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RECENT BLOG POSTS
The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.' Ronald Reagan 40th president of US (1911 - 2004)   If you are a bank and its Friday, its only four words: "I'm from the government". The suits struck again today, adding banks 70, 71, and 7...
08/07/2009
"Once you became aware that your loans were in fact being handled through a program with the name 'V.I.P.' that should have raised red flags for you," The above comment was in the letter from the Senate Committe that looked into Dodd's sweetheart refi deals with Countrywide. As Homer Simpson say...
08/07/2009
This bank will live past Bank Failure Friday today, but only because the plug will get pulled next week.   Rueters, and others reported that Colonial BancGroup admitted today it is the target of a criminal investigation and the FDIC is likely to step in next week. From MarketWatch:   NEW YORK (Ma...
08/07/2009
Bernanke's term expires in January, 2010. He inherited one heck of an economic situation. Should he be re-appointed for a second term?   Nouriel Roubini says yes, and gives a pretty solid defense of his opinion. LAST week Ben Bernanke appeared before Congress, setting off a discussion over wheth...
08/07/2009
In 2007 Bank of America CEO Ken Lewis said, “I’m astonished that people would walk away from their homes,” From the NY Times: "Bank of America has its hands full, with a June default rate of 13.8 percent, up from 12.5 percent in May. The other major credit card companies are in a similar fix. Est...
07/26/2009
From The San Diego Union: Calif. officials concerned about new budget woes SACRAMENTO, Calif. — California officials are warily awaiting the next round of state revenue figures, concerned that their latest budget-balancing efforts may not be enough to end a seemingly endless stream of deficits. L...
07/26/2009
A billion is 1,000,000,000 or a million thousands A trillion is 1,000,000,000,000 or a billion thousands * 1 million seconds equal 11 and 1/2 days. * 1 billion seconds equal 31 and 3/4 years. * 1 trillion seconds equal 31,710 years. but how much is it really? Visualize this:<.br>
07/24/2009
The FDIC became the receiver of the six bank subsidaries of Security Bank Corp of Macon Georgia.  From the FDIC Today:   "The six bank subsidiaries of Security Bank Corporation, Macon, Georgia, were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit...
07/24/2009
We all know that a short sale is tough enough, but when you deal with condos, it becomes a whole new ball game. The challenge: Buyer financing. With government backed financing the main source of funds these days, underwriting standards for condos makes the job of selling the short sale condo eve...
07/20/2009
Todd Lackner's day job is a real estate appraiser, but his moonlighting as a mortgage fraud investigator has led to the indictments of more than a few mortgage scams including sale and cash schemes where the buyer over pays, gets cash at closing, then walks away.  The most recent real estate scam...
07/20/2009
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