‘But hours before the meeting began, a majority of the council publicly announced on the front page of the local paper that they were going to approve demolition, no matter what people said at the meeting. The paper, the developers, and others were delighted. ‘
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‘I guess as an industry we’ve earned that reputation. We sold too many of the wrong types of loans to the wrong types of people. There were too many crooks out looking out for their own paychecks, and not their customers best interests.’
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‘ One of the data points I was wondering about was mentioned, and that’s the number of Crazies who are making minimum payments. The answer is a rather stunning 75%. This means that negative amortization is piling on to pay option ARMs loan balances at the rate of 4-5% a year.’
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There weren’t any Ninja loans in 1945; hence homeownership rates were lower than today’s rates. As you can see from the graph below, the homeownership rate in 1900 was just above 45%, whereas today’s home ownership rate is in the neighborhood of 70%.New housing starts are on the down slide, which is more than bothersome […]
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‘It appears quite clear at this juncture that the consumer has reached a psychological point where expectations of future price declines have become entrenched. We consider this to be eminently rational behavior on the part of potential homeowners and until the new homes market observes a decline in the median price of homes and falling rates, there will be little incentive to step up purchasing activity.’
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“The sale of stock by the members of the executive committee is in line with what each of them has done in the past”
Bear Stearns Cos. chairman-CEO James Cayne sold US$15.4 million of the investment bank’s stock this month, at the end of a year in which he found himself at the forefront of a global credit crisis. via Canadian Business Magazine
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‘While lenders reduced the overhang by 32 percent since July, they are struggling to unload debt from this year’s record $438 billion of leveraged buyouts after losses from securities linked to subprime mortgages reduced demand for higher-yielding assets, according to data compiled by Bloomberg. They sold some bonds at a discount of 10 percent to face value and loans at 5 percent below par, according to London-based Barclays Plc.’
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‘The root of the problem, is of course insolvency whose causa proxima is all the above. The ultimate correct solution is well put by Oscar Wilde:’ “It is only by not paying one’s bills, that one can hope to live in the memory of the commercial classes.” — Oscar Wilde
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Millions of consumers will have to wait until mid-February to receive their tax refunds, reports Associated Press. Because the IRS was late changing alternative minimum tax (AMT) rules, taxpayers…
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