“Mortgage applications rose slightly as interest rates appear to have eased, with the Mortgage Bankers Association saying on Wednesday that its composite index of purchase and refinance activity jumped 1.7 percent for the week ended July 11 to 522.2. Applications were 17.4 percent below year-ago levels.”
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“Did you know that they paid their mortgage broker clients up to $50k PER LOAN in rebate-based commission? They allowed this up until last week!”
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“The country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (£350bn) current account deficit, leaving it far more vulnerable to a collapse of confidence than Japan in the early 1990s after the Nikkei bubble burst. Britain and other Anglo-Saxon deficit states could face a similar retreat by foreign investors.”
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“The criticism prompted House leaders to push back their timetable for approving emergency housing legislation, saying final action would take at least until early next week. The move came after a growing number of Republicans voiced skepticism and, in some cases, angry opposition, to the administration’s proposal to help the two companies, Fannie Mae and Freddie Mac.”
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“Hats off Shelby and Bunning. The latter is threatening to Filibuster Paulson’s proposed bailout of Fannie Mae and Freddie Mac. See Paulson Crosses Rubicon Lands In 5th Dimension for Paulson’s absurd proposal asking Congress for “authority to buy unlimited stakes in and lend to the companies, aiming to stem a collapse in confidence”.”
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Henry Paulson testifying Tuesday before the Senate Banking Committee. COMMENT By Robert D. Novak As financial storm signals appeared the past 18 months, some Bush officials urged drastic reform of Fannie Mae …
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Just a quick note. I was on Real Estate Radio USA today talking about RE BarCamp and REBlogWorld. If you missed it live, you can listen here.Share This
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Some excerpts: This is by far the worst financial crisis since the Great Depression Hundreds of small banks with massive exposure to real estate (the average small bank has 67% of its assets in real estate) will go bust Dozens of large regional/national banks (a’ la IndyMac) are also bankrupt given their extreme exposure to real estate and will also go bust
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“Double-digit increases in gasoline prices helped push up the consumer price index by 1.1%, in June, the biggest increase in 26 years, the Labor Department reported Wednesday.”
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