Archive

Maker of all things commodity (Rayovac batteries, Remington grooming products and manure) just filed for bankruptcy protection (Western District of Texas, 09-50456).

In a curious turn, Freddie just announced that it is piloting a new program designed to "keep more at-risk borrowers in their homes" which will be accomplished by using third-party servicers that specialize in servicing Alt A and other types of higher risk mortgages.

Total down -48.8% vs -39.3% Estimates.

Cars down -57.9%, trucks down -42.4%

Q1 2009 production forecast at 380,000 vehicles

Curious tidbits: there were no sales of the following cars and trucks in January countrywide:

Monte Carlo, SSR, GTO, Ion, Rendezvous, and Hummer H1

Working to calculate SAAR at this point, but it looks waaaaay lower than 10 million

From Daschle's statement:

From Daschle's statement:

This is the summarized data on the troubling vacancy rates:

This is the summarized data on the troubling vacancy rates:

Actual -42.1%. Street consensus was -33%. Fleet sales down 65%!

The Default-3 cranking along nicely... Will keep you posted on the other 2 of the D-3

Harley Davidson stock was up 15% today after news emerged that Berkshire Hathaway was buying $300 million of the company's bonds in a private transaction. HOG raised a total of $600 million in debt, with the remaining $300 million purchased by Davis Selected Adviser, the largest holder of Harley stock.

Developing story: per executive editor Bill Keller online commentary.

Good way to alienate the remaining 10 internet readers

What is it with Democrats? Geithner and Daschle are apparently not enough. There is breaking news of another person in the Obama camp who is in hot water due to tax issues.

(thanks to the other Bank of Countrywide Lynch Rosenberg - Jeffrey)

Gotta love anything to do with foreclosure transactions. One third of all 2008 transactions involved borrowers forced out by banks.

healthy market

- some not so happy news updates:

According to Mark Hanson, Managing Director of Field Check Group there is a 21 month "shadow inventory" supply of inventory in California.

According to RealtyTrak 66% of all foreclosures have not made it out in workout yet.

The market rumor this morning is that Landry's Restaurants, which is about 5x levered, and whose market cap has recently dropped to an almost all time low of $100 million, is trying to raise a new $270 million of 2.5 year notes. The B/Caa1 rated company is seeking gullible mutual fund managers who will find the 14% coupon and 20% yield (88 cent issue price) attractive. Kinda reminds us of Movie Gallery which, with the help of Goldman Sachs, raised about a billion last spring and defaulted before they even paid one coupon.