Archive for December 30th, 2008

Holiday Posting

Posting might be a little light tomorrow. One of my brothers was fortunate enough to have been born on New Years Eve (there is always a party when that’s your birthday). This has precipitated, for about 25 years, an annual very large and somewhat liquid golf tournament. Therefore, I am out-of-pocket for the day. I will [...]

Share

Solving The Housing Crisis Via The Bankruptcy Courts

So how are you going to feel when your neighbor who paid about the same as you for your house and borrowed about the same amount as you did gets his mortgage chopped down by a bankruptcy court? That’s likely to be reality within a month or two. The WSJ has an article that argues [...]

Share

GMAC Wants To Lend You Some Of Your Own Money

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 words “… (get) back in the game.” GMAC said that it intended to lower its minimum FICO [...]

Share

Fannie Mae’s Bill Is Holding Up The IndyMac Sale

This is pretty rich with irony. Fannie Mae seems to be standing in the way of the FDIC’s sale of IndyMac to a group of private investors. As reported by Housing Wire, Fannie presented the FDIC with a bill for $1 billion shortly after it seized IndyMac. The bill was for representations and warranties violations [...]

Share

The IMF Prescription For Fiscal Stimulus

  What follows is the Executive Summary of the IMF’s Staff Position Note on suggested cures for the current recession:  EXECUTIVE SUMMARY The current crisis calls for two main sets of policy measures. First, measures to repair thefinancial system. Second, measures to increase demand and restore confidence. While some of these measures overlap, the focus [...]

Share