[DrStool]

Papering Over Disaster, Temporarily – Professional Edition

by Lee Adler, Monday, September 21, 2009, in Money and The Fed, Professional Edition | Permalink |Comments (0) Edit We now have an inkling of how the Treasury will handle the paydown of $185 billion in Treasury CMBs. It will turn what would have been a horrendously bearish period into something less so, but the respite will be temporary. At the very least, it should give the smart money the opportunity to tiptoe out the back door before the crowd stampedes later in the fourth quarter. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

[Trader Joe]

As much as I like reading Mish's stuff, it drives me bananas when he (and others) post dogsh*t like this...



Link

So, let me see now, the market could go UP, or it could go DOWN or it might stay FLAT

Thanks for nothing......stick with macroeconomic stuff

Yeesh!

[Jorma]

DrStool, on Sep 21 2009, 03:59 PM, said:

<h2 class="post-title">Papering Over Disaster, Temporarily – Professional Edition</h2>
by Lee Adler, Monday, September 21, 2009, in Money and The Fed, Professional Edition | Permalink |Comments (0) Edit We now have an inkling of how the Treasury will handle the paydown of $185 billion in Treasury CMBs. It will turn what would have been a horrendously bearish period into something less so, but the respite will be temporary. At the very least, it should give the smart money the opportunity to tiptoe out the back door before the crowd stampedes later in the fourth quarter. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

So in other words, and I stress other words, the Treasury is sacrificing uncommitted TARP funds. A mild version of my somewhat ill conceived rant of a week ago. Let's see when the MSM picks up on this or how the Treasury tries to spin it. Is it even legal? In the context of the TARP funding legislation. I am sure congress will ignore it. As much as they like to pretend they don't like Tim he's their daddy.


As I said. There was no way a couple of hundred billion was going to sit around not doing a thing.

[cwd]

When was the last time you bought a 2k/pair of pants?
ABC

[mdporter]

This morning I found out a mini RIF took place at the office. A few chops here and there, including one of my buds who works in the Arizona office. She was down over $100k on her house purchase there. If she can't find a new job fast she's probably toast.

Stopped by my local tire store to get work done on my car. Usually at 8 in the morning all their service bays are full. This morning they had one car up on a rack, half their bays were closed, the other half were empty and waiting. They took care of me immediately. I've been going there for 10 years now and never have I seen their service place so empty. Ditto for my local Honda dealer when I was there last week.

Then there is this article from Sunday's San Francisco Chronicle:

Thousands of Bay Area homes have a ticking time bomb embedded in their mortgage. The homes were purchased with loans known as option ARMs, short for adjustable rate mortgages.

Next year, many option ARM payments will begin to readjust, slamming borrowers with dramatically higher monthly mortgage bills. Analysts say that could unleash the next big wave of foreclosures - and home-loan data show that the risky loans were heavily used in the Bay Area.

From 2004 to 2008, "one in five people who took out a mortgage loan (for both purchases and refinancing) in the San Francisco metropolitan region (San Francisco, Alameda, Contra Costa, Marin and San Mateo counties) got an option ARM," said Bob Visini, senior director of marketing in San Francisco at First American CoreLogic, a mortgage research firm. "That's more than twice the national average.

"People think option ARMs (will be) a national crisis," he said. "That's not really true. It's just in higher-cost areas like California where you see their prevalence."

Of the 10 metro areas nationwide with the most option ARMs, three are in the Bay Area, according to Fitch Ratings, a New York research firm. They are the East Bay counties of Alameda and Contra Costa, the South Bay area of Santa Clara and San Benito counties, and the counties of San Francisco, Marin and San Mateo.

source


I continue to see an unusually large number of garage sales. Last week someone looked like they had everything they owned in the front yard. Pennies on the dollar.

[mdporter]

cwd, on Sep 21 2009, 02:13 PM, said:

When was the last time you bought a 2k/pair of pants?
ABC

[Bungster]

A friend of mine's mother passed last year. She lived in the outskirts of Tahoe, Kali. They put her place up for sale at 635K and had it on the market....Reamtor caravan goes to see the place......Reamtors say they won't waste time with showing the place as it is obviously overpriced.....Price is reduced to 485K.....and it is probably still overpriced...

[shorty]

mdporter, on Sep 21 2009, 02:14 PM, said:

Thousands of Bay Area homes have a ticking time bomb embedded in their mortgage. The homes were purchased with loans known as option ARMs, short for adjustable rate mortgages.

Next year, many option ARM payments will begin to readjust, slamming borrowers with dramatically higher monthly mortgage bills. Analysts say that could unleash the next big wave of foreclosures - and home-loan data show that the risky loans were heavily used in the Bay Area.

cool I'm gonna grab some popcorn sit back and enjoy the show

[shorty]

mdporter, on Sep 21 2009, 02:14 PM, said:

A few chops here and there, including one of my buds who works in the Arizona office. She was down over $100k on her house purchase there. If she can't find a new job fast she's probably toast.

can't she just laugh and walk away from the first mortgage there like they do in CA?

stick the loss to the bank?

which then sticks it to you and me the taxpayers?

then just walk across the street and purchase an identical cookie-cutter craphouse fer half price and start the Ditech ATM game all over again?

[shorty]

Bungster, on Sep 21 2009, 03:14 PM, said:

A friend of mine's mother passed last year. She lived in the outskirts of Tahoe, Kali. They put her place up for sale at 635K and had it on the market....Reamtor caravan goes to see the place......Reamtors say they won't waste time with showing the place as it is obviously overpriced.....Price is reduced to 485K.....and it is probably still overpriced...

house_wreck.jpg

"must-see cozy starter with country charm needs minor TLC hurry won't last"
"as-is, buyer to verify all"
"seller shall be pleased to entertain offers in the 485K to 635K range for pre-approved buyers only"

[Bungster]

shorty, on Sep 21 2009, 05:20 PM, said:

"must-see cozy starter with country charm needs minor TLC hurry won't last"
"as-is, buyer to verify all"
"seller shall be pleased to entertain offers in the 485K to 635K range for pre-approved buyers only"

"Potential buyers should submit letters of what the home means to them and why they are more worthy than other buyers.."

[shorty]

Bungster, on Sep 21 2009, 03:27 PM, said:

"Potential buyers should submit letters of what the home means to them and why they are more worthy than other buyers.."

them were the daze, when the best and brightest got filthy rich in RE and piled up big bankrolls of sideline cash that will now guarantee them a fun exciting carefree passionate retirement lifestyle fer their golden years plus enable them to give back generously to charities of their choice to help out those less fortunate who sadly lacked the financial acumen and courage to seize the day and reap abundant and well-deserved rewards from lying on mortgage applications and pocketing cash from straw buyer scam purchases then walking away

[Trader Joe]

Made it thru the first 4 minutes of Krudlow....that's alls I could takes

[Bungster]

Trader Joe, on Sep 21 2009, 06:06 PM, said:

Made it thru the first 4 minutes of Krudlow....that's alls I could takes

Was he talking about Coca-Cola?

[DrStool]

Beginning of the End- Professional Edition

by Lee Adler, Monday, September 21, 2009, in Professional Edition, Today's Markets | Permalink |Comments (0) Edit Cycle based stock screening data weakened across the board, raising the question of whether this is the end of something or the beginning of something. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.