From The Grumpy Economist:
Warren Buffett, New York Times, on November 25th 2012:
Suppose that an investor you admire and trust comes to you with an investment idea. “This is a good one,” he says enthusiastically. “I’m in it, and I think you should be, too.”
Would your reply possibly be this? “Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the [...]
President Obama’s former traveling assistant got financial assistance on his departure from government from a New York financier who is a top Obama fundraiser.
Reggie Love, Obama’s former “body man” and a former Duke basketball star who the President has referred to as his “little brother” left the White House last November, and is on track to receive his MBA this December from the University of Pennsylvania’s Wharton School of Business.
The Daily ShowGet More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook
Brilliant comedic bust of the MBA.
The Mortgage Bankers Association strategically defaults, walks away from the commercial loan on their headquarters after shaming and ridiculing homeowners who do the same.
The hypocrisy from John Courson, MBA’s CEO, oozes from the camera as he lectureshomeowners for choosing to walk away instead of pay. The interview with the head of the Vegas MBA Chapter is [...]
Below is a breakdown of how many jobs were created in July by education level. Do you really want to spend $200k to get that MBA?
Thirty-year fixed mortgage rate with conforming loan balances ($417,500 or less) increased slightly to 3.88% from 3.87%.
Erik Scott was a West Point graduate who went on to serve honorably in the Army, get his MBA from Duke and establish a lucrative career in real estate and as a sales rep for a medical device company. He was 38 years old when he was gunned down in portico of a Las Vegas area Costco store by officers from the Las Vegas Metro Police Department. While it was [...]
MBA Purchase Applications
Released On 2/15/2012 7:00:00 AM For wk2/10, 2012
Composite Index – W/W Change 7.5 % -1.0 %
Purchase Index – W/W Change 0.1 % -8.4 %
Refinance Index – W/W Change 9.4 % 0.8 %
The number of purchase applications sank 8.4 percent in the February 10 week, pulling the 4-week average down 3.9 percent and pointing to the risk of weakness for home sales. Refinancing applications rose 0.8 percent with [...]
There’s more. Banks work with all commercial properties to reduce mortgages to actual/ current market value, but won’t do the same for residential homeowners. You can use Google to learn about it and educate yourself like anyone else.
A year ago, in what seemed like a supreme irony, the Mortgage Bankers Association sold its Washington, D.C., headquarters at a big loss.
On Thursday, insult was added to injury: The building’s buyer [...]
With ever more Americans boldly crossing into the obesity zone, where so many have gone before, it is only fitting that the topic of today’s infographic du jour is the Big Mac index: the world’s intercontinental standard of purchase price parity.
Via: Online MBA Blog
“… underwater borrowers should keep paying on their mortgage loans and ‘should not walk away from lawful debts’. In an interview this past year, Courson appeared genuinely concerned adding: ‘What about the message they will send to their family and their kids and their friends?’
Just last year, you pointed out that defaults hurt neighborhoods by lowering property values, so borrowers would do less harm to our society were they just [...]
ayna Murray fought.
Stabbed, bludgeoned, beaten and tormented — with a rope around her neck—she fought. She fought for her life. To see her parents again. Her siblings. To finish her MBA. To live the life of a beautiful young woman. To grow old.
She begged, too.
“Oh, god, please help me,” she shouted, according to Montgomery County State’s Attorney John McCarthy, who in his opening statement this morning detailed [...]
Strategic Default | Immoral Hazard
“In an incredible show of arrogance and hypocrisy, the Mortgage Bankers Association is Walking Away from the 10-story, Washington D.C. building that they bought in 2007 to be their headquarters.
John Courson, CEO of the MBA once said about strategic default: “What about the message they will send to their family and their kids and their friends?”
Fittingly, the group purchased the property for $79 Million with [...]
The PPI including food and energy came at 0.8%, in line with expectations, and a decline from the previous 1.1%. Ex food and energy, Producer Prices jumped from 0.2% to 0.5%, and over 100% higher than expectations of 0.2%. Somehow, food PPI increased by just 0.3%, the lowest since August, and once again making one wonder which Department of Truth is more unbelievable: ours [...]
First the unemployment numbers that are being given by the government are not true. They are completely false. The unemployment rate is a lot higher than 9.6%. We are way above 10%. The government is falsifying the numbers to protect themselves and from freaking out markets and the people of the United States. They are not accounting for part-time workers and people without unemployment. [...]
“…The seasonally adjusted Purchase Index decreased 3.3 percent from one week earlier and is the lowest Purchase Index observed in the survey since April 1997. The unadjusted Purchase Index decreased 4.0 percent compared with the previous week, was down 27.1 percent over the past 4 weeks, and was 27.5 percent lower than the same week one year ago.
Ã¢â‚¬Å“Refinance application volume jumped last week as continuing financial market turmoil related to [...]
As the Fed MBS program has ended mortgage rates started to climb.
Here is the 3 months 15yr fixed rate chart:
Now you can see why did MBA Mortgage Applications declined! And guess how will it continue.
Treasuries are also on the rise. Guess what will be the result of all this. Even less loans, higher interest on debt, etc etc. All together any kind of recovery is impossible with such an environment! [...]