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“The Senate Banking Committee on Thursday heard from regulators and industry players on the progress of foreclosure prevention efforts including the Making Home Affordable Program, which has been criticized for what seems to be a slow start.”
It would be one thing if Goldman and JPMorgan would have escaped the crisis, and applied real smart -legal- techniques to make a killing in the face of adversity. They haven’t. They can stand up straight the way they do today, they can pay their hefty salaries (hefty in the real world), simply and only because the tax revenues collected from the people who are now thrown out on the street, both at their jobsites and at their homes, have been used to prop up Goldman but not the very people who’ve paid those taxes.
There is something so inherently wrong about this that there is no chance at all that it will turn out good. We’re not talking some kind of honest mistake here.
Radio Free Wall Street 7/16/09
Lee Adler, Russ Winter, and Aaron Krowne discuss the CIT collapse, Calpers suit against the ratings agencies, the impact of the lack of accountability, and the outlook for the stock market.
Banks and other firms that provided such loans in the past have sharply curtailed lending. That has left many developers and construction companies out in the cold. Over the next few years, these groups face a tidal wave of commercial real estate debt some estimates peg the total at more than $3 trillion that they will need to refinance…. Factoring in construction and commercial loans you arrive at a stunning 26 percent of all loans in FDIC banks and thrifts. This is a staggering figure and the U.S. Treasury is well aware of this. The question isnt whether there will be major defaults here but who will shoulder the cost? ”
“For years, one of the most important ways to finance affordable housing has been through the sale of housing tax credits to wealthy individuals. The buyers got the tax benefits, and developers of housing for workers got the upfront cash to subsidize housing that working people could afford. Enter the recession, and the tax credit market dried up.”
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Housing Update Interesting update on some markets from the Real Estate Journal. Utah homes worth their salt Utah apparently has missed the news about the end of the housing boom, with median selling prices on the way up. For example, Utah County's Alpine area saw median selling prices rise 57.2% to $529,000...... -
Real Estate Investments - Good Idea or Bad Idea? Right now, if there was a market that had bad news written all over it, it would be real estate. The housing crisis has made investors jumpy, the economy appears to be tanking and home values are plummeting across the country. Would you believe that this is actually a good...... - Are Stocks A Better Investment Than Real Estate? According to this article in Money Magazine, stocks are a better investment, based on a study taking in account the years 1978 to 2004.While there are some valid points favoring stocks over real estate, I think it was a one sided arguement.Why choose a period where the stock market did......
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The Mortgage Crisis and Investments in Real Estate According to regional and state real estate analysts, the factors which previously fueled the housing boom of the last few years are easy to explain. The factors that fueled this boom in the real instate industry ranged significantly, including: - Interest rates that were historically low. - Flight-Risk Safety Investments...... - Is It Still A Good Time To Invest In Real Estate? Well, it depends on a lot of factors. Like where you're investing. There's a really good site called Housing Tracker that tracks the inventory and median home price for major cities. It has a pretty simple interface and its a great resource. Looking at Los Angeles I saw the inventory......
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