Nov - 22nd
The FDIC takes over 3 more banks on Friday
Posted at 12:24 pm | Filed Under Politics, Bailout News, California Housing Crash, The Economy, Real Estate
More banks keep going under, now is the turn for Downey Savings & Loan Association of Newport Beach and PFF Bank & Trust of Pomona, both in California. The FDIC also took over Community Bank of Loganville, GA.
In its news release, the FDIC said the following:
U.S. Bank, National Association, Minneapolis, MN, acquired the banking operations, […]
Nov - 21st
Not everybody should be a homeowner
Posted at 6:28 pm | Filed Under Politics, The Economy, Real Estate
This is one of the smartest statements anybody has made in a long time and you can read the whole article on the San Francisco Chronicle web site.
The hard fact is, at any given time, no more than about 50 percent of the American population should own their own homes, at the very most. Everyone […]
Nov - 21st
Help us STOP the Auto Makers Bailout!
Posted at 7:31 am | Filed Under Politics, Bailout News, The Economy
I received this from Dick Armey today. Let’s help them out.
Since the 1970s, Detroit’s Big Three auto makers have failed to keep
up in the competitive auto industry. High labor costs and inflexible
work rules, as well as a failure to overcome negative consumer sentiments have combined to bring the Detroit-based auto manufacturers to their knees. Now […]
Nov - 21st
The fall of the American Empire - Part II
Posted at 1:04 am | Filed Under Politics, The Economy
Sad but true. America won’t be the super power forever and it might not take too long for us to witness the fall of the American Empire.
According to Reuters:
WASHINGTON, Nov 20 (Reuters) - U.S. economic and political clout will decline over the next two decades and the world will be more dangerous, with food […]
Nov - 14th
Layoffs Tracker
Posted at 1:18 pm | Filed Under The Economy
Company Number of layoffs
Wells Fargo 80% wholesale mortgage jobs
Weather Channel unknown
Associated Press 400
JPMorgan Chase 10%
Sun Microsystems 6,000
Citigroup 53,000
BT […]
Nov - 14th
Bailouts, Bailouts , and more Bailouts
Posted at 12:28 pm | Filed Under Politics, Bailout News, The Economy, Real Estate
Oh, yes. Another bailout proposal. This time from the FDIC.
FDIC Loss Sharing Proposal to Promote Affordable Loan Modifications
Background
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives […]
Nov - 13th
Foreclosure rates up 25 percent in October
Posted at 1:52 pm | Filed Under Bailout News, Politics, California Housing Crash, Florida Housing Crash, The Economy, Real Estate
This from AP via Yahoo Finance:
MIAMI (AP) — The number of homeowners caught in the wave of foreclosures in October grew 25 percent nationally over the same month in 2007, data released Thursday showed.
More than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5 percent over September, according to […]
Nov - 12th
The bubble is bursting in Dubai
Posted at 7:19 pm | Filed Under The Economy, Real Estate
But no, our housing market is different, our economy is resilient. Home prices can only go up. Isn’t that what they all say?
Well, it turns out that Dubai was not that immune after all. Interesting article on the Wall Street Journal site:
DUBAI — This city’s six-year property boom appears finally to be over, with asking […]
Nov - 12th
Layoffs, Layoffs, and more Layoffs
Posted at 7:17 pm | Filed Under The Economy
From CNBC:
Applied Materials, the No. 1 computer chip-equipment maker, posted a smaller-than-expected drop in quarterly profit and said it will slash 1,800 jobs, or 12 percent of its workforce to cut costs, boosting its shares more than 5 percent.
The company said on Wednesday it expects the job cuts, which will begin in the fiscal 2009 […]
Nov - 12th
Bailouts, Lies, and Rock and Roll
Posted at 12:40 pm | Filed Under Politics, Bailout News, The Economy, Real Estate
We just learned that Hank Paulson decided not use any of the 700 billion bailout money to purchase toxic mortgages but instead he wants to keep using the money to inject more money in financial institutions. A couple of months ago, Congress passed the bailout plan based on the assumption that the Treasury Department was […]
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