patrick.net

Or if you're even more bored, you can join in on the discussion here:

http://www.yelp.com/topic/rDp0r5MtesBaUfS6ee1TpQ

Sample quote:

"dangerous loans"... let me know guess, you've been reading popular media warning against exotic loans and their readjustments. guess what... it's not happening. (btw, i work in the industry). will it happen? probably, but not nearly to the degree that you or the media wish it to. The US economy continues to remain strong, people have jobs, and guess what... they're paying there bills. Will these exotic readjustments put some families on the street? sure. a lot? maybe. enough so that we taxpayers will have to bail them out? good one. that is "unprecedented" my friend.

my fundamental problem with you persective is A) it's based on non-expert opinion and B) you are the cosumate dooms day advocate and C) you speak so surely about the future.

HARM,

I would like to commend you on your ability to consider new information and revise your position / thread. Your actions speak volumes about your integrity and intelligence!

Sincerely,
Paul

They might be borrowing in Yen or Euros at a lower rate.

... and then hedging the currency risk.

It has begun...

(02-13) 17:57 PST PHILADELPHIA (AP) --
An investor who killed three people and himself at a marketing company was upset about losing money in a failed real-estate venture and told his victims to "say your prayers" before he opened fire, police said Tuesday.

http://www.sfgate.com/cgi-bin/article.cgi?file=/n/a/2007/02/13/national/a133744S42.DTL&type=printable

stuckinthecity,

But but bu.... I thought Roman "the Candle" retired and is living the quiet life in Las Vegas? Please remind me from time to time to stop by Second City Bubble! Is that embarrassing or what?

eburbed,

Is this the right "Vu"?

infomercial.tvheaven.com/tomvu.htm

Uh, I don't know if anyone else noticed but somehow Patrick.net has "slipped" in Google rankings from #1! to (#6?). How is this possible?

Dean Baker and Mike Whitney haven't done updates (on the bubble anyway) in MONTHS!

Helicopter Ben on the hot seat this morning. Again total jibber jabber he's so in the pockets of the Investment Bankers. He briefly mentioned risk on the sub-prime implosion. He also said there is no way to assess whether it will spread to other sectors and prime. I think he knows what's coming and knows he's too late to stop it. But I am enjoying watching the Senate grill his ass.

OT - Pro's and Con's of renting - the rats in the garage that the landlord won't do anything about have now started living in out car engines! So now we have to get them inspected for damage at $125 each! Maybe we can get the landlord to pay?

Uh, I don’t know if anyone else noticed but somehow Patrick.net has “slipped” in Google rankings from #1! to (#6?). How is this possible?

Don't we have our friend as an insider there ? Maybe he can fix it.

Or maybe it's time for a "Huh ? 2.0" and "Duh ! 2.0" thread.

Claire,

First, look on the "bright" side. (It could have been skunks?)

Provided you'd notified them previously, I'd say it's their problem. However rats don't know your personal financial situation so they probably would have moved in even if you were paying 2-3X on a mortgage!

Oh and get a cat! :)

Helicopter Ben on the hot seat this morning. Again total jibber jabber he’s so in the pockets of the Investment Bankers. He briefly mentioned risk on the sub-prime implosion. He also said there is no way to assess whether it will spread to other sectors and prime. I think he knows what’s coming and knows he’s too late to stop it. But I am enjoying watching the Senate grill his ass.

Speaking of Ben, I am sick of hearing him say the same damn bullshit month after month, "duh, Inflation seems like it's getting a bit high, duh, I may soon have to raise rates."

Why doesn't he just come out and say, inflation got the best of us; we cannot raise rates anymore and we are all screwed!

Sylvie,

I was frankly a little surprised the subprime MELTDOWN was even mentioned. By Heli-Ben bringing it up first I took it as something of a "pre-emptive" move in an attempt to divert attention elsewhere. Evidently it's just too big to sweep under the carpet? :)

Sigh...a girl in my office is buying a place with her boyfriend. They are planning to spend $550k - their combined income is probably $80k, and I'm being generous. And they aren't trust fund kids either.

When will this madness end?

When will this madness end?

On the courthouse steps in a few months. :lol:

StuckinBA,

I don't want to say 'conspiracy' just yet but most of those placed above Patrick are really just "one time rants". Hell we rant ALL day EVERY day around here!

"It d o e s n ' t m a k e s e n s e!" :(

Claire,

I'd say it's health department time. You can't have rats getting into your stuff and eating your cars' wiring.

SFWoman - I'd say it's time to move the minute one gets in the house, till then I am hoping my other half gets a payrise so we can use it to move to our neighboring school district - but rentals are a bit thin on the ground at the minute and I was reluctant to move schools and go through the "I miss my friends". My daughter's school is okay, and she's doing well, but I do wonder if she would be doing even better eslewhere.

And no we can't afford a private school.

I'd have to say this is karma! Realtor's being cheated; my how the tables have turned.

HeliBen seems to be covering his A**, he seems to almost contradict himself so that he can weasel out of it all one way or the other - there is "noise" in the data - we think inflation is okay, but........core inflation is high - yep - just turn up that noise a bit more and we won't have to worry about anything. The housing market is stabilizing, but it could be worse than the Fed anticipates......no s...t sherlock!

Claire,

(And SFWoman PLEASE don't take this the wrong way) I will *not take atty's as clients. Period. Claire, did you know it was an atty. when you signed the lease?

allah,

We should never wish bad things on other people, even if they are realtwhores! (In Peter P's absence) :)

No, thought he worked at Stanford Uni, on the bright side he rarely raises the rent and doesn't bother us and we've been here 4 years now. The house has been owned by them for years, so unless they've HELOC'ed it, and we don't have to worry (too much) that they are going to sell it out from under us.

Claire,

Oh I see. Don't get me wrong, I have friends that are atty's and I refer bus. to them when appropriate but I make an effort not to enter into bus. arrangements w/them if I can help it.

spike66 - when I say rats - they are commonly described as roof or fruit tree rats, so I do not think they are the same as sewer rats, but maybe that's just people making it sound better. If we reported it our LL would know it was us.

Re DinOR's take on attorneys as clients ...

Right on, brother. In my short life, I have tried to advise two attorneys about their financial affairs and it didn't work out well either time. Every conversation was a very thinly disguised deposition. In the end, I told them both that I wasn't the person for them and walked away.

Re justme's how is this getting them more than the 5% they can get in the bank or US treasuries?

Leverage. The hedge funds are excellent credits and are in some cases willing to post collateral to secure their borrowing in order to reduce funding costs further. They can lever their funds to the eyeballs and, as long as their models correspond to the real world, they coin money.

Claire,

If you come across a dead rat, put on some rubber gloves, pick it up and drop it in your LL's mailbox. :twisted: :evil:

Claire, use poison (I recommend solid bait; comes in cylinders with a hole in the middle so you can drive a nail through the center into a stud, say; don't place where other animals might be) or call an exterminator. Spike66 is right. Rats can go anywhere. Small ones need a hole the size of a nickel!

Can't use poison, next door did that once, and they never will again! They died in the walls and stank the house out, they had to rip the walls out and get in the cleaners (that usually clean up crime scenes) to clean it all up!

We have caught a few on glue trays, but we have seen one leap over the trays to avoid getting caught.

One more thing. In my experience, it takes a pretty mean cat to go after a rat of any reasonable size. Count on vet bills if you use a cat. The classic ratters are terriers and/or mongoose (gooses/geese, I don't know).

Is the landlord's policy "no pets" or "no cats"? A mongoose would be incredibly chic, no?

Punchbowl - we are allowed our dog (named specifically in the lease), but no cats or other pets.

"very thinly disguised deposition"

Yep, that'd be about right. I worked for a small shop and it was the unwritten policy. If you lost them money, they would sue. If you made them money, they would sue. There is no winning.

Btw, I've heard if a rat can get his head through, then he can get through. We used to have skunks and that really sucked! :(

That is why I think it's invaluable to have a cat in residence. I've had my dumpster kitty for six years. Most places are feline friendly I've had no problem and they keep any invader critters at bay. I don't mind the deposit places charge it's nominals compared to the companionship. She's outlasted many a boyfriend.

There is a good article in the FT today (apologies if this has been posted before).

http://www.ft.com/cms/s/0e9f6a24-bbd0-11db-afe4-0000779e2340.html

"The ABX index for bonds, rated BBB-, has soared about 300bp higher since last week's news, reflecting a perceived increase in risk, and pushing the index to a record level above 960bp, signalling an alarming rise in investor concern over the potential losses on 2006 mortgage bonds."

Can someone explain what the relation of the ABX index (ABX.he) is to MBS in general? Is it a good representation of the sub-prime tranche?

If I am understanding correctly, this index has moved from 6% to 9% (from an even lower basis over the last year or so). Is there somewhere I can see this plotted? (Yahoo finance doesn't seem to work).

C-span 2 is naming who are the top tax break recipients. It tells you who bought this current.administration it's so telling of the power of super wealth to buy favor. It's sickening...

DinOR,

No offense taken. My husband said if he were a landlord he'd never rent to lawyers (by which I think he means litigators and sole practitioner types).

Still, am I foolish to let people take full commisions? I think I’m not.

You get what you paid for. Trust your instincts.

Not advice of any kind.

Boston Transplant,

There are so many other posters here more qualified to address your question but since everybody's out to lunch I'll give it a shot.

Is it a good representation? Well NOW it is! The risk premium was never factored in properly before and now (I) believe it is correctly priced. The only link I do have is to my firm's internal bond desk and they're kind of sensitive about that. A little help? Oh btw, if I attend the webinar about CMO's I'll get CE credits! How timely!

I did take exception to the FT's depecition of "perceived increase in risk" though. Is this like when we have a guy with bloody finger prints all over the crime scene and we are bound by law to refer to him/her as "the alleged killer"?