrations, hitting a peak of more than 69 percent in 2004 at the height of the housing boom.
After the housing bubble burst, the rate has been declining gradually.
About 18.8 million homes, or 14.4 percent of all houses and apartments, were vacant, according to the government survey. Without vacation homes, that rate would be 11 percent.
The number of vacant homes has soared over the past four years from about 16 million at the start of 2006. It has been hovering around 19 million since the end of 2008. There are around 131 million housing units nationwide, according to the Census Bureau.
Shore (55): Last Thread
I will be in the office next Monday, but mainly in the afternoon. I have physical therapy in the morning. Will let you know when I have meetings if you email me.
From the Star Ledger:
N.J.’s Saint Barnabas warns of 690 possible layoffs
Saint Barnabas Health Care System is warning that as many as 690 employees could lose their jobs when it sells several of its long-term care facilities to a new owner early next month.
The health care giant is among five New Jersey companies who filed notices in October with the state Labor Department, warning of 2,935 total possible layoffs.
2010-Oct WARN Notice
COMPANY CITY EFFECTIVE DATE WORKFORCE AFFECTED
Canon Business Solutions
Lyndhurst
1/14/11
80
Clara Maass Contimuing Care at Kearny
Kearny
11/30/10
204
Clara Maass Continuing Center at West Hudson
Kearny
11/30/10
143
Kensington Manor Nursing & Rehabilitation Center
Toms River
11/30/10
227
Resorts International Hotel, Inc
Atlantic City
12/1/10
2022
Saint Barnabas Assisted Living of Lakewood
Lakewood
11/30/10
29
Saint Barnabas Rehabilitation Center
Union
11/30/10
23
Saint Barnabas Rehabilitation Affiliates
Union
11/30/10
64
Tommy Hilfiger USA, Inc
Cranbury
12/31/10
87
Universal Lighting Technologies, Inc.
Lincoln Park
12/31/10
6
Vineland Kosher Poultry
Vineland
12/11/10
50
Before the new Congress takes over in January, lame-duck legislators will have a big issue on their plate: What to do with those whose emergency unemployment benefits run out at the end of the November.
Congress ran into the same problem during the summer, and it resulted in hundreds of thousands without jobs to go weeks not receiving benefits. Those affected have come to be known as “99ers,” meaning they have exhausted the government’s extensions of up to 99 weeks of compensation.
Their numbers rose to record levels in September as a total percentage of the unemployed. More than one in 10 jobless Americans-1.47 million, or 10.4 percent of the total-have been out of work for more than 99 weeks, with a few million more on the fourth and final tier of benefits.
They are among the individuals most impacted by the economic slowdown, and without help as many as five million more could be joining their ranks soon. Though perhaps not enough to cause a double-dip recession in itself, the trend of long-term unemployment remains a burden the economy cannot shake.
“It’s going to be another factor that isn’t helpful rather than a factor that sends the economy back into recession,” Paul Dales, US economist at Capital Economics in Toronto, says of the impact the 99ers will have on total growth. “It will further undermine the already fragile economic recovery.”
Still, the continued flow of long-term jobless through the government’s long arm of assistance is a vexing problem for politicians and policy makers.
The government will provide the latest snapshot of the labor situation Friday when it releases the monthly nonfarm jobs report. Nonfarm payrolls are expected to increase by 60,000 and the unemployment rate is likely to hold steady at 9.6 percent.
But the parade of workers onto the fourth tier of the unemployment benefits system will cause congressional consternation as lawmakers debate a variety of proposed help.
While the immediate question will be whether to extend the funding for those on their final weeks of receiving benefits, there also are two bills pending to go even beyond that point and create a fifth tier of benefits. The current system extends the traditional 26 weeks of coverage to 60 and then 99 weeks depending on individual state unemployment levels
The Emergency Unemployment Compensation Act would add another 20 weeks of benefits for those in states with a jobless rate higher than 10 percent. The competing Americans Want to Work Act also proposes another 20 weeks, but lowers the bar for qualified states to 7.5 percent unemployment.
533 days? That is only 120 days longer than Obama’s presidency…
Bye bye Barney! (as chair of the House Financial Services committee)
Sorry, I meant 120 less days than Barack Obama’s presidency
Barney Frank wins with a over 10% margin, what a travesty.
How about a quick Poll? Markets up or down tomorrow? I got plenty of powder,just need to know where to fire the next salvo.
Confused 8 another 20 weeks. That is 2 years 4 months wow!
Juice elections Republicans take house QE 2 around the corner, rally on. Unless of course they sell on the news. Yea I know that helped a lot.
an over
So far the Republicans have won 15 of 25 of contested house seats, not as well as they would have liked. Still will get control with a decent margin but no landslide.
Looks like Cuomo will win in NY. We NJ bloggers will get a first row seat to the NY budget problems. NY will only be 2nd to California, which is the state Death Star of budget deficits.
Somebody wake me up when they’re putting the Hannibal L<cter mask on Pelosi and strapping her into the electric chair.
Can't wait to see that rictus-faced skank lose the airplane.
hype (17)-
Too bad Illinois is on the outside, gaining on CA’s lead.
juice (13)-
Buy silver. Always fashionable.
I love Election Night.
Clot biggest upset of the day has to be Spurs over Inter.
Lamar – already polished the silver, looking for the next trick pony….
Recently unemployed,are they getting 26 to 60 then 99 weeks automatically or this is from the unemployed from 2008?
Greece Halts Foreign Mail Service on Athens Blasts, Merkel Greece suspended mail deliveries to foreign destinations after parcel bombs exploded at the Swiss and Russian embassies in Athens and German Chancellor Angela Merkel was sent a package mailed from the country
Rs have 32 of 39 needed for house, looks like a squeaker win by morn.
Yo 24 as I understand it 26 then 2 extensions to 99, now if they tag on 20 more………..
haven’t paid any attention to the elections today … figure it’ll be the ONLY thing on TV tomorrow.
I figure when I turn on CNN, i’ll hear, “Republicans won, nothing will get accomplished!”
House Speaker Nancy Pelosi predicts Democrats may hold onto House despite bright GOP forecast
14.Mikeinwaiting says:
November 2, 2010 at 9:35 pm
Confused 8 another 20 weeks. That is 2 years 4 months wow!
Juice elections Republicans take house QE 2 around the corner, rally on. Unless of course they sell on the news. Yea I know that helped a lot
Obama brought back Welfare under a new name.
Looks like 65 for the Rs in the house done deal, grid lock alert.
Confused 29 A horse by any other name is still a horse.
Futures pretty flat maybe they sell on the news, who knows.
“Looks like Cuomo will win in NY.”
Cuomo wants to be president. Thus, I would not be surprised to see him being even more hard@ssed than CC. Unless he is hated by the left in NY, he will never get nominated for president.
“House Speaker Nancy Pelosi predicts Democrats may hold onto House ”
During her lunch with the Easter Bunny and the Tooth Fairy, they told her so.
looks like John Spratt is going to lose. I know him and he is a good guy. It is a shame that he followed Pelosi over the cliff.
First phone call tonight was to my brother who will be out in January to make sure he wasn’t gonna jump. Gonna be a long walk home, there goes my boat money! Don’t worry more I will make more!
Resorts International Hotel, Inc
Atlantic City
12/1/10
2022
I was told new management will re-hire the same people at less salary.Inflation with income flat or less.DOOmed!
From the NY Times:
An Effort to Adapt a European-Style Tool to U.S. Mortgages
Covered bonds, a financing tool that has been popular in Europe since the 18th century, are winning converts here as a new way to finance residential and commercial mortgages.
A covered bond is a securitized debt instrument backed by a pool of high-quality assets, usually mortgages. But unlike the assets in a securitized mortgage bond, the assets in a covered bond, known as a cover pool, are kept on the issuer’s balance sheet. This may provide an extra measure of safety, as the issuer will be less likely to underwrite risky loans, experts say.
There is no established market for the bonds in the United States, though they are a $3 trillion business overseas and lately have been attracting American institutional investors. This year, Representative Scott Garrett, Republican of New Jersey, introduced a bill that would establish a covered bond framework here.
The House Financial Services Committee passed the bill in July, and it narrowly missed being included in the Dodd-Frank financial overhaul law. Experts predict that covered bond legislation could pass both houses next year.
A covered bond has several characteristics that protect the bondholder: The assets in the cover pool are subjected to monthly monitoring by an independent third party, and should one of the loans become nonperforming, the issuer is obligated to remove it and replace it with a performing loan.
It is also typical that the cover pools are fenced off from the bank’s other assets in case of a default, and are overcollateralized, so that the market value is in excess of the face value of the bonds that it backs. Bondholders also have dual recourse to both the assets in the cover pool and the issuer in case of a bankruptcy.
32.Shore Guy says:
November 3, 2010 at 12:19 am
“Looks like Cuomo will win in NY.”
Cuomo wants to be president. Thus, I would not be surprised to see him being even more hard@ssed than CC. Unless he is hated by the left in NY, he will never get nominated for president
His promised first act is to expand anal sex, so he can’t be more hard@ssed than CC.
The final tallys must be wrong because Nancy P said the reverse and shes never wrong?
I recant my atheist status…. Pelosi is gone, ergo there must be a god.
sl
How long before BO offers Pelosi an ambassadorship, in order to give her a face-saving way out of congress?
gluteus (21)-
No upset; Bale ran wild on them.
shore (41)-
Make that wizened old ginch the ambassador to the penguins at the South Pole.
Dear Nancy,
The swamp is drained.
Love,
Fast Eddie
Question to the computer guru’s out there.
I scanned my norton 360 and got “connected to a protected network then IP address.” My computer is not in a network,I put the setting on it to restricted.Now when I scan it says “connected to a restricted network IP Address”Is my firewall compromise?Is restricted good enough?How do I get rid of the network connection?Thanks in advance.
SL 40 But Barny Frank won , so there is a devil to.
Quick! Someone call Carl Kolchak, there’s still one vampire on the loose in Las Vegas!
Does anybody know if Proposition 1069 in Washington passed? it was one of the funnier things I heard about on the ballot.
I can’t believe California voted no on Pot.
JJ,
Something we agree on. Yes on pot.
Only positive of any of this last night is possibility of Ron Paul getting chair of house financial services committee. It would be nice to see him control the grilling of Bergabe. Of course I suppose the banks will do all they can to prevent that from happening.
Election doesn’t matter. What oozes out of FedCo this afternoon does.
Yo’me,
I suspect that you are using DSL or cable to get to the internet. Both of those use routers to connect to the internet. If I hd to guess, I would say that your router (“modem”) is assigning an IP address to you. If not, the ISP is. Either way, you are connected to a network — your ISP’s network.
The death knell for Keynesian thought. I hear it in the near distance, like the howling winds of oblivion.
B.O. is THAT MUCH closer to hitting the professional speaking circuit.
Gareth Bale skins Maicon & serves up goal of the year so far:
http://www.uefa.com/uefachampionsleague/matches/season=2011/round=2000118/match=2002873/postmatch/report/index.html?autoplay=true&videoid=1557514
Clot (50):
QE2 is so yesterday. I am already looking forward to QE3. 500 billion just will not do it for the pigs on Wall Street. They want the whole enchalada, 4 trillion. Now that kind of money will get us to DOW 20,000.
Due to volume the time to complete a foreclosure in NJ should be longer than it was during the late 1980’s – early 1990’s and it isn’t. The system did not improve and make the process faster. My theory is that the foreclosing plantiffs have caused the delays. Another way of kicking the can down the road.
Actually Mario Cuomo is a nice man, supposedly on wives side he has distant relatives he does not talk to in mob. He declined running for president as he did not want all those allegations running his marriage and hurting his family. A politician who puts his family first. Obviously he would not have made a good president anyhow.
Gary/Eddie 47
I ***loved*** that show!! (Kolchak, the nightstalker)
sl
sl,
Am I showing my age by referencing Kolchak. :) Next, I’ll be referencing McMillan & Wife and Columbo!
hopalong cassidy and clarabell the cow is dating yourself.
Interesting Clarabell was first played by Keeshan, who continued in that role until 1952. Keeshan was fired after a salary dispute and later became Captain Kangaroo at CBS. At the end of the final episode, broadcast on September 24, 1960, Clarabell (then played by jazz musician Lew Anderson) broke his series-long silence to say the final words of the final broadcast: “Goodbye, kids.”
#59 – Am I showing my age by referencing Kolchak.
Well, I got it. It is a pretty obscure reference though…
#51 Shore
Thanks for the info
The Fed will print a hundred billion a month until we they do a good job of buggering the currency. Hopefully you will get a raise to go with your $5 a gallon gasoline.
This money will be created by being lent into existence, in this case, to the US Treasury, by buying Treasury bills, notes, and/or bonds. They are going to buy the entire yield curve apparently for a long time to come.
Today the Fed’s balance sheet of more than $2.3 trillion has no term auction facilities, commercial paper funding facilities or liquidity swaps anymore. In their place mortgage-backed securities have ballooned to $1.1 trillion, U.S. Treasurys to $821 billion and Fannie Mae and Freddie Mac debt to $154 billion.
These investments actually have proven to be a revenue windfall for the U.S. government. In the first six months of 2010, the Fed says this portfolio produced net earnings of some $36.9 billion. The Congressional Budget Office reports that in fiscal 2010, which ended September 30, the Fed earned $76 billion, a 121% increase from a year earlier. To put that in perspective, $76 billion is more than a third of the $192 billion that the corporate income tax raised in fiscal 2010. The Fed has become one of the Treasury’s biggest cash cows, helping to mask the real size of the budget deficit, and will be for a long time to come unless Washington can right the ship.
With projected deficits for 2011 at $1.27 trillion I cannot see how they are going to cut spending by at least 800 Billion a year without slashing defense, and also at this point if no QE were to be announced, it would come as a major shock to the markets.
With apologies to Humble Pie:
My mortgage is great
I don’t have to pay
I save my whole bankroll
I’m living it large
I don’t pay I just charge
500 days in my debt hole
500 days in my debt hole
http://www.youtube.com/watch?v=ZyKN8OzzO8s&feature=related
I remember Kolchak, the Night Stalker, too!
whoa – comp killer
529 East Saddle River Road (Jay Feely’s house of Jets fame) closes at $1.7mm on 10/20/2010
5/25/2005 sale price $2.4mm
700k loss before brokerage, just about 30%.
coprock is all time favorite
shore: from Cindy……
Because I go from 5-6 AM, I had to choose between NJRER or boot camp. (I would never post if I wasn’t able to read the day’s events.) I think I made the right choice – I love the exercise. Funny thing is, Clot and Nom would probably say I was preparing for the tough road ahead – you know – life on the Nompound when our world as we know it comes to an end. In a way – I am – working on my core – getting stronger. (When we do the obstacle course of Thursdays, one station is literally pulling a tire that is strapped around your waste.) Oh yeah…
On topic;
600 day average in NY state! Almost two years and counting, and that’s just an average. Think about how many there are, and how many are sitting longer.
Ball game over… Deadbeats Win… THHHEEE DEADBEATS WIN!
[66] scribe
I loved that show.
So much for my prediction that the IRS would release the expat report after the mid-term elections. No 2nd or 3rd quarter report.
Will check back next week. I think Shore may be correct and that they may wait until the day before thanksgiving.
[69] chifi
Is Cindy of the opinion that the nompound is all I focus on???? That hurts.
Shore – This one’s for you…
Last Remaining Politician Must Rebuild Entire Government Following Bloodiest Midterm Election In American History
WASHINGTON—In the wake of what is being called the deadliest midterm election in the nation’s history, Washington’s sole surviving politician, Rep. Peter DeFazio of Oregon’s 4th Congressional District, emerged from the rubble of the Capitol building Wednesday to announce his intention to rebuild the fallen U.S. government.
http://www.theonion.com/articles/last-remaining-politician-must-rebuild-entire-gove,18384/
Rut roh!
http://online.wsj.com/article/SB10001424052748704462704575590553705459236.html?mod=WSJ_article_LatestHeadlines
Harrisburg Doesn’t Have Cash for Debt Payments
Peter is a good man.
“Is Cindy of the opinion that the nompound is all I focus on???? ”
Nompound, and Expat, and diapers. Oh my!
Shore 76 – Apparently The Onion thinks so too :)
people won’t be sitting on sideline much longer once asset inflation takes off. When person X’s 401K goes from 500k to one million nd his bond fund goes from 300k to 600K and his mutual funds go from 250k to 500K and his cash in bank is paying zero and his job becomes stable he will be looking to purchase a home before asset inflation hits housing. He will be afraid to put more into stocks and bonds at top of bubble and also wont like sitting on a few hundred grand in bank at .000001 interest.
It is a bull market baby, interest rates on long term bonds and stocks in short term are straight up, long term we may crash and burn, but with folks short term in 2011 awash in a sea of cash Big Ben is trying to move housing prices.
BTW this is 2003 all over again, folks doing right thing with down payment money in FDIC insured bank account getting .001 interest competing with folks all in stocks or long term bonds (a big no no) with down payment money. Guy with 200K down payment money making 6k a month is growing his downpayment money very quickly and the people at .0001 have to throw 6k in each month just to keep even.
Gator,
I have had a number of really quite interesting conversations with him and I thought BO made a mistake not picking him to be his Veep.
Off to the salt mine.
Nom;
Didn’t you suggest something about dumping bad news on election day?
ACORN Filed for Chapter 7 bankruptcy in the middle of election Tuesday. (via Instapundit)
JJ
Guy with 200K down payment money making 6k a month is growing his downpayment money very quickly and the people at .0001 have to throw 6k in each month just to keep even.
Where can you make $6K /month on $200K investment in this environment?
Moose,
Another deadbeat heard from.
http://blogs.forbes.com/nathanvardi/2010/11/02/the-man-who-personally-owes-citigroup-126-million/
http://tinyurl.com/bacon-wallets
Deal of the day!
Whoops a little too much. I ment more like 2k a month.. However, I heavily advertised the coming melt up in stocks three months ago so everyone should be up 13% in the last 60 days alone.
yo’me says:
November 3, 2010 at 11:13 am
JJ
Guy with 200K down payment money making 6k a month is growing his downpayment money very quickly and the people at .0001 have to throw 6k in each month just to keep even.
Where can you make $6K /month on $200K investment in this environment?
2 hours to game time. Strap on the adult diapers and get ready to vomit with fear.
Al,
My Guess is dollar strength and PM retracement. just a guess.
Ket,
You may be contacted by politicos on all sides shortly. I made liberal use of Schrodinger’s Cat as a write-in candidate last evening.
Game on baby, shock and awe driving long term rates lower, QE2 time, lets do it baby.
Anyone got a spare trillion or so?
http://www.ustreas.gov/press/releases/tg942.htm
So we have borrowed about 1.4 trillion Year-To-Date and are now planning on borrowing another 1.5 trillion or so. If Bergabe doesn’t initiate wage inflation soon its going to get very ugly. Flat to declining wages while real costs of living skyrocket is a recipe for Argentina 2.0
The presenter also noted that the program should last six months to two years.
I guess we knew what their time line is for the QE games imploding.
rebar (67)-
Punter deflation.
“529 East Saddle River Road (Jay Feely’s house of Jets fame) closes at $1.7mm on 10/20/2010
5/25/2005 sale price $2.4mm
700k loss before brokerage, just about 30%.”
chi (69)-
Tell Cindy I want to challenge her to a wristwrestling match.
cat (92)-
Wage inflation? Ha!
The only inflation being triggered is in all the wrong stuff: consumer goods and necessities. Meanwhile, leveraged assets continue to dwindle.
Aren’t Bergabe and his boys doing a grand job?
Lamar,
I dont actually believe we will see any real wage inflation, just stating the obvious,
And meanwhile, my daily listings still consist of 3bd/2bth splits in the 600K range equipped with maroon and gray bathrooms, Carol Brady kitchens and Morticia Addams’ living rooms. Anyone who buys these f*cking rat nests should be beaten, shot and their carcass burned.
“By a continuing process of inflation governments can confiscate secretly and unobserved an important part of the wealth of their citizens. There is no subtler no surer means of overturning the existing basis of society than to debauch the currency”
-John Maynard Keynes 1920
“By a continuing process of inflation governments can confiscate secretly and unobserved an important part of the wealth of their citizens. There is no subtler no surer means of overturning the existing basis of society than to debase the currency”
-John Maynard Keynes 1920
Where you get “another 1.5 trillion”
Nevermind, just saw it; you have to love it when an industry can tell the government how much money it will give to them.
We saw “democracy in action” yesterday and how our country is really run today. We are so screwed.
Actually, there can be HUGE wage inflation in 2011. I know lots of people at places like AIG, C, BAC that in 2009 got paid 100% of bonus in stock, lots of those stocks have run up 400%, with two year vesting lots of people in January to March 2011 got getting good sums of money, Joe Blow Citigroup worker who normally got 50k cash and 50K stock who got 100% stock in early 2009 is looking at a 400K stock vest in early 2011 and then back to usual 50K cash and stock, so 450K coming in the door in early 2011. These people aint rich, usually a 100K base worker with 100% bonus pool. These folks made 100K in 2009 and are making 550k in 2011.
BTW no inflation for Nets tickets, tonights game on stubhub tickets are selling for 49 cents.
23- Yo’me
The UI extensions are set to expire the end of this month. If they are not “renewed” then the unemployed will get the standard 6 months and then they can go on EB for a maximum of 20 more weeks. This is for NJ and here is a link if you really want the exact details: http://lwd.dol.state.nj.us/labor/ui/content/ui_benefit_extensions.html
I am so glad to be gainfully employed again, albeit making less money than I have in years.
House
UI is one of the last things they let slip. The politicians really dont want all of those idle people with empty bellies looking for a target for their anger.
103. Maybe. But I would be very surprised if they kept all 99 weeks available. NJ has the most generous $$ UI benefits in the nation ( besides Mass., I think).
Interesting that NJ “EB Benefits” actually require that you look for a job to get them, versus two years of Federal unemployment does no checks whatsoever.
Phantom unemployment is running rampant. I know so many working moms and dads with kids and people over 62 who got let go with severance who are milking 99 weeks, they must be 20% of the unemployed. Real Unemployment is more like 6.5%
Can Nets tix be instantly downloaded? It was the same last year, tix were for 0.
Can anyone tell me if these two sold?
mls #2793705 Roseland
mls # 2767017 Cedar Grove
Nets need to have ticket machines that accept pennies, nickles, dimes and quarters.
dan says:
November 3, 2010 at 2:41 pm
Can Nets tix be instantly downloaded? It was the same last year, tix were for 0.
(100)
JJ, Do you think the money some people make on Wall St. is representative of the 99.9% of the people who don’t work there?
Ben Bernanke & Co. launch a highly anticipated $600 billion bond-buying spree to jump start the sluggish economy.
Yey!
My circle is people who work on wall street, Partners in Big Four firms and board members as well as six figure teachers married to doctors, lawyers, traders and business owners.
Also PSL reps, strippers, models, waitresses, bartenders,
Noticed I capitalized Partner, from new manager engagement letter writing class many years ago and can’t break habit, we had senior auditors, managers, senior managers and Partners. I was told in an engagement letter, only Partner and God gets capitalized.
joyce says:
November 3, 2010 at 2:44 pm
(100)
JJ, Do you think the money some people make on Wall St. is representative of the 99.9% of the people who don’t work there?
re #111 – It’s not just $600 billion.
Continued POMO re-investments could total $250B-300B during the same period – $850B-900B total, about $110B per month.
Juice, Justin
On November 3, 2010, the Federal Open Market Committee (FOMC) decided to expand the Federal Reserve’s holdings of securities in the System Open Market Account (SOMA) to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate. In particular, the FOMC directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011.
The FOMC also directed the Desk to continue to reinvest principal payments from agency debt and agency mortgage-backed securities into longer-term Treasury securities. Based on current estimates, the Desk expects to reinvest $250 to $300 billion over the same period, though the realized amount of reinvestment will depend on the evolution of actual principal payments.
Taken together, the Desk anticipates conducting $850 to $900 billion of purchases of longer-term Treasury securities through the end of the second quarter.
That 600 billion the FED just announced, is the equivilent of the next 6 months of treasury debt to be issued. So for all intents and purposes the FED has announced their monitization of the treasury’s debt issuance for the next 6 months.
Can anyone give me any info on this house mls#1043466 thanks
Seems like anything around the $1t range was already priced into the market.
The Federal Reserve announced a bold plan Wednesday to try to invigorate the economy by buying $600 billion more in Treasury bonds
This wouldn’t be bad if the FED actually had $600B in their vault, but printing it out of thin air is obscene beyond reason, and they don’t get called on it
The truly sad thing would be if the clowns at the FED actually do believe that this move will do anything to help the economy.
HEHE
depends on your point of view. The FED is on track to monetize the entire federal deficit on an annualized basis. If the economy IS government spending, then funding the government is funding the economy!!!!
Some days, I really feel like putting a gun in my mouth and ending it all.
Clot, I thought you had Knob Creek in the desk……
I think the protocol is that you chug down the Knob Creek while writing your goodbye letter.
Lamar,
This sounds like an event you might be interested in!!!
http://www.frbatlanta.org/news/conferenc….
Sold this ten minutes before qe2 announcement, ten minutes afterwards fell to 114, that means QE2 is working as Fed wants long term inflation. Therefore, this long term bond should decline in price.
This bond I bought using the anti-chifi strategy I was using for awhile, the strategy was to buy things chifi said don’t buy, he recommended this as a sell at 79 so I jumped in at 79. Ambac, it did not work, but it worked like ten other times, PS I change strategies more than I change underware.
1/03/2010 YOU SOLD
316773CH1 FIFTH THIRD BANCORP BOND 08.25000% 03/01/2038
Price: $118.113
cat (124)-
Only with a team of commandos at my side and an airtight plan to take them all out.
Interesting Ron Paul may be Chairman of the House Financial Subcommittee come January.
I think Bergabe is going to be making lots of overseas visits to avoid subpoenas from him.
re: #125 – JJ cumon now “Fed wants long term inflation”
Inflation last quarter was 2.2%, and the quarter before 2.0, and 1.1 before that. Where is the deflation, all I see is inflation.
Monetizing the debt and then lying about is not going to score us any points with our trading partners. Sure we can put a gun to their head but other than that there is nothing going to stop the dollar from devaluing. I hope you like your gas guzzler and your expensive imported coffee they will be things of the past if Bergabe gets his way.
If anyone really believes quantitative is nothing more than a junk shot and there is no need to face the music the bond buyers would be willing to finance America’s trip to bankruptcy. It ain’t so JJ there are no bond buyers anymore and the Mr. Market will make us face the music.
[83] moose
I don’t consider that bad news. And Chapter 7, no less. Booyah!
I had to deal with those people and I always found them obnoxious.
Shore,
You have reply mail.
The end is nigh……………
New study shows rocker Ozzy Osbourne is a genetic mutant: report
POST WIRE SERVICES
A new study shows that legendary heavy metal rocker Ozzy Osbourne may be a genetic mutant.
The 61-year-old former lead singer of Black Sabbath has several gene variants that “we’ve never seen before,” experts said.
Geneticist Nathaniel Pearson, who sequenced the rocker’s genome, including variants that could impact how Osbourne’s body absorbs methamphetamines and other drugs, ABC News reported on its website today.
Osbourne’s resilience piqued the interest of Knome, Inc., a genomics company that decided to sequence the “full Ozzy genome.”
“Why not Ozzy?” Jorge Conde, co-founder and chief executive of Cambridge, Mass.-based Knome, told ABC News.
The results of Knome’s sequencing were released last Friday in San Diego at this year’s TEDMED conference.
The biggest differences in Osbourne’s genes compared to other people is how he processes drugs and booze.
Genes connected to addiction — alcoholism and the absorption of methamphetamines — all had unique variations in Osbourne, a few of which Knome geneticists had never seen before.
“He had a change on the regulatory region of the ADH4 gene, a gene associated with alcoholism, that we’ve never seen before,” Conde told ABC News. “He has an increased predisposition for alcohol dependence of something like six times higher.
“He also had a slight increased risk for cocaine addiction, but he dismissed that. He said that if anyone has done as much cocaine he had, they would have been hooked.”
Osbourne is also 2 1/2 times more likely to suffer from hallucinations associated with marijuana use, though he said he wouldn’t know if that were true because he so rarely smoked marijuana without other drugs also in his system.
Ironically, Osbourne’s genes show that the worse thing for him may be coffee, meaning that he would be more affected by caffeine.
“Turns out that Ozzy’s kryptonite is caffeine,” said Conde.
In September, Osbourne said it was alcohol, not politics, that had stopped him from playing in Israel until now.
Asked why he hadn’t played in Israel before, the heavy metal rocker, known for decades of decadence and substance abuse, told reporters in Tel Aviv: “I guess I was drunk for so many years.”
With AP
plenty of bond buyers, just not in treasury, the artificial propping up of bonds will allow junk companies to refinance debt and extend maturities for another year.
case in point Denny;s called a 10% coupon stoneridge a 11.5% coupon bond this week, I own both, both were dog companies with very high coupon bonds as they were shaky, both were able to issue new lower interest bonds and/or do stock offerings to kick the can down the road. If you owned non-called bonds in either company you hit jackpot as they now have a new 5-10 year lease on life and you can clip you 11% coupons till the cow comes home
Look at the metal action today. JP Morgan and HSBC will lose.
To be honest, I thought this week had real potential for doomy results but it couldnt have worked out better.
A gridlocked DC and 600 billion over 6 months by the Fed is more than I could have asked for. We all know it still ends in destruction but in the mean time lets make/save some money.
I would have liked Ben to announce some MBS purchases but I suppose that option is still on the table. Show me 3.75 baby.
re: #132 – JJ – 20 % deval can easily turn into 50% in a few short years. I hope you like your Denny’s and your staycations and coupon clippings and lay away programs.
Which one will it be today? $2, $4, $6, or $8 better get all the value you can now.
http://www.dennys.com/LiveImages/Users/MenuLanding.jpg
re #134- Gore they did, $30 Billion a month MBS, and the QE is more like a trillion a year or 850 billion to $900 billion in Treasury notes over the next eight months.
Dan [122];
Clot, I thought you had Knob Creek in the desk……
These days more likely to be a nice Tuscan Tignanello.
does anyone have an opinion on this home… MLS 2793853?
There is nothing materially wrong (pre-inspection). Almost every room needs TLC, maybe the house needs $5-10k and some… sweat and energy… or $30-50K if someone wanted to upgrade baths and kit
136.
Juice,
Thats great news. I was just fast reading the minutes and yeah your numbers of approximately 1 trillion over 6 months is truly massive.
May we live in interesting times.
Nom,
You may want to move that nompound from Maine to slightly over the Canadian border. Im hearing reports of Vancouver waterfront and agricultural properties are hot.
juice box, I got full called out of Denny’s this week. no worries, if you want an interesting bond play try Aherns Rentals, yield 30%. Company rents furniture and TVs at crazy high rates to poor and unemployed people who can’t afford to buy. Bond got hit bad with economy recovering as less poor people to take advantage of. If economy crashes this baby will perform.
mls #2793705 Roseland – Still UC
mls # 2767017 Cedar Grove – Sold $378,500
Preliminary Prospectus for GM just popped up, it is 1,018 pages long, that is just silly they have a little electronic box to check off that you have read it and you can buy shares.
1,018 page is more than the dodd frank bill.
does anyone have an opinion on this home… MLS 2793853?
Surprising pace of price reductions, although they were overpriced when they hit the market.
Hit the market at $439k and down to $365k in 90 days? $74k worth of reductions in 3 months?
The pace of price cuts are really what stands out to me here.
Are your comments about pre-inspection based on the seller provided report? Might not be 100% representative of condition, caveat emptor. Shouldn’t replace your own inspection.
Name of issuer General Motors Company
Industry Consumer Cyclicals – Auto & Truck Manufacturers
Security type Common Stock
Expected size of offering 365,000,000 Shares
Expected price range $26.00 to $29.00
Offering type Initial Public Offering
Distribution by Selling Stockholders
Expected pricing date 11/17/2010
Indication of Interest Period 11/03/2010 to 11/16/2010 by (4pm EST)
Any guesses where 30-year fixed jumbo mortgage rates will settle after the new $600 billion QE2? Assuming zero points, of course.
Can anyone give me any info on this house mls#1043466 thanks
Nice to see the 3-handles on these MLS listings being called out today. Is this typical these days, or are they of interest because their owners show brief moments of lucidity and apparently want to sell their house, not just list it?
#102 Whine
So,if you loose your job after Nov 21 all you get is the regular 6 months from the state after that,you are screwed.
“• EUC Tier 1 provides up to 20 weeks or 80% of an individual’s maximum benefit amount from their original unemployment insurance claim, whichever amount is less. The individual must have had their initial claim filed May 7, 2006 or later and exhausted their regular unemployment insurance benefits. An individual may not collect EUC benefits if they are eligible for a regular unemployment insurance claim in New Jersey, any other state or Canada. Due to the November 30, 2010 expiration date of the EUC program, November 21, 2010 is the last date a EUC Tier 1 claim may be filed. EUC Tier 1 is 100% federally funded”
#148
Or even if your regular 6 months unemployment benefits expires after nov 21,can’t apply for tier1 Emergency unemployment benefit.
149- Precisely. But it all depends on whether Congress decides to reauthorize all the extensions, which it might. However, the Republican party was strongly against doing so last time this came up for reauthorization. Their party line was that they felt it should be funded from somewhere, not adding to the deficit. Every time this has come up for”renewal” it has been an uphill battle.
Moose,
I could afford more but I think we’ve seen enough lives destroyed by people reaching. Even last month, my boss’s advice was to buy as much house as I could afford.
dan (151)-
Makes sense. If you become a slave to your house, you become a slave to your boss.
151.
The goal should be to free yourself of all debt and wealth denominated in US dollar denominated assets. That would be ideal, however, even I cant convince my wife to sell the house in order to rent. It feels real good to be free but in the short term enjoy the inflation to wipe out your existing debts.
By the way. With the upcoming calamities people will be dumping incredible assets on the cheap. When the SHTF I’ll be in the market for a 34 ft boat.
Scott Garret won the 5th Congressional District, but there was one write in vote for Daffy Duck, none for Porky Pig. So if those who feel disenfranchised would at least write in Daffy Duck, it is possible for him to win, and send a message.
Really good friend of mine got whacked today….one of the hardest working and ambitious 40-something corporate guys I know…….WTF?!?!?
chi (155)-
I hear the people who print money are hiring for their third shift.
finally found this really help me in my research. thanks for sharing
…need sleep….
sl
grim,
need gates before the wicked (wredna suka) witch returns…
sl
keep posting like this it’s really very good idea, you are awesome!
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