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whoooooooooooooo, thats great news, we are gonna rally off this
It's the bottom....More green shoots of Hopium, buy buy buy
If they're reporting 5.52%, it's gotta be at least 10%, considering how many owner/squatters are "officially" not counted as overdue on a mortgage payment for the last 18 months.
One of the most amazing things I have learned about people, is that they almost always fail to recognize a flea infestation.
Mortgage insurers are up big today.
And then there is this....
That's Barney Frank's baby you're talkin' about. Crappy loans are usa gubmint policy bitchez!
I've said it before; there is really no reason to pay your mortgage. Banks are just holding shadow inventory and not foreclosing so they can continue to extend and pretend.
I understand your comment and this is just my little rant.
I'm willing to admit that I'm forever a patsy because I honor something as silly as my name and my word. My grandmother, my mother and now me have told our children that we have two things we must always honor and cherish, that being our name and our word, which is our bond.
I will not become that which I resist. I will not become indistinguishable from the scum that are destroying my nation and my neighborhood. Does that make me vulnerable to manipulation and exploitation? Yes, absolutely. But I sleep well at night and just because a few sociopaths can as well doesn't justify my walking over that sacred line.
Even if the terms of the contract are deceptive? I know, I know, I imagine you were not swept up in the refi and flipping craze of the past decade - but if our rulers no longer respect the Constitution I feel it's OPEN SEASON.
Only "malum in se" offenses are verboten: initiating 1) force against another and 2) fraud.
Continuing to pay a mortgage is to provide the rope for your own lynching.
great work, banksters.
give yourself another bonus.
And how much of this paper promises junk is owned (illegally) by the Federal Reserve? Who will take the financial hit when the Fed tries to cash out?
The Fed has no intention of EVER "cashing out". They will hold to maturity and collect the nice 5% coupons in the meantime. Ben Shalom himself has said so.
That is why I have already bought a boat load of GSE bonds. Some have step coupons as high as 6%.
Can someone tell me if one is more likely to be foreclosed if he is delinquent in an area where there is relatively little foreclosure activity, i.e., like a baby wildebeast that having been separated from the herd getting nailed by the lions, as opposed to areas like Florida, Las Vegas, Arizona where there are too many to foreclose on or to do so would be too destabilizing of home prices?
Well, this explains the recently reported increase in consumer spending despite a concurrent drop in incomes.
"Squat and spend, beetchez!"
I could be wrong but my brain is thinking the Fed now owns 1.25 trillion of real estate
that they paid penny's for using ink and paper. The unemployed still have to pay rent
somewhere and who better than the US Gov to guarantee rent payments on time
every month. The fed is possibly sitting on a gold mine they bought for pennys.
QE part 2
Sorry, just ranting.
that they paid penny's for
i'll take the other side and say that they probably paid par or close thereto.....
Of course they paid par or close to, but using dollars they paid penny's for.
Step 1: Destroy RE by giving houses away to millions who can't pay, and then seize the defaults with monopoly money.
Step 2: Destroy residential rental market by renting houses out and competing with private homeowners. Pwned. GovMotors vs. Toyota, round 2.
We always knew they were rent seekers.
re: "the recently reported increase in consumer spending"
A lot of this money is coming from income tax refunds to people who lost their jobs this year. Not exactly a harbinger of robust consumer spending going forward.
I agree with Amish Hacker here. Not to go out on this tangent too far, but I think (IMHO) that one of the keys to the length of any possible recover will be determined by whether people change their decades-long spending habits. Can they? Or, are they addicted to shopping? Smart guys, like Gary Schilling say they will change and continue the savings binge that started at the beginning of this recession. As much as I like his work, I'm not sure about his conclusions in this area. Savings have already dropped from '08-early '09 levels. Any opinions?
A PHONE CALL TO THE FED
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