"This was a disaster," said Fort Lauderdale broker Paul Merlesena as he stood near the door following the auction. "They're basically going to have to give them away now."
The Federal Reserve announced Friday it will auction another $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis.
President George W. Bush said the government will expand efforts to help [irresponsible] homeowners avoid foreclosure as Democrats increase pressure on his administration to reduce unaffordable home-loan payments. [suckers]
Now that hurts!
# $200 billion amount of write-downs announced so far as a result of the current credit crisis. # $14.1 trillion is the size of the entire U.S. economy # And $53 trillion size of this country's bill for the Social Security and Medicare promises
The Treasury Department will propose that Congress give the [private] Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might po
(I am constantly sought for permission to use the Ron Paul Revolution logo. The following is my standard answer...)
Democratic presidential candidate Barack Obama proposed greater government regulation of the U.S. financial system and a new $30 billion economic stimulus plan in response to the housing crisis. [just great, more inflation, more failing regs]
In the last year median home prices in Sacramento and the High Desert have fallen 31 percent, with the Riverside/San Bernardino median following close behind at -27.2 percent.
Dear Citigroup Customer .... I have a friend "SK" who is a Certified Mortgage Planning Specialist in California. He has clients in existing ARMs with Citigroup. Those ARMs are about to reset and Citigroup has been sending out "Dear
Time to listen to Texas Congressman Ron Paul, the lone voice of reason in Congress who’s got to feel like he’s shouting into a field of cotton with his repeated warnings about the dangers of a collapsing dollar, while the administration goes AWOL on
Adding to fears that the world's biggest economy is falling deeper into recession, two reports showed an acceleration in the decline in house prices and an unexpectedly sharp fall in consumer confidence.
Clear Channel joined the private-equity firms in a suit filed in Texas state court in San Antonio, where the company is based, alleging the banks interfered with the takeover by refusing to provide loans.
In a CNBC interview, Cato Institute chairman Bill Niskanen stated that more regulation may well be necessary to prevent the investment banks from unfairly gaming the system. (What happened to "Oppose the Cult of the Omnipotent State"
Cesspool Bottom Line: 22.69% of a pool that was 92.6% rated AAA is 60 days delinquent or worse. At the current rate of progression it would not be surprising to see 30% of this pool get to REO status.
"Months of Supply is at the highest level since 1981. Note that does not include cancellations...
Even as the Bush administration insists it won't risk public funds in a bailout, American taxpayers may already be liable for billions of dollars stemming from [the private company] Federal Reserve and Treasury efforts to quell a financial crisis
Wall Street banks, brokerages and hedge funds may report $460 billion in credit losses from the collapse of the subprime mortgage market, or almost 4 times the amount already disclosed. Profits will continue to wane.
Trustees for the government's two biggest benefit programs warned that Social Security and Medicare are facing "enormous challenges" with the threat to Medicare's solvency far more severe.
The threat of massive deflation can be eliminated, the threat of inflation ended, and the actual and potential domain of economic freedom greatly expanded, for $11 billion [this is a must-read if you want to understand]
The Conference Board's gauge of expectations for the next six months slumped to 47.9, the lowest since December 1973, when the Watergate scandal rocked the Nixon administration and an embargo by a group of Arab oil exporters was in effect...
Short sales may be a large reason behind the continued drop in prices. Owens' TeamWork team has 54 listings and 40 percent of those are short sales.
If the value of those homes drops -- as it now has -- and too many of the buyers walk away, the whole structure can collapse.
Looking at this graph, I'd guess prices have fallen somewhat less than half way (in real terms) to the eventual bottom.
In a CNBC interview, Cato Institute chairman Bill Niskanen stated that more regulation may well be necessary to prevent the investment banks from unfairly gaming the system.
Home sales decreased 28.5 percent in February in California compared with the same period a year ago, while the median price of an existing home fell 26.2 percent, the (C.A.R.) reported today.
[because it worked so well for them -- well, just not for their citizens] The United States should use public funds to shore up its financial system and calm recent market turmoil, Japan's financial services minister said.
The renegotiated deal is bound to cause complaints that the nation's central bank has been sucked into supporting a partial bailout. (There is no summary of this story that gives justice to what is happening,... read and cry)
Hillary Clinton proposed several remedies to the nation's home mortgage problems including tort reform. "Many mortgage companies are reluctant to help families restructure their mortgages because they're afraid of being sued
the cracks in the economy widen, and a new fear is instilled in the hearts of Americans – the sense of vertigo that comes with contemplating a real 1930s-style brother-can-you-spare-a-dime economic meltdown.