by HARM follow (0)
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Does anyone know what the foreclosure count is for San Jose/Santa Clara?
I would be really interested.
Why is this so easy to find homes for sale for free and all foreclosure listing sites demand payment?
Sorry Claire --check the newslinks on Patrick's main page, might be something there.
Now, can anyone tell me why this makes sense?
Federal Reserve says super SIV requiress less capital
WASHINGTON, Nov 2 (Reuters) - Banks that back a proposed new multi-billion dollar investment fund that may purchase risky mortgage-related assets will need only one tenth of the capital they would need if they were to take the assets onto their own balance sheets, the Federal Reserve has said.
Hmmm... let me get this straight. The toxic waste the banks are holding in the form of MBSs CDOs & various other NINJA-mortgage derivatives is so radioactive, they have to get it off their own books ASAP and dump it in this wonderful new 'mark-to-myth' creation of financial alchemy, known as a 'Super-SIV' or M-LEC.
So, given that the M-LECs are full of toxic waste by definition (the very reason they were created in the first place is to house non-performing toxic loans/derivatives off bank balance sheets), the Fed figures they're so safe they only need 1/10th of the reserve capital needed if they stayed on the banksters' own books.
Huh??
HARM,
Don't you realize that the "Superfund" is a big huge, stinking con game?
It's nothing more than a bunch of banks up $hit's creek trying to get rid of these bad, bad instruments on their "off balance sheets". So, they come up with a great idea of putting in some chump change, slapping the "Citi" or whatever label on them, and hoping that suckers, er, investors, buy them becuase these banks have a good reputation. All this with the blessing of Hank Paulson.
Well, seeing how Citi is in deep doo-doo, doesn't seem like their "plan" is going to quite work, is it?
@skibum,
Sounds pretty cool --where can I get me some? Can I buy them through my 401k?
Time to start taking out unsecured loans & CCs from Citibank I guess. Doesn't look like they'll be around long enough to collect.
skibum :
I have often wondered if this whole Superfund is just a mental game. I don't think there will be a Superfund. It's just a charade. Just a feeble (and unsuccessful) attempt to show investors that, nothing to worry, these assets will be taken by a Superfund.
Based on the Citi's stock, no one is buying that. (Pun intended)
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Mountain Enterprise: "Foreclosures May Not Impact Mountain As Badly As Bakersfield"
Realtor 1: "Dude, you're a total noob --I've got 300 foreclosures in my neighborhood this week alone!"
Realtor 2: "Oh, yeah? Well, our foreclosures are sooo many, if you stacked them all end-to-end, they'd reach to the moon and back 10 times!"
I guess txchick57 was right. Broke really IS the "new black".
What a difference a year makes, no?
HARM
#housing