Archive - May 12, 2009
The REIT Maturity Crunch In Perspective
Submitted by Tyler Durden on 05/12/2009 23:59 -0500As Zero Hedge's all time favorite investment bank Merrill Lynch is all too happy to attest, the REITs have proven to be a phenomenal source of underwriting revenue.
The REIT Maturity Crunch In Perspective
Submitted by Tyler Durden on 05/12/2009 23:59 -0500As Zero Hedge's all time favorite investment bank Merrill Lynch is all too happy to attest, the REITs have proven to be a phenomenal source of underwriting revenue.
On "Rock Bottom" Housing Prices
Submitted by Tyler Durden on 05/12/2009 19:33 -0500For all who claim that rampant inflation is up next, and home price deflation is over, I present the following charts for readers to ruminate on just how much higher existing home sales inventories are relative to some semblance of a trendline, in addition to a long-term chart comparing CPI with the median home price.
On "Rock Bottom" Housing Prices
Submitted by Tyler Durden on 05/12/2009 19:33 -0500For all who claim that rampant inflation is up next, and home price deflation is over, I present the following charts for readers to ruminate on just how much higher existing home sales inventories are relative to some semblance of a trendline, in addition to a long-term chart comparing CPI with the median home price.
First Tax-Month Budget Deficit Since 1983
Submitted by Tyler Durden on 05/12/2009 18:59 -0500The U.S. reported the first April budget deficit in over 25 years, specifically $21 billion on a significant drop in individual and corporate tax receipts. April, which is traditionally the strongest budget revenue month due to the peak in individual tax revenue collection was unable to buck the trend in second derivatives and green shoots and is likely an indication of just how much worse the economy will get with traditional Treasury revenue sources rapidly disappearing. The Congressional Budget Office, which forecasts a $1.75 trillion budget shortfall for the Sept.
First Tax-Month Budget Deficit Since 1983
Submitted by Tyler Durden on 05/12/2009 18:59 -0500The U.S. reported the first April budget deficit in over 25 years, specifically $21 billion on a significant drop in individual and corporate tax receipts. April, which is traditionally the strongest budget revenue month due to the peak in individual tax revenue collection was unable to buck the trend in second derivatives and green shoots and is likely an indication of just how much worse the economy will get with traditional Treasury revenue sources rapidly disappearing. The Congressional Budget Office, which forecasts a $1.75 trillion budget shortfall for the Sept.
The Full Faith Of The DMCA
Submitted by Tyler Durden on 05/12/2009 18:31 -0500Now that Merrill Lynch has upgraded every single REIT and has a price target of +/- infinity, (conveniently pocketing over $100 million in the process), the company can focus on more pressing issues at hand (and no, not redecorating Thain's legacy office in the neo-uber-criminal style). Instead, the bank has sent not one, not two, but a whopping six cease and desist orders to Zero Hedge.
Even Moody's Thinks Fed's "Adverse Case" Is A Joke
Submitted by Tyler Durden on 05/12/2009 12:39 -0500When even Moody's chimes in and notes that the Fed's "Adverse Case" assumptions are in line with their "Base Case" assumptions, one can't help but wonder in what parallel universe the Federal Reserve is expecting to see its optimistic outcome realized, especially since many of its macro worst case parameters have already been trampled by real economic data.
Even Moody's Thinks Fed's "Adverse Case" Is A Joke
Submitted by Tyler Durden on 05/12/2009 12:39 -0500When even Moody's chimes in and notes that the Fed's "Adverse Case" assumptions are in line with their "Base Case" assumptions, one can't help but wonder in what parallel universe the Federal Reserve is expecting to see its optimistic outcome realized, especially since many of its macro worst case parameters have already been trampled by real economic data.
Even Moody's Thinks Fed's "Adverse Case" Is A Joke
Submitted by Tyler Durden on 05/12/2009 12:39 -0500When even Moody's chimes in and notes that the Fed's "Adverse Case" assumptions are in line with their "Base Case" assumptions, one can't help but wonder in what parallel universe the Federal Reserve is expecting to see its optimistic outcome realized, especially since many of its macro worst case parameters have already been trampled by real economic data.
Guest Post: Open Letter To FDIC
Submitted by Tyler Durden on 05/12/2009 11:57 -0500To: Sheila Bair, FDIC
Earlier this evening Advanta, which through its FDIC-insured bank Advanta Banc Corp makes credit card loans, declared its intentions to allow its securitization trust to go into early amortization, while concurrently launching a coercive tender offer for the securities issued by the trust. This marks the first intentional amortization event, which if unpunished, could jeopardize the stability of securitization markets, the government’s special programs to aid the market such as TALF, the bank’s depositors, and the legal rights of Advanta’s ABS investors.
Was Obama A Subprime Borrower?
Submitted by Tyler Durden on 05/12/2009 00:31 -0500A humorous if somewhat serious post by scrivener.net, which analyzes whether the current President would have benefited from the ongoing mortgage relief plan, assorted bankruptcy initiatives and other programs set in place to make life for subprime borrowers easier, especially if a butterfly had flapped its wings in China between 5 and 10 years ago. The answer is...



