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April 2008

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12

Now THAT'S Some Alleged Scum-baggery...

April 29, 2008 – Comments (2)

The Commission earlier that day filed a civil injunctive complaint alleging that Defendants Hyatt, Johnson and HJ Capital, from approximately 2003 through 2007, while acting as unregistered broker-dealers and investment advisers, offered and sold to investors membership shares in at least ten Limited Liability Corporations ("LLCs") controlled and managed by HJ Capital (the "HJ Capital LLCs"). The Defendants promised to use investor funds to purchase securities sold by LLCs managed by BCI Aircraft Leasing, Inc. ("BCI") on behalf of the HJ Capital LLCs. In reality, according to the Complaint, at least $5.4 million was misappropriated, among other thing, to operate a Latin-themed restaurant in Chicago named De La Costa and to pay for Defendant Hyatt's personal expenses, including numerous mortgage payments and substantial home improvements for two homes, as well as at least $155,000 worth of art and antiques, a Maserati, a Mercedes, a Hummer H2, a Yukon Denali, and other vehicles.  [more]

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11

Housing: Bottom's In Again

April 29, 2008 – Comments (3)

SandP home prices April release  [more]

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8

This ought to send builder stocks up...

April 29, 2008 – Comments (3)

Just like all the other negative news has for the past month or so:  [more]

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5

Angelo Mozilo's Legacy

April 29, 2008 – Comments (2)

How can we not reward a guy whose empire boasts accomplishments like these?  [more]

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6

Bagholders of America

April 29, 2008 – Comments (4) | RELATED TICKERS: CFC , BAC

That's what they ought to be calling Bank of America. And I don't think it's fair to call this the usual empty bag. This is more like a poo-filled sack, perhaps flaming. Wonder how if feels to be buying Angelo's nifty joke, after his $100-plus million year.  [more]

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4

+ Clinton = 3 Stupid Presidential Gasoline Solutions

April 29, 2008 – Comments (0)

More pandering. If implimented, this would only make things worse, of course, by increasing demand on something that's already very expensive. It would then put the price increases into other pockets (likely foreign) rather than help pay for much-needed infrastructure investment here.

Clinton urges gas tax relief, Obama rejects it

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18

Vacant Homes Hit Record High- AP

April 28, 2008 – Comments (3)

Vacant Homes Hit Record High- AP

Yet builder stocks go up again. Who said you have to be smart to work on Wall Street?

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6

Obama Calls For Higher Gas Prices, Lower Supply

April 28, 2008 – Comments (1)

Just when you thought it couldn't get any more ignorant than McCain's "gas tax holiday" plan. You get this:  [more]

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9

In other, disturbing news...

April 25, 2008 – Comments (4)

30

Sj

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8

How Much $$ to Bail Out the Liars?

April 25, 2008 – Comments (2)

That's a question we'll be asking soon. First, see the summary of a great Slate Article, vs. Liars' Loan production and resets upcoming, here at Blown Mortgage: Sample stated loan research shows 3 out of 5 inflated income at least 50%  [more]

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11

Select Comfort, Guidance vs. Actual

April 24, 2008 – Comments (0) | RELATED TICKERS: SCSS

SCSS EPS guidance 2007  [more]

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7

Yet Somehow, Builder Stocks will Rise...

April 24, 2008 – Comments (3)

New Home Sales Plunge to Lowest Level in 16 1/2 Years- AP

Sales of new homes plunged in March as housing slumped further at the start of the spring sales season. The median price of a new home fell by the largest amount in 38 years.

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10

Builder Stock Earnings: ROFLMSAO

April 23, 2008 – Comments (2)

Seen the news from Pulte or Ryland? Then get to it.

I think it's about 10 minutes before Florida builder's head pops off and he needs to drop a nice big... blogpost on us.

Amazing where these piles of junk are trading. But they'll get what they desever in the end. If only we could say the same for analysts who've been pumping them for the past couple months.

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10

Rice Rationing at Sam's Club...

April 23, 2008 – Comments (6)

Wow.

Hey, you know what would be a great idea? How about we make ethanol out of rice, you know, for our cars? Maybe we should pay gulf coast rice farmers a subsidy if they divert rice to fuel. Why should corn have all the fun?

There. Problem solved.

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6

Twist Shreds Lawrence Yun Again

April 23, 2008 – Comments (0)

As usual, HousingDoom has a different take on the NAR spin.

The problem for the 6-percenters at the National Association of Realtors is that Twist's analysis makes sense, whereas the NAR's is mostly wishful thinking.

 

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8

Housing Ponzi Scheme Hits Close to Home

April 23, 2008 – Comments (6)

At least, this example hits close to the home of someone I know quite well, who sent the story my way.  [more]

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8

Rate Cuts = Better Mortgage Rates?

April 22, 2008 – Comments (7)

useless cuts.jps

Umm, maybe not.

Click here and you should be able to get to the bigger one. 

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14

NAR flip-flops on cuts, asks for bigger taxpayer bailout instead

April 22, 2008 – Comments (5)

It's the monthly pig lipsticking for the National Association of Realtors, and there's no way to make this look good.  [more]

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7

Financial Analysts Offer To Talk About Recession For 5

April 21, 2008 – Comments (5)

Financial Analysts Offer To Talk About Recession For 5

I'll do it for that half sandwich you've got there, Jack.

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16

Angryrenter.com

April 18, 2008 – Comments (17)

Well worth a visit.

Thanks to Nate Parmelee for alerting me.

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11

Sallie Mae Wants a Handout Too?

April 17, 2008 – Comments (7)

Someone remind me again why we need these "private" businesses which tuck away profits in the good times but come crying for taxpayer capital as soon as things go bad?  [more]

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Valence, picture's worth 1000 words

April 16, 2008 – Comments (10) | RELATED TICKERS: VLNCQ.DL

Valence basics

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17

Inflation at 4% (the make-believe kind...)

April 16, 2008 – Comments (6)

So, even the fluffy, feel-good inflation numbers produced by our government show 4%.  [more]

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11

McCain's Brain Emits Toxic Gas...

April 15, 2008 – Comments (6)

It's pandering season, so the 'straight talker,' is trying to out-give his Democratic rivals. Earlier in the month, he decided to back housing a bailout plan, lest he be the only guy on the ticket not promising to free Americans from the consequences of their own abysmal decision-making.  [more]

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26

Overheard...

April 14, 2008 – Comments (19)

"I don't understand it. If we couldn't afford that much, why did they loan it to us?"

--Middle school math teacher in Northern Virginia complaining as his 2-year old ARM ratchets up beyond what he and his spouse can afford to pay.

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8

Why Everyone Hates Microsoft

April 09, 2008 – Comments (10) | RELATED TICKERS: MSFT , AAPL

Reason # 4,546,987,213  [more]

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8

SEC nails naked short victim

April 08, 2008 – Comments (2)

As usual, looks like yet another epic scam hiding behind a facade of victimhood.  [more]

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7

NAR Afraid of Lending Scrutiny and Competition

April 07, 2008 – Comments (4)

Paulson's blueprint for inreased financial regulation has, no surprise, drawn a loud whine from the National Association of Realtors.  [more]

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14

Memo To Chris Cox

April 03, 2008 – Comments (13)

""The fate of Bear Stearns was the result of a lack of confidence, not a lack of capital," Cox said in a March 20 letter to international banking regulators."  [more]

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8

Maryland's Mortgage Unaffordability Plan

April 03, 2008 – Comments (0)

This is a great piece of work in Maryland, and shows just what can happen when well-intentioned but clueless and cowardly lawmakers suddenly try to fix an unfixable problem: They make it worse.  [more]

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8

Let the Shameful Pandering Begin

April 02, 2008 – Comments (3)

Might as well start a housing bailout hall of shame right now.First head on the chopping block:  [more]

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11

Taxpayer-Funded Homebuilder Bailout

April 02, 2008 – Comments (9)

Leave it to the political weathervanes in DC to turn a "rescue" package for "homeowners" (already a dumb idea) into a taxpayer-funded handout to greedy, failed public homebuilders.  [more]

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4

Stop the Bailout Web Site

April 02, 2008 – Comments (0)

For those who are interested, there's one here.

Sj

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6

Paulson Dancing to Another Master's Tune

April 02, 2008 – Comments (1)

Hank visits China and attempts to soothe some of the world's biggest housing-bubble, ponzi-scheme bagholders.

 

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4

A Note to National Public Radio

April 02, 2008 – Comments (0)

Enough with the attempts to be gentle, or politically-correct in your coverage of the housing bubble. As the (much more agitated) folks at housingpanic have pointed out many times:  [more]

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4

More mortgage fraud...

April 02, 2008 – Comments (0)

This blog is a great clearing house for some of the scuzziest stories of the housing bubble.  [more]

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12

Crime Follows the Speculators...

April 01, 2008 – Comments (5)

So, when housing speculation made the get-rich quick promise, it became lousy with crime.  [more]

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5

UBS to Open Equity Hose?

April 01, 2008 – Comments (0)

So, UBS writes down $19 billion worth of junk. Then, it announces it will be raising $15 billion in capital -- my guess via high-payout convertible debt of some kind, because, let's face it, who's gonna give them a pile of money like that without getting paid well, as well as being able to capture a piece of any equity-value increase.  [more]

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11

A Great Rant

April 01, 2008 – Comments (0)

Thought-provoking, too.  [more]

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