6/5 Mr. Mortgage – News Picks of the Day! (ABK & MBIA!)

Posted on June 5th, 2008 in Mr Mortgage - News Picks of the Day!

National Mortgage Delinquency Hits 29-Year High! – Mortgage News Daily . The default rate jumped 53bps to 6.35% in Q1 2008. Enough said.

2:30pm EST – S&P Lowers MBIA and Ambac Ratings…Finally! No link to the story yet because it just happened. All I have to say is kudos to you Bill Ackman of Pershing Square! You’ve been ridiculed by analysts and CNBC commentators for months about being “a short who is lying.” Now we know who the liars and deceivers are. Now they’re ganging up on David Einhorn over his views of Lehman. He will be proven right as well.

5:21pm EST – Read about the downgrade here. <>

5 Responses to “6/5 Mr. Mortgage – News Picks of the Day! (ABK & MBIA!)”

  1. I watched Einhorn on CNBC this morning – boy were they trying to make him the villan! and I think he handled them very well, and even made some of them look a bit stupid about the markets they report on for a living. Hey, was today a short covering rally? I hate to watch cnbc, (but it is the only financial news I get, and like being able to catch data) – “Great Retail Data” “What recession, bla, bla, bla” and then oil shoots over $5 a barrel – biggest one day gain in dollars ever!!! Hey whatever, recession, depression, stagflation call it whatever the hell you want, we are in deep shit and the more this inflation hits, the more homeowners will default – even with solid loans, and earnings. The more we will see major (energy dependant) corps. going down, more people out of work, etc. There is no way this can be fixed, but for letting the system work itself out, painfully, and ending this market manipulation baloney.
    okay, i’m done now. 🙂

  2. Yes, a tad ironic that the markets had such a huge day on the back of strong sales from Costco and Wal-Mart. As for MBIA, I see their 14% bonds are STILL trading below water (bids are $77.00 to $95.00, depending on where you look). 15.50% yield to maturity.. Hmm.. even at AA it doesn’t smell right.

  3. […] Read the rest of this great post here […]

  4. Next step. Big layoffs at CNBC. TV depends on advertising and if people stop consuming, bye bye cushy parasitic jobs at CNBC. These pseudo-journalists will eventually have to find real jobs instead of selling their “snake oil” investment advices. Poor them! They are next on the chopping block.

  5. Hey! Jim Cramer is fired ! 🙂 Just kidding.

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