tag:blogger.com,1999:blog-7982981413278241287.post1514975149125290076..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: More On The Housing SectorDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7982981413278241287.post-2476547808863270192012-07-20T07:11:15.630-06:002012-07-20T07:11:15.630-06:00Wrong Reasons
One of those reasons, according to...Wrong Reasons<br /> <br />One of those reasons, according to Victor Nava and Anthony Randazzo, has to do with the nature of the obligations that are being taken on.<br /> <br />This added debt is coming from increased levels of borrowing on revolving lines of credit. Households are struggling to pay their bills, leading credit card usage specifically to jump 11 percent in May. Essentially, households are taking on more debts with high servicing costs - not low rate home and business loans.<br /> <br />The latter, for the most part, are paid down over time, leading to reduced debt loads and stronger household balance sheets, while the higher rates and open-ended repayment structure of credit cards and other revolving debt tends to have the opposite effect, leaving consumers worse off. Hence, the authors conclude,<br /> <br />while the Federal Reserve's recent consumer credit report may appear to paint a rosy picture of Americans who are spending money, taking out bank loans at a growing rate, and generally feeling better about the economy, closer inspection suggests a stagnant economy that is failing to create jobs, and Americans resorting to their "plastic safety nets" just to get by.<br /> <br />But even if one takes issue with this assessment, it's not hard to find other evidence that suggests the debts being racked up now are increasingly a matter of necessity rather than choice.<br /> <br />A new report from the Pew Charitable Trust, for instance, detailed by the Huffington Post in "Poorest Americans Turning To Payday Loans To Afford Food, Electricity," reveals that<br /><br />http://www.financialarmageddon.com/2012/07/wrong-reasons.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-72874343930599322852012-07-19T23:44:14.926-06:002012-07-19T23:44:14.926-06:00Holy shit you just gave me a reason to care about ...Holy shit you just gave me a reason to care about the election... A Romney/Cain ticket would be hilarious! Nice to get a laugh out of such a pathetic situation. Keep up the good work.<br /><br />AGAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-77972992608683011462012-07-19T16:35:52.654-06:002012-07-19T16:35:52.654-06:00To vote is to voluntarily participate in your own ...To vote is to voluntarily participate in your own enslavement by a sociopathic parasite who, at best, will completely ignore you or, more likely, will use his newly granted power to ram his dick that much further up your wazoo. The politicians don't give a damn, never have given a damn, and based on that track record, likely never will give a damn. All they care about is power, how to obtain it, how to hold it and how to expand it. The electorate? Screw the electorate. They just don't give a damn. Nope. Don't think I'll be casting a ballot this year or anytime soon. I'll keep what little power I've got for myself and to myself rather than vesting it in some asswipe politician who thinks he knows better than me how to govern my life. Fuck them all, each and every one of them (Ron Paul excepted). Better we should be governed by names randomly drawn from a telephone directory that a bunch of self serving, hypocritical scumbags.<br /><br />1) If voting made a difference, we wouldn't be allowed to do it (Mark Twain)<br /><br />2) It's not who votes that counts, it's who counts the votes (Josef Stalin)<br /><br />Signed, severely pissed off LibertarianAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-63682991254584946582012-07-19T13:57:39.158-06:002012-07-19T13:57:39.158-06:00Exclusive: Ex-Goldman mortgage chief plans foreclo...Exclusive: Ex-Goldman mortgage chief plans foreclosed home fund<br /><br />(Reuters) - Former Goldman Sachs Group Inc. (GS.N) executive Donald Mullen, one of the architects of the subprime mortgage trade, is trying to raise at least $500 million for a fund that will buy foreclosed homes with an eye toward renting them out.<br /><br />As a senior mortgage executive at Goldman, Mullen was actively engaged in derivatives trades that became widely known on Wall Street as "the big short." The deals provided a way for traders and hedge funds to bet against the housing market in the run-up to the mortgage bust.<br /><br />Before joining Goldman in 2001, Mullen had held top jobs at Bear Stearns, Salomon Brothers and Drexel Burnham Lambert.<br /><br />The sources familiar with Mullen's fund said it will raise money to go after homes being sold at foreclosure or taken over by banks. The fund will target homes that are selling for between $70,000 and $190,000 and mainly in the southeastern and southwestern regions of the United States.<br /><br />http://www.reuters.com/article/2012/07/19/us-usa-housing-goldman-idUSBRE86I1AJ20120719?<br /><br /><br />who knows what gov't incentives will be thrown their way to clean up the shadow inventoryAnonymousnoreply@blogger.com