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Originally posted by pause4thought
reply to post by Rockpuck
Point taken. But the apathy is so great out there that someone who doesn't pull their punches can draw attention to important issues in a way a calm, collected type will not likely achieve. That's not to take away from Peter Schiff - the two can actually complement each other, serving different audiences, as it were.
Nice call on the media. You've clearly not reached your conclusion lightly.
reply to post by Rockpuck
Maybe you were right & he was wrong. It doesn't prove we should write him off. One piece of evidence doesn't prove a case. I just think you're being a little hasty.
Anyway, check out his videos & draw your own conclusions. (I think it might be a faster internet connection you need, not a processor - unless you're on a dinosaur.)
If you guys like this guy thats cool, I really don't care and I like other opinions, but I would just not blindly follow this guy w/o your own research.
Originally posted by GreenBicMan
Well, if I am being hasty from day 1 on this thread I think I said I hate people being misinformed/mislead and I would be here to try to clean that up. Seems like most of that is gone, and seriously I really dont mind the opinion, but when I think it is pretty much made up/outright lie - then I logically in my mind must write off a lot of what he says
About half of U.S. mortgages seen underwater by 2011
NEW YORK (Reuters) - The percentage of U.S. homeowners that owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March as home prices continue to fall, Deutsche Bank said on Wednesday.
Home price declines will have their biggest impact on "conforming" loans that meet underwriting guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Conforming loans make up the bulk of mortgages, and are typically less risky because of stringent requirements.
Of conforming loans, 41 percent will be "underwater" by the first quarter of 2011, up from 16 percent at the end of the first quarter 2009, it said.
"For many, the home has morphed from piggy bank to albatross," Deutsche analysts Karen Weaver and Ying Shen said in the report.
Fannie, Freddie regulator to leave post: official
WASHINGTON (Reuters) - James Lockhart, the regulator for Fannie Mae and Freddie Mac, will soon step down after more than three years as overseer for the mortgage finance companies, an administration official said.
Lockhart will step down very soon as head of the Federal Housing Finance Agency, the official said, but no decision has been made about who might be a suitable long-term replacement, nor what role that person would have in shaping housing policy.
When asked by Reuters in an interview if he is leaving soon, Lockhart would not comment on any move but said he was proud of his work as a regulator and was looking forward to returning to private life.
"It's just time to get back to the family," he said.
Originally posted by anachryon
90.93 on the Yen. Looking over the edge of the abyss, we are.
UPDATE 1-MBIA posts lower second-quarter profit
* Reports profit of $4.30 a share
* MBIA shares closed down 3.83 pct at $5.53
NEW YORK, Aug 5 (Reuters) - Bond insurer MBIA Inc (MBI.N) reported a lower second-quarter profit on Thursday, hurt by losses on mortgage-related securities.
MBIA said net income fell to $894.7 million, or $4.30 a share, compared to $1.7 billion or $7.14 cents a share for the same period a year ago.
Analysts on average expected a loss of $1.08 a share, according to Reuters Estimates. It was not immediately clear whether this was comparable to the $4.30 a share figure.
Armonk, New York-based MBIA and its smaller rival Ambac Financial Group (ABK.N) have struggled to get new business after crippling losses from risky mortgage securities and rating agencies stripped the bond insurers of their triple-A ratings.
MBIA shares closed at $5.53 on Wednesday.
UPDATE 1-Taylor Bean shuts mortgage lending operations
* Will not fund or close pending home loans
* Freddie Mac will no longer buy Taylor Bean loans
* Action follows reported search of office
NEW YORK, Aug 5 (Reuters) - Taylor, Bean and Whitaker Mortgage Corp, the 12th-largest U.S. mortgage lender, has shut down its mortgage lending operations after the Federal Housing Administration barred it from making loans that the agency insures.
The closure came a day after the FHA punished the Ocala, Florida-based lender for having failed to submit a required annual financial report and "misrepresented" that there were no unresolved issues with an auditor that had in fact discovered "irregular transactions that raised concerns of fraud."
In an email posted on the Ocala Star-Banner newspaper's website, closely held Taylor Bean said it must cease all mortgage lending immediately, and will not close or fund any pending home loans.
It said it expects to continue servicing mortgage loans "as it restructures its business in the wake of the events.
Taylor Bean also revealed that it can no longer sell loans to Freddie Mac (FRE.N), the mortgage financier, after it was earlier cut off by Government National Mortgage Association, better known as Ginnie Mae.
The Wall Street Journal said Chairman Lee Farkas, in an email to staff, said: "Today will be the last day of operations for TB&W. I have done everything possible to try to save it, but I couldn't." He also said all except "essential" employees will be "terminated today," the newspaper said.
The company, Farkas and spokeswoman Melissa Spata did not return several phone and e-mail requests for comment.
Commercial property execs expect more bad news
* 93 pct say real estate values are lower than last year
* 82 percent say values will continue to deteriorate
By Ilaina Jonas
NEW YORK, Aug 5 (Reuters) - An overwhelming majority of U.S. commercial real estate executives believe their industry is suffering and expect it get worse, according to a survey by the Real Estate Roundtable released on Wednesday.
Some 93 percent of the 120 chief executives, chairmen, presidents, board members and others polled said commercial real estate prices are lower than they were a year ago, according to the Roundtable, which represents commercial real estate owners, developers, lenders and managers.
Eighty-two percent expect values to remain roughly the same or erode further in the next 12 months, the survey said.
Hotels, office buildings, shopping centers, warehouses and apartment building owners and lenders have been grappling with declining rents and rising vacancies. Meanwhile, prices for these assets have sunk has the credit crisis has dried up sources to finance sales or refinance maturing loans.
Colin Dyer, chief executive officer of Jones Lange LaSalle, one of the world's largest real estate services companies, on Wednesday said that prices for U.S. assets have fallen by as much as 50 percent.
"Over the last year or so the commercial real estate industry has been stuck between a rock and a hard place," Jeffrey DeBoer, Roundtable chief executive said. "The rock that we see is the fundamentals, which continue to create problems for the industry. The hard place is continuing to not move and that is the frozen credit markets, in terms of getting the ability to finance or refinance debt."
Georgian Bank Says Bad Loans Surged 10-Fold in ‘09 (Update1)
Aug. 5 (Bloomberg) -- Georgian Bancorporation Inc., the second-biggest Atlanta-based bank, is still seeking to raise at least $25 million after a 10-fold jump in bad loans in six months, Chief Executive Officer John Poelker said.
“We felt along with most people that the real estate situation in Atlanta would have begun to correct itself by the summer of 2009,” Poelker, who replaced founder Gordon Teel at the closely held bank last month, said in an interview today. “Nobody expected this downturn in real estate to be as widespread and deep as it turned out.”
Georgian, which earlier this year scrapped a plan to seek U.S. bank-bailout funds, had $306.4 million in nonperforming loans as of June 30, compared with $28.4 million at the end of 2008, according to Poelker. Of the bank’s $1.77 billion of total loans, $1.36 billion were for property. The capital-raising, announced in May, will target private-equity firms or other institutions, a shift from earlier plans to seek funds from shareholders and local investors, Poelker said.
“Having 17 percent nonperforming loans is horrible,” said Lee Bradley, founder of Southeast Financial Holdings Inc., an Atlanta firm that helps bank raise capital. “Usually banks that have a 20 percent ratio are dead men walking.”
Originally posted by marg6043
reply to post by Hx3_1963
It sounds to me like the panic team is getting the public ready for the horrible figures that will be showing with the unemployment rates.
Just nothing to see here population just trust us, we pulled out of a depression.
Originally posted by pause4thought
reply to post by GreenBicMan
I'll refer back to that to save your face when the whole system goes belly-up.
You still might need a plane ticket, though.
To me the weekly chart is signaling for 1 more up week because when we break out of a MA usually gets overbought then immed. shorted back under where it consolidates and then breaks again for real this time either testing again or incases of times like these.. just takes off..