Headlines...

NEW -> Contingent Buyer Assistance Program
Irvine among fastest-growing U.S. cities

The city saw an influx of 8,204 new residents last year.



I wonder how this would affect prices for the years to come. Could this insulated Irvine a little from the overall downturn? Well, TIC certainly knows what they are doing by building all those apartment complexes. I wonder how many of these newcomers are going to just buy when they get here versus renting...



http://www.ocregister.com/articles/irvine-new-cities-2090274-city-list
 
Paulson says the US Treasury is going to "inject" $15 billion of capital into Freddie and Fannie and the Federal Reserve is going to open the discount window to them.
 
<a href="http://news.yahoo.com/s/ap/mortgage_giants_crisis">US spells out Freddie-Fannie backstop plan</a>



"...the government is planning to expand its current line of credit to the two companies should they need to tap it and Treasury could buy equity captial in the companies ? if needed. The moves will require congressional approval.



The Federal Reserve saids in a separate statement that it will lend to Fannie Mae and Freddie Mac if they need additional funds.



The plans also seek a "consultative role" for the Federal Reserve in any new regulatory framework eventually decided by Congress for Fannie and Freddie. The Fed's role would be to weigh in on setting capital requirements for the companies.



Fannie Mae and Freddie Mac either hold or back $5.3 trillion of mortgage debt. That's about half the outstanding mortgages in the United States..."
 
<a href="http://news.yahoo.com/s/ap/20080711/ap_on_go_co/congress_housing">Senate passes foreclosure rescue </a>



"...The plan lets homeowners buckling under mortgage payments they can't afford keep their homes and get more affordable mortgages backed by the Federal Housing Administration. Banks that agreed to take substantial losses on those distressed loans could avoid costly foreclosures and be assured of recovering at least some money.



The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners..."



<span style="color: purple;"><strong>I just love a good government bailout, don't you? I go to work every day, overjoyed at the thought of earning money so that I can pay taxes and do my part to help my hapless fellow man/woman. I just don't understand why</strong> </span><a href="http://www.angryrenter.com/open_letter.php"><strong>some people </strong></a><span style="color: purple;"><strong>are so angry about this</strong>.</span>
 
[quote author="profette" date=1216014855]<a href="http://news.yahoo.com/s/ap/20080711/ap_on_go_co/congress_housing">Senate passes foreclosure rescue </a>



"...The plan lets homeowners buckling under mortgage payments they can't afford keep their homes and get more affordable mortgages backed by the Federal Housing Administration. Banks that agreed to take substantial losses on those distressed loans could avoid costly foreclosures and be assured of recovering at least some money.



The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners..."



<span style="color: purple;"><strong>I just love a good government bailout, don't you? I go to work every day, overjoyed at the thought of earning money so that I can pay taxes and do my part to help my hapless fellow man/woman. I just don't understand why</strong> </span><a href="http://www.angryrenter.com/open_letter.php"><strong>some people </strong></a><span style="color: purple;"><strong>are so angry about this</strong>.</span></blockquote>


Yeah Prof, I don geddit either. I wrote an extra check and enclosed it with my US income tax this year because I am so stoked on the job the US gov is doing.
 
For those of you that missed the headline, hell has in fact frozen over. AngryRenter.com is run by a group chaired by Dick Armey. Me and Dick Armey agreeing on something...



<em>::shakes head in resignation::</em>
 
Treasury Acts to Save Mortgage Giants:



<a href="http://www.nytimes.com/2008/07/14/washington/14fannie.html?_r=1&pagewanted=2&hp&oref;=slogin">http://www.nytimes.com/2008/07/14/washington/14fannie.html?_r=1&pagewanted=2&hp&oref;=slogin</a>
 
So Paulson comes out Friday and says no bailout. Then today he announces a massive bailout in the works. How exactly is this not lying??? Why is this acceptable from our public officials???
 
[quote author="EvaLSeraphim" date=1216025684]For those of you that missed the headline, hell has in fact frozen over. AngryRenter.com is run by a group chaired by Dick Armey. Me and Dick Armey agreeing on something...



<em>::shakes head in resignation::</em></blockquote>


I can't believe I agree with <a href="http://www.theonion.com/content/node/28432"><strong>that Dick </strong></a>on anything.



<em>*profette runs screaming from the room...</em>
 
[quote author="profette" date=1216035090][quote author="EvaLSeraphim" date=1216025684]For those of you that missed the headline, hell has in fact frozen over. AngryRenter.com is run by a group chaired by Dick Armey. Me and Dick Armey agreeing on something...



<em>::shakes head in resignation::</em></blockquote>


I can't believe I agree with <a href="http://www.theonion.com/content/node/28432"><strong>that Dick </strong></a>on anything.



<em>*profette runs screaming from the room...</em></blockquote>


I take exception to this bill! There is no mention of the eradication of rabbits. What good will this bill do if the problem are the rabbits? They have no contingency plans for an infestation of rabbits. Do they think that this bill will cover every American, or will this be only for the elite few who have no rabbits? This is just another elite political nose snubbing to the typical NASCAR loving, beer gut showing, SUV driving, RV living, flag waving patriotic American citizen who has rabbits eating their grass lawns to their roots. I urge you to call and write your congress and senate members to veto this bill. A patriotic American is a rabbit free American. Vote with your heart, not with the rabbits.
 
[quote author="graphrix" date=1216056784][quote author="profette" date=1216035090][quote author="EvaLSeraphim" date=1216025684]For those of you that missed the headline, hell has in fact frozen over. AngryRenter.com is run by a group chaired by Dick Armey. Me and Dick Armey agreeing on something...



<em>::shakes head in resignation::</em></blockquote>


I can't believe I agree with <a href="http://www.theonion.com/content/node/28432"><strong>that Dick </strong></a>on anything.



<em>*profette runs screaming from the room...</em></blockquote>


I take exception to this bill! There is no mention of the eradication of rabbits. What good will this bill do if the problem are the rabbits? They have no contingency plans for an infestation of rabbits. Do they think that this bill will cover every American, or will this be only for the elite few who have no rabbits? This is just another elite political nose snubbing to the typical NASCAR loving, beer gut showing, SUV driving, RV living, flag waving patriotic American citizen who has rabbits eating their grass lawns to their roots. I urge you to call and write your congress and senate members to veto this bill. A patriotic American is a rabbit free American. Vote with your heart, not with the rabbits.</blockquote>


Again with the rabbits. graph? Do you expect government to solve all your problems? Sheesh. Why don't you just spread some <strong><a href="http://www.irvinehousingblog.com/forums/viewthread/2008/">shrimp paste </a></strong>on your lawn? That will get rid of the bunnies and keep everyone else away too, so you can work on your tinfoil hats undisturbed.
 
WAMU says that they are "well capitalized"....didn't I already hear this from IndyMac a few months ago???



http://biz.yahoo.com/ap/080714/washington_mutual_capital.html





Man, these guys must think that people are idiots. It won't be long before that $7B of new found idiot money...errr investor capital dries up due to mounting mortgage losses. I hope these guys are next to be taken out back and shot. I like the timing of their release after their stock gets hammered almost 35% today.
 
[quote author="graphrix" date=1215847486][quote author="ipoplaya" date=1215846257][quote author="graphrix" date=1215846030]I have feeling they will swing by <a href="http://www.marketwatch.com/news/story/firstfed-reports-results-first-quarter/story.aspx?guid={858893C6-4AA6-4A23-ABAB-DFA415CEC649}&dist=TQP_Mod_pressN">First Federal</a> first, then make their way down here to see our friends at Downey. BTW, Monday July 14th is the last day to lock option ARMs at Downey. Amazing, they were one of the first banks to have the option ARM.</blockquote>


Story not found on your link Graphers...</blockquote>


Try the edited link now. <a href="http://www.firstfedca.com/site/documents/ROP053108.pdf">And, check out their latest monthly report</a>. Assets shrinking, check. Deposits shrinking, check. 80% plus of their loans are ARMs, check. Zero loans sold, check. % of non-performing loans increasing at 100 BPS or more a month, check. Delinquencies increasing at rapid rate, check. Soon to be on the FDIC list... TBD.</blockquote>


Looks like some other folks agree that First Fed and Downey are in trouble. "By examining banks' ratios of defaulting loans to total outstanding loans and to reserves and stock -- two measures of a bank's health -- only a handful of companies appear to be in jeopardy, according to bank analyst Richard Bove of Ladenburg Thalmann. These small banks include Downey Financial Corp., Corus Bankshares Inc., Doral Financial Corp., BFC Financial Corp., BankUnited Financial Corp. and FirstFed Financial Corp."



<a href="http://biz.yahoo.com/ap/080714/banks_earnings_preview.html">http://biz.yahoo.com/ap/080714/banks_earnings_preview.html</a>
 
I have not read the article, but I have heard that Barrons' cover story today was about real estate and the conclusion was that the bottom is in.






Hmmm-m-m




I think maybe I will keep waiting.


And Kudlow had a guy on today who was saying the bottom is in for financials.


I do not suppose I will be buying DSL or C tomorrow.
 
<a href="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html">Feds blame Schumer for IndyMac collapse.</a> And the official <a href="http://www.ots.treas.gov/docs/7/778029.html">press release.</a>



Apparently his publicized letter questioning their viablility created a $1.3 Billion withdrawal run last week.
 
You must log in or register to reply here.
Back
Top