I admit it, I loved the 2 Supernatural episodes with the GhostFacers, lol…and I LMAO even more probably b/c I love Ghost Hunters too, ha! So this is lots of fun IMO! Here are some of the clips from Supernatural, to see the webisodes go the GF CW page here.
How To from 4.17:
Here’s a TGIF for all those zombie banks out there, lol
The aimless squandering of money in the Obama Housing ‘Plan’ continues apace. 17,000 people will get help from $154.5 million in federal funds. There has to be a better way. This throwing money at the wall is bleeding us dry.
…More than 17,000 Michigan households will share in $154.5 million in federal funds targeted at keeping unemployed and underwater borrowers in their homes, according to a plan announced Wednesday.
Michigan housing officials filed their plan for the federal funds two days before the deadline set by the U.S. Department of Treasury. Once the Treasury Department approves the plan, funds would be available to struggling homeowners in the summer. Homeowners would have to go through their servicer to apply, officials said.
Michigan’s plan offers three options for homeowners:
• Mortgage payment assistance for homeowners now receiving unemployment compensation. The state would provide half of the monthly payment up to $750 a month for a maximum of 12 months.
• Rescue funds for homeowners who have fallen behind on their mortgage payments because of a temporary layoff or medical emergency and have overcome this obstacle. The state is to provide up to $5,000 to families in this situation.
• Federal matching funds for principal reductions for homeowners who can no longer afford their mortgage payments as a result of reduced income. This will allow up to a $10,000 principal reduction from the state and matched by the lender….
Updates: These short positions GS took are the AIG CDS’ we lost billions on?! Golden Slacks getting hammered by SEC fraud charges…
Update: Oh shxt! I didnt realize the short positions they are talking about are the damn AIG CDS!!! Oh snap! These are the frakkin CDS we lost BILLIONS on via AIG! h/t doc holiday:
Skeptical CPA: December 2008Re: “Some of AIG’s speculative bets were tied to a group of [CDOs] named ‘Abacus,’ created by [GSG]. … In what amounted to a side bet on the value of these holdings, AIG agreed to pay [GSG] if the mortgage debt declined in value and would receive money is it rose. … The plan has resulted in banks in North America and Europe emerging as winners: They have kept the collateral they previously received from AIG and received the rest of the securities’ value in the form of cash from Maiden Lane III. … It also has been a double boon to banks and financial institutions that specifically bought protection on now shaky mortgage securities and are effectively being made whole on those positions by AIG and the [Fed]“, my emphasis, Serena Ng, Carrick Mollenkamp & Michael Siconolfi at the WSJ, 10 December 2008.”
Update: Cramer is all over CNBC saying his confidential high sources say GS had a position , long, in the CDO, really laying it on shilling for Golden, really sad. Saying its caveat emptor the German bank who took losses is responsible, while he is saying GS was long the position. Shill Jim shill. wow some guy(silvan raines, sp?) says Cramer takes money from GS to his face on the air just now, heh.
“These are very serious charges against a key supporter of President Obama’s bill to create a permanent Wall Street bailout fund. Despite President Obama’s rhetoric, his permanent bailout bill gives Goldman Sachs and other big Wall Street banks a permanent, taxpayer-funded safety net by designating them ‘too big to fail.’ Just whose side is President Obama on?
“Instead of permanent bailouts for President Obama’s Wall Street allies, Republicans believe the best way to protect taxpayers is by reforming Fannie Mae and Freddie Mac, the government-sponsored companies that sparked the meltdown by giving high-risk loans to people who couldn’t afford it.”
NOTE: Goldman Sachs was President Obama’s top Wall Street contributor during the 2008 election cycle, donating nearly $1 million to his campaign.
Update: John Boehner GOP minority leader House, just put a wicked spin on that ball, his statement said these charges against GS a partner in Pres Obamas Fin Reg Plan are very concerning, that the FIn Reg Reform Bill will protect GS as too big to fail, Boehner said, whose side is President Obama on? oooooohhhh!! ^5 to Boehner
Update: So I was thinking the Volcker Rule is gonna make a BIG comeback off this, ya know? I mean WSJ was just declaring it dead, again, this week and I do not see how the banks are gonna fight Volcker Rule and the Consumer Protection Thingy in the face of the headlines the lamestream put together off this. And it is things like this that kill the markets for everyone, thanks GS you frakkers.
12:51pm EST: DOW down 153 now, back under 11k, like Spinal Tap, it goes to eleven..that’s about all that number was worth…S&P back under the big 1200 the traders were so excited about…GLD, OIL, all down…
Update: Steve Liesman – Paulson’s right hand man, Pelligrini, was source of confirmation for the fraud charges in re his selection of the ‘lousy’ subprime securities that went into the CDO. He left Paulson in 2009. Steve says what Paulson did is likely not illegal, the issue is disclosure and that is all on GS…
Paging Andrew Cuomo, will Andrew Cuomo please file an indictment on the white courtesy phone….
Update: WSJ has the SEC complaint up in pdf here
Update Q/A Adam Schapiro of FoxBiz asks other fin firms did this, on synthetic CDOs like Deutsche Bank, are they facing charges?
ongoing investigation is the answer
DOW is tanking, down 75 now, GS down 20 (12%)
Q- Why Paulson not charged?
A- Paulson didnt make the representation to the long investors, GS did.
Update:11:11 am est: SEC conf call LIVE on CNBC now!
they chose which MBS would make up this CDO, J Paulson had significant role in building product, had incentive to choose worst rated MBS to put in the CDO and then they took a short position against it
the prospectus for the long investors in the CDO revealed none of this including Paulsons role..
long investors lost $1b, paulson made $1b
Sing with me!
Karma chameleon baby
CNBC Chyron: SEC charges GS with FRAUD ON SUBPRIME SECURITIES
SEC: GS misstated, omitted key facts related to subprime products
SEC: (John) Paulson & Co had hand in structuring CDO in question
SEC grew a pair, hoocodanode!
Housing – As predicted, Fannie director outlines Section 8 rental plans for foreclosed homes…in HOA communities…
Update: and plus, now Uncle Sam as the biggest renter/landlord in the US is artificially setting ‘free market’ fair market!? rental rates for the country, starting in the sand states, recall they are 90% of the mortgage market now the GSEs…so the investors buying houses here cheap to use as rentals now have to compete with Uncle Sam setting cheaper rates…another reason not to buy RRE just what the markets needed..not.
Update: So think about this. Let’s say you were vehemently opposed to your neighbor getting a principal reduction and staying in the house as an owner, maybe you thought that was ‘unfair’.
Okay, so now, your neighbor (or most likely your neighbor is gone now and it is a stranger), will move into that house next door and pay ‘market rental rates’, which are way lower than the perceived unfair break on mortgage payments right?
And then consider this person may in fact be a Section 8 low income housing aid recipient. Further consider this is in your gated community in which you pay exorbitant HOA fees.
Well your FAN rental neighbor will not be paying those fees, will not have the incentive of your previous OWNER neighbor to maintain property and will likely be exempt from those pesky HOA restrictions on property maintenance, after all FAN, Uncle Sam is the ‘owner’.
While Geithner and Donovan are telling Congress just THIS WEEK they have no plan for FAN FRED, FANNIE is announcing their move to become the biggest rental landlord in America, and they are going to bust gated communities in the process.
You think this is the better way to go? I think you’re nuts.
Original Post: Knew it. That woman who said Obama would pay her house and gas is laughing someplace now. In a gated community no less.
The director of Fannie Mae’s deed for lease (D4L) program outlined the initiative during Thursday’s Texas Mortgage Bankers Association (TMBA) servicing conference.
Miguel Gutierrez said the goal of Fannie Mae is to minimize family displacement for borrowers that participate in a deed-in-lieu of foreclosure program, launched early in November 2009, while managing it in a way so as to not put any undue pressure on Fannie’s ever-growing rental portfolio.
The homeowner-turned-renter is required to pay fair market rent to stay in their home for up to 12 months. The renter must have enough income to sustain a 31% income-to-rent ratio and rental payments are not subsidized by Fannie Mae, but could include renters eligible for Section 8 payments.
The example the FANNIE Director gave is an HOA community here in Phoenix:
As an example, Gutierrez outlined the situation for a fictional family that purchased a $275,000 home in Phoenix with a $247,500 mortgage and a down payment. Including homeowner association (HOA) fees, their monthly payment was $2,050. While those payments were manageable five years ago, the sample borrower had reduced income from his job and HOA fees had increased. Unable to pay their mortgage, the borrower joined the D4L program, reducing their rent to $1,000 while the family continues to look for additional income and/or alternative housing.
The upside of the program for Fannie Mae, Gutierrez said, is promoting neighborhood stabilization, mitigating real estate owned (REO) costs and provides the opportunity to consider other REO strategies, such as maintaining longer rental terms.
“With these benefits to Fannie Mae and borrower, we find the deed for lease program is an effective solution for these properties,” Gutierrez said.
There are some requirements for the new renters’ eligibility. Property managers inspect the home to ensure it is well maintained, generally an indication the renter will continue to keep the property in good repair during the lease term. The house must be eligible for lease; many times HOA rules don’t allow a home to be rental properties.
The program marks a significant shift in the strategy for the government-sponsored enterprise. Whereas Fannie Mae would previously dispose of properties in a traditional REO sale, now Fannie is becoming a landlord. Gutierrez said that’s a position Fannie is prepared to be in for the near future.
“We’re building a rental portfolio and the strategies are going to differ depending on the market. In some markets we’ll take a long view and want to hold onto the rental properties for some time,” he said. “In other markets, we may decide to reduce in our inventory. But in some cases, it’s possible some of these tenants will be able to stay in these homes for a few years.”…