Housing Bubble Bursting?

[moh malekpour]

I think when the property is foreclosed, the principle is the outstanding unpaid loan amount. When the foreclosed property is sold, the lender gets a net loss which is going to be the different between the sales price and the cost of foreclosure including attorney fee, brokers fee, loss of interest and others and the net loss is going to be a write down.

 

[Austin]

Housing counselors deal with suicidal clients as mortgage woes grow...

CITIGROUP CHIEF TO EXIT AFTER LOSSES...

ANALYST HITS BACK AFTER DEATH THREATS OVER DOWNGRADE...

INVESTORS SAVAGE BANK STOCKS...

Facing jail, banker leaps to death...

 

[Randolph Kinney]

Lifting the skirt, how bad is it?

Citigroup CEO to resign Sunday; SEC reviews accounting: report

SEC reviewing bank's accounting; more subprime losses may emerge

SAN FRANCISCO (MarketWatch) -- Citigroup Inc. Chief Executive Charles Prince is planning to resign at a board meeting Sunday, as the largest U.S. bank by assets struggles under the weight of subprime mortgage-related losses, the Wall Street Journal reported Saturday.

The report also said the Securities and Exchange Commission is reviewing Citi's accounting for a type of funds known as structured investment vehicles (SIVs). The bank may report further losses on Monday, reflecting more declines in the value of some subprime-related securities since the end of the third quarter, the newspaper said, citing unidentified people familiar with the situation.

 

[moh malekpour]

More misery to come as heads roll in wake of US meltdown

CDS traders warn of 'blood on streets'

 

[DTB]

I'm not a foreclosure specialist by any stretch, but I believe the redemption amount includes interest in arrears, attorneys fees, etc. Any bottom feeders out there care to correct me on that one?

Hey! I resemble that remark.

You are correct, typically the balance owed is inclusive of all the items you mentioned.

It never includes my profit.

 

[Austin]

Just read an interesting report on why oil prices are going through the roof. It has to do with the financial crisis. All that money that fueled the tech and housing bubble is now flowing into commodities speculation. They are betting on a disruption of the oil flow in the future.
This is just another example of how the economy is not capable of producing enough return on investments so the speculators are blowing bubbles. It works every time. Heads we win; tails you lose. All of those boomer retirement funds are going out the tail pipe.

 

[KenRossman]

Commodities speculation due to fear of disruption is only one of many factors driving oil prices. The biggest factor is supply/demand. With China & India (and many others to a lesser extent) developing at an astonishing pace, demand is at record levels at the same time that production capability is waning. US crude oil supplies "tight & dwindling" touted as prime mover (of crude oil prices) all over the financial press this week.

Anyone worried about their retirement funds need only move their investments to commodity and energy related ETFs & stocks on dips...

 

[Riick]

Ummm.. US Dollar headed due South is one of main reasons for huge "spike" in oil prices. Current cost in Euros is around 65euro.

 

[Austin]

Seems to be a difference of opinions out there. I read that China raised fuel prices by 10%, there is an ample supply of crude, and that the low dollar only explains a small fraction of the rise in oil prices. Natural gas prices are stable or so they say.
I watched a program on TV the other night about mining solidified gas from the bottom of the ocean. Seems there is more down there than all of the total energy reserves ever extracted. All we have to do is get it to the surface and let it melt and turn into natural gas. The higher crude prices go the more profitable synthetic renewable fuels become. I am sure some such scheme is not behind all of this.

 

[moh malekpour]

Ummm.. US Dollar headed due South is one of main reasons for huge "spike" in oil prices. Current cost in Euros is around 65euro.

I think you meant 0.65 euro. 65 euro is equal to $94