Latest HAMP details, lenders now ‘required to consider’ IOW, all voluntary and the taxpayer pays – ‘take the load off…and you put the load right on me!’

Update: Here is the press release from Treasury.

Release is at 7:00am EST….2 minute warning…

PS- Q4 GDP 5.6%, can you say double-dip ahead, oh yeah….

Personal income plunges 1.7% nationwide…I know let’s raise taxes! frakkin idjit galoops….

UPDATE: Here we go:

Banks participating in the Home Affordable Modification Program, or HAMP, now will be required to consider (MiM here, Required to consider?? Get the frak outta here!) writing down the principal for borrowers who are eligible for that program and whose mortgage debt is more than 115% of the current value of their homes. The principal would be reduced in stages over three years if the borrowers kept up on their payments.

Lenders are to receive 10 to 21 cents of federal subsidies per dollar of loan principal reduced, depending on the degree to which the borrower is underwater.

Holders of second-lien mortgages that are more than six months delinquent are to receive six cents on the dollar for writing off those loans.

Writing down principal is an additional option for lenders.



March 26, 2010. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Market Mover Wednesday: Weekly jobless claims, personal income/spending and durable goods…

Update: Weekly claims dropped to 466,000, continued claims 5.423 million

Oct personal income up 0.2%, personal spending up 0.7%

Durable Goods down 0.6%

Gold just hit another record $1181 an oz


Another heavy day for data with light volume expected…


…Weekly jobless claims are expected at 8:30 a.m., along with October durable goods, personal income, and consumer spending. Consumer sentiment is released at 9:55 a.m. and new home sales are released at 10 a.m. Jobless claims could be below 500,000 for the first time in months.

Stocks finished slightly lower Tuesday, after shaking off a triple digit Dow loss. The Dow was down 17 at 10,433, and the S&P 500 was down less than a point at 1106. The worst performers were the financials…

November 25, 2009. Tags: , , , , , , , . Economy, Finance, Housing, Labor Department, Unemployment Statistics, Wall St. Comments off.

Market Mover Monday: GM Bankrupt… CISCO replaces GM in DOW..DOW futures up sharply on Personal Income Up .5% –

Vodpod videos no longer available.

Great discussion here by Rickster on the weak dollar, the upcoming turn in inflation which IMO will be sharp brutish and nasty when it comes…

Personal Spending down 0.1%, but the loons trading this summer have the DOW  futures up over 100 in the face of continued massive government intervention in the markets this time with GM…D-E-N-I-A-L- now a river running down Wall St….consumers are not spending futures should not be rallying….when we break that 200 day moving average tears will flow..and if they believe the construction data coming out of China I have a nice shiny bridge to sell them….

and the very first info out of the new Government Motors, is that they have agreed to build a new small car at a previously closed plant, this as they announce 11 permanent plant closures and 3 others being idled, wow we are gonna get a tiny little car for our 50 billion, great, gee who’d a thunk it? BWAAAHAAAAAA, sigh. sucks dont it?

Hell yeah commodities are rallying, as a safety play not a global recovery play, we are afraid of the dollar now with TOTUS spending, where can we go? Commodities baby…

Cisco replaces GM in the DOW 30

Travelers replaces CITI…

more about “Market Mover Monday: GM Bankrupt CISC…“, posted with vodpod

June 1, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Uncategorized, Wall St. Comments off.

Dow Futures Down on Durable Goods..Home for the Holidays

UPDATE: 4:40 pm EST: Dow closed up 247, NAS up 67 to close over 1500 WOOHOO and S&P up 30.

Have a Happy Holiday!

DOW futures down sharply on the biggest drop in Durable Goods Orders in two years, down 6.2%.

A surprise pop in Personal Income up 0.3% is offset by the drop in Consumer Spending, down 1% in October

The first time Jobless Claims fell 14,000 to a moving avg of 529,000 last week…

The incoming Administration announces Paul Volcker will head up a new economic advisory panel and Austan ‘NAFTA’ Goolsbee will be the policy director of the panel…

Enjoy the Holiday!!

November 26, 2008. Tags: , , , , , . Cabinet, Economy, Finance, Obama Administration, Wall St. Comments off.

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