Headlines...

NEW -> Contingent Buyer Assistance Program
LM,

When I had access to title, DB was one of the largest owners of OC properties. They bought a lot of Argent, and New Cen toilet paper. They also bought, and owned all of MIT's garbage.

And, you are very spot on with Bear, they were the option ARM buying king.
 
Interesting stats over at http://factfinder.census.gov/servlet/ADPTable?_bm=y&-state=adp&-context=adp&-qr_name=ACS_2006_EST_G00_DP4&-ds_name=&-tree_id=306&-redoLog=false&-geo_id=31000US31100&-format=&-_lang=en

(go to http://factfinder.census.gov and go to 2006 American Community survey, Los Angeles-Long Beach - Santa Ana and pick housing from the left hand menu - more stats there than I can paste, due to the character limit on posts)

Includes how many people have mortgages, totals owed, % of household income spent on mortgages, etc.

MORTGAGE STATUS AND SELECTED MONTHLY OWNER COSTS

Housing units with a mortgage

1,693,171

+/-14,544

Less than $300

1,852

+/-600

$300 to $499

10,094

+/-1,499

$500 to $699

25,966

+/-2,093

$700 to $999

80,640

+/-5,032

$1,000 to $1,499

263,038

+/-7,554

$1,500 to $1,999

329,959

+/-8,906

$2,000 or more

981,622

+/-13,046

Median (dollars)

2,233

+/-16
 
YEAR HOUSEHOLDER MOVED INTO UNIT

Moved in 2005 or later

810,894

+/-12,784

Moved in 2000 to 2004

1,360,402

+/-13,765

Moved in 1990 to 1999

1,085,824

+/-12,922

Moved in 1980 to 1989

414,901

+/-9,212

Moved in 1970 to 1979

269,364

+/-6,077

Moved in 1969 or earlier

201,855

+/-5,350
 
Owner-occupied units

2,170,255

+/-13,643

VALUE

Less than $50,000

37,893

+/-3,039

$50,000 to $99,999

45,103

+/-2,927

$100,000 to $149,999

26,290

+/-1,821

$150,000 to $199,999

28,480

+/-2,264

$200,000 to $299,999

91,993

+/-3,715

$300,000 to $499,999

528,875

+/-9,217

$500,000 to $999,999

1,126,170

+/-12,924

$1,000,000 or more

285,451

+/-6,920

Median (dollars)

604,500

+/-2,229
 
Anonymous - Nice data. One interesting thing I found is that about 52.4% of households in the area moved into their house in 2000 or later. If prices decline as much as some project, that would impact a lot more homeowners than some bears would like you to believe. From their point of view, a majority of people have been in their houses for a long time and have plenty of equity. This seems to cast doubt on that. Another question is how many longtime homeowners have HELOCed themselves into trouble.
 
When Home Builders Hit the Skids

As Troubled Developers Stop Work,

Buyers Face Lost Deposits, Unfinished Houses

And Crippling Liens; an Ice Rink in Limbo

http://online.wsj.com/article/SB119499896076692014.html?mod=hpp_us_personal_journal

For buyers who are under contract, the biggest risk is that they will lose their deposit. Some states, such as California, require that homeowner deposits be held in escrow or that the builder post a bond. But in other cases, the builder may be able to tap the money, which may make it harder to recover.
 
Nov. 14 (Bloomberg) -- Warren Buffett called on Congress to maintain the estate tax, saying that plans to repeal the levy would benefit a handful of the richest American families and widen U.S. income disparity.

Buffett, the billionaire chairman of Omaha, Nebraska-based Berkshire Hathaway Inc., told the Senate Finance Committee that advocates of repeal were ``dead wrong'' to call the levy a ``death tax.''

It would be more appropriate to call it a ``death present,'' said Buffett, 77, who is the third-richest person in the world, according to Forbes Magazine. ``A meaningful estate tax is needed to prevent our democracy from becoming a dynastic plutocracy.'' Heirs to vast fortunes, he said, have already won the ``ovarian lottery'' and shouldn't be further rewarded by the tax system.
 
That is what I can not understand. He is always lobbying for more taxes on the wealthy, but there is nothing stopping him from sending more or all of his money to the IRS. The IRS will accept it.
 


Florida Holds $2.2 Billion of Debt Cut to Junk Status

Nov. 14 (Bloomberg) -- The Florida agency that manages about $50 billion of short-term investments for the state, school districts and local governments holds $2.2 billion of debt that was cut below investment grade.

The downgrades affect more than 4 percent of what the Florida State Board of Administration has purchased for the funds, according to a report by the agency's director, Coleman Stipanovich, that was delivered at a cabinet meeting of Republican Governor Charlie Crist today. Some $3.6 billion, or 7.3 percent, of the securities may be downgraded by credit- rating companies, according to the document, provided to Bloomberg by the state board.

Oh oh...hum...what about California??? where is our tax revenue today?

the ceiling fan is spreading "subprime" junk all over the place.
 
On bubblevision this morning, I heard that Larry Fink was Merrill Lynch's first choice for CEO, but Mr. Fink said he would have to know about and Merrill would have to come clean about all the ABS they are holding. Merrill chose Thain.

And on the same show Bogle was saying that he thought the current writedowns were just the start of the full amount of writedowns that will occur due to the funny paper. The hosts were respectful, but it was obvious that they did not like what they were hearing and were quick to say that others disagreed. When prodded further, Bogle analogized the current writedowns to a cockroach. "If you find one cockroach, there are probably more where that one came from." The hosts were not amused. Also, Bogle didn't seem to put much faith in the optimistic outlook of the various large bank officers who had visited the show and said that most of the derivative problems were behind them.
 
awgee. .. I have not fully researched it but I do not believe that the IRS can accept Buffett's money. . . it believe that it would constitute a taking by the government.

Sorry, but I like Buffett more and more every time I hear about him. There was a small segment about on him on one of the network news (I think it was NBC) showing him standing outside of Congress and calling for a ride. He did not have any security or handlers but had a Chick-fila bag with a tag with his initials on it. It was great. Think that versus some idiot like Trump (I should probably to take that back before he sues me.)'

I just saw this video and I think it is hilarious that the other billionaires are so defensive.

abcnews.go.com/GMA/story
 
and see the comment about Deutche Bank not being able to foreclosure, because they couldn't prove they owned the notes/mtges.

This is big guys, big. I have one like that here. After I filed my motion to dismiss, big silence on the part of the foreclosing firm.
 
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