Tuesday, April 14, 2009

The Washington Post - "Foreclosure Sales Stalled by Red Tape" (4-13-09)

"As bargain hunters turn their attention to foreclosures, many are discovering the toughest challenge is dealing with the banks that repossessed the homes. These banks are usually quick to accept a bid and write a contract. But the closer buyers get to the settlement table, the greater the potential for bureaucratic bungling and the chance the buyers will give up. The housing market stands little chance of recovering until the foreclosures are sold. Distressed properties make up roughly a quarter of U.S. homes for sale. Moving them would go a long way toward stabilizing home prices. But working with the banks, which are typically based far from the homes they're selling, is not as simple as buying from a regular homeowner."

New York Times - "Houses, Decked Out for a Sale, Are Burglarized" (4-12-09)

"It is a common ploy here and elsewhere to have professional decorators 'stage' unoccupied homes that are on the market with borrowed furnishings and appointments to help fetch top dollar, especially now that real estate sales have wilted like a week-old flower arrangement. But along with fragrant jasmine and wisteria in bloom, there is caution in the air here. The same painstaking efforts to attract buyers have also attracted thieves."

Goldman Sachs 666 - "Is Goldman Sachs Manipulating the Stock Market? - It Sure Looks Like It" (3-13-09)

"There was a very interesting article on Zero Hedge the other day. In the data provided, I noticed that Goldman Sachs traded more for their Principal account than the next 14 firms COMBINED. And the next 14 were no slouches . . . Citi, JP Morgan UBS, Credit Suisse, Merrill, Barclays, Deutsche Bank, BNP Paribas, etc. I mention this because it seems a bit coincidental that the markets have skyrocket during this very same period, and Goldman Sachs' stock price has jumped more than 70% to just about back to where our dear friend Warren Buffet bought in. Their stock prices has more than doubled the performace of any of the US markets!"

CNBC - "One Big Bear Is Not Running With The Bulls" (4-13-09)

"Greene has made a killing going against conventional wisdom. As I've reported before, Greene began buying credit default swaps on mortgage backed securities in 2006, basically buying a form of insurance on bonds filled with subprime loans from California and Florida. He figured those bonds would fail, and when they did, he was in the money on his 'insurance'."


Dispatch Politics - "Are FHA loans next big risk?" (4-12-09)

"some experts warn of a new and growing danger: Federal Housing Administration mortgages, government-insured loans for people with shaky credit histories or little money for a down payment. The default rates on these loans are rising, and some fear that the same loose lending practices that fueled the subprime-mortgage mess are affecting FHA loans."

MSNBC - "What’s the tab for the bailout? Take your pick" (4-13-09)

"So far, cash commitments made by various bailout efforts — including the Treasury's $700 billion Troubled Asset Relief Program bailout and various lending programs by the Federal Reserve — are just shy of $3 trillion, Neil Barofsky, special inspector general for TARP, told the Senate Finance Committee March 31. But the net cost to taxpayers will be much lower — more like $356 billion in direct spending — according to an analysis published last month by the Congressional Budget Office."

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