Note: No commentary tomorrow, as I will be behind the wheel driving back with my son to the San Francisco Bay area from Utah. Happy New Year! Tavern On The Green Closing According to a recent report, due to the recession, Americans are eating cheap, unhealthy, fatty foods. Apparently, the recession started in 1957. (I
Consumer Confidence
Earlier this week, the country’s first marijuana cafe opened up, which not only sells medical marijuana, but also has a restaurant where customers can eat. In a related story, the recession is over! Rates Touching Record Lows Whoever wants a 4.50% 30-yr fixed rate conforming loan with a point back to cover closing costs, raise
Some days the best thing about my job is that my chair spins! (Sad but true.) But then along comes items like this. Who would have ever thought FHA compliance and underwriting issues would have made it to mainstream videos-–- Youtube bliss not to be missed. MBAA Selling DC Headquarters Building The MBAA has been
Is it the last day of September already? Wasn’t it just Memorial Day? Things are getting a little tight here around the Chrisman household. Yesterday my son came to me and told me that “management” knew that I had taken a stapler from my home office. “From now on”, he continued, “If you plan on
Is it the last day of September already? Wasn’t it just Memorial Day? Things are getting a little tight here around the Chrisman household. Yesterday my son came to me and told me that “management” knew that I had taken a stapler from my home office. “From now on”, he continued, “If you plan on
“In Alaska, wildlife officials want to protect the public from dangerous bears by dyeing the bears bright colors like blue, green and orange. Apparently, nothing calms down a man-eating bear like painting it.” And nothing calms mortgage servicers down like an all-day meeting with the Treasury Department. This happened yesterday, and they promised to “step
Consumer Confidence Primer, No More Gambling In Russia, Update On Treasury’s Mortgage Relief Program
Last week I asked my doctor, “Should I reduce my alcohol intake, and consume more fruit and grains?” She replied, “No, not at all. Wine is made from fruit. Brandy is distilled wine, which means they take the water out of the fruity stuff so you get even more of the goodness that way. Beer
According to Bloomberg: Confidence among U.S. consumers jumped in May by the most in six years, fueling speculation the economy will recover later this year. The Conference Board’s sentiment index surged to 54.9, higher than forecast, according to figures from the New York- based research group today. Stocks climbed for the first time in five
Rates Rising On Economic Optimism, Jumbo-Conforming Spreads, Enough Writedowns-Now for Some Writeups
I was driving along the other day with my son and daughter, listening to the radio about yet another company that was laying-off employees. My son said, “The economy is so bad that McDonalds is now selling the ¼ ouncer, and parents in Beverly Hills fired their nannies and learned their children’s names.” Not to
The administration unveiled a new set of incentives for second mortgage modifications: the government will pay mortgage servicers (not originators) $500 upfront and $250 a year for three years for successfully modifying a second mortgage, such as a home equity loan. FBI To Hire Hundreds of Mortgage Fraud Agents The news yesterday also included the
Winston Churchill said, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” Clever. Taylor Bean Investing In Colonial Colonial BancGroup, out of Alabama, who apparently is close to running out of money due to
Q: What’s the problem with Barack Obama jokes? A: His supporters don’t think they’re funny and other people don’t think they’re jokes. Obama Takes Heat over Fannie/Freddie There is no shortage of critics, or jokes, when you’re president. Most recently, Obama’s mortgage plan for Fannie & Freddie is being faulted since Fannie and Freddie’s charters
In Joseph Heller’s “Catch-22”, Milo Minderbender sets up a syndicate for selling seven-cent Maltese eggs to the mess halls at a price of only five cents an egg while still making a profit. How? Seven-cent Maltese eggs cost the sellers in Malta four and one-quarter cents each to procure. Milo is actually buying the eggs
In the news, besides Ms. Palin becoming a grandmother up in Alaska (the baby’s name is Tripp), you know how bad the economy is? This week, Exxon Mobil had to lay off 25 congressmen. One Event Larger Than TARP Only one event in American history was allocated more money than the Treasury’s TARP program. Do
AmTrust Bank In Trouble The Office of Thrift Supervision issued simultaneous cease and desist orders against AmTrust Financial Corp. and unit AmTrust Bank. The orders require the holding company and its nondepository subsidiaries to: Seek prior approval from the OTS before incurring, issuing, renewing or rolling over any debt, increasing any lines of credit or
Third quarter GDP came in today at -0.5%, which is down from the -0.3% initial reading we got October 30. There’s one more revision after this. Today’s -0.5% is the largest quarterly decline since the tail end of the last recession in 2001. GDP growth for the previous three quarters have all been revised downward
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