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July 11, 2007 at 10:37 AM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65275July 10, 2007 at 9:36 PM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65111
lniles
ParticipantHow can this be? 🙂
Bernanke, Kudlow, scruffy dog and other wise analysts said everything’s ok, it’s contained, subprime wouldn’t affect other markets!!!
“We believe the effect of the troubles in the subprime sector on the broader housing market will be limited and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.” -Bernanke
http://www.cbsnews.com/stories/2007/05/17/business/main2821980.shtml
http://www.cnbc.com/id/17600184Yet what have we here?
Wall Street gets smacked
http://money.cnn.com/2007/07/10/markets/markets_530/index.htm?postversion=2007071017After appearing to subside last week, the recent mess in the subprime mortgage sector re-emerged Tuesday after the credit rating agency Standard & Poor’s said it will cut $12 billion of subprime-related debt, saying it expected more delinquent and defaulted U.S. home loans.
After the market close, fellow credit rating agency Moody’s cut its rating for 399 residential mortgage-backed securities, which were backed by subprime loans.
Shares of investment banks and other financial firms slipped on the news as shares of J.P. Morgan Chase (down $1.28 to $47.51, Charts, Fortune 500) and Goldman Sachs (down $6.22 to $217.08, Charts, Fortune 500) both fell nearly 3 percent. Bear Stearns (down $5.93 to $137.96, Charts, Fortune 500), which nearly faced a collapse last month of two hedge funds heavily invested in securities backed by subprime mortgages tumbled over 4 percent.
Subprime contagion?
http://money.cnn.com/2007/07/05/news/economy/subprime.fortune/index.htm
July 10, 2007 at 9:36 PM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65172ParticipantHow can this be? 🙂
Bernanke, Kudlow, scruffy dog and other wise analysts said everything’s ok, it’s contained, subprime wouldn’t affect other markets!!!
“We believe the effect of the troubles in the subprime sector on the broader housing market will be limited and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.” -Bernanke
http://www.cbsnews.com/stories/2007/05/17/business/main2821980.shtml
http://www.cnbc.com/id/17600184Yet what have we here?
Wall Street gets smacked
http://money.cnn.com/2007/07/10/markets/markets_530/index.htm?postversion=2007071017After appearing to subside last week, the recent mess in the subprime mortgage sector re-emerged Tuesday after the credit rating agency Standard & Poor’s said it will cut $12 billion of subprime-related debt, saying it expected more delinquent and defaulted U.S. home loans.
After the market close, fellow credit rating agency Moody’s cut its rating for 399 residential mortgage-backed securities, which were backed by subprime loans.
Shares of investment banks and other financial firms slipped on the news as shares of J.P. Morgan Chase (down $1.28 to $47.51, Charts, Fortune 500) and Goldman Sachs (down $6.22 to $217.08, Charts, Fortune 500) both fell nearly 3 percent. Bear Stearns (down $5.93 to $137.96, Charts, Fortune 500), which nearly faced a collapse last month of two hedge funds heavily invested in securities backed by subprime mortgages tumbled over 4 percent.
Subprime contagion?
http://money.cnn.com/2007/07/05/news/economy/subprime.fortune/index.htm
ParticipantIMO water conservation would improve with reductions in back yard landscaping. I don’t know if this was one of the selling points for backyard elimination. The current drought situation is mostly caused by landscape irrigation. I think builders should also be considering local, low-maintenance plant species (flowering cacti for example) rather than the cookie-cutter, green-grass lawns. Hope this isn’t hijacking the thread.
ParticipantIMO water conservation would improve with reductions in back yard landscaping. I don’t know if this was one of the selling points for backyard elimination. The current drought situation is mostly caused by landscape irrigation. I think builders should also be considering local, low-maintenance plant species (flowering cacti for example) rather than the cookie-cutter, green-grass lawns. Hope this isn’t hijacking the thread.
ParticipantMe too, 3/3 friends who bought or sold experienced cash-back schemes. We discussed this in April:
http://piggington.com/false_comps_fraud
ParticipantMe too, 3/3 friends who bought or sold experienced cash-back schemes. We discussed this in April:
http://piggington.com/false_comps_fraud
ParticipantI’m sidelined, hoping to get land and build a custom house. I really don’t ever like any of the houses I’ve looked at in SD. I want a “great room” style home, rather than compartmentalized to fit as many rooms as possible (i.e. I’d rather have one huge room than many small ones).
ParticipantI’m sidelined, hoping to get land and build a custom house. I really don’t ever like any of the houses I’ve looked at in SD. I want a “great room” style home, rather than compartmentalized to fit as many rooms as possible (i.e. I’d rather have one huge room than many small ones).
ParticipantHi jg,
Sorry for the delay, I’m in Tokyo at the moment.
Correct, I didn’t mean it tongue-in-cheek but just based on the fact that I’m in the field (ASICs/Semiconductors for Telecom) and engineers are in demand. I get calls all the time, and know that Qualcomm is hiring.
Other companies in the news laying off are: Motorola, Dell, IBM.
ParticipantHi jg,
Sorry for the delay, I’m in Tokyo at the moment.
Correct, I didn’t mean it tongue-in-cheek but just based on the fact that I’m in the field (ASICs/Semiconductors for Telecom) and engineers are in demand. I get calls all the time, and know that Qualcomm is hiring.
Other companies in the news laying off are: Motorola, Dell, IBM.
ParticipantHey kitty aren’t you up late?
I don’t think we’re seeing the worst of it yet. Of the SD sights the 1st three are Encanto, Otay Mesa, and “East” SD. I wonder if they are minority (or in CA–majority) related. The 4th one listed for SD is Mira Mesa!!! 187 foreclosures!
In semi-related news two companies which I consult for just announced layoffs in SD but hopefully it just means a few hundred engineers & techies are going to take some time off for a few days.
ParticipantHey kitty aren’t you up late?
I don’t think we’re seeing the worst of it yet. Of the SD sights the 1st three are Encanto, Otay Mesa, and “East” SD. I wonder if they are minority (or in CA–majority) related. The 4th one listed for SD is Mira Mesa!!! 187 foreclosures!
In semi-related news two companies which I consult for just announced layoffs in SD but hopefully it just means a few hundred engineers & techies are going to take some time off for a few days.
ParticipantMyito your posts are pretty much in line with what everyone else has posted… I don’t see how this could be the “flip side”.
Real estate is cyclical. Check.
You have equity to work with. Check.
You are financially in the top 2% of Americans. Check.
You have a lot of money and can weather a downturn in the market. Check.You can afford a huge downpayment, you don’t need 100% financing, etc. etc. etc. You fit all the characteristics that people are blogging about.
I also lived in CT as a youngling for 6 years (Gales Ferry, near Ledyard, Groton, New London) where we had a 5-acre place on the river with 3 stories, 8 bedrooms, a basement, a separate garage, a separate barn-like structure, woods, and our very own ice-skating pond.
CT is the richest state in America. I can easily see how your idea of proper 4-person family raising is with 3000sf on 1/2 acre but around here it’s a luxury that is going to cost you. I’d like to raise financially responsible children who won’t throw money away; however, I don’t think you got where you are by being foolish (unless you are an heiress like Paris Hilton).
Just FYI there are perfectly balanced families who rent and/or live in much smaller spaces. In fact, personally I think people who learn to live with very little are more interesting, less shallow, and happy. Just my $0.02
ParticipantMyito your posts are pretty much in line with what everyone else has posted… I don’t see how this could be the “flip side”.
Real estate is cyclical. Check.
You have equity to work with. Check.
You are financially in the top 2% of Americans. Check.
You have a lot of money and can weather a downturn in the market. Check.You can afford a huge downpayment, you don’t need 100% financing, etc. etc. etc. You fit all the characteristics that people are blogging about.
I also lived in CT as a youngling for 6 years (Gales Ferry, near Ledyard, Groton, New London) where we had a 5-acre place on the river with 3 stories, 8 bedrooms, a basement, a separate garage, a separate barn-like structure, woods, and our very own ice-skating pond.
CT is the richest state in America. I can easily see how your idea of proper 4-person family raising is with 3000sf on 1/2 acre but around here it’s a luxury that is going to cost you. I’d like to raise financially responsible children who won’t throw money away; however, I don’t think you got where you are by being foolish (unless you are an heiress like Paris Hilton).
Just FYI there are perfectly balanced families who rent and/or live in much smaller spaces. In fact, personally I think people who learn to live with very little are more interesting, less shallow, and happy. Just my $0.02
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