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Deja Vu All Over Again: Fannie, Freddie Would Need Another $190 Billion Bailout When Things Go South
While it will come as a surprise to exactly nobody, certainly nobody who understand that the US financial system is no better financial shape than just before the Lehman crash as nothing has been fixed and everything that is broken has been merely swept under the rug (for details see Paul Singer's explanation posted last night) of epic-er leverage, the news that when (not if) the US economy succumbs to a severe economic downturn Fannie and Freddie would require another taxpayer funded bailout, one of $190 billion or even more than the first $187.5 billion-funded nationalization of the GSEs, can only bring a smile to one's face.
A smile because according to some idiots, the GSEs are viable, standalone enterprises whose "net income" should be given on a silver platter to institutional investors who will then make a killing courtesy of what were years and years of government liquidity injections. Sure, do that. Just answer this: will those same investors who demand full ownership rights also put up the hundreds of billions of capital that will be needed when the next bailout bill comes due, as the alternative is the complete collapse of US housing. We didn't think so.
The "hypothetical" downturn that would crush the GSEs:
From Bloomberg:
The two mortgage-finance giants, which have already taken $187.5 billion in taxpayer aid since 2008, would need more funds to stay afloat if home prices plummeted in a severe downturn, the Federal Housing Finance Agency said in a report today. The stress tests, mandated by the Dodd-Frank Act, use the same assumptions that the Federal Reserve does in gauging the ability of the nation’s largest banks to withstand a recession.
The results reflect the terms of the companies’ bailout, which require them to send to the Treasury all of their quarterly profits above a minimum net worth threshold. That money, counted as a return on the U.S. investment, prevents them from rebuilding capital or paying down debt to taxpayers.
“These results of the severely adverse scenario are not surprising given the company’s limited capital,” Fannie Mae (FNMA) Senior Vice President Kelli Parsons said in a statement. “Under the terms of the senior preferred stock purchase agreement, Fannie Mae is not permitted to retain capital to withstand a sudden, unexpected economic shock of the magnitude required by the stress test.”
The companies would need $84 billion to $190 billion by the end of 2015 in the worst circumstances, depending on accounting assumptions, the tests showed.
...
The stress test results come as congressional momentum for winding down Fannie Mae and Freddie Mac appears to be stalling and shareholders push to keep the companies alive.
Of course, since this is a stress test that uses "the same assumptions that the Federal Reserve does" it means it is i) wrong (see Bank of America) and ii) woefully optimistic (as usual). But more importantly, all it confirms is that the GSEs are still nothing more than a massively levered bet on the general direction of housing. Yes, Fannie and Freddie have returned billions to the Treasury, but that is only because of the trillions monetized by the Fed. Trillions, incidentally, which have been insufficient to stimulate a self-sustaining housing rebound now that the fourth dead cat bounce in housing is over and home prices are once again rapidly rolling over.
Which means that any decision about the future of the GSEs will be determined not by Congress, by Obama, by Fairholme or by Ackman, and will be purely in the hands of the market once again - a market which increasingly appears ready to roll over, and take everything down with it. Among the things to be taken down? Another at least $190 billion in taxpayer funds.
Again.
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What year is it?
I'd estimate somewhere around 1910, only now the population is an order of magnitude larger, requiring exponentially more resources.
Hedge accordingly.
I am going to buy my tickets for the first Titanic voyage....
You missed your chance, but free surveillance on board the Titanic II.
Passenger: "I hope this ship doesn't sink dear."
Titanic AI through the speaker: "Don't worry sir, this ship is most assuredly safe."
Whar "Bail-ins?"
Whar?
Financial Black Holes - Bitchez!
this article is factually wrong. The treasury has already recovered the amount spent on "nationalizing" the GSEs and as long as things hold up, it will start to collect many billions more over the coming quarters. Of course, it is challenged in courts for this, so those future profits may not really flow into the govt's coffers. But to suggest that ANOTHER 190 bn will be required is just plain wrong. It doesn't change the overall picture of the giant financial house of cards, granted.
I agree 100% about them being wrong on the GSEs needing 190 billion, don't know where they are getting that figure. It will be AT LEAST 250 billion....
"If you want to keep not paying your mortgage, you can keep not paying your mortgage."
Interviewer: HAL, you have an enormous responsibility on this mission, in many ways perhaps the greatest responsibility of any single mission element. You're the brain, and central nervous system of the ship, and your responsibilities include watching over the men in hibernation. Does this ever cause you any lack of confidence?
HAL: Let me put it this way, Mr. Amor. The 9000 series is the most reliable computer ever made. No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error.
Never forget to factor govt estimates by 10X...so it's really in the trillions.
Still not shocked
My plan B is currently taking all $100 bills and exchanging for 100 $1 bills.....making 100 toilet papers for the price of one.
Wow, 1910! The way back machine worked! So the Federal Reserve and Internal Revenue Act(s) are not passed yet. We can kill all the tools that voted for. This is better than "Terminator"
Enlightened by a recent study of pre-oil history on the U.S. Eastern Seaboard.
Rape and pillage of natural resources ruled the day.
Need another planet to harvest. That be the only hedge.
Some hoped that we would be a space-age parasitic planet-devouring species. Nope - devouring ourselves at home is enough of a challenge.
Food and fuel already doubled or more for most consumers since Lehman and all the bailouts. What's one more doubling amongst friends?
Hopefully, the last.
But this time is different. This time they'll be taking your bank account. The FDIC is no longer connected to the Treasury for re-fills; owing to some criminality included in the Dodd-Frank Act. Whacking depositors to make banks whole is becoming the new normal, here and definetly in Europe. ==Ellenbrown.com (WEB OF DEBT blog). Amazing shit going on. Plan on having your IRA confisticated and replaced with Patriot Bonds, or other worthless equivalent.
I think we're in recovery summer #6 now...
The problem with sweeping things under the rug is that you start tripping over all the clumps.
"I'll suck your C*ck for $1000" ~Barney Frank playing Bunny Lebowski in an off Broadway rendition of The Big Lebowski
That will never play in Peoria, too much lisp.
Yellen plays the dude, duderino if your not into the whole brevity thing.
Lowering sunglasses then pointing offstage:
"I'm just gonna go find a cash machine..." 0blam0, playing the Dude.
When?
when (not if) the US economy succumbs to a severe economic downturn
I believe the "when" is now.
That only thing that hasn't rolled over is the stawk market.
In fact, the whole stawk market has been acting like a Weekend At Bernie's rerun for quite some time with Berstank and Old Yellen Stain proping the corpse up while no one has noticed that the corpse has putrified.
Putrified: adj : in an advanced state of decomposition and having a foul odor; "horrible like raw and putrid flesh"
So much "liquidity" so few participants, so many algo servers.
"Just what do you think you are doing Dave?"
Who here thinks Yellen reverses course today and prints MOAR?
...USSA is on Death's doorstep
USSA died in 2008, the rest of the world is to afraid to pull the plug because they know we are taking them down with us.
Bay of Pigs to his mortgage broker friend in 2008 when Fannie was nationalized:
"It's over Kid....the country will never be the same".
(they shut their doors this past month in Seattle after 15 or more years in business. Nobody qualifies now so they had no deals to process).
Tough to nail down the date on that one, but I think it was well before 2008. We haven't really grown in any real way since we crashed down around 2000. It's all been fed/ govt fraud induced illusions of growth since then. They just keep coming up with new shit to count towards GDP, new ways to finesse inflation, unemployment, etc. You could go all the way back to Nixon and the gold standard, or even 1913, but for me, as far as modern times, I say it was around 2000.
Those Death Stars aren't going to build themselves, ya know.
Tough shit.
Ctrl-P
What else can they do?
yep, if their stressed case number is X, the real number is likely to be in the ballpark of X and a half,
16,000,000 is not enough. Shoot for 30
I'm pretty sure you are missing a lot of Zeros.
He meant 16,000,000 million.
Of course they will.....that's what happens when you let the scumbag servicer like Wells Fargo or BOA fraudclose on your behalf. This country is fucking finished !
Maxine waters circa 2004 senate hearing ...
"I think Frank Raines is doing a marvelous job"
wish i could find the youtube...
AND Mr. Mudd did a great job at Fannie Mae. What? He ran it into the ground? Was fired from Fortress Investment Group too? OH...
Fortress Investment Group owns Natiionstar Mortgage, LLC, a continuing criminal enterprise. Wow, these guys can NOT avoid being criminals!
Looks like a good time to wheel this out again.
FRANKLIN RAINES [D] – FNMA CEO (1999 – 2004) Raines accepted “early retirement” from his CEO position while the SEC pretended to investigate accounting irregularities. Fannie’s own OHFHEO also accused him of abetting widespread accounting errors, including the shifting of losses, so he and his fellow execs could “earn” large bonuses. The WSJ reported back in 2008 that Raines was one of several cronies that received below market rates for mortgages from Countrywide. Raines alone receive loans for over $3 million while CEO of FNMA. Raines’ compensation for his “work” at FNMA - $90 million.
RAINES GRADE – F
DANIEL MUDD [R] – FNMA CEO (2005 – 2008) Before becoming CEO of FNMA, Mudd worked at the Office of the Secretary of Defense, was an advisor to Asia-Pacific Economic Corp., “served” on the board of the Council of Foreign Relations, “consulted” at the World Bank, and held many positions at GE Capital including president and CEO. Mudd was dismissed as CEO of FNMA when FHFA became conservator in 2008. In 2011 Mudd and other GSE execs were charged by SEC with securities fraud. After his career at FNMA Mudd became CEO of a NYC hedge fund named “Fortress”. Fortress invested in purchasing tax liens on delinquent property taxes from local governments under many benign corporate names such as “Pleasant Valley Capital” and “Travis Farm Investments”. Cozy. Mudd’s compensation for his “work” at FNMA - $80 million.
MUDD GRADE – F
NEEL KASHKARI [R] – FNMA CEO (Tenure is murky) Kashkari was a former investment banker for Goldman Sachs, was tapped by Hank “The Shank” Paulson to lend his skills over at TARP HQ, and now rather ironically, continues God’s work as a Managing Director at PIMCO. Kashkari’s compensation for his “work” at FNMA is also murky; I’ll just assume it was too much.
KASHKARI GRADE - F
HERB ALLISON [D] – FNMA CEO (2008 – 2009) The esteemed Mr. Allison was quickly whisked off to oversee the wildly successful TARP program. I didn’t find much on his compensation during his brief stint as FNMA CEO. Allison served in various positions at Merrill Lynch and became a member of the board in 1997. He was a director of the NYSE from 2003 – 2005.
ALLISON GRADE – F
MICHAEL WILLIAMS [?] – FNMA CEO (2009 – Jan 1, 2012) Mr. Williams is a 20 year veteran at FNMA. While “serving” as FNMA CEO, Williams managed to scrape by on less than $6 million in 2011 alone. This could and should be considered a hardship, given the complexities involved in purloining ~ $60 billion of Fed bailout money.
WILLIAMS GRADE – F
FANNIE’S MAJOR DANCE PARTNER, FREDDIE MAC, HAS ALSO PERFORMED VERY POORLY.
Charles (my friends call me “Ed”) Haldeman has announced his retirement plans but intends to be a good sport and stay on with insolvent FHLMC until another crony can be found to fill his wing-tips.
That might take a while. “Serving” as CEO of the ultimate backstops for the lion’s share of the MBS Ponzi is very stressful.
We’ll have to accept former Freddie exec David Kellermann’s testimony posthumously. Mr. Kellermann was found hanging by the neck in the basement of his posh Vienna, VA home in the affluent suburb of Washington. D.C. way back in April of 2009. It is presumed he had no help and local police have stated there was no evidence of foul play.
Maybe, just maybe, these treasonous monsters will be held accountable. Modern day Nuremberg Trials are in order; this time in front of an “International Financial Tribunal”.
Check them carefully for concealed cyanide tablets. There are no excuses for being a sociopath.
Some how no nail guns for people like these....feee uck!
I'll keep my fingers crossed but won't hold my breath.
I looked that shit up and saved it after somebody explained to me they were certain it was the fault of either the blue team or red team; I forget which one. I've developed a zero tolerance policy regarding the blue/red team bullshit. All pollyticians are equally sucky and depraved. No mercy for their filthy souls.
I just brought the emotion so thanks for the facts.
Just had another bank win here in NM. First Judicial District Court judge Singleton, Milasinovich was the defendant. SHE won a dismissal. Cool thing is she was fighting the same attorney firm that wanted to withdraw after I asked for sanctions. Ba-bam!
Impossible to foreclose if you can't show standing.
Rock and Roll man! You might like this.
tOO BiG To fAiL LOan MOdIFiCATioN FOrm r.1.A.002.B.XXXX
The following agreement is approved by the Office of the Comptroller of the Currency, Securities and Exchange Commission, Fair Trade Commission, Financial Industry Regulatory Authority, Commodity Futures Trading Commission, The Federal Reserve System, Office of Thrift Supervision, Federal Trade Commission, Federal Deposit Insurance Corporation, Mortgage Bankers Association, American Bankers Association, National Association of Insurance Commissioners, National Association of Realtors, National Foreclosure Mill Guild, Department of Justice, US Supreme Court, US Congress, US House of Representatives, Office of the President, Office of State Attorneys General, Goldman Sachs, Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, GMAC, Fannie Mae, Freddie Mac, AIG, Morgan Stanley, FHA Refinance Program Fund, PNC Financial Services, US Bancorp, SunTrust, Capital One, Regions Financial, Fifth Third Bancorp, MERS, Hartford Financial Services, American Express, BB&T, Bank of New York Mellon, KeyCorp, Comerica Incorporated, Blackrock, Invesco, OneWest Bank, Discover Financial Services, Ocwen Financial Corporation, Company Corporation, Litton Loan Servicing, Saxon Mortgage Services, Aurora Loan Services, East West Bancorp, Flagstar Bancorp, CNBC, National Association of Notaries, LPS, DocX, Countrywide, Harmon Law, and is subject to the following terms.
By reading this document, which may change or be withdrawn without notice, you waive any and all rights you may or may not have, past, present, and future and unequivocally agree to the following terms under pain of Death.
Before being considered for a loan modification you, your family members (born and unborn), friends, associates, acquaintances and pets, must submit one thousand [1000] certified copies of the following:
1. The amount of any and all bank, checking, savings accounts, including account numbers and passwords.
2. Complete list and location of any assets held in physical possession. [i.e.; in cookie jars, under your mattress, etc.]
3. Birth Certificates, Passports, Social Security Cards, Complete Employment History Affidavits, IRS Forms, Credit Reports, Medical History, and political party affiliation.
4. Vehicle Identification and Registration numbers, including Proof of Insurance, of any and all vehicles and supporting Affidavit[s] describing their use, purpose, mileage, and location.
5. Certified DNA samples.
6. Certified Finger Prints.
7. Certified Retina Scan.
8. Certified Blood Sample.
9. Certified Urinalysis Examination.
10.Proof of Title Insurance payable to the undisclosed party and their agents.
11.Proof of Title Re-Insurance from Lloyds of London payable to the undisclosed party and their undisclosed agents.
Certified copies of the complete list above must be mailed to the undisclosed party and their undisclosed agents within twenty four [24] hours and must be received by the undisclosed party and their undisclosed agents within twelve [12] hours at the following address.
UNDISCLOSED PARTIES AND THEIR UNDISCLOSED AGENTS
P.O. Box 1776
Maiden Lane
New York, NY 10005
Alternately, to better serve our customers, you may send your complete document package via fax to the number below. Attention undisclosed party and undisclosed agents.
1-800-GET-LOST1-800-GET-LOST
In order to assure Quality Control, upon receipt of the documents listed above and in addition to any and all others that are required but not disclosed, your eligibility for a loan modification will be determined by an undisclosed party and their undisclosed agents that may or may not be a party of interest and may or may not have standing to enter into any potential agreement[s].
The undisclosed party and their undisclosed agents retain the right to commit state and federal mail fraud, wire fraud, FDCPA violations, unfair and deceptive acts and practices, conspiracy, money laundering, racketeering, tax evasion, fraud upon the court, uttering fraudulent documents, fraudulent conveyance, slander of title, financial institution fraud, securities violations, and identity theft with impunity.
The undisclosed party and their undisclosed agents neither admit nor deny any involvement in any potential agreement[s] that may or may not result. Any agreement[s] made are non-binding and the undisclosed party and their undisclosed agents shall be held harmless from the beginning of time to eternity.
In accordance with the strict guidelines established by the undisclosed party and their undisclosed agents, any potential loan principle correction shall be no less than the original outcome based appraisal value and shall be no more than one hundred [100] times Present Market Value with a variable and/or fixed interest rate not to exceed one hundred [100] percent.
Should an agreement be reached between the undisclosed party, their undisclosed agents and the borrower, the borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets shall agree and consent unequivocally to the following terms.
1. The borrower’s breech of any potential preliminary agreement shall be determined solely by the undisclosed party and their undisclosed agents.
2. In the event of borrower’s breech of any potential preliminary agreement; the borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets shall waive any and all rights previously afforded them up to, including, but not limited to the SPCA, US Constitution, The Bill of Rights, and The Geneva Convention.
3. In accordance with the strict terms established by the undisclosed party and their undisclosed agents, the borrower, the borrower’ family members, friends, associates, acquaintances, and pets consent to unlawful search and seizure, wire-tap, harassment, kidnap, torture, trespass, ankle bracelet monitoring, random drug tests, unmanned drone surveillance, unlimited detainment, mandatory behavior modification and Pepper Spray.
4. The borrower’s breech of any potential preliminary agreement shall immediately result in wage garnishment for the borrower, the borrower’ family members, friends, associates, acquaintances, and pets.
5. In the event of borrower’s breech of any potential preliminary agreement; the borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets consent to a permanent barcode tattooed front forehead and both temples that shall remain visible at all times.
6. At the sole discretion of the undisclosed party and their undisclosed agents, the borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets consent to indefinite detention in an approved FEMA camp or Guantanamo.
7. At the sole discretion of the undisclosed party and their undisclosed agents, should the costs associated with incarcerating the borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets become burdensome they consent to extermination.
8. The borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets consent to, and rightfully accept complete responsibility for destroying The US Constitution, The Bill of Rights, the wholesale corruption of our government, and the destruction of the World Economy.
TERMS OF THE AGREEMENT
Due to the proprietary nature of the strict requirements dictated by the agreement between the undisclosed party and their undisclosed agents, the terms of the potential preliminary Loan agreement cannot be made available to the borrower, the borrower’s family members (born and unborn), friends, associates, acquaintances, and pets. They are articulated in the attached contract found on pages [7 – 30,000] and will be stored somewhere at the sole discretion of the undisclosed party and their undisclosed agents.
The undisclosed party and their undisclosed agents retain the right to alter, destroy, or lose the 29,993 page attachment.
________________
Deadbeat Signature
Affix undisclosed party corporate seal here (optional)
Call Send SMS Add to Skype You'll need Skype CreditFree via SkypeWhy learn anything..when you are always bailed out.....this is a Company run by Politicians...they can never fail...
Shocking.... simply shocking.... didn't see that one coming.
Surprise, Suprise! Nobody could have seen this coming. Tanks will be in the streets if we don't fund this necessary bailout. It's for our own economic good. Remember, economic recovery starts with housing! etc. etc.
House-of-mirrors. <splat>
Avoid home ownership prices are going to come down.
Without true price discovery, prices aren't going anywhere. They'll kill the RE market off completely before they let that happen, comrade.
Besides, aren't they about to unveil Fannie and Freddie's successor?
Tell that to the NoVa area outside DC. Shit is nuts. All except the townhouse development in manassas park where by the grace of GOD I was able to sell last summer for what I owed. That development hasn't gained a dollar in value in a year unlike everywhere else which seems to be up 15% or more since then.
found it!! scroll to :56 seconds and tell me why she is not in jail?
http://www.youtube.com/watch?v=blcC_kCnf8U
Fannie has paid back their bailout.
Fannie was made the bad bank and the TBTF banks got to dump all their toxic waist on them.
UST is taking all of their profits even after they have been repaid in full.
Fannie will win in court over this sweep.
If only you can find an unbiased "court" to hear that case.
ain't gonna happen.
And they offloaded $1.8 trillion of the toxic crap to the FEDs...
It's all good! Until we need more massive taxpayer funded bailouts again!
Don't worry when things really go south... Freddie and Fannie will be the least of the worlds problems
True, it'll be all about Freddy Krugers and Krugerrands...
pfft... billions? Chump change in today's money.
<Ctrl> + A
<Ctrl> + C
<Ctrl> + V
<Ctrl> + P
Ta-da! 7% growth over a decade, bitchezzz.
Don't sweat it, the Belgians have it covered.
Who IS our mysterious benefactor?
What we need to do is to start giving loans based off of an applicant's race. Home ownership these days is out of reach for too many.
/sarc
Ha,
What a comedy. They started running ads on cnbc stating how they were there and in great shape. They are there to help people buy homes and when they ran into trouble during the downturn the people were there to help them. Now everything is fixed and they are all better and paid back in full and are now ready to help people again. .......until they need the people help them once again..
What a farce.
It's what happens when you bail out rather than letting them fail. They'll com back for more.
Same with the Euro countries like Greece.
The US Federal Reserve is printing trillions in preperation of forever bailing out everything again and again, until the US dollar implodes.
"...Another at least $190 billion in taxpayer funds."
And remember, Boys and Girls- this is just the INITIAL estimate. Like the Anglo-Irish Bank swindle it is meant to be an ice breaker, something which seems high but manageable, so as not to stampede the herd. This will then repeatedly be revised upwards once the camel has gotten his nose under the tentflap...
$190 billion? Is that all!
Line up the taxpayers and tell 'em it's for their own good. Never fails!
Call it a half Trillion wasted on home financing while home ownership hits a 2 decade low. Time to throw these corrupt administrators and representatives out.
Why does this welfare scheme even exist? Its welfare on all levels, for the executives and employees. For the banking system. For the armies of civil servants who supervise it. Just shut it down already.
You hate minorities! You're a racist!
Oh noes! Guess being part of a Japanese religion isn't good enough!
Not good enough! You're still a racist, and probably a terrorist too!
Hating racists while being one and a minority is where its at. What up chuck, ofay, and cracker!
agree. it distorts true market prices and values. throw in the mortgage interest tax deduction and the entire reals estate market and industry is completely tethered to the tax code and its explicit encourgement to misallocate capital
We're gonna need more gas chambers than we thought...
Merge 'em and let them live or die in the free market, no taxpayer backstop; I believe ticker symbol ZMBE is available.
Here's a tweet I did yesterday and look what's going on in the Freddie Mac scoring department with a patent for a new algorithm to either keep more out or allow more in with maybe altering risk? A good read and I didn't know until I saw this that Freddie Mac was in the patent business as we know those are filed to make money of course. The scoring of America continues. If you know more about patents than me, you might want to look it up.
MedicalQuack Interesting read on recent patents-Freddie Mac even got one for Home Scoring (more attacks on consumers) via TMCnet bit.ly/1lucpqV
Carrington Event. NASA video explains how we were 2 days away from a world wide emergency that would have 100 nuclear plants melting down….in 2012. They say the one 2 years ago could have been even bigger than the Carrington Event. Fortunately it missed the earth but nailed Stereo A sun observer satellite
Nuke Pro has been promoting the idea that we have to harden our electrical grid, or risk the annihilation of the human species. Yes, it really is that bad. And get rid of nuke.
http://nukeprofessional.blogspot.com/2014/04/nasa-explains-how-we-missed-100-nuke.html
I'm sure Belgium will lend it to us!
GDP at .1%! That'll teach her to fucking taper. Doesn't she know the Fed IS the GDP!
Housing will be going down...
Reason? Because the value of housing is ultimately determined by what the average buyer is able to pay. If you figure about 25 (net) to 35per-cent (gross) of their monthly income, and use local average monthly pay, 4% loans for 30 years, and add in costs for insurance and taxes, you can determine what the average home should sell for.
Since our homes are really ticky tacky, shlepped together by the cheapest labor available and made from marginal materials at best, to the minimum necessary to "meet code," you quickly realize that a home is NOT an investment. It is an expense.
Having said that, and applying present average wages, it looks to me like a 75% reduction is in order.
Would that be sufficient fecal matter to impact the blades rotating in your face?
Best hopes for affordable housing.
Craig
Depends solely on where you live. There are areas that are built out with no place to further subdivide and a climate that everyone wants. These are places to invest in no matter what happens in the economy. No such thing as affordable housing in these areas, properties are bought by old money or young tech newbies. They will always sell for a good price.
but i guess it won't be taken down these guys: "shareholders push to keep the companies alive"
are they the ones who, in essence, get the bailout bingo cash?
my whole neighborhood was built in 68, 69. I was removing and replacing a window for a neighbor to do a whole bathroom remodel. Under the aluminum siding on the gable end of the house was drywall. Drywall for exterior sheeting? Only in Illinois. I wonder how many inspectors palms were greased in this neighborhood. Also common was no tar paper under shingles at all in the whole neighborhood. The older I get the less things surprise me but I have never seen drywall used as exterior sheeting. Go figure.
I am sure there are a lot of qualified tradesmen out there, but they are very hard to find. As a homeowner, somehow I've come to expect that absolutely any corner that can be cut by contractors will be cut. It's also impossible to expect that something will be done correctly when work is being done without you being there every step of the way. I think if I was in construction, my calendar would be booked solid from here to eternity if I was anything better than 'absolutely fucking useless'.
Hello Deerhunter, special drywall has been used as exterior sheething for years. On commercial applicans it can be sprayed with a stucco substance instead of tin or vinyl. I know it sucks but it has been allowed in many areas. I agree, nothing surprises me anymore either, look who we have as a President.
http://www.nationalgypsum.com/products/Product.aspx?ProductID=2406
This article is to soften up the rubes.
"They predicted they'd need another bail out."
NSA spy on them, without telling them. Find the foxes in the hen house. Do some old fashioned accounting, go deep into accounts. Find the theft. Inspect the pay packages. Where are the offshored accounts, which are the shell companies. How are they stealing the people's money? I don't think its a question of "if".
Enforce the Law.
testting the reaction by 190?
what will be the relity, 600?
Where is that video of the guy lancing the dead, bloated whale's belly and having it explode and gush hundreds of gallons of putrid guts all over the place?
That is so Fannie and Freddie!
Some asshole is running ads on msnbc to continue funding this albatross