There’s a bad game being played right now. It’s certainly not new, but it’s picked up a new energy. It’s called the Blame Game and the spinner is pointed at you, the Originator!The blame is coming from all points on the compass. The Politicians, the Homeowners and even the Lenders themselves. […]
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Title should be As Lenders Tighten Flow of Credit,Risk of Crash
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I have to admit that the hardest part of selling real estate is working with the issues that are outside of my control. I’m a Type A personality that likes things done on time, as agreed and with as little interruption as possible. That’s why when loan gets delayed from closing on time because of […]
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“Companies in Britain and Europe have failed to place a single high-yield bond since the credit crunch kicked off in August, and may now have to wait until next year before the credit market reopens for business.”
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“The Fed did a small but nevertheless surprising net drain on Thursday, pulling $250 million out of the system, bringing the 5 day net to a shocking net drain of $9.25 billion.”
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“E-Trade Financial Corp., which flirted with collapse amid the growing mortgage crisis, said Thursday it is getting a $2.55 billion cash infusion from Citadel Investment Group in a bid to revive the battered discount brokerage.”
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Cramer goes to Cali and finds religion (and we mean the apocalyptic kind). We’re a bit mystified by his claim that “[default and bankruptcy] is very easy to head off before it happens”. As in, act now. Surely, he means more rate cuts. The problem is, those cuts aren’t buying consumers lower lending rates, especially in housing, and do little to preserve financial institution solvency, besides providing low-cost government-backed loans for the short term. But that just postpones the inevitable. The crisis is already here, Jim, and we (bloggers) told you it was coming a year, or two, or three (or even five) ago. Now it’s going to have to work its way through the system.
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Goldman Sachs on Tuesday downgraded the U.S. automobile sector to “cautious,” in part due to growing concerns about the U.S. macro outlook and its implication for auto sales. via Earth Times
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“Activist investor William Ackman said on Wednesday that bond insurers were headed for a blow-up, and he continues to short MBIA Inc and Ambac Financial Group Inc in anticipation of a further drop in their shares.”
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