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- WSJ: More on Steve and Barry’s Collapse Impacting Mall Owners
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The WSJ has a feature story on Steve and Barry’s: Retailer’s Collapse Hits Mall Owners. This is the retailer that used tenant improvement payments to fuel their growth.
The WSJ reports that Steve & Barry’s received $380 million in tenant improvement payments for fiscal years 2004 through 2007. In fiscal 2006 alone, the company received $122 million in payments, but only used $59 million to…
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13 July, 2008| housingblogs |
Comments (0) @ 22:30
- The Coming Bank Failures
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There have now been 5 FDIC insured bank failures in 2008, the most since 2002 (11). But this is nothing compared to number of failures during the S&L crisis in the ’80s and early ’90s.
Click on graph for larger image in new window.
To put the 2008 failures into perspective, here is a graph of bank failures since the FDIC was created in 1934. The 5 failures this year hardly show up on the…
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13 July, 2008| housingblogs |
Comments (0) @ 19:02
- Matt Simmons on CNBC
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Must watch video of Matt Simmons on CNBC….
Original Source: www.creditbubblestocks.com
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13 July, 2008| housingblogs |
Comments (0) @ 19:00
- Fannie and Freddie Bailout
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The talk of a bailout has finally been realized (as if there was ever a doubt). On Monday, the Federal Government will explicitly guarantee the debt of Freddie Mac and Fannie Mae …
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13 July, 2008| housingblogs |
Comments (0) @ 17:03
- The Freddie and Fannie bailout begins
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It was inevitable. On Sunday evening, the US Treasury announced a rescue plan for the two mortgage giants - Freddie Mac and Fannie Mae. The plan has three components:A liquidity injection: - The US treasury will provide a line of credit to Freddie and Fannie.Partial nationalization: - In order to provide additional capital, the treasury will be granted temporary authority to purchase shares the two GSEs. This sounds a lot like a limited rights issue….
Original Source: ukhousebubble.blogspot.com
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13 July, 2008| housingblogs |
Comments (0) @ 16:18
- Paulson Statement on Freddie and Fannie
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Update2: NY Times report: Rescue Sought for Fannie and Freddie
WSJ report: U.S. Announces Rescue Plan For Fannie Mae, Freddie Mac
Update: From the Fed Board grants Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary
From Bloomberg: Paulson Statement on Freddie Mac, Fannie Mae: Full Text … I have consulted with the Federal…
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13 July, 2008| housingblogs |
Comments (0) @ 16:14
- Paulson Gives Plan For Fannie And Freddie
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Treasury Secretary Henry Paulson today outlined his plan for shoring up Fannie and Freddie:
First, as a liquidity backstop, the plan includes a temporary increase in the line of credit the GSEs have with Treasury. Treasury would determine the terms and conditions for accessing the line of credit and the amount to be drawn. …
Original Source: housingdoom.com
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13 July, 2008| housingblogs |
Comments (0) @ 15:45
- FLASH: THE UNITED STATES TAXPAYER HAS JUST BAILED OUT THE KINGS OF THE GREAT HOUSING PONZI SCHEME - FANNIE MAE AND FREDDIE MAC
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* US Treasury increases credit line backed up by assets in free-fall* Government to buy shares, existing shareholders to get killed* Fed to open discount window and lend money to Fannie and Freddie that will not get paid back* Changes to be added to disastrous Dodd/Shelby Housing Gambler Bailout bill* Senator Dodd’s “everything’s OK” statement even funnier tonight*…
Original Source: housingpanic.blogspot.com
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13 July, 2008| housingblogs |
Comments (0) @ 15:31
- Taos Real Estate Mortgage Update: Week Ending 07/03/08
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13 July, 2008| housingblogs |
Comments (0) @ 15:03
- Update: Bush administration comes to rescue of Fannie, Freddie
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Update: The A.P. now reports the Bush administration, acting in concert with the Federal Reserve, has announced steps to rescue Fannie Mae and Freddie Mac: "(Treasury) Secretary Henry Paulson said 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."
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Original Source: feeds.latimes.com
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13 July, 2008| housingblogs |
Comments (0) @ 14:59
- Report: Fannie-Freddie rescue plan coming tonight
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Breaking: The New York Times is reporting that the Bush administration will announce plans tonight to ask Congress for authority to rescue Fannie Mae and Freddie Mac: "Alarmed about the sharply eroding confidence in the nation’s two
largest mortgage finance companies, the Bush administration will ask
Congress to approve a rescue package that would give the government the
authority to buy billions of dollars in stock in Fannie Mae and Freddie
Mac and also lend to the companies to meet their short-term funding
needs, people briefed about the plan said on Sunday."
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Original Source: feeds.latimes.com
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13 July, 2008| housingblogs |
Comments (0) @ 14:59
- Town of Taos News Brief #58 July 11, 2008
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1) Town of Taos Regular Meeting, 6:30 p.m., Tuesday, July 15, 2008. Agenda attached.
2) Taos Day, Friday, July 18th – At 12 noon (half day), Town of Taos Town Hall, including the Recycle Center and Taos Regional Landfill, will close to the public for annual Taos Day. This is Taos Fiestas weekend. Home/commercial pick up of trash by Waste Management …
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13 July, 2008| housingblogs |
Comments (0) @ 14:57
- FDIC Chairman Issues Statement on IndyMac Federal
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From the FDIC: FDIC Chairman Sheila C. Bair Issues Statement on IndyMac Federal Bank, FSB, Conservatorship FDIC Chairman Sheila C. Bair said, "Over the past weekend, I have seen news reports which have fairly and accurately reported on the conversion of Indy Mac Bank into a conservatorship operated by the FDIC. I have also seen inaccurate and inflammatory reporting which could well cause needless…
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13 July, 2008| housingblogs |
Comments (0) @ 13:25
- IndyMac: IndyMac History and Collapse. The Saga of the Second Largest Bank Failure in History, here in Sunny Southern California.
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It is rather appropriate that the second largest savings and loan failure in history that of IndyMac Bank occurs here in Southern California. IndyMac is based out of Pasadena California, an upper-middle class city within the concrete jungle of the 88-city metropolis.
With a stunning $32 billion in assets, this is by far one of the largest failure in decades. And of course, the FDIC with their usual dark suit posse swooped in after the market had closed on Friday to not spook the sheep in the public. Add this one to the list as the fifth bank failure of the year:
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13 July, 2008| housingblogs |
Comments (0) @ 13:23
- WSJ: Treasury to Issue Statement on Freddie and Fannie Today
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From the WSJ: Treasury to Issue Statement Supportive of Mortgage Giants The Treasury is expected later today to make a statement supportive of beleaguered mortgage giants Fannie Mae and Freddie Mac … Here is the Treasury News page….
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13 July, 2008| housingblogs |
Comments (0) @ 11:41
- I Did The Right Thing Not Buying A House, Now What?
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Reades suggested a topic on opportunity in the housing bust. “Let’s talk about how to profit from the bust.”
“The group of moneyed investors guided by a Wall Street friend of mine (are) currently buying REO single family houses by the dozen from banks at 10% off list. When I mentioned the risk to my friend, he said these investors already have buyers. I don’t believe it. Most of this investment group are MD’s.”
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Original Source: thehousingbubbleblog.com
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13 July, 2008| housingblogs |
Comments (0) @ 11:22
- Deschutes County Foreclosures Double
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From the Bend Bulletin:When the Deschutes County Clerk’s Office closed June 30, an ominous milestone was reached. Through the first half of the year, 788 notices of default — a document initiating foreclosure proceedings —were filed with the county.The number is significant, considering 590 of them were filed in all of 2007, and just 221 in 2006.T…
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13 July, 2008| housingblogs |
Comments (0) @ 9:41
- Is Rob Dawg Right About WaMu?
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Over at Exurban Nation Rob Dawg says WaMu will soon be WaMu “Federal.” Keep in mind that this is the same guy that got his cash out of Indymac on July 2nd (I convinced my parents to get their money out early last week).Here’s why:Let’s first look at the N…
Original Source: bubbletracking.blogspot.com
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13 July, 2008| housingblogs |
Comments (0) @ 9:35
- Is Rob Dawg Right About WaMu?
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Over at Exurban Nation Rob Dawg says WaMu will soon be WaMu “Federal.” Keep in mind that this is the same guy that got his cash out of Indymac on July 2nd (I convinced my parents to get their money out early last week).Here’s why:Let’s first look at the N…
Original Source: bubbletracking.blogspot.com
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13 July, 2008| housingblogs |
Comments (0) @ 9:35
- Senator Chris Dodd - we are all laughing at you now. Resign. Go away. You failed America. Stop digging.
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That’s it.I can’t take any more of this monkey.Someone make him stop.He makes David Lereah, Lawrence Yun and the Iraqi Information Minister actually look honest by comparison….
Original Source: housingpanic.blogspot.com
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13 July, 2008| housingblogs |
Comments (0) @ 8:24
