Molecule structure hope for HIV BBC
Flat pay turns IT workers into job seekers ComputerWorld
Goldman Forecasts U.S. Dollar Set for Sharp Decline Ed Harrison
Red Alert: Heading Into a Risk Off Mode? Bruce Krasting. I feel the same way, these moves are too extreme too fast.
Flawed Foreclosure Documents Thwart Home Sales New York Times. This is a pressure point that may force some sort of policy response sooner rather than later. If the problems are as serious as we believe (ie, they extend well beyond improper affidavits, which we regard as a symptom of much more serious failings), it isn’t just the foreclosure market that slows down, but also bank sales of owned real estate.
Exclusive Bombshell of Foreclosure Fraud – Full Deposition of TAMMIE LOU KAPUSTA Law Office of David J Stern 4ClosureFraud. This deposition is wild reading, and not in a good way.
Doubts Emerge Over BP’s Study Wall Street Journal
Hangin’ in there Jim Hamilton, Econbrowser
Is Japan Rolling into Recession? A Look at the Impact of China’s Policies Marshall Auerback, New Deal 2.0
Solving deleveraging puzzle will calm investors Gillian Tett
The impact of banking sector stability on the real economy Terhi Jokipii and Pierre Monnin, VoxEU
Federal Reserve Issues ‘Cease and Desist’ Order for HSBC North America Jesse
Australian bubble pornography John Hempton
Mortgage Bankers Association Strategic Default Daily Show
When others enter, the ECB exits Eurointelligence
Who Owns A.I.G. (a Continuing Story) Steven Davidoff, New York Times
Antldote du jour:
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OK, for once in my life, I don’t think that nuclear blast photo is hyperbole! Now THAT is a depo.
If I remember correctly, knowingly prosecuting a debt on an active service member employed abroad is orange jumpsuit behavior, isn’t it? I’d have to look up the statute, and I’m entirely too lazy, but that is what I seem to remember.
Yves, there was an article in the Washington Post this morning about little, local to NOVA MERS. They used the word “fraudulent,” but the whole thing seemed pretty sympathetic in tone. Seems that the main office for this madness is somewhere in Reston, VA.
From the NY Times article on the foreclosure doc problem…
“A delivery truck driver, Mr. Clark has gone through several rough years: his wife lost her banking job and they eventually separated; a vending business did not succeed; he fell behind on his home payments; and CitiMortgage rebuffed his efforts to restructure the mortgage.
With the prospect of being tossed out of his house in a foreclosure of his own, Mr. Clark, 62, cobbled together $58,000 — most of it from his parents — and successfully bid on a house in North Fort Myers that was in foreclosure…
“It’s been a rocky two years…” “It’s a dream house for me.” At least, it was. On Tuesday, Fannie suspended the deal. Mr. Clark said he did not know what to do. “I’m kind of hoping I have a place to live,” he said. “Now, who knows?”
It is possible the foreclosure on his current house in nearby Cape Coral — he has a court hearing on Dec. 7 — will also become caught up in the current problems, but Mr. Clark said he was not pleased by the prospect of staying there any longer.
“I’d rather just get on with it, get on with my life,” he said.
I’m sure he does, but excuse me; WTF is this guy doing buying yet another house with money borrowed from his parents? Couldn’t he just rent for a while or use the $58K to catch up on his current house. Oy!
It’s called Buy and Bail and it certainly seems a very good strategy if your first loan is non-recourse.
The article wasn’t clear but this guy probably is way underwater on his current home. For example he may have bought it for $250,000 and now its only worth $100,000. Throwing his parents $58 grand into this bottomless pit would be foolish. It is far better to just downsize and get a more modest priced house for which you are pretty certain the value will not go down that much more.
But there is nothing wrong with renting either if his deal doesn’t work out. That’s called Bail and Rent. And if we look at their actions and ignore their words, the Mortgage Bankers Association highly reccommends this move.
Goldman Forecasts U.S. Dollar Set for Sharp Decline
In late Aug the euro was approx $1.26; now it is approx $1.39, a decline of 10.3%.
From the link:
The dollar will also weaken against the euro to as low as $1.55, according to Goldman.
Which is a (further) decline of 11.5%.
So from appearances GS missed half the move. Way to go.
Caveat emptor etc.
If anything, knowing those bastards, it’s probably time to buy the USD. Especially since gold is overbought right now.
I really don’t like these guys.
Re: Mortgage Bankers Association Strategic Default Daily Show
ROFLMAO!! I love The American Voltaire, a.k.a. Jon Stewart.
Question to you, all the bitchez at NBC, CBS and ABC: Do you STILL wonder why Jon Stewart RULEZ while you asshats are spiraling to your corporate death?
He truly reports, and we’ve decided! He’s the most trustworthy news dude in the nation.
Next?
Is Japan Rolling into Recession? A Look at the Impact of China’s Policies Marshall Auerback, New Deal 2.0
Interesting read. He suggests that China may be deliberately trying to destroy the Japanese economy.
I concur, and add; it offers another vantage from which to view the complex web of international and national economic forces controlling OUR (whoever our) individual futures.
While on one hand the article would suggest revenge for the indignities and excesses suffer from foreign occupation testament to the last global conflict, a more important point (from a non-Japanese view) would be China as a predatory nation and government across the globe incrementally eliminating the manufacturing base from one country after another, towards maximizing her own productive capacity and competitive position.
An intriguing way of waging new warfare, yes – no? So much more economically rational and fulfilling than raising a army to dominate the World via coercion and/or managing puppet, parasitic governments.
China’s currency devaluation in the middle 90’s would correspond to the aftermath of defeat Ross Perot’s populace agenda in ’92 to protect America by obstructing the transfer of employment overseas. Coincidence, perhaps? Certainly the Chinese were not that foresighted or adept?
Whatever the prescience of the country early on, recognition of U. S. pathos of easy money and much gain with little lost (because we’re blessed!) fell nicety into plans to enrich China’s own treasury, furthering its own importance on the World stage and beat the beast at its own game. The conservative caucus, a critic of the entrenchment of Chinese interest within the Democratic Party during the ’90’s became mute when the question now was the behavior of those swash-buckling financial wizards so imbued by fortune and good-breeding to run a country’s finances and direct administrative and legislative policy in their own (i.e. the country’s) self-interest.
As suggested, the recent rare earth brouhaha, although small in overall economic impact to Japan (and less so the U.S.), as with the Sino-Japanese dispute over sovereignty involving some diminutive island in the Pacific, is none the less indicative of an overall pattern of calculated self-interest and moreover, the perception in self – and most formidably out, of strength. That a strength can also be weakness, is a puzzle that should be the realm of recognition of any good tactician.
If nothing else, creating the contingencies with those outside your immediate sphere of influence, mimicking of other’s program for enrichment or the search for individual monetary gain as a catalyst to national braggadocio, present their own intractable problems and woes.
These guys play hardball. Maybe the rare minerals controversy will show the extent that particular country will go to gain global dominance.
And yet, we have people like Tom Friedman singing the praises of that country.
Somewhat buried in the middle of the AIG story is the statement that AIG borrowed another $22B from TARP to pay back a loan from the NY Fed. And coincidentally this happened right before TARP expired; what a fortuitous timing for the NY Fed :-)
One wonders where did the NY Fed loan money come from? From the banks that are NY Fed members? Or, from Fed balance sheet expansion?
Molecular structure hope for HIV?
The sad thing is the cure of AIDS will invetibably lead to a new AIDS, as HOMO NOT-SO-SAPIENS NOT-SO-SAPIENS will soon forget to be cautious.
By the way, how many Nobel Peace winners dose it take to bring peace? I am still working on the punch-line.
IT workers now job seekers?
It’s like in post-USSR, you saw a lot of doormen in Moscow who were Ph.D’s.
IT workers are complaining that its been 6 months since a raise? What babies. I’ve worked for the federal govt for three years and I haven’t had a raise…EVER. And I have a grad degree. I make up the shadowy permatemp workforce, working on part time jobs but never getting any full-time recognition. I think most part time workers in America are also permanent “job seekers”