Bits Bucket for January 6, 2012
Post off-topic ideas, links, and Craigslist finds here.
The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Name:Ben Jones
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All Your Base Are Belong To Ron Paul
9000?!
-1. i hate periods
It’s all in your mind.
I’d say probably 99% of the women would agree with you. But then again maybe not
I sure don’t miss ‘em!
Oops. TMI.
Next time I will say, “I hate dots” so there will be no confusion. Carry on.
I think you had it right the first time around.
MBS-loss bagholder identification process continues…
January 5, 2012, 6:45 PM
Rush Limbaugh, Mortgage Analyst?
By Alan Zibel and Nick Timiraos
You know things are getting weird when Rush Limbaugh starts opining about mortgage-backed securities.
The conservative talk show host cannon balled into housing and mortgage market politics on Thursday, picking up on a longstanding rumor that the Obama administration would engineer a massive refinancing program. If enacted, that effort would give tens of millions of borrowers with mortgages backed by Fannie Mae or Freddie Mac new loans with rates of around 4%.
Mr. Limbaugh seized on a blog post from the American Enterprise Institute’s Jim Pethokoukis that suggested the Obama administration was again contemplating mass refinancing but didn’t offer clear evidence of such a plan. In August 2010, Mr. Pethokoukis made similar speculation that the administration would lower homeowners’ mortgage rates en masse as a prelude to the midterm elections. The plan didn’t materialize.
Mortgage-market consultant Alan Boyce and Columbia Business School economists Glenn Hubbard (an adviser to presidential candidate Mitt Romney) and Christopher Mayer have advocated for such a plan, which would involve refinancing nearly $3.7 trillion in mortgages.They estimate that if three-quarters of all borrowers with government-backed loans with rates above 4.5% were to refinance, that would deliver $70 billion in annual savings to as many as 30 million homeowners.
Refinance rumors spook investors that hold mortgage-backed securities because in a refinance mortgages are paid off, meaning those bondholders are left to reinvest at lower yields.
The Obama administration did launch a program in February 2009 that allowed homeowners with mortgages backed by Fannie Mae and Freddie Mac to refinance if they owed more than their home was worth. The initiative, called Home Affordable Refinance Program, or HARP, yielded disappointing results and last summer the White House began discussions with the mortgage industry and the mortgage-finance giants to retool the program.
It rolled out those changes in October, expanding the program to include some borrowers who had previously been excluded. It is still only limited to borrowers with loans backed by Fannie and Freddie. HARP 2.0, as it’s been dubbed, isn’t expected to be fully operational until the spring. An administration official on Thursday said any rumors about yet another massive refinance proposal were not true.
Still, it may be hard to completely dispel these rumors because the Federal Reserve on Wednesday urged policymakers to consider expanding HARP further to possibly include loans that aren’t backed by Fannie and Freddie.
…
2003- Wholesale vote buying by extending credit to anyone
2012- Wholesale vote buying by further enslavement of same suckers
Had enough?
Speaking of talk radio, goon squad posted this:
‘Squad predictions: Romney locks the nomination on Super Tuesday and goes on to lose 53 to 47 to Obama with less than 180 electoral votes.’
‘Wild cards: Donald Trump and Sarah Palin.’
It just so happens I heard Hannity interview Trump yesterday. A listener might have thought Jesus was on the show, except for the over the top arrogance. I could say a lot about this situation, but the fact that Trump is considered some kind of king maker in US politics shows a detachment from reality.
“…Trump is considered some kind of king maker in US Republican politics…”
I don’t know many Rs that take him seriously (except back when he was the leading ABR candidate). I think it’s the media that wants to consider him some kind of king maker.
yeah I certainly can’t tell party preference from media hype.
Is Trump filling in for Oprah?
If the people I know are any indication of the national poll, I can see Obama loosing. Out of the 7 votes I know; all white, middle class and upper middle class. Obama got 5 out of 7 four yrs ago, this year he’s going to get only 2.
Good news is Obama may lose. Bad news it’s going to be Romney.
Still staying home if not RP.
So what will these 5/7 do on election day? Surely the naive idealist who voted for Obama before are not going to vote for whatever GOP stooge gets put up. If the disillusioned from both sides could get together on something, we might have quite a “party”.
Romney is somehow attractive to these people. He might get 3 or 4 for sure. Being a RP fan, I don’t get that at all. There’s no difference betn Willard and Barack.
i don’t think RP will go independent. i’ll go libertarian if its romny/obama,
http://www.garyjohnson2012.com/
If it’s ANY Establishment GOP hollow man vs. Obama (Coke & Pepsi), I’m voting for Gary Johnson (Libertarian).
“I could say a lot about this situation, but the fact that Trump is considered some kind of king maker in US politics shows a detachment from reality.”
He might consider himself a king maker, but he considers himself a lot of things he isn’t. I don’t think I’d want to consider myself a king maker for anyone in the current Republican field.
We need more than one viable political party and the Democratic Party barely is as is and the Republican Party largely isn’t anymore.
I don’t think anyone-who-matters thinks Trump is a “kingmaker,”
What this buffoon IS is a ratings hook for the same demographic that reads “US Weekly” and “National Inquirer.” Lacking, at the moment, a flamboyant religulous self-promoter to flog for market share, we turn to the second tier– the business huckster– and there he is. Every time.
That’s silly. These are heroic efforts to preserve the herd, save our way of life and all. Our elected officials don’t need your particular votes. As long as you order off the menu, the house is happy.
Perfect metaphor Blue.
Reject the putrid gruel on the menu.
As long as you order off the menu, the house always wins.
FYI
I saw the crawl at the bottom of MSNBC this morning saying the whitehouse was NOT going to start the trillion dollar program. FWIW
Rush wasn’t the only one to fall for that. Was the rumor in fact started by the admin, to gauge reaction?
Sounds like it’s a perennial election-year prediction from the Kochtopus.
maybe that’s why housing stocks have been rallying!
“Mr. Limbaugh seized on a blog post from the American Enterprise Institute’s Jim Pethokoukis that suggested the Obama administration was again contemplating mass refinancing but didn’t offer clear evidence of such a plan. In August 2010, Mr. Pethokoukis made similar speculation that the administration would lower homeowners’ mortgage rates en masse as a prelude to the midterm elections. The plan didn’t materialize.
Oooh, a Rush Limbaugh quote from a Kochtopus source- so you just know it’s legit!
“The Koch brothers fund a wide array of ultra-conservative think tanks, including the American Enterprise Institute (receiving $1,979,400)”
PeoplefortheAmericanWaydot org
AEI are the neo-con shills who laid out the propaganda rational for why we needed to use our military to impose “regime change” in Iraq (for starters). Now they’re ramping up the case for attacking Iran.
Has anyone had experience with short sale offers with BOA?
What’s the game with SS’s below market?
This home is a beauty on the interior and a fixer on the exterior, and it’s priced $60K minimum below market.
I am aware of the 50% closing stat on SS’s, and this home only has a 1st.
Any feedback?
Does cash matter with a SS?
I’ve been waiting a year and a half for SkankOfAmerica to legallyt foreclose on a dump that the owner walked away from. He declared bankruptcy and moved to OK over a year ago. House is winterized by contract outfit paid by SkankOfAmerica so it isn’t like they’re unaware of the asset.
“SkankOfAmerica” -LOL RAL
And don’t for get SkankOfAmericas syphlitic cousin ShitiBank.
RAL -I like that one, too. LOL
STOLEN - from Bill Maher.
Credit where credit is due….
You squealer WPHR!
I was talking to an REO broker yesterday who said BOA will cut deep on short sales. That’s second hand, of course.
They’re in luck because I’m offer shallow on short sales.
The SS I’m working on with WF is 50% off the original loan amount, without considering interest accumulation for the past six years. It took them two weeks to agree to the price verbally. Waiting for the paperwork to follow.
Blue
Doesn’t WF have a much better turn around and price agreement reputation than Skank?
I don’t know.
Thank you, Ben.
In your opinion will a 1st only and cash help sweeten the deal?
Are they getting any quicker on closings from what you’re hearing?
(Blue-I read your data point, too. Thank you.)
One SS I followed took 8 mos. but I don’t know the details.
I looked at comp listed prices and this price seems dreamy. I assume they want many offers. Plus, it’s close to a foreclosure status, and they need a buyer pronto. Can you translate that for me?
(They are using a SS/Top Producer Listing Super Star as an Agent.)
‘will a 1st only and cash help sweeten the deal’
I don’t get the question.
BTW, if they can dump it on fannie freddie or hud, they won’t give as much. If it’s a country wide deal, I’d feel comfortable lowballing it.
Anybody watch Morning Joe?
the usual MSM BS, but today was exceptional.
a dozen times joe said “IRan is the enemy”
that is perfect for RP.
the more sabre rattling/deamonizing of Iran, the better for him.
the americans won’t be tricked into another war, will they?
the americans won’t be tricked into another war, will they?
Speaking of such - how is the muslim brotherhood running Libya now-a-days anyways?
They haven’t blown any civilian-filled jetliners out of the air like the last guy did. Miss him?
i think there are thousands of unaccounted surface to air shoulder fired missiles from the Libyan inventory.
i’ll hold off before i pass jusgment as to whether we should have interfered.
March 3rd.
Interesting, desert. I’ve noticed the increasing overflights too recently– starting the first of December. Figured “we” were already there, actually….
the americans won’t be tricked into another war, will they?
I would guess that most Americans don’t even agree that they were tricked into supporting the attack against Iraq. The vast majority of Americans going about their business have no animosity towards Iran, so it’s going take a campaign to whip up that war fever. Unfortunately, our history shows that we’re quite amenable to such propaganda.
“so it’s going take a campaign to whip up that war fever.”
Or just a simple false flag event. Much less expensive and far more exciting.
I have the solution: profiling. Why do we let thousands of Muslims into this country and give them the keys to the kingdom? Wouldn’t it be much better to let them sort out their difficulties in their own countries, instead of invading the world and inviting the world?
Or just a simple false flag event.
Like blocking the Straights of Hormuz.
“…Why do we let thousands of Muslims into this country and give them the keys to the kingdom?…”
Timmy McVeigh and Terry Randall were (shudder,) Baptists. Let’s keep them all out, too. No sense giving the “keys to the kingdom” to terrorists….
Did it ever occur to you that the immigrants you so disparage are ESCAPING governments they don’t agree with? That maybe they’re coming here (legally, and at great expense,) because they agree with our country’s precepts?
The vast majority of Americans going about their business have no animosity towards Iran
Hmmm…maybe the younger generation. I felt that the effort to get American behind going into Iraq succeeded partially because of a general feeling from the 1991 timeframe that we owed them one for tricking us into thinking they had fully surrendered and then turning around and prosecuting a war against their own people from the air as best they could in defiance of us.
We’re much more war-weary now than we were 10 years ago, but there’s definitely a chunk of Americans who think we still owe Iran one for 1979. I think any effort to drum up support for war with Iran will lean heavily on that sentiment and the demographic who still carries it.
but there’s definitely a chunk of Americans who think we still owe Iran one for 1979
Never mind that:
1) Most of the mullahs in charge back then are already dead.
2) Million who will suffer were not even born yet back then.
3) Most Iranians just want to live their lives, raise their families and couldn’t care less about the USA.
Interesting that mindset isn’t carried here domestically in the United States, where today’s young are payng the price for their elder’s war and non-war sins alike.
Many of those responsible for national bankruptcy are now dead, and many of those living are paying the price for excessive and malplaced do-gooderism about which they had no say.
Making others pay for one’s own moralistic wet dreams is as abhorrent as dropping a bomb on Iran.
What say you, In Colorado?
“We’re much more war-weary now than we were 10 years ago, but there’s definitely a chunk of Americans who think we still owe Iran one for 1979.”
I remember 1979, but I have no interest in going to war against a country that wants to be rid of its own government.
a general feeling from the 1991 timeframe
I dunno. I knew people who for years said we shoulda gone in and gotten Saddam, but then forgot about all that when Bush II got serious. It was just Monday morning quarterbacking & false bravura. Similarly, public figures like Clinton and Kerry were on the record in support of some kind of action. So later they were kinda stuck.
Regarding Iran, I think the last 10 years has made even the boomers who remember 1979 weary of the whole thing and wanting to turn away from interventionism. You just can’t sustain that kind of commitment for so long.
We’re much more war-weary now than we were 10 years ago, but there’s definitely a chunk of Americans who think we still owe Iran one for 1979.
And there are a lot of Iranians who are still pissed at us over the 1955 overthrow of the Mossadegh regime. Which was engineered by the CIA.
Yup. Both groups and sentiments would make war more likely than it would otherwise be. But something else would have to give them a good excuse.
The best thing to do would be to develop our own energy indusrties to the popint of self sufficiency.
Once we don’t need their oil, Iran will change for the better. That make take a few hundred years, but it will happen. Communications at the individual level won’t be stopped.
Go nuclear. Develop NAG further. Develop Bakken and vast pools in the inner-West and Ohio/Pennsylvania. Drill off Alaska and the coasts. Pull our drillers out of the coasts of Brazil. They are needed here, not there, no matter Soros’ ongoing nefarious intents.
Keep working on thermal, solar, wind.
Rewad your history Carl.
The “beloved” Shah was installed in 1953 following a CIA led (Kermit Roosevelt) coup.
The Iranians were saddled with him til the Revolution, and his prime benefactor (USA) got its embassy taken.
I was 14 then and of course I hated Iran until I educated myself.
People curious about the matter should read Barbara Slavin- lingtime USA today foreign correspondent. in a nutshell she says sanctions are counterproductive - even likely to hasten the sale of a dirty bomb for currency, even moderates think Iran has the right to develop nuclear technology (like India, pakistan, russia, israel , and the US fleet on its doorstep). after hearing scarborough today, i’d love to see her go on the show.
how arrogant of the USA to think they could dictate what happens there.
I’m aware of the main points of the history prior to 1979. Just making a statement about psychology in the USA.
“…the americans won’t be tricked into another war, will they…?”
If you’ve been reading the Israeli press lately it certainly seems that way. Seems kind of counter-productive, though, given all we did for Iran with Mr. Bush’s little excursion into Iraq.
But consider, too, that Obama just held a press conference to announce 400B cuts to the military over the next ten years (BFD, the budget is still scheduled to increase yoy,) and Panetta has been all over the media rending his garments, predicting Armageddon to whip up public outrage; the Defense Industry is champing the bit to build its latest round of war toys.
Fear card, it’s an election year, after all….
Meanwhile….
http://www.debka.com/article/21629/
Thousands of US troops began descending on Israel this week. Senior US military sources told debkafile Friday, Jan. 6 that many would be staying up to the end of the year as part of the US-IDF deployment in readiness for a military engagement with Iran and its possible escalation into a regional conflict. They will be joined by a US aircraft carrier. The warplanes on its decks will fly missions with Israeli Air Force jets. The 9,000 US servicemen gathering in Israel in the coming weeks are mostly airmen, missile interceptor teams, marines, seamen, technicians and intelligence officers.
The incoming American soldiers are officially categorized as participants in Austere Challenge 12, the biggest joint US-Israeli war game ever held.
Romney and Santorum will bomb Iran in broad daylight.
Obama will bomb Iran under cover of darkness with drones.
“the americans won’t be tricked into another war, will they?”
Maybe not the public at large, but the danger of the situation is that America has gone to war on so many false pretenses, what happens if there ever is a real situation? It’s like the boy who cried wolf. And of course, there is the state sanctioned Mexican invasion.
“the americans won’t be tricked into another war, will they?”
Never underestimate the stupidity of the American people. The PTB certainly don’t.
Its not Iran its de Mosques de Mosques where they teach how to hate America all in the name of allah. But we will never have the guts to fight a religious jihad.
We should racially profile muslims and strip seach them if they wear the garb or carry a koran on a plane…if they dont like it then fly Air Egypt and blow that plane up.
a dozen times joe said “IRan is the enemy”
You’re wasting your talents as a dj, dj. You could be a leading figure in the Republican party with talk like that. You probably could have won Iowa.
Or you could take Rush’s place, when he finally dies of prescription pill abuse.
Thanks alpha
I believe the world would be a lot nicer, if people didn’t have a place to “worship”. I also think the muslims are the worst of the bunch…
So why waste ammo on people, when that really is not the problem?
Some beautiful thoughts, my friend.
But wouldn’t they just move worship to the local Y or something, if we blew up the mosques?
We should racially profile muslims and strip seach them if they wear the garb or carry a koran on a plane
Or alternatively, we could leave them the hell alone, along with every other creed and sect, unless and until they commit an actual crime.
“…we could leave them the hell alone,…”
Traitor.
“leave them alone..”
I assume Sammy and ahansen, that you also mean that our own government ought to leave it’s OWN people alone to their own devices, too?
Because right now it does anything but.
MilitaryIndu$trialComplexInc. Land War = NO monie$ ! Yay!!!!!!!
“Yellow cake” & a Colin Powell “act-alike” polishing an apple won’t.go.far.in.America the$e day$
Tank$ for putting holes in both pocket$ Cheney-$hrub! bugs bunny x+ooo’s for you two.
the americans won’t be tricked into another war, will they?
Eventually the MSM will invoke the savior’s plight.
the americans won’t be tricked into another war, will they?
You’re joking, right? The veggies who voted for Obama and McCain have somehow grown a brain since ‘08? I see no evidence of that.
the americans won’t be tricked into another war, will they?
yeah sammy. i’m joking.
(But it will be just a wee bit more difficult this time- he said seriously.
I wish that was true, but you can’t fix stupid. The Obama cabbages and McCain turnips will line up on command, just like they did in ‘08.
From yesterdays Bits Bucket (late):
Comment by Cantankerous Intellectual Bomb Thrower©
2012-01-05 21:46:10
Alleged Scam May Mean Eviction For Renters
Realtors Concerned Over Possible Illegal Practice Going On In South Bay
POSTED: 7:27 pm PST January 5, 2012
UPDATED: 7:29 pm PST January 5, 2012
CHULA VISTA, Calif. — A possible housing scam may be putting hundreds of thousands of dollars in someone’s pockets while getting some people kicked out of their homes.
The Pacific Southwest Association of Realtors told 10News Thursday they’ve been tracking a group called the “Prudent Constituents Association.” The group accuses PCA of illegally taking over dozens of homes in Chula Vista, renting them out and then profiting from it.
“They’ll take off the lockboxes that are on [the homes], take all the signs down, they change the locks and they put up their own signs,” said realtor Steve Lemack.
Lemack said he was about to show a $650,000 home to a potential buyer when he noticed the changes. He returned later and found the home was rented to a family even though PCA doesn’t own it.
“They say they’re a nonprofit organization, but they’re not paying the taxes, they’re not paying the HOA. They’re here just to make money,” Lemack said.
According to the PSAR, the practice is not new but it is spreading in Chula Vista. The realtors allege PCA has found a loophole where they fraudulently file a “quit claim” document with the county, which effectively signs the property’s rights over to PCA. The realtors said the county doesn’t have the manpower to make sure PCA is in fact the real owner.
“It’s a problem with the system,” said Pacific Southwest Association of Realtors CEO Richard D’Asco
………………………………………………………………….
Interesting. I wonder why they don’t at least pay the property taxes. This sounds to me like they could start the clock running on adverse possession…
And I wonder if this quirk is isolated to San Diego County…
Legally, is it a valid defense to trespass, to file such a document and immediately pay the back property taxes upon entering upon the property? Effective notice?
A few notable (meaning mentioned in the news) people who attempted adverse posession of empty houses in north Texas were kicked out and arrested last week. The documents and filings they did to start the clock on adverse possesion grounds were shot down as illegal.
You have to be thinking long term to want to start the clock on adverse possession. You have to have money that you are willing to sink into the scheme to get the property taxes up to date.
For 21 years we have been improving a strip of land bordering our back yard that belongs to the local park district. I am about ready to claim ownership, if only to stop their giant lawnmowers from occasionally destroying a plant or little fence I put up. Once it’s ours, I can have the cottonwood trees cut down. The park district certainly isn’t going to do it.
I’m guerrilla gardening a portion of the city-owned lot next door. Matter of fact, I’m going to sneak over and tend to it before dawn tomorrow.
Why so stealthy? Because the guy who owns the dump behind it thinks that lot is his. Plus he’s a slumlord and a real blankety-blank.
How long term? Do you just need the money to pay the back taxes, or will you need to hire a lawyer and go to court etc?
Do you have pay all the back taxes at once? I figure once you move in, it’ll take the “owner” at least 60 days (and likely a helluvalot longer) before the marshal knocks on the door. So pay, say, $1,000 of the back taxes on day 1, pay another $500 every 30 days thereafter until someone files a complaint.
I’m guessing you can live for 24+ months on maybe $10k in tax payments on an abandoned house in Chula Vista.
The only reason I would make the tax payments is to beat the rap on trespassing.
Uh-oh, the Social Security Ponzi foundation is getting shakier.
“Census: Number of U.S. youth shrinks”
http://content.usatoday.com/communities/ondeadline/post/2012/01/census-number-of-youthful-americans-shrinks/1
Necesitamos mas jovenes ahorita!
Once the menial job market picks up the Mexodus will resume.
Maggots feeding on the flesh of a dying America. Wish I could take credit for that phrase, but I didn’t come up with it.
Thirty-six states showed declines in the number of young residents. Even Nevada and Florida, Sun Belt states that had lured young families for years, are showing declines in their under-18 populations largely because fewer people are moving. The economy and dismal housing market are keeping people in place and more people are delaying having children.
“They are no longer attracting young migrants from elsewhere,” Frey says.
Great name for a pop band…
Young Migrants From Elsewhere
They could cover that Genesis song from 1983
It’s No Fun Being an Illegal Alien
http://www.youtube.com/watch?v=hBhyjVfnqkM - 84k
Here in Tucson, the recent census figures show the number of people aged 0-20 in steep decline. Twentysomethings are still holding steady, and I would attribute a lot of that to the presence of a university and an Air Force base.
People in their 30s and 40s? Well, let’s say that they’re voting with their feet. I can see why. The starter and move-up job markets aren’t that good here.
Over 50? Well, there’s an increasing population.
Not to worry the elderly will be forced to work until 75 even with SS as it will not keep pace with real inflation and may be dismantled or changed.
Medicare block grants to the states will take care of the SS problem.
Go to the nearest mall and take a good look at the “youths” who are supposed to be supporting you in your old age. Yeah, let’s see how that works out for us.
As it should be. The young shouldn’t be asked to provide for the elderly with their own sweat and blood. Elderly support should be provided by one’s own family (or friends).
“Census: Number of U.S. youth shrinks”
I wonder why?
Released: December 14, 2011
Barely Half of U.S. Adults Are Married – A Record Low
New Marriages Down 5% from 2009 to 2010
by D’Vera Cohn, Jeffrey Passel, Wendy Wang and Gretchen Livingston
Overview
Barely half of all adults in the United States—a record low—are currently married, and the median age at first marriage has never been higher for brides (26.5 years) and grooms (28.7), according to a new Pew Research Center analysis of U.S. Census data.
…
—————————————————————————
U.S. Birthrate Declines for Third Year on Economic Worries
By Elizabeth Lopatto - Nov 18, 2011 6:32 AM PT
The U.S. birthrate fell 3 percent last year, the third straight decline, as the economy faltered and women delayed having children.
The birthrate dropped to 66.2 for every 1,000 women ages 15 to 44, the lowest since 1987, according to the Atlanta-based Centers for Disease Control and Prevention. The teen birthrate fell to the lowest since records began, declining 9 percent from 2009, at 34.3 births per 1,000 teenagers.
“You do see people make choices about family size in tough economic times, and that’s consistent with this data,” Preston Britner, professor of human development and family studies at the University of Connecticut in Storrs, said in a phone interview. “In an economy like this you see people making choices about at least delaying childbirth.”
The total fertility rate of 1,932 births per 1,000 women was below the 2,100-birth level at which the population can be replaced, the report said. Without enough children to replace parents as they die, countries may be burdened with the costs of elder care as the population ages and maintaining infrastructure without enough workers.
The two-year recession that began in 2007 has left the U.S. with unemployment hovering at about 9 percent. Extreme poverty doubled in Midwestern metropolitan areas from 2000 to 2005-2009 and rose by a third in the South, according to a report from the Washington-based Brookings Institution. The number of Americans receiving food stamps rose to a record 45.8 million in August, and the housing market continues to drag on the economy.
…
Prime, job offer?
Thanks everyone for the good wishes yesterday!
I think everything went pretty well—I would say really well on two of the interview questions, and adequately well on the second (a bit of a false start in a not-quite-ideal direction, but with a recovery to the correct answer before time was up).
No offer yet, though. The outfit that I was interviewing with is notoriously slow in getting from interview feedback to actual offer. That’s just their internal process…
But I have a good feeling; we’ll see if it is borne out in reality…
Fingers crossed!
adequately well on the second
I meant on the third, which just happened to be “second” chronologically, so I typed the wrong thing.
Prime, I don’t know if you saw my comment yesterday. If you’re actively looking (rather than this being an opportunistic-interview), we’re hiring quite aggressively. IIRC we’re in roughly the same field, so feel free to drop me a line.
Hey drummin, I did see that late yesterday, but wasn’t sure if you were around today to see a reply…
I’ll drop you a note at your JT extension alias. But this particular one was definitely more on the opportunistic end rather than an active effort on my part. But I appreciate you thinking of me!
Police: ‘Rock star’ financial trader killed self before West Palm judge could rule in his case
By Michael Sallah Miami Herald Staff Writer
Posted: 5:23 a.m. Friday, Jan. 6, 2012
For years Cliff Popper, financial wheeler dealer, pleaded in his defense that he was being made a scapegoat for the nation’s sub-prime loan crisis by ambitious regulators who failed at their jobs to police the volatile industry.
The charismatic South Florida trader, who rode the crest of the housing boom by popularizing risky investments in mortgage pools, defended himself at his federal civil fraud trial in November in West Palm Beach.
But before the judge could give his decision, Popper abruptly killed himself this week, his body found on Tuesday in his oceanfront condo in Highland Beach.
The death of the flashy broker who symbolized the nation’s mortgage craze is the latest chapter in the government’s case against him and others accused of wiping out the finances of people across the country in investments that defined the economic crisis: speculative mortgage-backed securities.
Lawyers for the U.S. Securities and Exchange Commission argued Popper was the architect of a program that misled people into pouring their life savings in investments that collapsed with the home market. In all, 1,000 people lost up to $300 million.
“It was a horror show. People lost homes, retirements, life savings,” said Scott Silver, a Coral Springs lawyer for more than 30 families in Broward County and Miami-Dade. “These were not institutional investors. These were mom-and-pop investors.”
The case was made more prominent because of Popper, a well-known trader with expensive tastes who drove a BMW Z8, entertained clients in a sky box at Sun Life Stadium and owned a $2.4 million condo on South Beach.
Witnesses told lawyers searching for assets that the 54-year-old trader spent thousands of dollars a week on escort services and flying in female porn stars from California.
“He lived a rock star lifestyle,” said Silver.
While he held courtside seats at Miami Heat games and had his photo snapped with Shaquille O’Neal, Popper emerged as one of the country’s recognized experts on highly speculative investments tied to sub-prime loans.
From offices in Coral Springs and Boca Raton, he and others on his team touted the investments on radio shows, newspaper ads and Internet sites.
A head trader for Brookstreet Investors - his 18th brokerage job in 25 years - Popper traveled the country coaching the firm’s brokers on how to sell the investments.
While Goldman Sachs bundled mortgage-backed securities for institutional investors, Popper was the guru who cut up smaller units to sell to retail customers. “He took it from Wall Street to Main Street,” Silver said.
In time, Popper’s investments soared in the housing boom: More than $300 million was invested while Popper and his team reaped commissions totaling $19 million in just three years, SEC records state.
But things began to unravel in June 2007 in the decline of the sub-prime loan market, followed by a dramatic drop in securities based on those loans. Some investors borrowed as much as 90 percent of their total investments.
It’s unclear when Judge Kenneth Marra will rule in the case, but Silver said the damage created by the sale of the risky investments will be felt for years after the charges are resolved. “There are people who saved $500,000 for their retirement who are wiped out. They can’t retire,’ he said.
“Sadly, it took (the SEC) years to file a case. They filed charges long after the fraud imploded on itself.”
http://www.palmbeachpost.com/news/crime/police-rock-star-financial-trader-killed-self-before-2083983.html -
“Sadly, it took (the SEC) years to file a case. They filed charges long after the fraud imploded on itself.”
Quick, Martha, close the barn door, the cow has gotten out.
“Quick, Martha, close the barn door, the cow has gotten out.”
Newt! She’s headed for the rhubarb!
Saved or borrowed the money to invest?
I guess this guy was too small for a bailout or did not have the right contacts with the obama administration. If he could only get Corzine on his team…
————————
But things began to unravel in June 2007 in the decline of the sub-prime loan market, followed by a dramatic drop in securities based on those loans. Some investors borrowed as much as 90 percent of their total investments.
It’s unclear when Judge Kenneth Marra will rule in the case, but Silver said the damage created by the sale of the risky investments will be felt for years after the charges are resolved. “There are people who saved $500,000 for their retirement who are wiped out. They can’t retire,’ he said.
Why do you need to turn everything into a political rant? Because it is obvious from the article that he was a Democrat? Because most of his investments were made during Obama’s term? Because Republicans never commit fraud?
Why do you need to turn everything into a political rant?
Because the lack of political rants means that the bananas are getting mushy.
It’s a start…
From the article: “He said he “never made any intentional misrepresentations to anyone,” and his business was hit by market forces that also struck even bigger firms, like Bear Stearns and Lehman Brothers.”
If Popper was guilty, then so are so many others.
Including the millions of FBs who fell for the NAR hype and signed mortgages they had no business signing. And the tens of millions who sanctioned crony capitalism and limitless bailouts for banksters from public funds by casting votes for Obama and McCain.
flashy broker who symbolized the nation’s mortgage craze
Never heard of him. Maybe “epitomized” is the word?
The smell of hope and change…
Just like a used diaper.
305 days and counting.
—————————-
Obama’s reckless recess ploy
The Wall Street Journal | 01/06/2012 | David B. Rivkin, Jr. and Lee A. Casey
Mr. Obama is claiming an open-ended authority to determine that the Senate is in recess, despite that body’s own judgment and the factual realities. That is an astonishing and, so far as we can tell, unprecedented power grab.
It is not up to the president to decide whether the Senate is organized properly or working hard enough. However much the supposedly power-hungry President George W. Bush may have resented the Senate’s practice of staying “in session” to defeat his recess-appointment power, he nevertheless respected the Senate’s judgment on the point.
The president has done his new appointees and the public no favors. Both the National Labor Relations Board (NLRB) and the Consumer Financial Protection Bureau are regulatory agencies with profound real-world impact. Those individuals and businesses subject to regulations and rulings adopted during the tenure of Mr. Obama’s recess appointees can challenge the legality of those measures in the courts, and they will very likely succeed.
Forget that. The fact that he signed the GOP initiated NDAA into law shows that there is no meaningful difference between the two false choices offered to the public.
Even though I have problems with many of his stances, I will vote for Ron Paul. He might not accomplish much, but at least I can hope that he will veto more freedom killing laws.
I will vote for Ron Paul. He might not accomplish much, but at least I can hope that he will veto more freedom killing laws.
+1
Ron Paul can’t be any nuttier than Andrew Jackson was.
+1
Everybody that signed that is a traitor and should be fealty with accordingly. However, this will never happen.
I don’t get why Obama signed NDAA. That baffles me the most. Wasn’t that a perfect opportunity for him to fight the warmongers and establish his “peace” cred?
This is what happens when you vote for an empty suit. Suit gets filled by whoever has money and influence and you know it’s not you.
Butters you just contradicted yourself.
Yes I did. It’s a contradict-yourself Friday for me. Already did once to a client. 3 more hrs to go……
Just for a little comic relief, here are a couple of headlines from Huffpo, which I think has a collection of stupid and illiterate “journalists”, if you can call them that:
“Drug-Resistant Salmonella Outbreak Sickens 19 Ground Beef Eaters”
Ground Beef Eaters. LOL.
“Eric Holder Expands FBI’s Definition Of Rape To Include Male Victims, Non-Forcible Assaults”
Either they’re crazy, or Eric Holder is. I suspect both. “Non-forcible assaults”. L.M.A.O.
Even the Huffpo faithful constantly complain in their comments about missing information and bad writing in Huffpo’s articles.
I thought non-forcible was statutory rape.
I thought it was anything a woman said it was?
With the new definition, now it can be anything a man claims it is.
Non-forcible assault does seem to be a contradiction in terms.
I have a friend who’s all thrilled and stuff because she’s now writing for the HuffyPo.
I keep trying to tell her that she needs to get paid for writing. After all, didn’t Arianna just sell HuffyPo to AOL for $315 million? So, it’s not like she can’t afford to pay the writers.
In the interest of full disclosure, I do a bit of freelance writing. And I get paid for it.
Unless it’s a charity, only a moron works for free.
My sentiments exactly.
However, be careful when dealing with charities, non-profits, whatever you want to call them. Why? Because many of them do have the money to pay you, despite their pleas of poverty.
Case in point: A couple of summers ago, I was asked to share some of my photos with a local non-profit organization. I told the person making the request that I’d be happy to work out a licensing agreement. Her reply: The organization had no money for such a thing.
I guess I was supposed to take pity on this organization and share my work, but I didn’t. Something just didn’t seem right. After all, this outfit has a well-paid staff and a nice downtown Tucson office. I later found out that its annual budget is more than $1.5 million.
Maybe we could expand the definition of rape to encompass taxpayers involuntarily forced by the Fed, Treasury, and the Republicrats to pick up the multi-trillion dollar tab for bankster recklessness and fraud. And then charge Obama and McCain voters as accessories.
Happy 3 Kings Day (AKA Feast of the Epiphany)
Today is the day when children in Spanish speaking countries get their Christmas presents (from the Magi/wise men and not from Santa/Father Christmas).
While the Nordic Christmas tree has worked its way into Spanish and Latin American culture, the traditional thing to do down there is set up a manger scene.
My daughter was in Paris over Thanksgiving weekend and she and her travelling companions saw a huge manger scene in front of Notre Dame. One of the girls noticed that baby Jesus was missing. In Catholic cultures baby Jesus is not placed in the creche until Christmas.
Anyway, that was your cultural factlet of the day. I do not use the word factOID, as the “oid” suffix implies that the object is a counterfeit. For instance, an ovoid is an object that appears to be an oval but in fact does not meet the geometric required to be a true oval. Thus a factoid would be a false fact, like the ones we are fed by the Ministry of Truth.
Ironic that we celebrate the manifestation of diety by presenting gifts to ourselves.
I believe January 6th is also considered Twelfth Night - 12 nights after christmas and is the official beginning of Carnival season in Rio, New Orleans, Trinidad, etc.
Time to dust off the King Cake recipe. Let the parades begin.
My understanding is that Carnival is the week or two before Lent begins.
In Spanish cultures a traditional pastry: La Rosca de Reyes, is consumed on Jan 6. The cake, which is ring shaped, contains either a ceramic or plastic baby Jesus in it. If your slice has the doll (it’s thimble sized) they you are supposed to throw a party sometime in February (I forget when).
In Cajun culture, this is called a “King Cake”… The rest sounds identical, though! I didn’t realize that it came from Spanish culture.
It might be generic Latin. Don’t know if the Italians have something similar.
In New Orleans (can’t speak for other cultures), I’m pretty certain Cranival begins tonight. It builds the week or two before Mardi Gras day with more krewes and balls and festivities, but technically begins on Twelfth Night. It’s all based on the Catholic calendar.
FWIW, there is nothing in the Liturgical calendar regarding Carnival. The Christmas season ends this Sunday and is replaced by “Ordinary” time, when the Priest wears green vestments. Ordinary time is the bulk of the Liturgical Year. If you wander into a Catholic, Episcopalian or High Chruch Lutheran Sunday sevice the celebrants wear green vestments during Ordinary time. Also dictated by the liturgical calendar are which sections of scripture are to be read on a given day. If my understanding is correct Catholics, Episcopalians and Lutherans have the same schedule.
Hemmroid
Is that a false hem?
Sent me to my dictionary on this one, Colorado. The suffix “oid” means “like” or “resembling,” but I don’t think it has the negative connotation your imply here. The taxonomy of plants, for example, is full of “oids” as descriptors. Nothing counterfeit about it.
While “factlet” is certainly a more accurate neologism, “factoid” rolls a lot more trippingly off the tongue. It’s even more fun to type.
So thanks a lot… Now I’ll have to have this internal struggle whenever I want to write something irrelevant.
The suffix “oid” means “like” or “resembling,” but I don’t think it has the negative connotation your imply here.
Your point is well taken. Nevertheless, an ovoid is not a true oval, it just looks like one. I suppose that the same could be said of a factoid. It looks and smells like a fact, but it isn’t a fact.
While “factlet” is certainly a more accurate neologism, “factoid” rolls a lot more trippingly off the tongue. It’s even more fun to type.
Agreed.
“In Catholic cultures baby Jesus is not placed in the creche until Christmas.”
So you have the barn with the manger and Joseph and Mary, wise men, shepherds and maybe a few animals all staring at a small pile of hay? Really? Wouldn’t it make more sense to set up just the family and the locals on Christmas Eve then add the kings on Kings Day?
Yup, that’s the way it’s done, and how it’s been done for centuries. And the Kings don’t show up until today.
http://www.mydesert.com/article/20120106/NEWS05/201060306/Lawsuit-against-Glory-God-Ministries-being-dropped-debts-paid
Amazing how a church gets to file a Bankruptcy, get rid of their debt,stiff the contractors for well over a yr who built the church and still go on collecting the offerings AND getting away with tax free status.
All of this is So Not Right. Anyone else see the contradictions etc?
How is it different from any other entity that goes BK? Are you equally offended by BK regardless of the entity that files?
Church + “Bidne$$” = What would Jesus-of-Oaxaca do?
(Eyes think Eyes’ll ask his “righthand-man” in a email to the my$tery machine in Vatican City.)
What would Jesus-of-Oaxaca do?
Or as gringos would say: Hay-soos
I haven’t read your linked source.
Is the story referring to The Church of General Motors?
I agree, all of that (too) is so not right.
There’s a new article on cnbc describing the large recent increase in consumer credit card debt. Specifically:
“During the third fiscal quarter of 2011, U.S. consumers added $17 billion in new credit card debt, wiping out what remained of a $33 billion first-quarter pay down and putting us on pace for a $64 billion net gain in credit card debt during 2011, according to a Card Hub study.”
The article goes on to caution against this practice, and includes helpful hints for reining in out-of-control budgets.
No acknowledgment that, for many Americans, this credit card increase is borne of necessity, and reflects not frivolous spending, but an effort to keep the wolves from the door.
Not a surprise. I read somewhere that that the average family (excepting the top decile) spent 110% of their income/earnings since 2000.
This is terrifying.
Serial debtors have an insatiable appetite for debt. They’re like junkies. And in a perfect world, I wouldn’t care about it. It’s business between adults. But, Wall Street and the government have set up a system where other citizens - those not involved - have to pay. The debtors run up the prices of everything - hey, they’re paying with funny money, what do they care as long as they can make the minimum payments - for the rest of us. And when the debts go bad, the rest of us get to pay directly again.
Debt has its place in the business world. It’s quite useful under the right circumstance.
Debt in the private consumer world, and especially when used to pay for depreciating consumer goods, is a tick, sucking the wealth out of all consumers who have to pay higher prices, and very specifically out of the individuals on the hook for it.
Wow! Just wow!
One of the best discussions on the MF debacle I’ve heard: Warren Pollack and Ann Barnhardt.
“Ann Barnhardt and Warren Pollock have an interesting discussion about the financial crisis, the setting of legal precedent, netting, settlement, and future trends including a possible bank holiday.
They talk about MF Global as it applies to savings and commercial banking, brokerage, insurance, and commodities.
They also discuss the numeric impossibility of solving the debt problem, the partnership between government and finance, and the injustice of having the victims pay the price for the crisis rather than the perpetrators.
Ann and Warren also explain how the MF Global bankruptcy process could define the ways in which customer funds may be treated during a bank holiday.
This idea of a bank holiday is intriguing, particularly with regard to the scope of it.
Rather than just including the US, such a financial holiday could involve the greater part of the developed world in a coordinated restructuring of sovereign debt, and the revaluation of the world’s major currencies according to some formula. ”
Via Jesse’s Cafe Americaine: http://jessescrossroadscafe.blogspot.com/
At 27 minutes it gets really interesting when Ann’s asked about lines of credit being shut down.
Fed considers adopting inflation target
Fed Nears Adoption of Inflation Target
BloombergBy Craig Torres and Caroline Salas Gage | Bloomberg – 6 hours ago
http://finance.yahoo.com/news/fed-nears-adoption-inflation-target-135846492.html
As long as it’s less than the current 50% per year, it will work for me.
Interesting article in Bloomberg:
Did Psychopaths Take Over Wall Street Asylum?
Key point:
They “largely caused the crisis” because their “single- minded pursuit of their own self-enrichment and self- aggrandizement to the exclusion of all other considerations has led to an abandonment of the old-fashioned concept of noblesse oblige, equality, fairness, or of any real notion of corporate social responsibility.”
[Academic researcher] Boddy doesn’t name names, but the type of personality he describes is recognizable to all from the financial crisis.
He says the unnamed “they” seem “to be unaffected” by the corporate collapses they cause. These psychopaths “present themselves as glibly unbothered by the chaos around them, unconcerned about those who have lost their jobs, savings and investments, and as lacking any regrets about what they have done. They cheerfully lie about their involvement in events, are very convincing in blaming others for what has happened and have no doubts about their own worth and value. They are happy to walk away from the economic disaster that they have managed to bring about, with huge payoffs and with new roles advising governments how to prevent such economic disasters.”
“Take the credit, assign the blame” - it’s an instinct in many people, a way of life for the Machiavellian.
That they knew they were building a house of cards is not in question. The evidence is clear for anyone who cares to look. The lack of prosecutions means they had their politicians write the laws so that they would be within them when it all blew apart.
The systems they put in place have disrupted the lives of millions around the world. But they are/have been rewarded handsomely for it. At least with the Mafia, the society attempts to actively stop that kind of activity.
People respond to rewards and penalties. Until there are negative consequences for people responsible for creating these destructive financial systems (politicians and Wall Street), the behavior is going to continue. “Stabilizing” the system is not going to stop these folks for looking for the next game. Institutionalizing TBTF, reelecting politicians who ultimately allowed this system to take root and metastasize, protecting and rewarding the Wall Street architects of the failed system means this will happen again. And probably not too terribly far into the future.
http://www.opensecrets.org/pres12/index.php
If you want to see which corporatist, statist Republicrats the Wall Street psychopaths are supporting this election, check out your favorite non-Ron Paul candidate.
Good find.
Clicking on the “Industries” and “Contributors” tabs at the top of the page for each of these candidates is quite revealing.
Mitt’s top three contributors are… intriguing.
http://www.opensecrets.org/pres12/contrib.php?cycle=2012&id=N00000286
Not just intriguing, revealing. A who’s who of financial predators that practically mirrors Obama’s list of campaign contributors in 2008. And the sheeple really think any of the current policies are going to change no matter which straw man gets into the White House?
http://www.bloomberg.com/news/2012-01-06/obama-returns-to-bush-plan-to-cut-u-s-combat-brigades-in-europe-in-half.html
Obama plans to cut US combat brigades in Europe in half. Good. Let Europe see to its own defense. South Korea and Japan, too. Among others.
BS
like he was going to leave Afghan., , iraq, and close gitmo? (remember: we’re only out of Iraq ’cause they kicked us out)
i believe none of it until it has happened/
‘plans to cut” says it all, seen it all. Like you said.
It’s just more nonsense for the brain-dead Republicrats to pee on the floor about. And become distracted from NDAA.
Here’s why I don’t trust the judgement of financial “experts.” I don’t doubt they have deep understanding of various subsets of their field. But most didn’t see the existence of a housing bubble. Their understanding of the bigger picture and their judgement is suspect.
Fed Policy Makers Urge More Housing Aid
Bloomberg
By Scott Lanman and Vivien Lou Chen - Jan 6, 2012 5:39 PM ET
“Bernanke realizes that we need to boost housing and if housing does not recover, what the Fed does will be for naught,” said Sung Won Sohn, former chief economist at Wells Fargo & Co. who is now a professor at California State University-Channel Islands in Camarillo.
This guy is a professor. Larry Summers is a professor. Lawrence Yun has a PhD in Economics.
http://www.bloomberg.com/news/2012-01-06/fed-policy-makers-urge-more-housing-aid-while-split-on-central-bank-s-role.html
The Fed’s business is lending at interest. Period.
They lend the US its own currency, at interest. The interest goes….where?
Their recomendations are good for….who?
http://www.youtube.com/watch?v=as5Xq4_TDos&feature=player_embedded
William Black tells it like it is about the banksters and their mortgage-related frauds.
The banksters must not have had their lobbying machine very well oiled back then (late 1980’s / early 1990’s).
Then how come the Fed is so desperately trying to resume business as usual?
Surf’s up in San Diego — biggest waves I have seen here in seven years of watching them.
Properties that are completely redone and staged are flying off the shelves around here.
Prices are down, but not those mentioned above. HIGH.