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December 2008 - Around The Web



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  • Home Prices Continue Free-Fall
    Published Wed, Dec 31 2008 3:00 PM by feedproxy.google.com
    Spotlight on Alexandria, VA: 55% of Revenue Comes from Real Estate Taxes, Mayor Forced to Hike Up Property Taxes; How to Fight the Hike - Examine Worksheets or File an Appeal WSJ’s Sudeep Reddy talks with Tim Hanrahan about October data showing the decline...
  • 2008 Investment Guides Are HILARIOUS
    Published Wed, Dec 31 2008 3:00 PM by feedproxy.google.com
    Via New York Magazine, comes this amusing collection of bad forecasts for the 2008 year: • Jon Birger, senior writer, Smart investors should buy [Merrill Lynch] stock before everyone else comes to their senses.” Merrill’s shares plummeted 77 percent....
  • Deflation on the Ski Slopes?
    Published Wed, Dec 31 2008 11:51 AM by Seeking Alpha
    submits: Robert Shiller knows something about real estate and if he is correct in the predictions contained in the then U.S. housing prices have a good deal further to fall and they won’t begin to level off until about 2013. It seems unlikely that economic...
  • IndyMac: Blame Fannie Mae for Holding Up the Sale
    Published Wed, Dec 31 2008 11:51 AM by Seeking Alpha
    Tom Lindmark submits: This is pretty rich with irony. Fannie Mae (FNM) seems to be standing in the way of the FDIC’s sale of IndyMac (IDMCQ.PK) to a group of private investors. As reported by , Fannie presented the FDIC with a bill for $1 billion shortly...
  • GMAC: Happy to Lend You Some of Your Own Money
    Published Wed, Dec 31 2008 11:51 AM by Seeking Alpha
    Tom Lindmark submits: If the shenanigans surrounding the GMAC conversion to a bank holding company haven’t gotten under your skin, then maybe this will. GMAC announced that it intends to significantly lower its lending standards in order to, in its own...
  • Treasury Makes Subprime Auto Loans
    Published Tue, Dec 30 2008 5:06 PM by feeds.feedburner.com
    One day after the treasury (taxpayers) injected $6 billion into the failing auto industry . General Motors Corp and its GMAC funding affiliate launched programs on Tuesday to lure U.S. car and truck buyers back into showrooms as the largest U.S. automaker...
  • Another Big Bank Failure: More Likely Than Not to Occur
    Published Tue, Dec 30 2008 2:13 PM by Seeking Alpha
    submits: Countrywide was forced into a fire sale vs. bankruptcy situation. It was totally insolvent and reeked of non-performing, illiquid and depreciating assets. Merrill Lynch (MER) was forced into a fire sale vs bankruptcy situation. It was totally...
  • 2008 loan issuance falls 55 percent
    Published Tue, Dec 30 2008 2:13 PM by Reuters
    NEW YORK (Reuters) - U.S. loan issuance in 2008 tumbled 55 percent to $764 billion, the lowest volume since 1994, as the global credit crunch choked off lending to American businesses, according to data from Reuters Loan Pricing Corp.
  • Judge rules against WaMu confidentiality request
    Published Tue, Dec 30 2008 2:13 PM by www.washingtonpost.com
    WILMINGTON, Del. -- A federal bankruptcy judge on Tuesday denied a request by Washington Mutual Inc. to keep details of certain asset sales secret.
  • NY Times: Toxic Homes and Divorces
    Published Tue, Dec 30 2008 12:23 PM by Calculated Risk Blog
    From the NY Times: With nearly one in six homes worth less than the mortgage owed on it, according to Moody’s Economy.com, divorce lawyers and financial advisers around the country say the logistics of divorce have been turned around. “We used to fight...
  • Schiff: Government Interference Only Makes The Problem Worse
    Published Tue, Dec 30 2008 12:23 PM by ml-implode.com
    "Investor Peter Schiff again went to battle with a raft of establishment talking heads on CNBC yesterday who attempted to propagandize for the bailout by pushing the idea that it was necessary and inevitable."
  • Banking Industry Sinking Faster Than Government Can Bail?
    Published Tue, Dec 30 2008 10:02 AM by feedproxy.google.com
    A useful piece at the Wall Street Journal discusses the poor prospects for the US banking industry, which will in aggregate post a fourth quarter loss despite heroic interventions by the Fed and Treasury. The article makes much of recent and almost-certain...
  • Packaging Debt for Sale
    Published Tue, Dec 30 2008 10:02 AM by feedproxy.google.com
    Wall Street devised exotic securities to earn fees from the debt boom > Source: The Crash: What Went Wrong? Washington Post, October 15, 2008 http://www.washingtonpost.com/wp-dyn/content/graphic/2008/10/15/GR2008101501040.html
  • Accounting standards boards form crisis advisory group
    Published Tue, Dec 30 2008 10:02 AM by www.marketwatch.com
    The Financial Accounting Standards Board and the International Accounting Standards Board announce a high-powered advisory group to consider financial reporting issues arising from the turmoil gripping markets around the world.
  • Fed Study Finds That 169 Independent Mortgage Companies Failed in 2007
    Published Tue, Dec 30 2008 8:28 AM by www.washingtonpost.com
    Federal Reserve researchers found that 169 independent mortgage companies ceased operations in 2007, crimping credit to consumers as the economy plunged into a recession.
  • A straitened future for troubled banks
    Published Mon, Dec 29 2008 10:34 PM by www.ft.com
    There may have been worse years for banking than 2008, but it is hard to think of one. As the industry heads into 2009, banks are facing not only a long struggle to...
  • A bailout boomtown
    Published Mon, Dec 29 2008 8:28 PM by themessthatgreenspanmade.blogspot.com
    The Washington Post on one of the bright spots to the year-long financial crisis. As the Financial Bailouts Grow, So Does the Fed Real estate analysts have predicted that federal bailouts could be a boon for Washington commercial space, as federal agencies...
  • How Can Reverse Mortgage Lenders Be Successful Marketing To Worried Retirees?
    Published Mon, Dec 29 2008 8:28 PM by feeds.feedburner.com
    recently published a new article from journalist Mary Elizabeth Hurn that explores how financial services companies are marketing to worried retirees. As many retirees have seen their savings plunge along with 401(k)s, companies addressing them (ie reverse...
  • Treasury provides financial support to 43 banks
    Published Mon, Dec 29 2008 8:28 PM by www.washingtonpost.com
    WASHINGTON -- The Treasury Department said Monday that it has provided $1.9 billion to 43 banks as part of the government's $700 billion financial rescue program.
  • For Sale: 5 BR Detroit Manse, $8995
    Published Mon, Dec 29 2008 6:06 PM by feedproxy.google.com
    Here’s an update on the Detroit Housing situation: -226 homes for sale at $1,000 or under; -21 homes for sale at $1,00 or under; -4 homes for sale at $1. via This caught the eye of regular TBP reader Byno, who asks (”What’s the catch?”): Great investment...
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