I came across a news story that reminded me of a little brush-up I (an auto mechanic)had with a customer and the NY State DMV, 4 years ago. I'll tell you my version. [more]
I enjoy reading the "Factcheck.org" website and hope being called on their bullsh... er I mean exaggerations will help keep the Presidential candidates from lying through their teeth. [more]
Many posters more knowledgable than I am, have been and still are, discussing how this subprime problem happened. Regardless of my relative ignorance on the subject, I too will weigh in and share that ignorance with the world. Now anyone can guess why the low income buyer would jump at the chance to own a $350,000. house for $450.00/month and no money down. It was just to easy to believe it was possible when so many tell you it will be o.k. It is also easy to understand why a mortgage broker will write that buyer a loan when she is earning her commission, the brokerage is collecting fees and profiting on a loan they will then sell and not have to collect. I can understand that wanting to work is why appraisers were more concerned about the loan amount than the value of the house. Real estate salespeople promising home sellers more than their neighbors house sold for so they could get listings is clear as day. Home owners wanting a windfall from their house is easy. But what has always gotten past me, stumped me entirely, is why someone would buy the right to collect a loan given to someone who was hiding income, or clearly could not pay. Now these folks were not supposed to be idiots. These were college educated folks. Captains of industry, movers and shakers, champions of capitalism. So how could they have blundered so badly? And then this article from the The Herald News, delivered by the AP, came tumbling across my computer screen. And I understood. [more]
Because Ben Bernanke is going to need all the Noxema they can make to clean the lipstick off his butt tonight.
In response to the tragedy of their produce killing 3 people and sickening 200 more, Earthbound Farms chose to begin inspections of all of their produce. The law did not make them. The story is here.
As many of you may have heard, there seem to be problems in the residential housing market. Here in Suffolk County, New York (home of AHM) we are also experiencing problems. In spite of the hands off approach our government has taken to the mortgage industry, the lack of qualified buyers has become apparent. The generous efforts of the mortgage industry to qualify more and more thankless buyers have only been met with whining, complaining and now a lack of mortgage payments. Having done their best to help, many mortgage companies have just given up completely. Others, finally realizing you cannot be nice are stubbornly insisting on verified income to decide how much they will lend prospective home buyers. The unintended consequence of all this complaining is that now these whiners are turning to government for a helpful handout. [more]