Are Principal Reductions Coming? – The Atlantic
Indeed, if principal reductions begin, then the pendulum swings back in the other direction away from encouraging short sales. There appears to be a sort of scattershot approach at this point, and I am curious whether there’s some unifying strategy that I’m just missing.
Napa wineries fall under foreclosure crush – The San Francisco Chronicle
As many as 10 wineries and vineyards in Napa, where the most expensive U.S. wines are produced, will change hands in distressed sales or foreclosures this year and next, up from none in 2008, according to Silicon Valley Bank. In a bank survey of vintners, 7 percent called their finances “very weak” or “on life support.”
Lies, Damned Lies, and Chinese Statistics – China Stakes
The process of estimating China’s GDP bears on social stability and even the political future of local leaders, and is inevitably subject to political influence.
So Where’s Consumer Protection? – The New York Times, Andrew Ross Sorkin
So the questions are these: Should a consumer protection agency have true independence — in effect, its own street address — as many Democrats believe it should, so that it has real power to act on its own? Or should it be given the equivalent of a room in the basement of the Fed, next to the janitor’s closet — as the bankers themselves and many Republicans would prefer?
Job Openings in U.S. Climbed in January, Labor Department Says – Bloomberg
The figures indicate that the world’s largest economy, which expanded in the second half of 2009, is poised to add workers after payrolls dropped less than anticipated last month.
California legislators vote to extend tax relief for home short sales – The Sacramento Bee
“We should provide relief to those who are struggling and at risk of losing their homes,” said Assemblywoman Mariko Yamada, D-Davis.
Does FDIC think about the impact it’s having on commercial real estate – Globe St.
Two recent news items suggest that CRE is not at the forefront of FDIC’s thinking as it goes about dispersing the assets now under its control.
Sole occupant of 32-story Fort Myers condo wants out – News Press
Victor Vangelakos is the only buyer to take possession of his unit in the 32-story Tower 1 of the Oasis high-rise project in downtown Fort Myers.
Shorting America Rocks! – Matt Taibbi
I’d like someone to explain to me how trading a credit default swap on a U.S. Treasury note isn’t gambling. This is purely betting on crowd behavior — after all, nobody really thinks the U.S. will default.
