The "up-to-the-minute Market Data" thread

reply to post by irishchic


Maybe he got laid last nite. Is he playing to demographics? WTH. I have been trusting this thread lately more than any MSM I have seen. The bank holiday talk on Meet The Press this morning was not comforting.

More FHA-Backed Mortgages Go Bad Without a Single Payment

www.washingtonpost.com...

May require online registration to see article but here's excerpts that give you the gist (it may sound familiar):

Subprime mortgage market has crashed and borrowers are flocking back to the FHA, which has become the only option for those who lack hefty down payments or stellar credit.

The spike in quick defaults follows the pattern that preceded the collapse of the subprime market as some of the same flawed lending practices that contributed to the mortgage crisis are now eroding one of the main federal agencies charged with addressing it. During the subprime lending boom, many mortgage brokers and small lenders milked the market for commissions and fees by making as many loans as possible with little regard for whether they could be repaid.

More than 9,200 of the loans insured by the FHA in the past two years have gone into default after no or only one payment, according to the Post analysis. The pace of these instant defaults has tripled in one year. By last fall, more than two dozen FHA home loans on average were defaulting this way every day, seven days a week.

Congress has substantially increased the amount a homeowner can borrow on an FHA loan in pricey areas, thrusting the agency into markets it was previously shut out of, such as California, where plunging home prices have made people more vulnerable to foreclosure. Moreover, lawmakers last year put the FHA in charge of a program created to address the roots of the financial crisis by helping delinquent borrowers refinance into new mortgages.

"With the onslaught of FHA lending that's going on right now, they're bringing in lenders who are not familiar with FHA guidelines," said David Hail, a vice president of Allied Home Mortgage of Houston, one of the nation's largest FHA partners. He said the lenders are "under pressure from their builders or buyers to get these loans done. They're approving loans that they should not be."

The FHA is attractive to borrowers looking to refinance, in part because the agency allows for cash-out refinances, a practice Apgar called "particularly problematic." It has become rare among conventional lenders, who fear that borrowers will take the cash and walk away from the loan.
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The FHA also permits "streamlined" refinancing, in which established FHA borrowers get lower rates without verifying their income. The thinking is that borrowers who are on time should stay that way if their rate drops.

Karmen Carr, a housing finance consultant for the FHA, said some mortgage brokers have been known to game the system. They coax homeowners to refinance repeatedly even though it's a costly process for the borrower, she said.

Some experts who track FHA lending say the agency should not wait for lenders to take the lead on toughening the rules, especially given the mortgage industry's poor track record for policing subprime and other risky home loans.

"Even if the market eventually gets these guys, they shouldn't have to wait for the market to do it," said Brian Chappelle, a former FHA official who is now a banking industry consultant. "The most frequent question I get asked by the groups I talk to is: 'Is FHA going to implode?' . . . They haven't seen HUD do anything significant in the past two years to tighten up its lending."

GOP official: No more money for GM without plan
Republican leader says no more federal money for General Motors until it proves it's viable

finance.yahoo.com...

WASHINGTON (AP) -- House Republican leader John Boehner says he does not support handing over more federal money to keep General Motors afloat unless the automaker proves that it has a viable and long-term business model.

Boehner (BAY-ner) says GM has avoided tough choices in the last 30 years. The Ohio congressman says that GM has to work with employees and creditors to plan a stable path ahead.

He says Congress shouldn't offer GM any more money unless it can prove those dollars could be paid back. Boehner says anything short of that would be "throwing good money after bad," and he predicted that GM could survive bankruptcy if it comes to that.

Boehner appeared Sunday on CBS' "Face the Nation."

reply to post by elston


for whatever illogical reason, I think they are actually trying to CAUSE a run on the banks.

Other than ensuring that all cash is out of the system and in people's hands before it becomes worthless, I cannot imagine what other goal they seek with this kind of move

Originally posted by Hastobemoretolife
reply to post by Hx3_1963

 

Imagine, that. Now what are the chances of the DOW curves being almost identical between the 1930's and today.

It sounds like central planning is the problem here. I've read comments about how it is going to take the best and brightest about 80 years to figure out how all this went down, but you, my friend, seemed to have figured it out already.

The federal reserve needs to be abolished. And the duties need to be relocated to the Treasury, like ASAP. Within this order needs to be a 2/3 House and Senate, and 2/3 of the States to ratify the Treasury to release any money.

The set rule needs to be that Cash in the system is equal to the amount of GDP. Boom cycles release more cash, bust cycles take cash out of the system. In order for this to work we have to get rid of fractional reserve banking and ratify a balance budget and national debt amendment.

That can be solved by instituting a tax transition of 10% on all products and services.

It will hurt in the short term but will emerge stronger and better in the long term.

just a side note to this...i am a smoker (yeah, i'm not proud of it) and i was just at the store on sat. 3/7/09, and they told me that cigerettes will be going up next week by 10 BUCKS A CARTON!! reason...federal tax.
i think i'll buy some lollypops for my oral fixation. this is about a 25% increase in the price!!!

reply to post by redhatty



I would have to agree. Them making a lot of this information public can serve no other cause. Even for the uninformed someone will see a headline somewhere while standin in line to buy smokes and tell their friends and so on and so on. As stated a few back, I actually went out last night and bought food and supplies. I can't believe it but I did. Next week is going to be interesting. People say it can't happen over night but it can happen in a few days. People don't need banks to be open to take their money out, several withdrawls of ATMs can put a big hamper on the banks. We'll see what happens tomorrow. Yesterday Obama even joked and pleaded for Americans not to take their money out and put it in their matresses. WTH would he say that on national television. That's nothing to joke about but he did it.

Sooooo....do many of you think the week ahead is the one that will shape our forseeable future?

My head is spinning,so very much going on and processing it all to make decisions is hard work!
I cancelled a trip this week,I don't want to be sitting in airports/listening to panic or be any place that won't allow me to get back to my "nowhere place"aka home in less than an hour.

I'm someone who takes calculated risks,deals in logic, and goes with her gut and I'm just not liking all this.

ALSO,I know it varies but it's the start of "Spring Break" here in So. Texas,many will be traveling or not working as kids are off school.
Potential for chaos as "guard will be down"due to people not at work/getting info as quickly nor be able to get to banks/ATM's if there's a run on the banks...

Local darlins' have been warned NOT to set foot over the border into Mexico to get drunk and nekkid but no doubt some WILL,potential for BIG trouble and "international incident" there as well...

It's all in timing.Relaxed people are more easily confused and controlled.

Now I'm starting to sound like people on some the other ATF posts!




[edit on 8-3-2009 by irishchic]

Apologies if this has been posted...I do not recall seeing this.

Worlds "biggest" bankers set to meet next weekend...

The Japanese business daily said the British government would host the meeting on March 24, after a Group of 20 (G20) finance ministers meeting in London next weekend and ahead of a summit of G20 leaders there on April 2.

uk.news.yahoo.com...

reply to post by irishchic


Imo there is still money to burn,perhaps next week will see another 100+billion injection,the world economy will prolly tailspin another 3-4 months.Why the rallies on higher than expected job losses is beyond me.


[edit on 8-3-2009 by all2human]

"China said on Saturday it wanted a major say in talks about reworking the global financial order and there should be more power for developing countries in the International Monetary Fund and World Bank."

Thanks for the thread burnthe ships!.

Global Financial Order.

[edit on 8-3-2009 by irishchic]

reply to post by irishchic


Interesting is it not? I posted the whole story here:

www.abovetopsecret.com...&addstar=1&on=5956776#pid5956776

There have been talks about something happening on March 10th, but I have no idea what the specifics would be. If you do an ATS search on "March 10" you will find several threads from astrology to 'psychic' warning of something happening on March 10th. Some people are warning that the M.E. will warm up, others speak of something on the Pacific coast of the US. The 'time monks' running the web bot have been seeing a global coastal event brewing but that is not expected to surface until April/May I believe.

Not sure if any of this relates to the economy, but why not? If nothing 'major' happens out of left field, I would say to expect a relatively slow week. Maybe ~100 point declines daily with a little bounce here or there. It seems a lot of the bad news hitting regarding the economy is being slowly leaked out to prevent a real run.

Incidentally, I did order a ****load of rice this past week. Why? Well, I guess my gut is telling me something but who knows... after reading these threads I'd be more surprised if I were calm and relaxed!

Oh, and Ben Stein? He lost ALL credibility when he said the credit crunch would blow over. He had laughed at Schiff and basically kept telling people to throw money into the market well after the SHTF last fall. Of course, he is now backpeddling and has apologized to Schiff to save face but the fact remains that he is a clear establishment holder and will say anything he is told to say.

[edit on 8-3-2009 by nydsdan]

reply to post by all2human
Friday was short covering before the week-end, GE "good" news & a "decent" Treasury bond sale...?

I"m still on the fence for next week...

GM news is not good and a couple reports this week could sting as well...

Top Republicans Call for GM to Declare Bankruptcy
www.foxnews.com...
Sen. John McCain said the Obama administration should've let General Motors fold, rather than keeping it on life support.

General Motors should hand over the factory keys to a bankruptcy court, two top Republicans said Sunday.

Sen. John McCain, R-Ariz., said the best thing for the ailing automaker to do would be to go into Chapter 11 to reorganize some of its business agreements and come out stronger than before.

"I think the best thing that could probably happen to General Motors, in my view, is they go into Chapter 11, they reorganize, they renegotiate ... the union-management contracts and come out of it a stronger, better, leaner, more competitive automotive industry," McCain told "FOX News Sunday."

Investors give up on data, pay attention to fear
www.msnbc.msn.com...
New week is likely to be same as recent past: Expect lots of selling

NEW YORK - The weekly calendar holds little meaning on Wall Street these days.

Traders and investors who normally plot their course around expected economic figures and corporate announcements are trying to hang on in a market that isn't being corralled by the usual forces. These days, fear does the driving.

Each week brings speculation about a possible turnaround. But as stocks grind lower, traders stop asking "When will it bottom?" and simply mutter "How long until the closing bell?"

'Bury' some big banks, GOP senator says
money.cnn.com...
Shelby says letting some troubled banks fail would send a strong message to the market.

WASHINGTON (Reuters) -- The United States should let some big troubled banks fail rather than commit more federal funds to prop them up, two key congressional Republicans said Sunday.

Sen. Richard Shelby, R-Ala., ranking member on the Banking Committee, said the United States should not mimic Japan, which in the 1990s propped up failing banks and prolonged its economic downturn.

"Close them down, get them out of business. If they're dead, they ought to be buried," Shelby told ABC's "This Week" program. "We bury the small banks. We've got to bury some big ones and send a strong message to the market."

Sounds to good to be true!

Wait..oh...it's just his opinion...move on people nuttin' to see here...

Recession will likely be longest in postwar era
www.msnbc.msn.com...
Observers see more complicated situation than 1981-82 downturn

WASHINGTON - Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens.

It wasn't the Great Depression. It was the 1981-82 recession, widely considered America's worst since the depression.

That painful time during Ronald Reagan's presidency is a grim marker of how bad things can get. Yet the current recession could slice deeper into the U.S. economy.

If it lasts into April — as it almost surely will — this one will go on record as the longest in the postwar era. The 1981-82 and 1973-75 recessions each lasted 16 months.

Unemployment hasn't reached 1982 levels and the gross domestic product hasn't fallen quite as far. But the hurt from this recession is spread more widely and uncertainty about the country's economic health is worse today than it was in 1982.

[edit on 3/8/2009 by Hx3_1963]

I enjoy your posts Hx3

IMF wants total control of banking:

emsnews.wordpress.com...


PLEASE slap my wrist if I'm not posting the link to Elaine Supkis blog correctly? Still wet behind ATS ears...

LOTS to read here but she is current and usually ahead of the media in quite a few things.I have learned from her posts.

[edit on 8-3-2009 by irishchic]

reply to post by jimmyx


Yeah, Obama raised taxes on the tobacco market! I am so pissed about this as well.

reply to post by irishchic

The IMF just released a report about the total collapse of banking in the G7+ system. The very same countries that lord it over the rest of the earth via the IMF are now nearly all in very deep trouble due to wild lending, wild borrowing and playing wretched money games that exploit loopholes, glitches and time lags in the system. And when there are no legal ways to fleece the system, then outright fraud and theft as well as corrupting the political system was used by the financial gamesters and players.

Their heads were "ahead" of their legs

reply to post by DangerDeath


yeah but their asses were on fire the whole time.

Originally posted by irishchic



emsnews.wordpress.com...


PLEASE slap my wrist if I'm not posting the link to Elaine Supkis blog correctly? Still wet behind ATS ears...

]

noooo...

the link works
and the author has more than 89% of my interest, because the author is correct....

thanks for the 89% insightful & approipiately correct blog site

~until it is too redundant i will visit often to read & absorb information presented,

thanks

Welcome!

If I'm gonna' play in this sandbox,I need to be a contributor as I see it.

More happy news for a mellow Sunday:

www.washingtonpost.com...

Trying to isolate "why" I tormet myself and am reading/absorbing so much even when I should be relaxing and I think it's because IF and WHEN things go upside down,I don't want to be one of the last to know.

Stupid is forever,right?





[edit on 8-3-2009 by irishchic]

Originally posted by Tentickles
reply to post by jimmyx

 

Yeah, Obama raised taxes on the tobacco market! I am so pissed about this as well.

That's a sign of a great leader: tax the tobacco products to get money for bailing out Phillip Morris that teeters on the verge of bankruptcy, coz tobacco is too expensive to buy due to a high tax sticker.

[edit on 3/8/2009 by stander]

reply to post by irishchic
Star 4 U!

Thanks fer da Kudos!

Wonder how this is gonna affect Asian Markets?
Category 5 Cyclone (Hurricane) 260kph winds bearing down on Australian east coast
www.abovetopsecret.com...

Australia
S&P/ASX 200 INDEX 3,159.40 13.90 0.44% 19:22
S&P/ASX 300 INDEX 3,147.70 13.90 0.44% 19:22
ALL ORDINARIES INDX 3,124.90 13.20 0.42% 19:22

New Zealand
NZX 50 FF GROSS INDEX 2,478.60 7.56 0.31% 19:01
NZX TOP 10 INDEX 734.18 3.85 0.53% 19:02
NZX 15 GROSS INDEX 4,673.39 13.31 0.29% 19:02
NZX ALL INDEX 634.32 2.61 0.41% 18:52

Dow Jones Indus. Mar 09 6,674.00 Mar 6 +43.00 (+0.65%)
S&P 500 Mar 09 687.80 Mar 6 +1.70 (+0.25%)
Nasdaq 100 Mar 09 1,076.50 Mar 6 -6.50 (-0.60%)

Gold $935.93
Oil $45.99

FX started trending higher...now...fluxuating...

Global Economy Will Shrink First Time Since World War II, World Bank Says
www.bloomberg.com...

Emerging Nations Face $700 Billion Gap for Imports, Debt, World Bank Says
www.bloomberg.com...

[edit on 3/8/2009 by Hx3_1963]