Posted on June 9th, 2008 in Mr Mortgage - News Picks of the Day!
April Pending Home Sales Rise – Bloomberg . There has to be something more to this story, such as the surge in foreclosures as part of the total sales. I will dig into it further. Values are falling, as REO’s selling for 20-60% lower than neighborhood comps are bringing down values across America. Also, April is the beginning of the spring selling season and March was bleak so perhaps these numbers are in-line. If you go back to last year’s number for a year-over-year even these ‘better’ numbers look terrible. I still will research.
CITI, Merrill, UBS Face Monoline Losses, Meredith Whitney Says – Bloomberg. Way to go Bill Ackman of Pershing Square and Meredith Whitney. Both of you were ridiculed for sticking to the truth and are now being proven right. In this story, I do think Whitney is going easy on the loss estimates, however.
SEC May Ban S&P, Moody’s and Fitch From Structured Finance Consulting – Bloomberg . HAHAHAHA. This one takes the cake. Now that they are running scared, they are actually making some great calls and many downgrades. You should have been looking at this 5-years ago, SEC. Geez.