6/6 Mr Mortgage – News Picks of the Day!

Posted on June 6th, 2008 in Mr Mortgage - News Picks of the Day!

The Fly at IbankCoin is in Party-Mode Today. Seems this always happens when financials are in the crapper. www.IbankCoin.com – You go bouy.

National City Under US Scrutiny –Wall St Journal . Another leading Home Equity Loan/Line lender is in trouble. This is not the kind of trouble you want to be in. Along with BofA, Chase, CITI, Countrywide, Wamu, Wells., Rescap and IndyMac, Nat City was in the top-10 for years running. One thing Nat City does not have is the balance sheet of most of their top competitors. By the way, that list is fairly close to their actual origination standings during 2006-2007, however, Nat City ran about 7th place.

US Household Wealth Tumbles – Bloomberg. Again, I am sure glad we are not in recession or this type of news would really suck.  U.S. household wealth fell in the first quarter by the most in more than five years and borrowing slowed as home values and stock prices plunged and lenders restricted credit, Federal Reserve figures showed. Net worth for households decreased by $1.7 trillion from the previous three months, the second straight decline and the biggest since the third quarter of 2002, according to the Fed’s quarterly Flow of Funds report today. Real estate-related assets dropped by $328.9 billion, the most since records began in 1952.

Unemployment Rate Rockets to 5.5% and Payrolls Fall – Bloomberg. For a year, nobody could explain how jobs did not fall off a cliff. This was a lot of catching up in a single month. The U.S. lost jobs in May for a fifth month and the unemployment rate rose by the most in more than two decades, signaling that the world’s largest economy is stalling.

Holyfield in Foreclosure – AP. What do ya say about this…first the ear, now the house. This poor guy. HOW THE HELL DO YOU SPEND ALL THE DAMN MONEY? Come on Evander…or MC Evander I should say. Geez. “His $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is suing for unpaid child support, and a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping.”

15 Responses to “6/6 Mr Mortgage – News Picks of the Day!”

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

  2. A bit off topic (no disrespect Mr. M – your posts are awesome)

    Is anyone watching oil today? wtf? Morgan Stanley coming out with $150 pb by July 4th!?!?! Weak jobs data – Can anyone say stagflation?

    Solid Mortgages – Weak Mortgages – they are going down if this keeps up, and banks? – ha! what banks!

  3. Just listened to Peter Shiff’s show, found out one advisor of Senator Obama said that US citizens need to be encouraged to shop more….

    My god, a nation under water…

    We really need to save instead of consuming…


  4. Feng – are you kidding? spend more – yup okay, hey want to meet me at best buy I am looking to get a new 60 inch plasma, then we can do lunch – LOL – Just crazy!

    Schiff is on the money – that’s why CNBC dropped him like a stone!

  5. That is a 60 inch plasma made in China. 🙂

  6. Hey Mr. M – Dennis Kneal on CNBC knows how the unemployment rate jumped – He just blamed “those pesky teenagers” looking for some summer work – are you kidding me? No, it has nothing to do with all the layoffs that have been reported every week since the first of the year – sure all those people picked up new jobs right away – and teenagers, yeah, working at Hollister is just the job a 40 year old Bear Sterns employee is looking for in his job search. Jeeze!

    How did Holyfield spend all that money? (albeit shocking) How did we all spend our money? From W. right down to the single mom making 20k – No one saves in ths country and we are screwed – Holyfield / McMahon are just poster children for all of us that have spent the past 10 years spending way more than we could ever hope to make.

    Cheers. 🙂

  7. Holyfield has nine kids – and one of the mom’s took him to court because he missed his $3,000 a month child support payment. Nine kids..at $3k a month per.. PLUS he has a 54,000 sqft house..

    The “Real Deal” was a great boxer (my fav), but he wasn’t THAT great..

  8. Oil up now $8.++ pb.

  9. You have been posting great information through this whole orchestrated misinformation campaign. I applaud your efforts. Only the little guy gets hurt when the media and govt. get together to prop up markets. Keep up the good work, as I’m certain you have helped many avoid punishing losses.

  10. Never mind, I mean $9.20

  11. Jim Cramer just saying that what David Einhorn is doing is OK. If one can buy stock and be loud, why some cannot be short and loud about it.

    That it also said that if David is wrong, he has just created biggest buying opportunity.

    And he ends interview by saying that he likes Lehman.

    So on that basis that I like Jim Cramer, and that he is moderatly bullish on LEH, I am short of LEH 🙂

    When Jim will be saying “No, no, no, Lehman is fine.” I will be extremly bulish regarding Lehman puts options. Preferably short term, out of money 🙂

  12. Marc, it will soon be 60″ plasma made in US. Since labor here will be cheaper.

    Next step, as per Peter Schiff, will be hiking price of clothes and all other necessaties.

    He even advocated to store whole bunch of shaving blades, batteries.

    Stagflation gonna be a long painful time for Americans.

    If the new president does not know anything about economy.

  13. Feng – I think schiff also recomends socks (as in cotton). In the past week, I am really seeing price jumps in dry goods in my markets (we all know about meat, dairy). i don’t see how 90% of the population will be able to deal – in order to buy lot o’ shaving blades one needs extra cash – those little devils are expensive now – I guess we will all be walking around with many nicks and cuts due to very dull blades – okay – today is my wedding aniversary – screw my better half, i think I am off to go down that bottle of champagne myself this is way depressing. :oD

  14. evil, good day. It was Jim rogers who pumped cotton and sugar.

  15. thanks feng 🙂

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