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]
Just like all the other negative news has for the past month or so: [more]
How can we not reward a guy whose empire boasts accomplishments like these? [more]
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]
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
Vacant Homes Hit Record High- AP
Yet builder stocks go up again. Who said you have to be smart to work on Wall Street?
Just when you thought it couldn't get any more ignorant than McCain's "gas tax holiday" plan. You get this: [more]
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]
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.
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.
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.
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.
At least, this example hits close to the home of someone I know quite well, who sent the story my way. [more]
Umm, maybe not.
Click here and you should be able to get to the bigger one.
It's the monthly pig lipsticking for the National Association of Realtors, and there's no way to make this look good. [more]
Financial Analysts Offer To Talk About Recession For 5
I'll do it for that half sandwich you've got there, Jack.
Well worth a visit.
Thanks to Nate Parmelee for alerting me.
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]
So, even the fluffy, feel-good inflation numbers produced by our government show 4%. [more]
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]
"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.
Reason # 4,546,987,213 [more]
As usual, looks like yet another epic scam hiding behind a facade of victimhood. [more]
Paulson's blueprint for inreased financial regulation has, no surprise, drawn a loud whine from the National Association of Realtors. [more]
""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]
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]
Might as well start a housing bailout hall of shame right now.First head on the chopping block: [more]
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]
For those who are interested, there's one here.
Hank visits China and attempts to soothe some of the world's biggest housing-bubble, ponzi-scheme bagholders.
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]
This blog is a great clearing house for some of the scuzziest stories of the housing bubble. [more]
So, when housing speculation made the get-rich quick promise, it became lousy with crime. [more]
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]