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NEW RESIDENTIAL CONSTRUCTION IN FEBRUARY 2009
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential
construction statistics for February 2009:
Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 547,000.
This is 3.0 percent (±3.5%)* above the revised January rate of 531,000, but is 44.2 percent (±1.2%) below the revised February 2008
estimate of 981,000.
Single-family authorizations in February were at a rate of 373,000; this is 11.0 percent (±2.1%) above the January figure of 336,000.
Authorizations of units in buildings with five units or more were at a rate of 156,000 in February.
Privately-owned housing starts in February were at a seasonally adjusted annual rate of 583,000. This is 22.2 percent (±13.8%) above
the revised January estimate of 477,000, but is 47.3 percent (±5.3%) below the revised February 2008 rate of 1,107,000.
Single-family housing starts in February were at a rate of 357,000; this is 1.1 percent (±11.0%)* above the January figure of 353,000.
The February rate for units in buildings with five units or more was 212,000.
Privately-owned housing completions in February were at a seasonally adjusted annual rate of 785,000. This is 2.3 percent (±14.8%)*
above the revised January estimate of 767,000, but is 37.3 percent (±7.7%) below the revised February 2008 rate of 1,251,000.
Single-family housing completions in February were at a rate of 505,000; this is 8.2 percent (±11.8%)* below the January figure of
550,000. The February rate for units in buildings with five units or more was 268,000.
New Residential Construction data for March 2009 will be released on Thursday April 16, 2009, at 8:30 A.M. EDT
"This isn't just a matter of dollars and cents," he said. "It's about our fundamental values."
Originally posted by marg6043
reply to post by redhatty
And then we most trust our so call government way to fix the economy, sorry to say this and sound like a doom and gloom pusher but this sounds like nothing but a big scam and still our nation will keep sliding down the hill.
Getting into more debt is not the way to fix the nation.
Originally posted by irishchic
I'm laughing in my Jamison's...
But it could be done, and we can pray that somehow, some way, someone actually has firing dendrites and axons in their gray matter and figure out how to do things right.
Ouch...as usual she's pretty blunt...Star 4 Her!
Whitney: Banking Woes Likely to Get Worse in 2009
A surge in borrower defaults and unemployment pressures will make 2009 an even uglier year for banks than last year, analyst Meredith Whitney said.
She predicted "breakups and M&As on a grand scale" as the industry seeks to remake itself in the face of all its capital pressures.
"I don't think this year is going to look any better than last year," Whitney said in an interview Tuesday on CNBC. "In fact it will look worse because there's so much credit coming out of the system."
Whitney, a former analyst at Oppenheimer who recently opened her own firm, is renowned for calling out the problems with banks' toxic assets before the issue became widespread.
As some have been predicting the worst may be over for the banking sector, Whitney countered that many of the statements about some of the big banks showing profits ignore the burden that additional writedowns will pose through the year.
Consumers also will face pressure as unemployment grows and banks and credit card companies start calling in credit lines to avoid getting stuck with even more bad debt.
"The probability of more people going into default is higher, so the banks are going to have a tough time," she said.
Tuesday, March 17, 2009 9:30:32 AM
Fed Announces 2-year delay of new bank capital requirements until Mar 31st, 2011
- Two-year delay of new capital requirements for bank holding companies that otherwise would have gone into effect later this month.
- The amendments to the Federal Reserve Board''s capital adequacy guidelines would have limited bank holding companies from including trust preferred securities and other capital elements in Tier 1 capital
- The Fed said the delay should give financial firms - which need to boost overall capital levels during this challenging period in financial markets - more flexibility to meet federal capital requirements.
- In more technical terms, the delay means all bank holding companies can include cumulative perpetual preferred stock and trust preferred securities in Tier 1 capital up to 25% of total core capital elements
- The Fed added that economic conditions over the past 18 months "have created a situation in which requiring adherence to the new limits by the March 31, 2009, effective date creates a substantial burden for many BHCs (bank holding companies) in a way that was not anticipated when the final rule was adopted in 2005
- The Fed said the new limits would apply only to regulatory capital calculations and don''t affect the liability of restricted core capital instruments to absorb losses.
This is what Ben Bernanke said as recently as March 3rd:
The insurer’s first bailout package grew to $150 billion last year. After failing to sell enough subsidiaries to repay the government, the company had to turn to the government again. The company may need more support if financial markets don’t improve, the Treasury and Federal Reserve said in a joint statement yesterday.
Bernanke said the revised bailout gives taxpayers “the best chance” of eventually recovering “most or all of the investments” the public has.
Here's the truth:
Pressure is mounting on the government to revise its bailout of AIG to ensure that taxpayers are repaid as much as possible of the $170 billion lent to the troubled insurer.
Experts warn we shouldn't expect to get much back.
Here's the stupid on this - more than half of this money has gone directly to banks without any obligation that they pay back the funds. If AIG is unable to repay the "loans" then the taxpayer will simply eat the pass-through payments that went to these institutions- including foreign institutions.
This is a problem; under the TARP the taxpayers at least got something of alleged value, even if the CBO says we overpaid and thus got ripped off.
In this case nearly $100 billion dollars of taxpayer funds went directly to these banks with absolutely no obligation that they ever pay one nickel of it back to the taxpayer, as our recourse lies with AIG - a company that is almost certain to be unable to repay.
This sort of raw theft by deception must STOP and Bernanke and his merry band over at Treasury need to be strung up by their gonads. The American Taxpayer may need to help the banking system survive, but this sort of "back door bailout", structured in this manner for the explicit purpose of hiding what was going on and done under cover of darkness until the money had all flown out the door is outrageous.
Bernnake needs to add himself to Grassley's Seppuku list.
I'll pay for the sword.
A telling tale when Coke is running for the hills!!
Coca-Cola Flees Commercial Paper for Safety in Bonds (Update1)
March 17 (Bloomberg) -- Coca-Cola Co. is fleeing commercial paper for the safety of long-term bonds.
The world’s largest soft-drink maker joins a growing number of borrowers reducing their dependence on the debt this year as the market sinks to its lowest since seizing up after Lehman Brothers Holdings Inc. collapsed in September.
Coca-Cola, health-insurer WellPoint Inc. and more than 30 other companies are issuing bonds and using the proceeds to repay their short-term IOUs, according to data compiled by Bloomberg. The amount of commercial paper outstanding shrank 16 percent since Jan. 7 to $1.48 trillion last week and daily issuance dropped to a four-year low, according to the Federal Reserve.
“People want to push down their debt levels, build up their cash war chests and have lots of sources of funding, just in case one of the legs of their stools gets kicked out,” said Peter Crane, president of Crane Data LLC, a money-fund tracking firm in Westborough, Massachusetts.
This is at least the 2nd major mortgage firm to list stuff like this in the past few days...
Thornburg Considers Bankruptcy, MatlinPatterson Says (Update1)
March 17 (Bloomberg) -- Thornburg Mortgage Inc., the jumbo mortgage lender trying to restructure its debt, is considering options that include bankruptcy, according to MatlinPatterson Global Advisers LLC, formerly the company’s biggest shareholder.
Discussions with Santa Fe, New Mexico-based Thornburg include “possible restructuring, recapitalization or reorganization transactions (under Chapter 11 of the U.S. Bankruptcy Code or otherwise),” MatlinPatterson said in a federal filing today. MatlinPatterson, an investment fund specializing in distressed debt, surrendered 120.7 million shares of common stock yesterday and March 12 without any compensation, according to the filing.
Thornburg specialized in mortgages of $417,000 or more and was forced to seek a rescue last year after the mortgage-backed securities market collapsed. MatlinPatterson led an investor group that provided $1.35 billion to Thornburg in March 2008 to take majority control of the company, which faced margin calls.
I'm guessing this is a update, as this headline was posted back pages ago...
FDIC Boosting Fees for U.S. Lenders Tapping Debt Guarantee Plan
March 17 (Bloomberg) -- The Federal Deposit Insurance Corp. is charging banks extra fees to issue debt guaranteed by the agency to bolster reserves depleted as the pace of bank failures accelerates.
Bank or bank-holding companies selling debt after April 1 under the Temporary Liquidity Guarantee Program will be charged 10 cents or 20 cents per $100 in insured deposits, with fees rising later this year. The FDIC charges 1 percentage point of the amount sold on guaranteed debt maturing in one year or longer. The agency also extended the guarantee program until Dec. 31, 2012, and debt sales would be permitted until Oct. 31.
“The TLGP debt guarantee has been effective in improving short term and interim term funding for bank organizations,” FDIC Chairman Sheila Bair said during the board meeting.
The agency created the debt guarantee last year, opening a new channel for bank funding amid a seizure in credit markets that raised yields on investment-grade financial debt. By paying the FDIC a fee to back their bonds, banks were able to issue debt with a top AAA credit rating.
The fees would be applied until June 30 and are targeted at replenishing the FDIC’s deposit insurance fund, drained by 42 bank failures in the past 15 months. From June 30 on debt maturing by June 30, 2012, the fee would be 10 basis points on an annualized basis. Bank-holding companies would pay 20 cents per $100 of insured deposits, the agency said.
...What's new...Mo money...Mo money...giant black holes in all I survey...
Chrysler Seeks More Aid for Finance Arm, Chief Says (Update1)
March 17 (Bloomberg) -- Chrysler LLC, surviving on federal loans, asked the U.S. Treasury for more aid for its finance arm to stimulate auto lending, the carmaker’s chief executive officer told CNBC.
The company began seeing benefits in sales to individuals last month from a $1.5 billion Treasury loan to Chrysler Financial, CEO Robert Nardelli said in a CNBC interview today. He didn’t give a figure for how much more Chrysler requested.
“We have gone back to Treasury and said ‘we need to re-up that amount,’” he said. “We saw the evidence of how that works.” Providing more funds to Chrysler Financial may increase sales as much as 20 percent by expanding the range of customers who could qualify for loans, he said.