tag:blogger.com,1999:blog-163290402011-08-21T07:26:27.581-04:00Mortgage Industry News and Commentary from the Cohenside. (With a little politics and some other surprises thrown in for good measure.) lcgd [at] optonline [dot] comObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.comBlogger3941100tag:blogger.com,1999:blog-16329040.post-82856449978159273602010-02-23T00:31:00.000-05:002010-02-23T00:31:00.339-05:00

By Lon S. CohenFor better or worse, the President campaigned on some really great platforms the basis of which was “Change we can believe in.” But what he didn’t do was change along with the situation. He forgot that change involves being fluid, changing course when necessary.The biggest problem that Obama is facing: Despite the woes in the economy, he still tried to deliver campaign promises

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-67202905587485804642010-02-22T23:27:00.000-05:002010-02-22T23:28:36.844-05:00

By Lon S. CohenAnd the government should be in the business of governing. Seems like a simple concept, no? Recently, the blending of government and banking has become troublesome. While the government was right on TARP and other emergency actions since 2008, when banks started falling like dominoes, it hasn’t budged an inch on much needed regulatory reform. The banks have regained strength,

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-52887499955435564652010-02-12T15:59:00.003-05:002010-02-12T16:15:08.744-05:00

I think that the Tea Party might be getting a little ahead of itself. If they want to be taken seriously I think they need to pick a better spokesperson. Sarah Palin left the duties of her office as Governor of Alaska early because she couldn't take the pressure. Of being Governor of Alaska? I love all our states but please girl, it's Alaska. My home town is more populated that your state?The Tea

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-16310457843891715402010-02-10T08:52:00.001-05:002010-02-10T08:52:00.265-05:00

From government Labor Statistics.In January 2008 the unemployment rate was 5% and by January 2009 the unemployment rate shot to 7.7%, a 2.7% percent difference with a steady increase.In January 2009 the unemployment rate was 7.7% and by January 2010 the unemployment rate was at 9.7%, a 2% difference after peaking in October 2009 at 10.1%.For one year in 2008 the unemployment rate increased by

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-63758345998838654542010-02-09T15:22:00.003-05:002010-02-09T15:28:31.387-05:00

Sure, it seems illogical now when we're struggling to get out from under the worst economic recession since the Great Depression, people are still complaining that the banks aren't lending and unemployment is still bumping up against 10% but the Federal Reserve is looking to a time when it’s needed to stall inflation and back off of assistance.For better or worse, we're probably stuck with the

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-7626116538309846202010-02-09T08:44:00.000-05:002010-02-09T08:44:00.224-05:00

In January our unemployment rate improved (9.7%) according to the U.S. Department of Labor. The underemployment rate (http://en.wikipedia.org/wiki/Underemployment) (16.5%) also saw a little improvement. We also see that while the U.S. continues to shed jobs (-20,000 last month) the curve is going in the right direction – toward a positive number.In August, 2009 the unemployment rate was at 9.7%.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-60924733936795671002010-02-08T14:28:00.001-05:002010-02-08T14:30:10.407-05:00

Insight into the machinations that destroyed the economy from the biggest players, one that lost (AIG) & the other, that won (Goldman) in the New York Times. Testy Conflict With Goldman Helped Push A.I.G. to Edge.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-23943688836393325382010-02-08T11:57:00.002-05:002010-02-08T12:02:39.441-05:00

We need some sort of secondary market for mortgage-backed securities that is not one of the many government entities like FHA or Fannie and Freddie. (Notice my lack of the use of the word "sponsored" in there when referring to Fannie and Freddie since they are not in fact GSEs (Government Sponsored Entities) anymore but full on government organizations.) The market for home ownership is too big

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-88136601833029155502010-02-04T11:31:00.003-05:002010-02-04T11:41:41.222-05:00

In a Quarterly Report to Congress dated January 30, 2010, the Office of the Special Inspector General for the Troubled Asset Relief Program had a chilling conclusion about banking reform within the executive summary. It said that it was “hard to see how any of the fundamental problems in the system have been addressed to date.”Four areas of concern were highlighted:1) The “too big to fail”

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-48498285529305410922010-02-03T14:58:00.000-05:002010-02-03T14:58:00.451-05:00

The recent economic crisis exposes only one way that the finance industry is damaging America. The desire for ever more complex derivatives and investment strategies is sucking the mathematical geniuses from our best schools because there’s money to be made in finance and not much fortune in the sciences. This is a backwards idea that is dangerous to the future of this country. Our best valuable

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-30498740554605854142010-02-02T14:41:00.001-05:002010-02-02T14:42:38.093-05:00

French President Nicholas Sarkozy summed up populist mentality at the meeting in Davos, Switzerland of the elite corporate bankers when he said, “That those who create jobs and wealth may earn a lot of money is not shocking. But that those who contribute to destroying jobs and wealth also earn a lot of money is morally indefensible.”Many who attended Davos this year were not feeling the love as a

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-54740063489316221932010-02-01T10:00:00.002-05:002010-02-01T10:03:47.751-05:00

In the political blog FiveThirtyEight, Nate Silver wrote about how Democrats need to clarify their message. One of his points was about Republicans’ obstructionist position on even the most centralist issues – ones they should philosophically be supporting or have supported at least partially in the past. For example, in 2007, the Democrats found themselves back in control of the House for the

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-54588720025031232042010-01-16T11:55:00.000-05:002010-01-16T11:55:00.579-05:00

I like this article on the proposed TARP Tax in the New York Times.Though I have to admit, I'm a little disappointed in the Republicans that they haven't come up with some really catchy term to make the relatively innoculous tax (at least to us regular folks, not to the bank who might have to pay it) sound wholly evil like they did with "death panels." That was pure evil genius in my book.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-91396296530919658372010-01-15T11:48:00.001-05:002010-01-15T11:49:41.920-05:00

I got into a conversation on Facebook about President Obama’s plan to tax the banks to help pay up for TARP and future bail outs. The person proposed the argument referring to a New York Times article: “I love the concept of spanking the fat cats, but this is SOCIALISM. What to you think??”Check out the article here.Here is my reply:Not sure it's socialism. Bailouts historically came with a heavy

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-76698175576058748322010-01-12T14:42:00.000-05:002010-01-12T14:43:23.598-05:00

And it makes sense.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-32566004798461147752010-01-08T15:06:00.004-05:002010-01-08T15:41:02.657-05:00

UPDATE: After posting this I came across this item in the New York Times that says Tishman and its partners will not be able to make their next mortgage payment in full on the Stuyvesant Town and Peter Cooper Village properties.Looking ahead to 2010 I'm already starting to see a few key themes developing that will probably take us right through to the first half of the second decade in the

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-80943495408906491612009-12-15T16:06:00.003-05:002009-12-15T16:15:35.233-05:00

But we assume they will also help boost the economy after President Obama called the heads of major banks to the White House for a meeting. Unlike last year, when banks took money from the US taxpayers, seeming contrite and humbled, this year, the bankers are quick to pay off their debt to the US Government so they can dole out enormous Christmas bonuses. I see more Mr. Potter this year at our

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-96655426763475142009-12-02T09:59:00.005-05:002009-12-02T10:17:14.517-05:00

According to news reports, Lend America is closed up shop on Monday, November 30th. The Long Island mortgage broker let go of its force of 600+ workers after the FHA pulled its license to lend from the company, citing severe violations.A company statement said: “The company [Lend America] is surprised and disappointed by the action by the U.S. Department of Housing & Urban Development’s Mortgagee

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-67237066332678475192009-11-30T12:07:00.000-05:002009-11-30T12:08:27.861-05:00

A couple of articles made me think about the connection between banks holding cash, corporations trimming employment and the recovery of the jobs market.1) Paul Krugman thinks that waiting for jobs to trickle down from the recovery is "wrong & unacceptable."2) Banks flush with excess cash. Not making ANY loans at all means they're not in danger of making any BAD loans.So the picture here is that

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-15375925591755104432009-08-21T13:34:00.002-04:002009-08-21T13:37:18.273-04:00

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-13981645873414944122009-06-17T23:24:00.001-04:002009-06-17T23:27:14.375-04:00

By Lon S. CohenFannie Mae and Freddie Mac are very similar to each other in many respects and both play a very important role in the mortgage industry.Fannie Mae, formed in 1938, is the common name of the Federal National Mortgage Association, which is shortened to FNMA. Fannie Mae is not a direct lender of mortgage money. Instead, Fannie Mae is what is considered a secondary marketplace for

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com1tag:blogger.com,1999:blog-16329040.post-49206527517641872362009-05-05T16:14:00.002-04:002009-05-05T16:18:49.672-04:00

By Lon S. CohenOne of the biggest problems with Mortgage Backed Securities (MBS) was that the ratings were given based on data that applied to big companies and municipalities and not on individuals who had just been through the wringer of a real estate transaction and mortgage closing. No matter how many people you pack into a group—even if you think more numbers means less risk—you still have

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com2tag:blogger.com,1999:blog-16329040.post-26616401572555553992009-03-04T11:35:00.002-05:002009-03-04T11:38:25.108-05:00

From the get 'em on the way up, get 'em on the way down department, ex-Countrywide executives start a company to buy bad loans. Are they having deja vu seeing some of those same loans they sold coming back again?“It has been very successful — very strong,” John Lawrence, the company’s head of loan servicing, told Mr. Kurland one recent morning in a glass-walled boardroom here at PennyMac’s

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-45764618003931119832009-01-26T15:31:00.003-05:002009-01-26T15:37:26.619-05:00

There are calls for the Fed to gain more oversight over the banking industry. Before the collapse of the financial sector there was never any one government agency in charge of looking after the health of that sector, essentially looking at the big picture. Instead there has been a hodge-podge of agencies with an equally hodge-podge of initials to watch particular sectors. SEC and FDIC come to

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-41756841038058582262009-01-23T17:38:00.003-05:002009-01-23T17:50:22.519-05:00

Seems to me that over the last year Wall Street banks have pretty much thrown up their hands and sacrificed whatever trust and ethos anyone in America had ever given them. Sure, we all saw the movie. We all know that Wall Street executives crave money and power over everything else. But wasn't that greed supposed to have some kind of upside? Wasn't the point that the greedy people actually help

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-45294717597794186032009-01-22T13:57:00.001-05:002009-01-22T13:58:42.426-05:00

I read this great quote about the bottom of the market in an American Banker email update."I know where the bottom is: If you owe more than five times your annual earnings and you haven't lost your house yet, we're not at the bottom. All the five-timers have to go away."— Robert Simpson, the founder and president of Investors Mortgage Asset Recovery Co. LLC, an Irvine, Calif., audit and fraud

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-75564728241248190672009-01-21T22:41:00.002-05:002009-01-21T22:48:17.832-05:00

Richard D. Parsons will vacate his office at Time Warner to take a pro bono job as chairman of Citigroup. A curious appointment but with his experience at managing companies in crisis, I think that's where his strength and contributions lie. A couple of things I didn't know were that he managed Dime Savings Bank in the late 1980s after the S&L scandal and that he is set to host a jazz program on

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-30734808816725555852009-01-06T11:21:00.001-05:002009-01-06T11:22:36.329-05:00

Yeah. I've been on a break for the month focusing on other things. Promise to be back to blogging about the Mortgage Industry very soon - for what it's worth.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-18836500107257991372008-12-04T12:35:00.004-05:002008-12-04T12:39:53.025-05:00

You should've seen the tape dispensers. So cute. So sad. I wanted to take them ALL home... :-( It's a sad day for office furniture on The Street.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-40088150224028096372008-12-01T09:54:00.003-05:002009-01-06T11:20:03.976-05:00

The New York Times reports today that, "Doris Dungey, Prescient Finance Blogger, Dies at 47". Ms. Dungey was a writer for the Calculated Risk blog and her predictions about the imminent collapse of the mortgage market in 2006 became more true than anyone ever wanted to believe.Read the article about her on the New York Times Website..

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com2tag:blogger.com,1999:blog-16329040.post-62119398895807136122008-11-24T13:15:00.006-05:002008-11-24T13:34:42.808-05:00

Median home prices fell 11.3 percent to $183,300 from a last year. Turns out that it's the largest year-over-year decrease since records started in 1968.From cnn.com - The national median existing-home price in October was $183,300, down 11.3% from a year ago when the median was $206,700. In September, the median existing-home price was $191,400.This is no surprise.Housing prices are in a very

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com1tag:blogger.com,1999:blog-16329040.post-12598448272428870322008-11-21T10:16:00.002-05:002008-11-21T10:19:12.669-05:00

by Lon S CohenThis economic crisis pains me physically. There seems to be nowhere to hide anymore. I remember the days when I was selling mortgages. I’d track the financial data day by day, look at upcoming news and follow the stock and bond markets. The way things worked then, if the stock market was going down, people rushed to bonds and that made the yield (or percentage paid in interest) on

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-70870031760378118232008-11-16T20:07:00.003-05:002008-11-16T20:13:27.668-05:00

I saw a retweet on Twitter by @timoreilly about this WSJ essay article by David Yermack, a finance professor at the Stern School of Business in NYU. It seems to make sense to me too. Supporting an industry that has been stubbornly myopic for as long as I can remember is just plain crazy. We would do better to burn the money rather than throw it at our auto industry. Let's let GM and Ford approach

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-76795044051723677062008-11-14T21:23:00.003-05:002008-11-14T21:28:25.492-05:00

No wonder the mortgage industry got into so much trouble. Just look at this article I wrote about a day at work when I was a Loan Officer at M&T Bank. Sheesh!The pathological impulse to falsify or lie:Pseudomania!by Lon S. CohenIt’s been called a slippery slope or a house of cards. It’s been known to get husbands and wives in trouble, and little kids get time-outs because of it. It’s a little

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-67383904676144311022008-11-14T15:55:00.002-05:002008-11-14T16:03:36.180-05:00

The mortgage originators on the front lines have been seeing the change for a long time but now it's getting harder than ever to get a mortgage approved. Gone are the days of lax underwriting and creative processing.As Jim C from Fort Funding Corp. said, "It's kid of ironic that we are now having a much more difficult time getting excellent credit customers approved."It is ironic. Where was this

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-71580437078676856122008-11-05T13:33:00.002-05:002008-11-05T13:36:59.775-05:00

My friend wants me to admit that Democrats caused the credit crisis.I will not.He based his argument on a 1999 article in the New York Times citing a call by the Clinton administration to expand Fannie Mae’s credit criteria to increase home ownership among minorities and low-income people, mostly though by offering mortgages to people with lower credit scores.Expanding the criteria to include

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-83642361579949203042008-11-01T11:33:00.001-04:002008-11-01T11:35:50.056-04:00

I used to work at M&T Bank in the Mortgage Department. From FoxBusiness.com: //if(placement=="right") show_baynote_guide("ArticleGuide"); NEW YORK -- M&T Bank Corp said Tuesday that its third quarter profit slipped 54% in the third quarter, to $91.2 million, or 82 cents a share, compared to $199.2 million, or $1.83 a share a year ago. "Nonperforming loans trended higher during

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-83112152000310867892008-10-31T08:55:00.002-04:002008-10-31T09:03:43.469-04:00

The government is bailing out banks that have too much bad debt on the books – the driver of this current economic crisis - by using Federal funds to grease the wheels and get the credit markets moving again. This benefits banks and in a trickle down economics kind of way, benefits us because then the banks will be slightly more willing to lend us money. But since credit debt was the problem in

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-47865241155925492862008-10-23T08:49:00.003-04:002008-10-23T09:15:23.939-04:00

According to an Inman article titled, "Foreclosure filings down 12% in September" new states laws that are requiring lenders to give advanced notice of foreclosure filings is helping to push down those numbers. RealtyTrac, a company that tracks these kinds of numbers is reporting that foreclosures are down, especially in California, which accounts for almost 1/3 of all of the nation's

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com1tag:blogger.com,1999:blog-16329040.post-65356868695509044412008-10-20T12:33:00.000-04:002008-10-20T12:33:01.664-04:00

I did some work for these guys while back. Looks like they have been doing well since the subprime crisis hit. They were always an FHA lender. The crumbling of the Alt-A/Subprime market plays out very well for these type of lenders. When FHA was looking passe many people lost their edge in originating these loans in favor for the slicker, easier-to-close limited doc loans. True, FHA was a bear

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-9070068675901581652008-10-18T21:30:00.001-04:002008-10-18T21:30:54.141-04:00

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-62153993677549290082008-10-18T21:09:00.001-04:002008-10-18T21:09:36.725-04:00

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-6150708398762748202008-10-16T21:30:00.004-04:002008-10-16T21:52:50.306-04:00

I have many Republican friends so I end up in a lot of arguments around election time. One of my friends stated today that "It is common knowledge that the bottom 40% of all wage earners pay no taxes."Her argument is that Obama wants to cut the taxes of 95% of people and since, as her argument goes, the "rich pay the most taxes in this country" Obama's comment to "Joe the Plumber" about spreading

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-84626435254378769902008-10-16T17:02:00.001-04:002008-10-16T17:02:39.544-04:00

The son of William F. Buckley publically announces his support for Barack Obama for president.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-24059562995148797472008-10-15T16:54:00.001-04:002008-10-15T16:54:19.371-04:00

The Treasury secretary gave little choice to nine major banks but to accept selling shares to the government.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-56874458921911388542008-10-15T16:39:00.001-04:002008-10-15T16:39:06.892-04:00

At Time Warner's Politics 2008 Summit, the former CBS anchor made some noise this morning, turning a panel on media bias into a forum for his complaints about the creeping timidity he sees in journalism.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-34274146901732511712008-10-14T13:20:00.001-04:002008-10-14T13:20:26.677-04:00

Science Fiction Meets Economics. Whodathunkit?read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-74272058342789156342008-10-13T21:30:00.001-04:002008-10-13T21:30:32.415-04:00

How the philosophies of a physicist, a wizard and a serial killer warned us of this financial crisis.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-12806702840706313192008-10-13T10:39:00.001-04:002008-10-13T10:39:40.736-04:00

Lenders requiring more steps in proving credit, finances. It wasn't too long ago that home buyers made offers without financing contingencies and closed the deal in as short as 14 days following acceptance. Quick closes are virtually impossible today if you're buying a home with the aid of a mortgage.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-17497811132843508402008-10-12T22:00:00.001-04:002008-10-12T22:00:00.298-04:00

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-34669263972063010562008-10-12T17:48:00.000-04:002008-10-12T17:48:00.894-04:00

I've been reading thehe Blown Mortgage website for a long time now. They do a great job over there. Recently they put up a post titled: Fannie & Freddie Should Be Fully Privatized. They say, "Once we have moved past this current economic crisis, Fannie and Freddie must be fully privatized." Read the post and then come back here for my response.I agree with the fact that once Fannie/Freddie

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-63694764272641704142008-10-11T14:59:00.001-04:002008-10-11T14:59:13.799-04:00

Along with some of Wall Street's most storied firms, a certain vision of capitalism has collapsed. How we restore faith in our brand. By Francis Fukuyamaread more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-1476128062766553752008-10-11T11:36:00.000-04:002008-10-11T11:36:00.452-04:00

"He Went Thataway!"

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-4691311230706185172008-10-11T07:35:00.001-04:002008-10-11T07:35:23.757-04:00

Comics have fun with the wandering would-be president.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-38789279923127196132008-10-11T07:22:00.000-04:002008-10-11T07:24:24.932-04:00

Blatantly stolen from the History Geek Blog.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-87997035677510516222008-10-10T22:28:00.002-04:002008-10-11T07:22:26.042-04:00

I'd call this Plan C or even Plan D. But with the way this financial crisis is unfolding and the government is reacting, I'd really call it Plan 9 From Outer Space because it's probably going to take a miracle for it to work. People need cash in their pockets. Banks need trust. The Federal Government needs to call one of those bank holidays mentioned in this article and really force banks to

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-16853994125105613342008-10-10T22:20:00.001-04:002008-10-10T22:20:01.003-04:00

The McCain campaign is defending crowd members at its recent rallies who have called Obama a terrorist, accused him of treason and even screamed "kill him" when his association with former Weather Underground member Bill Ayers has been broached.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-67077416269036840472008-10-08T15:07:00.001-04:002008-10-08T15:07:27.706-04:00

Ninety minutes of forced cordiality during the debate did not erase the dismal ugliness of Senator John McCain’s campaign in recent weeks.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-4339918491655255242008-10-08T12:36:00.000-04:002008-10-08T12:36:00.153-04:00

By Lon S. CohenIn the New York Times on September 26, 2008 in the article titled, “Taking On the Mortgage Giants” the paper wrote that “Senator John McCain did warn two years ago that Congress should rein in Fannie Mae and Freddie Mac, but he overstates the role he has played, interviews and records suggest.” He also overstates the impact the government take over will have on the bottom line

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-50828260714294773062008-10-07T16:48:00.001-04:002008-10-07T16:48:29.259-04:00

I'm in the middle of reading this article in Rolling Stone and it's very revealing. I've never read a more stark expose of McCain. I juxtaposed this one against another that gave a very soft spin on McCain's war years in Newsweek from February that I just got around to reading. From rollingstone.com: A closer look at the life and career of John McCain reveals a disturbing record of recklessness

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-72135160929073808572008-10-07T15:26:00.000-04:002008-10-07T15:26:00.325-04:00

My article on Banking & Risk titled, "An Economy At Risk" was published in Banking New York Magazine. It will also be reprinted in Banker & Tradesman, a weekly paper.Read It Here.

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-78831462752849639812008-10-06T22:57:00.001-04:002008-10-06T22:57:26.185-04:00

Is anyone surprised? According to the nytimes.com, "Consumers are pulling back on their spending, all but guaranteeing that the economic situation will get worse."read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-53597696799701516962008-10-06T22:41:00.001-04:002008-10-06T22:41:09.507-04:00

At least she has a sense of humor. Hopefully she continues to be as gracious. From what I'm hearing from both McCain and Palin in the news they're both getting a little bitter about the drop in the polls; turning to mudslinging and name calling. From the suntimes.com: "As SNL rediscovers funny, the McCain campaign mulls a response to Tina Fey's impression of Sarah Palin. Should she go on Saturday

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-73242881721486310612008-10-03T12:26:00.000-04:002008-10-03T12:26:00.868-04:00

I friend of mine recently implored me to read a book that blamed liberalism for 9/11. My reaction was visceral. I don’t read any 9/11 conspiracy theories and take them seriously. I know what happened.Fundamentalists came to the U.S. and flew planes into our buildings. They did it because they don't like us and it was a declaration of war against us on our own soil. It was the fault of sick,

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-58631649347063491542008-10-02T19:01:00.001-04:002008-10-02T19:01:20.396-04:00

Ladies and Gentlemen of the United States of America. I present to you the person who may be the president of the USA one day. Just watch. Soon any political gaffaw will be called, "pulling a Palin."read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-6749032604278457922008-10-02T18:50:00.001-04:002008-10-02T18:50:48.881-04:00

Mayor Michael R. Bloomberg announced on Thursday that he would support changing the term limit law and would seek a third term if it is lifted.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-24044549903361147952008-10-02T18:44:00.001-04:002008-10-02T18:44:39.043-04:00

The owners of the World Trade Center site on Thursday announced a delay in the completion of a multibillion-dollar transit hub but pledged to open a nearly finished Sept. 11 memorial by the 10th anniversary of the terrorist attacks. The 10th anniversary? If this was Las Vegas, the buildings would have been re-built by October 11th.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-81956698722811021672008-10-02T12:18:00.001-04:002008-10-02T12:18:28.269-04:00

And the hits just keep on coming. From huffingtonpost.com: During their interview Monday, Katie Couric asked Sarah Palin what newspapers and magazines she read to inform her worldview before being tapped as John McCain's Vice Presidential running mate. And Tuesday on the "CBS Evening News," Palin's answer was revealed: "most of them," "all of 'em," and "any of 'em."read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-18365397768332183992008-10-02T11:59:00.000-04:002008-10-02T11:59:01.184-04:00

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-72302925504877399122008-10-02T11:47:00.003-04:002008-10-02T12:09:02.727-04:00

I was watching the news last night. They were saying that after the Senate passed the bill the senators were still getting calls from their constituents begging them not to vote for the bill. Despite that, Congress will possibly pass this Bailout bill. The problem is that people are not being informed by their elected representatives. Even if the bill is the holy grail for the economy, people

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-149683783568079772008-10-02T10:50:00.002-04:002008-10-02T10:56:34.974-04:00

Cartoon about how some feel about the current economics situation and the government's bailout plan.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-86725561826318782292008-10-01T09:17:00.001-04:002008-10-01T09:17:24.247-04:00

inman.com - The mortgage meltdown has brought a return to the process of proper verification of a borrower's assets. But just how long is the information stated on your home-loan application considered valid? If you retire or lose your job after your loan closes, can the lender demand payment in full?read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-65623104539045205142008-10-01T09:10:00.001-04:002008-10-01T09:10:06.003-04:00

nytimes.com - If we’re going to avoid crises, we’re going to need something more imaginative, starting with an open-minded attitude to how science can help us understand how markets work.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-67484208391718444212008-09-30T10:52:00.001-04:002008-09-30T10:52:42.186-04:00

Is this bailout package for you or for the banks who made bad investments? There are a a lot of questions people still have about this bill, including me. Rushing through this legislation is a bad idea. The market will self correct in time. In the meanwhile, use some of that money to help actual people for once. After all is is the money we gave the government in the first place. From the

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-82303723761750752072008-09-30T10:44:00.001-04:002008-09-30T10:44:53.639-04:00

The words and actions of the partisan attack by Pelosi reminds the blownmortgage.com blogger of the fable of the frog and the scorpion. If you're wondering why she'd say such things on the eve of the vote, perhaps it's just that politicians can't help but always get that one last dig (so to speak) into the opposition party. Or maybe people are just lousy. You decideread more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-23643118232078821082008-09-26T16:43:00.001-04:002008-09-26T16:43:53.824-04:00

Last year there were some exhibits about Robert Moses. He did things big, to match his ego, apparently. I'm fascinated by the people and events that made New York the city it is today (and was yesterday.) From the article: With New York poised for a building boom, the legacy of Robert Moses is getting a fresh look, and maybe he doesn’t look so bad.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-22459155573426949832008-09-26T10:07:00.001-04:002008-09-26T10:07:19.308-04:00

The Kremlin has decided to offer a $1 billion loan for arms purchases to Venezuelan President Hugo Chávez. Does everyone feel safer now?read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-56208057644820731042008-09-26T06:16:00.001-04:002008-09-26T06:16:11.700-04:00

Really? I'm shocked. My grandfather would be useless at this meeting too. And he fought in WW2 so according to some he's as qualified as McCain to be president. From the article: Prominent Democrats say John McCain contributed little during a meeting at the White House, and showed no desire to participate in negotiations happening Thursday night. Reid: "John McCain did nothing to help. He only

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-641017824487760232008-09-25T23:04:00.004-04:002008-09-25T23:08:15.422-04:00

What the heck was Joe Biden thinking? Was he on crack? In an interview with Katie Couric, Obama's VP pick said, "When the stock market crashed, Franklin D. Roosevelt got on the television and didn’t just talk about the, you know, the princes of greed."Huh? Doesn't he know that FDR wasn't president when the stock market crashed and that the major form of communication was Radio not TV and we all

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-7463766911471327282008-09-25T22:31:00.002-04:002008-09-25T23:09:07.097-04:00

Partisan presidential politics appeared to trample what had been exceedingly delicate Congressional negotiations over the $700 billion bailout package.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-52676575447042938102008-09-25T06:56:00.001-04:002008-09-25T06:56:45.823-04:00

Sarah Palin loves the world “exceptional.” She may be onto something in her batty way: the election is very much about American exceptionalism.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-90432637869637777402008-09-24T09:48:00.000-04:002008-09-24T09:48:00.840-04:00

Everyone and my Aunt Tilly is angling to get their hooks into the $700,000,000,000 that Hank Paulson is going to be using this year to play Santa with Wall Street. While the auto industry and the insurance industry try to get a piece of the pie, some people actually want the government to allow the money to be used to restructure mortgages and refince people into better terms. GASP! Actually

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-64143334726979972922008-09-24T06:55:00.001-04:002008-09-24T06:55:48.125-04:00

Letters to the New York Times editor reacting to the bailout.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-77069831230750709592008-09-23T13:18:00.001-04:002008-09-23T13:18:52.946-04:00

After reading this article I wonder what the Republican Party DOES stand for. Lot's of talk previously of what they stand for and then in the end they're as different from the party line as "Two-face." Why is America split in this election? Aren't we sick of the lies and double talk? The accusations that the other side is tax and spend when the truth is that's a projection of themselves? That

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-8789128559714383282008-09-23T13:11:00.001-04:002008-09-23T13:11:49.313-04:00

Newsweek's Jonathan Alter wonders how John McCain is "getting a free ride" in this economic crisis after having been at the center of Keating Five, the last big banking scandal.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-53780948262958567002008-09-23T13:09:00.001-04:002008-09-23T13:09:51.032-04:00

As many as 1,500 savings and loans went under during the country's last financial and real estate debacle, and the U.S government lost $160 billion. A government-created entity, the Resolution Trust Corp. (RTC), sold off the bad real estate. The overall record of the RTC is considered good but there were fits and starts.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-36518203703963938022008-09-23T12:47:00.001-04:002008-09-23T12:47:42.568-04:00

We have a lot to learn from others in this current crisis. From the New York Times: "When they faced a financial crisis similar to the United States’ in the early 1990s, Sweden took equity in the banks to protect taxpayers." Also I though this was a great comment and something that is missing from our plan: "Sweden did not just bail out its financial institutions by having the government take

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-38993565737352603062008-09-23T11:41:00.001-04:002008-09-23T11:41:34.071-04:00

From the article: "I have heard the Bush Administration tell us how 'robust' our economy was and how strong the 'fundamentals' were. Now, we are being told that if Congress does not act immediately and approve the $700 billion Wall Street bailout proposal these 'free marketers' have just written up, there will be an unprecedented economic meltdown in the United States..."I like most of what's

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-91761491497122863862008-09-23T09:45:00.001-04:002008-09-23T09:45:25.736-04:00

I wonder what everyone's opinion is on this: "Power has tangibly shifted - away from the United States and the Western world generally, and towards the fast-growing giants of the East. That's been happening for some years now. But September 2008 marks the moment when the scale of our excesses, the extent of our debts and the bankruptcy of our regulatory system finally began to be exposed."read

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-39029297433532437912008-09-23T09:37:00.001-04:002008-09-23T09:37:00.503-04:00

To hear national real estate trade groups tell it, the Housing and Economic Recovery Act of 2008 enacted eight weeks ago was the most important federal housing bill in the last 30 years. It ended up not being quite what it was cracked up to be.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-5083681670583483122008-09-21T23:18:00.001-04:002008-09-21T23:18:51.648-04:00

American International Group replaced by American Cheese on the Dow.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-69145719222679527472008-09-21T22:38:00.001-04:002008-09-21T22:38:51.599-04:00

From the New York Times on Sunday night: "Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies, the Federal Reserve said Sunday night, fundamentally altering the landscape of Wall Street. In one of the biggest changes to Wall Street in decades, Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-65295426831618259062008-09-20T20:10:00.001-04:002008-09-20T20:10:30.355-04:00

OK, a correspondent directs me to John McCain’s article, Better Health Care at Lower Cost for Every American, in the Sept./Oct. issue of Contingencies, the magazine of the American Academy of Actuaries. You might want to be seated before reading this. Here’s what McCain has to say about the wonders of market-based health reform.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-8642981148801192162008-09-20T20:07:00.001-04:002008-09-20T20:07:16.218-04:00

There was a time when managing finances from your computer meant you had to use desktop software. Today, that's no longer the case. There are now a number of applications that let you do your banking in the cloud, a trend we've dubbed "banking 2.0."read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-41258926713105195062008-09-19T15:02:00.002-04:002008-09-19T15:47:48.377-04:00

I just submitted an article to Banking New York Magazine on Risk. Maybe I should change the article from "Risk Management" to "Risk R.I.P." and write about how the government is spending taxpayer money to ensure that big investment banks and their underwriters never have to ever feel the pinch of bad investments essentially making true Risk a thing of the past (except for you and me who still

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-71524578503334708152008-09-18T14:08:00.001-04:002008-09-18T14:08:14.633-04:00

Economist David Hale paraphrases Fed Chairman Ben Bernanke after a private conversation: "We have lost control. We cannot stabilize the dollar. We cannot control commodity prices."read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-87645417288855103482008-09-18T13:19:00.001-04:002008-09-18T13:19:16.833-04:00

Speculation is swirling about the futures of such major players as thrift bank Washington Mutual Inc. and investment bank Morgan Stanley. Media reports have been saying that Wells Fargo & Co. and Citigroup Inc. are interested in a possible takeover of Washington Mutual, and that Morgan Stanley and Wachovia Corp. are in talks about a possible fusionread more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-52263935906488889362008-09-18T13:14:00.001-04:002008-09-18T13:14:25.525-04:00

Bearers of Gehrig's namesake recognize captain's milestone.read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-12073825800457077462008-09-18T12:16:00.001-04:002008-09-18T12:16:39.258-04:00

CNBC has put together a quick slideshow list of the top 10 largest Chapter 11 bankruptcy filings in US history based on the pre-bankruptcy assets of the companies in question. It really gives you a sense of the incredible scale of the Lehman Brothers filing — the next closest bankruptcy was Worldcom, which had $103.9 billion in assets before the...read more | digg story

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0tag:blogger.com,1999:blog-16329040.post-9000035540807998542008-09-18T09:15:00.000-04:002008-09-18T09:15:08.329-04:00

Rupert Murdoch buys the Wall Street Journal and now we've got mayhem on "the Street!!" There;s enough controversy for the WSJ to print double issues every day and the new website opens int he middle of some of the most newsworthy events in the history of Wall Street. If I didn't know better I'd say this was the Tail Wagging The Dog.Of course, I joke but Murdoch got the Journal just at the right

ObilonKenobihttp://www.blogger.com/profile/12052923166765224099noreply@blogger.com0