World of Warcraft Patch 3.3 Trailer

Courtesy of koblec

Fall of the Lich King, the latest World of Warcraft content update, is now live! The heroes of the Horde and the Alliance have faced unimaginable horrors and suffered terrible losses in their desperate struggle against the Scourge.

(more…)

Advertisements

December 8, 2009. Tags: , , , , . Entertainment, Fantasy, gaming, graphic art, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense. 2 comments.

Obama to ask Congress to extend TARP through October 2010

Update 12/9:  It’s up in the WSJ this morning

He can’t quit it baby.

It is breaking on the CNBC chyron, not up on the news pages yet.

December 8, 2009. Tags: , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Housing: Bankruptcy Cramdown/Judicial Modification Amendment in Financial Regulation bill; Frank okays CBC Amendment for 3 billion in loans to unemployed homeowners, also allows HUD to fund states’ HEMAP programs…

Lots of action taking place ahead of the House vote on Financial Regulatory Reform. Much of it focused on housing.

MarketWatch has a rundown, they call this a CBC idea, but Barney floated it himself months ago:

Responding to concerns from the Congressional Black Caucus, House Financial Services Committee Chairman Barney Frank has attached a provision to broad bank regulation reform legislation that would allocate $3 billion in bank bailout funds to help unemployed homeowners stay in their homes. The provision is expected to be included in major bank reform legislation, which is set for three days of consideration by the House of Representatives beginning Wednesday evening.

…The House Rules Committee is scheduled to debate and decide which amendments will be permitted to be considered on the House floor at meetings Tuesday and Wednesday. Read amendments here.

...Frank agreed to allocate $3 billion in additional funds from the $700 billion Troubled Asset Relief Program for emergency mortgage relief for unemployed homeowners. Already $50 billion in TARP funds is being used for an Obama administration mortgage modification program.The measure would allocate the funds to the Department of Housing and Urban Affairs, which would use the funds to give out fixed-rate, low-interest loans to unemployed people facing foreclosure. However, the aggragate amount of assistance for any homeowner is prohibited from exceeding $50,000.

The program also allows the HUD secretary to allow funds to be administered by a state with a similar program. For example, HUD may have authority to provide TARP funds to the Pennsylvania-based Homeowners’ Emergency Mortgage Assistance Program, or HEMAP, which gives government bridge mortgage loans to people who have recently lost their jobs. Under HEMAP, loans do not accrue interest until the participant’s income is restored.

Frank also attached a provision that would provide an additional $1 billion in TARP funds for an existing neighborhood stabilization program…

Go read the whole piece for more on the bankruptcy cramdown amendment, which may face better odds in the Senate this time around given the failure of the HAMP program and the imminent second leg down in housing.

December 8, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

Twofer Tuesday: Private Eyes – Psych & Hall and Oates

lol. Love Psych it is like an 80s homage every week 🙂

Courtesy of tvspaz626

The real thing:

Courtesy of yourmoms

December 8, 2009. Tags: , , . Celebrities, Comedy, Entertainment, Music, Mystery, Popular Culture. 3 comments.

Meredith Whitney on Markets and Financials

Vodpod videos no longer available.

Vodpod videos no longer available.

Meredith was guest host on Squawk this morning. She is still bearish and sees no fundamentals to support the financials rise. She notes the consumer is still hurt and there is nothing to suggest we (consumers) are coming back soon.

Joe Kiernan was a real axx, challenging her at every turn on how outside financials is not her ‘thing’ and what does she really know about them. What an utter tool he is. Well Joe, Meredith is the most highly regarded financial analyst on the street AND has expanded her ‘knitting’ in her role as head of her own firm. AND financials touch it all Joe.

Joe challenges her on her stmt that BofA reports >60% of trial mods may default. Meanwhile it was the HEADLINE on the CNBC home page from Diana Olick yesterday. What a jackass he is. Go back to your microbiology degree Joe you moron.

more about “Meredith Whitney on Markets“, posted with vodpod

December 8, 2009. Tags: , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Update: Housing: Barney Frank D-MA House Financial Svcs Cmte hearing on HAMP & Loan Modifications…

Update 3: CSPAN will have the hearing up later at this linky. Three panels included the following:

The House Financial Services Committee held a hearing titled, titled “The Private Sector and Government Response to the Mortgage Foreclosure Crisis.” Panel One * Ms. Molly Sheehan, Senior Vice President, Chase Home Finance * Mr. Jack Schakett, Risk Management Executive, Credit Loss Mitigation Strategies * Ms. Julia Gordon, Senior Policy Counsel, Center for Responsible Lending * Dr. Anthony B. Sanders, Distinguished Professor of Real Estate Finance, Professor of Finance School of Management, George Mason University * Ms. Laurie Goodman, Senior Managing Director, Amherst Securities, LLP * Mr. Bruce Marks, Neighborhood Assistance Corporation of America Panel Two * The Honorable Herbert M. Allison, Jr., Assistant Secretary for Financial Stability, U.S. Department of the Treasury * Mr. Michael H. Krimminger, Special Advisor for Policy, Office of the Chairman, Federal Deposit Insurance Corporation * Mr. Douglas W. Roeder, Senior Deputy Comptroller Large Bank Supervision, Office of the Comptroller of the Currency

Update 2: WSJ has some highlights. The Banks should pay attention, b/c TheHill is reporting the judicial modification aka cramdown bill is back, this time in the regulatory reform bill.

House Financial Services Chairman Barney Frank (D, Mass.) harshly criticized the Obama administration’s efforts to keep people in their homes.”We have a great frustration with the failure of the combined efforts of elements of the federal government to make a substantial impact on the foreclosure crisis,” Mr. Frank said in opening remarks at a hearing before his panel Tuesday on lender and government responses to soaring foreclosures.

…Critics have ratcheted up attacks on the administration’s Making Home Affordable Program, which they say is ill-suited to address what they contend are the current causes of spiking foreclosures: negative equity, high unemployment and a wave of resets on complex mortgages that are difficult to modify. The program relies on hefty incentives for servicers to lower borrower payments to 31% of income.

…Executives from J.P. Morgan Chase & Co. and Bank of America Corp. testified that the banks were struggling to move borrowers into permanent loan modifications because eligible borrowers weren’t submitting the required paperwork….

(more…)

December 8, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 2 comments.

%d bloggers like this: