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NEW -> Contingent Buyer Assistance Program
Great article on mortgage fraud.



<a href="http://www.bloomberg.com/news/marketsmag/mm_1208_trim2.html">Fear & Foreclosure in Las Vegas</a>



"the U.S. Attorney for Nevada had indicted the couple on 6 counts of bank fraud, later revised to 13. Prosecutors say the pair recruited fake -- or ``straw'' -- buyers to apply for loans to purchase 227 properties worth $107 million. They told the straw buyers they would pay the mortgages. Then they skimmed thousands of dollars from each of more than 432 transactions, the indictment says, stashing the cash in 80 bank accounts. "
 
[quote author="IrvineRenter" date=1226976378]Great article on mortgage fraud.



<a href="http://www.bloomberg.com/news/marketsmag/mm_1208_trim2.html">Fear & Foreclosure in Las Vegas</a>



"the U.S. Attorney for Nevada had indicted the couple on 6 counts of bank fraud, later revised to 13. Prosecutors say the pair recruited fake -- or ``straw'' -- buyers to apply for loans to purchase 227 properties worth $107 million. They told the straw buyers they would pay the mortgages. Then they skimmed thousands of dollars from each of more than 432 transactions, the indictment says, stashing the cash in 80 bank accounts. "</blockquote>


So how do 227 straw buyer transactions turn into a measely 13 counts of bank fraud?
 
[quote author="graphrix" date=1225176392]http://xs233.xs.to/xs233/08472/segway259.jpg



Awesome! You can scoot your fat a$$ down to <a href="http://www.promenadeshopsatdoslagos.com/go/fb/guide/store.cfm?storeID=1438&CFID=26942908&CFTOKEN=93664975">Friday's</a> to get double order of cheesy bacon potato skins. Now that will sell homes! Taylor Morrison, helping America stay fat one house at a time.



Can you get a DUI on a Segway? Nevermind, you would just keep falling over, and don't forget your helmet. Speaking of helmets, if they throw one in with the Segway, I might consider it. Yeah... right, no 909 for me. LOL... Between Ipo and Skek's stories growing up there, I dunno who has scared me off more?</blockquote>


I'm bumping my own post because it looks like the owners of the <a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aTSUXZdAuOV8">Promenade at Dos Lagos is going to default.</a> I guess now you can say almost everyone is in default in the 909, and it is true.
 
<a href="http://biz.yahoo.com/ap/081119/economy.html">Consumer prices drop by largest amount in past 61 years as energy prices see record plunge...</a>



WASHINGTON (AP) -- Consumer prices plunged by the largest amount in the past 61 years in October as gasoline pump prices dropped by a record amount.



The Labor Department said Wednesday that consumer prices fell by 1 percent last month, the biggest one-month decline on records that go back to February 1947. The drop was twice as large as the 0.5 percent decline analysts expected.



In other economic news, the Commerce Department reported that construction of new homes and apartments fell by 4.5 percent in October to an annual rate of 791,000 units. That was the slowest construction pace on records going back to 1959 and underscored that housing remains caught in a severe slump.



The big drop in inflation reflected not only a huge fall in gasoline and other energy costs, but widespread declines in other areas. Core consumer prices, which exclude food and energy, fell by 0.1 percent last month, the first drop in core prices in more than a quarter-century.
 
Dow 7997...



<a href="http://news.yahoo.com/s/ap/20081120/ap_on_go_co/auto_bailout_what_s_next_8">Senate nixes auto bailout...</a>



<a href="http://news.yahoo.com/s/ap/20081120/ap_on_bi_ge/financial_meltdown_58">Dow slips below 8000 on fears of deflation...</a>



And the real tell tale sign, that last link news artical is called financial_meltdown_58...



The obligatory housing related item: <a href="http://news.yahoo.com/s/ap/20081119/ap_on_bi_go_ec_fi/housing_starts_5">US home construction sinks to new record low.</a>



and here's a sneak peak at Congress' next plans



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
SAN FRANCISCO (MarketWatch) -- Fannie Mae and Freddie Mac said late Thursday that they will temporarily suspend foreclosures on occupied homes while the companies work on a streamlined modification program expected out in December. Fannie and Freddie will not foreclose on occupied homes from Nov. 26 to Jan. 9. Fannie said it will reach out to 10,000 affected borrowers and Freddie will reach out to 6,000 affected borrowers.
 
[quote author="ipoplaya" date=1227246926]SAN FRANCISCO (MarketWatch) -- Fannie Mae and Freddie Mac said late Thursday that they will temporarily suspend foreclosures on occupied homes while the companies work on a streamlined modification program expected out in December. Fannie and Freddie will not foreclose on occupied homes from Nov. 26 to Jan. 9. Fannie said it will reach out to 10,000 affected borrowers and Freddie will reach out to 6,000 affected borrowers.</blockquote>
Yahtzee! And how long before "temporarily" becomes "indefinitely"?
 
[quote author="bigmoneysalsa" date=1227247847][quote author="ipoplaya" date=1227246926]SAN FRANCISCO (MarketWatch) -- Fannie Mae and Freddie Mac said late Thursday that they will temporarily suspend foreclosures on occupied homes while the companies work on a streamlined modification program expected out in December. Fannie and Freddie will not foreclose on occupied homes from Nov. 26 to Jan. 9. Fannie said it will reach out to 10,000 affected borrowers and Freddie will reach out to 6,000 affected borrowers.</blockquote>
Yahtzee! And how long before "temporarily" becomes "indefinitely"?</blockquote>


Time to stop paying that mortgage!!
 
[quote author="IrvineRenter" date=1227317260]good article on the basics of deflation:



<a href="http://www.msnbc.msn.com/id/27823694">Falling prices raise worries about deflation</a></blockquote>


Was just thinking about deflation this morning when I paid $1.98 per galloon at Costco. It costs less than half as much to fill my tank as it did during the summer... That extra $200 a month in my wallet isn't going toward extra spending though. It's going right to savings.
 
[quote author="ipoplaya" date=1227325508][quote author="IrvineRenter" date=1227317260]good article on the basics of deflation:



<a href="http://www.msnbc.msn.com/id/27823694">Falling prices raise worries about deflation</a></blockquote>


Was just thinking about deflation this morning when I paid $1.98 per galloon at Costco. It costs less than half as much to fill my tank as it did during the summer... That extra $200 a month in my wallet isn't going toward extra spending though. It's going right to savings.</blockquote>


What's wrong with you! GWB says spending is patriotic!



you're not one of those commies, are you?
 
So much for the high end holding up...Bu-bye



<a href="http://online.barrons.com/article/SB122731268710749483.html?mod=b_hpp_9_0002_b_this_weeks_magazine_home_top">http://online.barrons.com/article/SB122731268710749483.html?mod=b_hpp_9_0002_b_this_weeks_magazine_home_top</a>
 
NARs report for October is out. Invetory up, prices down. Biggest drop in median home prices ever.



<a href="http://online.wsj.com/article/SB122753236169252877.html?mod=djemalertNEWS">WSJ Link</a>
 
[quote author="freedomCM" date=1227335793][quote author="ipoplaya" date=1227325508][quote author="IrvineRenter" date=1227317260]good article on the basics of deflation:



<a href="http://www.msnbc.msn.com/id/27823694">Falling prices raise worries about deflation</a></blockquote>


Was just thinking about deflation this morning when I paid $1.98 per galloon at Costco. It costs less than half as much to fill my tank as it did during the summer... That extra $200 a month in my wallet isn't going toward extra spending though. It's going right to savings.</blockquote>


What's wrong with you! GWB says spending is patriotic!



you're not one of those commies, are you?</blockquote>


Nah, just a middle class Irvine CFO girding for the coming economic $hitstorm...
 
<span style="color: green;"><strong>Why oh why didn't I invest in companies that supply ink and paper to the gov't?! </strong></span>



<a href="http://news.yahoo.com/s/ap/20081125/ap_on_bi_ge/credit_crunch">Government plans new credit, mortgage programs</a>



WASHINGTON ? The government introduced a pair of new programs Tuesday that will provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available.
 
[quote author="awgee" date=1227657100]Does anybody else find it ironic that the government's answer to problems created by easy credit is more easy credit?</blockquote>




<img src="http://icanhascheezburger.wordpress.com/files/2007/10/128340458413437500ohigetitdi.jpg" alt="" />
 
I strongly recommend a read of Calculated Risk posts today about home prices, rent and income.



<a href="http://calculatedrisk.blogspot.com/2008/11/house-price-to-income-ratio.html">House price to income ratio</a>



<a href="http://calculatedrisk.blogspot.com/2008/11/price-to-rent-ratio.html">Price to rent ratio</a>



<a href="http://calculatedrisk.blogspot.com/2008/11/case-shiller-house-prices-free-falling.html">Q3 Case-Shiller</a>
 
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