The Obama Administration is entirely predictable. It ever and always sides with large corporate interests, while trying to create the impression that it is actually concerned for the welfare of the average citizen. Admittedly, the occasionally tough talk with little follow through feeds a perverse spectacle of plutocrats sulking, pouting, and claiming that they are really, really badly treated.
via naked capitalism.
Yesterday CoreLogic reported that house prices declined 1.2% in August, and this morning S&P Case-Shiller reported widespread price declines in August (really an average of June, July and August).
via Calculated Risk
Ohio’s attorney general threw a wrench into the banking industry’s push to quickly restart foreclosures by fixing faulty paperwork, and pressed them to modify mortgage loans.
“It is not acceptable for a party who believes they submitted false court documents to merely replace those documents. Wells Fargo and any other banks are not simply allowed a ‘do-over,’” he wrote in the letter to Wells. The other letter was sent to Ohio judges, who were asked to notify Mr. Cordray when banks file substitute affidavits.
Perfection of moral virtue does not wholly take away the passions, but regulates them.–Saint Thomas Aquinas (1225 – 1274)
If you spot copies of an adult magazine being passed around bank offices this month, it may not be what you think.
The November issue of Playboy magazine (which DealBook reads, as they say, for the articles) includes a feature titled “How to Destroy a Bank,” which details a financial writer’s plan for protesting the policies of, and eventually bringing down, one of America’s four largest commercial banks.
Which homeowner’s tax advantage would you rather give up?
The tax-free capital gain?
Or the mortgage income tax deduction?
On Tuesday, the Mortgage Bankers Association released its forecast for 2011 mortgage rates and other housing trends. They feel the benchmark (30-year fixed) mortgage rate will average 4.4 percent for the remainder of 2010. For 2011, the MBA predicts that the benchmark rate will slowly but steadily increase to around 5.1 percent.
One ought never to turn ones back on a threatened danger and try to run away from it. If you do that, you will double the danger. But if you meet it promptly and without flinching, you will reduce the danger by half. Never run away from anything. Never!- Sir Winston Churchill (1874-1965)