Credit Crisis
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Tuesday, July 12th, 2011My friend, Kirk Kinder, over at Swim UpStream to Wealth posted this excellent video interview with economist Steve Keen. Good stuff… I do think Professor Keen was too easy on the politicians, who created the incentive for banks to do what they did. Other than that, I can’t disagree with anything else he says.
Brett Arends: The Next, Worse Financial Crisis
Friday, July 8th, 2011Brett Arends has written an interesting article titled The Next, Worse Financial Crisis. I can’t say I follow Brett’s logic in his first point, which is: 1. We are learning the wrong lessons from the last one. Was the housing bubble really caused by Fannie Mae, Freddie Mac, the Community Reinvestment Act, Barney Frank, Bill [...]
Nearly 40% of Those with Home Equity Loans are Underwater
Tuesday, June 7th, 2011Question: When will the housing bad news end? I live in Southeast Texas. We have been pretty sheltered from the housing crisis. That said, housing in our area is moving slowly these days and prices are very soft. Our neighbors across the street put there house on the market in late January at a price [...]
Squatters…
Thursday, June 2nd, 2011I have been busy this week with kid-related stuff. Things should slow down next week. That said… Last night I was reading the WSJ while my daughter took swimming lessons. I want to share with you this snippet from an article I read about how banks were facing foreclosure hurdles. I thought this was ridiculous [...]
Meet Mr. Shah…
Friday, March 11th, 2011I wanted to highlight this story that was included in the article I mentioned in my previous post. Morari Shah, a 59-year-old Miami entrepreneur and real-estate investor, is among those taking a radical approach to reducing debts. Since late 2008, he and his wife have slashed their total debt from nearly $1 million to zero [...]
Household Debt Dropped in 2010. Too Bad A Big Portion of It Was Due to Defaults
Friday, March 11th, 2011From today’s WSJ: U.S. families—by defaulting on their loans and scrimping on expenses—shouldered a smaller debt burden in 2010 than at any point in the previous six years, putting them in position to start spending more. Total U.S. household debt, including mortgages and credit cards, fell for the second straight year in 2010 to $13.4 [...]
More Talk of Mortgage Principal Reductions
Thursday, February 24th, 2011In today’s WSJ: The Obama administration is trying to push through a settlement over mortgage-servicing breakdowns that could force America’s largest banks to pay for reductions in loan principal worth billions of dollars. Terms of the administration’s proposal include a commitment from mortgage servicers to reduce the loan balances of troubled borrowers who owe more [...]
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