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| User Info | WHERE ARE THE DAMN HANDCUFFS? (Fraudie) in forum [Ticker] | |||
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Genesis Posts: 66463 Incept: 2007-06-26 
Royal Flush! 
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http://market-ticker.org/archives/1585-W....
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2009-11-05 10:54:07
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Tesla Posts: 7276 Incept: 2008-04-03 
Delaware
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Look at the plus side from the goobermint POV - 1. no need to MTM, so no loss provision for reserves 2. get some cash from the former homeowner to pay those interest and property tax charges, bailing out pigmen and municipalities 3. avoid a glut on the sales market forcing prices down further The downside they're forgetting - if they don't extend this for more than one year, then the house is empty right in the teeth of the biggest of the alt-A optionARM resets upcoming starting next year.  Someone is really "creative".RIP bondzilla. Please, China and Japan, PLEASE stop buying our debt. 
---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata 2009-11-05 11:06:10
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Drumm23 Posts: 789 Incept: 2008-02-14
Nurburgring
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My suspicion is the market move (up) is linked not just to the announcement but to how such insanity impacts the dollar, appears that the long bond sold off a bit more too. It seems that every single fresh "policy" is actually designed to undermine confidence in the greenback. Are they determined to see $2 to the Euro, will it (can it?) even stop there? Personally I've held some dollars in anticipation of a snap rally, but by god it's getting harder! ---------- you want inspiration? want to see a true hero? http://www.youtube.com/watch?v=rPLCaAu_H.... 2009-11-05 11:06:44
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Shoobedoowa Posts: 1223 Incept: 2007-06-27 
Western Canada
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In the short term it avoids mark to market. In the long term it is another means to the end. The government will own everything. The oligarchs will own the government. The serfs/tenants of the land will be put to work to pay for it all. 2009-11-05 11:11:12
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Etz3l Posts: 8658 Incept: 2007-06-26
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Quote:The rent can't be more than 31 percent of their pretax income. What's 31% of zero? ---------- I could slit my wrists and people would cheer - L. Blankfein.  http://www.youtube.com/watch?v=p8jm61vk2.... 2009-11-05 11:12:55
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Biochemist Posts: 162 Incept: 2009-01-07 Columbus Georgia
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"To qualify, homeowners have to live in the home as their primary residence and prove that they can afford the market rent, which would be determined by the management company. The rent can't be more than 31 percent of their pretax income." And if they go through all the paperwork and the person just doesn't manage to qualify.....what? They tell them to sit tight? 2009-11-05 11:13:13
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Mo Posts: 5043 Incept: 2007-06-26
Florida
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Yep, shoobe. And those states that don't go along with it will be cut off from the federal tit. 2009-11-05 11:14:53
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Pauperbear Posts: 1256 Incept: 2008-01-22
norwalk, ct
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what about property taxes? this looks like a backdoor municipal bailout.
---------- The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is. Winston Churchill 2009-11-05 11:17:59
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Shoobedoowa Posts: 1223 Incept: 2007-06-27
Western Canada
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The states are all being backed into a corner via falling tax revenues, problematic pension plans, etc. Somehow, someway, the states will all be enticed/forced to succumb to the new order. 2009-11-05 11:18:17
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Mayorquimby Posts: 4463 Incept: 2008-09-18 United States of Mortgages
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If people are dumb enough to fall for.....ahh forget it.
---------- - It is impossible to introduce into society a greater evil than this - the conversion of the law into an instrument of plunder. - Government is a great fiction, by which everybody tries to live at the expense of everybody else. - Bastiat 2009-11-05 11:21:03
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Angel61 Posts: 473 Incept: 2008-10-13
Texas
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From the article: "Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties." Gee, I wonder who got that contract? So much for transparency. I also note this program has been running for months. How many more "programs" aren't being disclosed? ****ers. And all J6P will say is : "Oh, thank you!" Instead of "Stick up your ass and take the mark, you lying sacks of ****." ---------- Breathe deep, the gathering gloom... 2009-11-05 11:25:05
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Jazen Posts: 1373 Incept: 2007-07-17
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And who pays the property taxes? Me thinks counties are going to have something to say about this.
---------- Y'all smoke this **** to escape reality? Me, I don't need this ****. I am reality. 2009-11-05 11:25:14
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Pcaldallas Posts: 201 Incept: 2009-03-02
Dallas, TX
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Exactly, Shoob- The states' power continues to be eroded as they become more dependent on the federal government. It makes you wonder what will happen to tax rates on those who own their property free and clear. 2009-11-05 11:29:45
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Throxxofvron Posts: 2248 Incept: 2009-02-17
The Land of Bilk & Money
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Now the Master Plan is really coming together. Health Care, Finance, Housing, Transportation, Jobs Banks; the whole Central Planning Enchilada is being rolled. I'll bet that there is not going to be a Citizenship Requirement for ANY of it. We been HAD but GOOD; Folks. Gettt On Dowwwwn & SUUUUCK IT! A Whole New Slew of .gov Bureaucracies are being Born, & once in place; THEY WILL NEVER BE DISMANTLED. WIll SEIU provide the Management? Will ACORN process the Applications and Dispensation of the Occupancy? No Bid Contracts right from the White House? Sounds about right to ME. As a matter of Fact; I'll put Money on ALL Three. Takers??? Guess Who will be appointed the New Serfdom Housing Czar? Go Ahead. Guess. ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell Last modified:
2009-11-05 11:34:16 by throxxofvron
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Shrpblnd Posts: 1119 Incept: 2007-08-06
Los Angeles, CA
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When does the decrease in cash flow by Fraudie no longer getting the full mortgage payment finally cause them to default on the interest for the MBS they have issued? While it appears they can hide the mark to market losses on the loans, I can't believe the missing cash flow can continue much longer. 2009-11-05 11:35:45
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Genesis Posts: 66463 Incept: 2007-06-26
Royal Flush!
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Shrp: They've already done that to the tune of $100 billion between them and Phoney - Treasury has simply given them money.
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2009-11-05 11:38:12
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Bobo Posts: 713 Incept: 2008-04-01
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Gen, you are totally right about the increasing gov programs! If things were getting better or even stabilizing, they wouldn't be expanding the tax credits to almost everybody, and floating these new home debtor programs. Maybe FHA had to revise their losses when this program was being announced, they just found a new way to pretend.
2009-11-05 11:38:49
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Kuhio Posts: 203 Incept: 2008-12-31
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Karl, I have a question for you that I would appreciate being addressed without immediately being blown off with some cursory, offhand response. (I posted this on a previous thread, but I think it got buried.) I think it gets to the heart of Bernanke's thesis in terms of what CBs can do with regard to fiat currencies. The table below shows a normal progression - it doesn't matter what particular year it is as long as everything remains in proportion. Now, if we had a global currency (which is somewhat true as long as the G20 are all on board with the $USD), where no one can get out, what is to prevent CBs from extending this game indefinitely? It really is a form of the "prisoners dilemma"; as long as no one rushes the exits (eg gold), everyone is in the same boat. More importantly, if the erosion of savings via devaluation is no different from a hard default (jubilee), isn't this method more preferable? In a crude sense, if you were to lose a hand, would you want it chopped off while cutting wood, or surgically amputated under a planned medical procedure?
I guess the real point I'm trying to make is that if the Fed is using this model as their underpinning theory, it would go a long way to explain the wholesale fraud & corruption between finance & gov't. (Actually, the wholesale abandonment of the Constitution, which they simply forgot to tell us. Which of course would be self-referential, as we are mere children to be guided, with no say in the process.) IOW, perhaps they have embraced Keynes to such an extent that they no longer have any faith in the free-market, and as such, all economic activity is to be generated by state guided bubbles, with Wall St providing the necessary "boots on the ground". (For which they are amply rewarded.) When a bubble bursts, they merely re-start the game with the next adjusted progression. Now, I know people will point out that we can't get wages to increase to the necessary level given global wage arbitrage, etc, etc. Listen guys, I'm on your side - I'm just trying to dial in a little deeper into Ben's thinking. 'Cause, in theory, if you can pull this off, it really is no different than a jubilee. So, in conclusion, I think what Ben is telling Congress is "Hey, we did our part in devaluing the $USD, now it's up to you to bump wages to the next level". I don't think Ben is threatening to stop, I think he's telling .gov that they are going to need to implement wage/price controls if the model is to work properly. This of course, is predicated on the concept that .gov has so thoroughly embraced Keynes that they really do believe a state guided command economy is the only way to achieve socially beneficial goals. Just something to contemplate. Btw, Tesla did respond that wages are the issue, to which I replied: @Tesla, forget the specific years. As is commonly known, the $USD has been devalued 95% since 1913. So who's to say year 10 wasn't actually 1923? Perhaps we are currently in year 100? The real heart of the matter is wages. We know that wages haven't grown in real terms, but we do know they have grown on a nominal basis. However, the real point is global wage arbitrage, which implies that we need to compete with low-wage countries on a 1:1 basis. But the last bubble demonstrated that this isn't true. Rather, the Chinese & Indians did all the dirty work, and we got to process loans/shuffle paper in air-conditioned comfort. As long as they (and/or their gov't) agree to this arrangement, why can't it continue? In fact, if the G20 really represented a global coordinating body, who's to say that the entire world's wage basis couldn't just be doubled and call it a day? Again, I repeat, how is this any different than a hard default? Either way, savers are NOT going to be rewarded for their conservative behavior. Important note: I would hope that my posting history would indicate that I in no way, shape or form am advocating this control. Rather, I am trying to reverse engineer the extent of their thinking. If what I am pointing out represents an outline of what they are thinking, then we have a useful road map in which to anticipate their next moves. 2009-11-05 11:40:41
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Wineaux Posts: 123 Incept: 2009-03-23
pure Liquid pleasure
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Section 8 housing coming to a neighborhood near you. And, damn my parents and grandparents for teaching me to live a responsibile life. Let the good times roll. ---------- What wine goes with unemployment? 2009-11-05 11:43:38
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Genesis Posts: 66463 Incept: 2007-06-26
Royal Flush!
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Kuhio, I have addressed this repeatedly in Tickers, on Blogtalk, and here on the forum. I'm sorry, but I don't have time nor the inclination to do it again.
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2009-11-05 11:44:29
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Tstt Posts: 32 Incept: 2008-09-18
Indiana
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Shoob +1 WTF! 2009-11-05 11:45:08
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Coolhandluke Posts: 5269 Incept: 2007-12-19
Out of the box
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And many like me can't find an affordable house to rent because they refuse to let prices settle down to what the real market can bear. Salaries are NOT going up and prices are NOT coming down. **** you Uncle Sam and that ******n horse you road in on.  I am very tempted to buy a house with no money down just so I can default on the loan and live rent free like everybody else. Credit report? I don't give a **** about no stinkin credit report. Those days have come and gone. They want financial war? No problem........... ---------- I gave up on our government several months ago..... Last modified:
2009-11-05 11:51:13 by coolhandluke
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Zeddicus Posts: 17 Incept: 2009-07-06 Galt's Gulch
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Aside from the obvious fraudulent book-cooking, this sounds like just another coerced government takeover of more of the private sector - this time, it's private real estate. Somewhere in hell, Karl Marx must be laughing with glee. 2009-11-05 11:51:42
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Sqmo Posts: 132 Incept: 2009-09-14
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So Treasury gives money to FNM to cover losses on MBS. Treasury raises the money by issuing US gov debt. The only buyer for FNM MBS is the Fed. It sounds like reverse banking. Treasury borrows at 1-3% and pays interest to the Fed on 5-6% MBS additionally covering any principal losses. (30-50%?) 2009-11-05 11:51:48
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Shrpblnd Posts: 1119 Incept: 2007-08-06
Los Angeles, CA
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Karl, Do we have any idea how much of that $100 Billion each one has left, and what their burn rate is? 2009-11-05 11:52:41
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