Recent comments by friar john
I sure hope that QRM doesn't have a harmful effect on home prices or else barfly will harp on that do-nothing Congress to fix that Dodd-Frank Act that Congress passed years ago.
Qualified Residential Mortgages - Credit Slips
"Notably, the Dodd-Frank statutory list for factors to be considered in defining QRMs does not include down payment requirements, the feature that has everyone worked up over the QRM rulemaking. That is all to say that while the Dodd-Frank Act does not prohibit or exclude consideration of down payments from the QRM definition, down payments didn't seem to be what Congress had in mind."
Will this do-nothing Congress keep up their momentum by increasing conforming loan amounts to 1 million dollars in the priciest coastal markets? Barfly, remember back in 2008 when Congress increased it from $425K to $729K to help support home prices? Wasn't that supposed to be temporary? Remember that home prices increased organically and wasn't based on outright fraud and speculation.
Yes, unemployment may be high, but tell me about asset prices. If those asset prices haven't dropped much, then society is still wealthy and at the end of the day, isn't that what really counts? We are all in this together. Just think of this as a society in runoff mode.
Yogi,
You must understand that adornosghost is the post-modern apotheosis of man. His lack of perspectival distortions gives him a clarity of vision that most of us just can't comprehend. He has this uncanny ability to jump out of his own shadow and through critical observation, see things in their true objective reality. This is why friends and family alike have nicknamed him Mr. Magoo.
Exactly. Just like Heidegger and Arendt. You always need a jewish woman to be your apologist.
No Yogi, he is married to a jewish woman, which makes him okay.
3% annual return over 13 years. Back to the future in La Jolla...
SDLookup.com | 1421 Torrey Pines Rd - MLS# 120047422
I guess that initial asking price of 1.595 million was the Zillow talking.
Burnside,
Do note that this is right across the street from UCSD and the Mandell Weiss Theatre for those up and coming thespians. Who wouldn't want student cars parked on your street during the week?
More money that goes poof! in La Jolla...
SDLookup.com | 5351 Linda Way - MLS# 120048023
Sales History
Date Price Held Return Annual
01/30/2013 $1,620,000 7y 5m -21% -3%
08/31/2005 $2,055,000 18y 1m 385% 9%
Another price disconnect in La Jolla...
SDLookup.com | 8936 Cliffridge Ave - MLS# 120040182
Initial Listing Price: $1,100,000
Selling Price: $842,000
CR and some others here still bitch and whine about this "do-nothing" Congress and extol the virtues of the action oriented Fed. Again, more proof that Congress saved the day during the financial crisis and will save the day on the deficit. The Fed is the problem, not the solution.
Econophilia will save the day. Maybe our economists should talk to economists in Japan to see how they turned things around and generated moderate 2% inflation with sustained growth.
JP,
I forgot they were swingers too. Didn't know they had this website which disturbingly has the format of a children's book.
David Westerfield | Photos | Murderpedia, the encyclopedia of murderers
San Diego has very peculiar people? May be true. We do have many biotech professionals, current and ex-military, and dope smoking qualcomm employees that leave their kids alone. The filipino pageants in mira mesa and national city are a site to behold and the smell of fried dofu coming from kearney mesans is quite intoxicating.
And yet, existing home sales will continue their upward trend. Have Fannie and Freddie heard about this "price pushing"? The taxpayers may see even more money from those bulk purchases by hedge funds.
Aren't we still in a global economic crisis? How can we trigger another one by this trivial issue? What does CR have to say about the new $116 billion stimulus by Japan? Shouldn't the relative economic strength of the US be pulling japan out of its doldrums? Can someone explain this economic puzzle to me?
I wonder if the sales tax collection from Amazon helped the CA bottom line.
You think you have problems with this fiscal deal, check out this guy's problems...
YouTube - ASAP Rocky - Fuckin' Problems ft. Drake, 2 Chainz & Kendrick Lamar (Official Video)
I'm looking forward to when the repeat sales index gives the time between said repeat sales. Sure would be nice too if they asked sellers how much capital they put into the home while they lived there. Information like that probably wouldn't be relevant though on such a large scale.
Of all the 883 billion of mortgage backed securities sitting in Federal Reserve Banks, 495 billion of that is in the New York FRB. Why is the distribution of these securities weighted so heavily towards NYFRB?
yogi,
I am glad you continue to call out the Fed apologists on this blog. Keep up the good work.
The Fed is continuing these MBS purchases. Do we know from what year or time frame these MBS comprise? It would help to know this as it would give a nice time line of how much more junk they need to buy back from banks. Also, any idea if these are subprime, NINJA, or prime loans? The Fed is transparent in their financial dealings, so I assume this is all public information.
Let's see, when we have 9% GDP deficit spending and we proceed to reduce said deficit spending, that is called austerity. Bizarro world indeed.
Is JD around? I was wondering if the start of california's 100 year drought will be this year or will it start next year.
Big fundraiser tonight in La Jolla called "For the Love of Jojoba", put on by the La Jolla Dermatological Society. With winter coming up, and the dry, cracked skin that inevitably ensues, free samples of jojoba oil, along with wild king salmon facials, will be given away. Dry skin isn't all its cracked up to be. Instead of smoking a fatty, put some fatty acids on your face and body and let the healing begin.
Of course it is. Which part of the West? Pacific Northwest or the Southwest? Is the pacific ocean getting cooler or warmer?
To reduce the debt to 124 percent by 2020, the ministers were putting together a package of steps including a debt buyback funded by a euro zone rescue fund, reducing the interest rate on loans and returning euro zone central bank 'profits' to Greece.
Greece says "All your profits belong to us". Maybe these Greeks were listening when GS was talking.
I am still amazed that LPS doesn't include at least a median time between these repeat sales. Doesn't anyone think that might give a little more context to the supposed rise in home prices?
Elvis,
I believe you are thinking of that show Shear Genius on Bravo. Don't fall asleep on your barcalounger next time with the tv on.
I concur. Can never go wrong with lambskin on the jimmy hat either.
Tom Stone,
How did you enjoy Terra last monday night? The ravioli with the braised lamb shoulder was pretty good I must say.
Barfly,
Did you find it harder not living up to your ex-wife's expectations or your father's expectations?
So much for the Fed being the savior of the world as CR likes to say...
"On 4/02/09, FASB suspended FASB 157, which required the banks to use mark to market accounting to value their assets. FASB is supposed to be an independent agency, regulating the accounting standards. Congress, put pressure on FASB to suspend the mark to market accounting in order to prop up the banks. This prevented the banks from admitting they are insolvent."
Yep, that do nothing congress just sat on their hands. Let us not forget which entity succeeded in raising the conforming loan amounts based on putative organic growth in home prices. Yes, that is right, our do nothing Congress. What about TARP? I wonder who passed that bill. Our modern day savior, Hank Paulson, and our Congress do not get enough credit. The Fed and Bernanke get showered with way too much praise.
Obama should have as successful a second term as Clinton. Let us see what Clinton was up to...
"His presidency saw the passage of welfare reform in the Personal Responsibility and Work Opportunity Act which ended aid to families with dependent children and reduced the number of welfare programs. Clinton supported the escalation of the War on Drugs prompting a swell in the prison population from 1.4 to 2 million. He even compromised with a Republican led Congress reversing prior tax policy lowering capital gains taxes."
The most important thing was left out, the repeal of Glass-Steagall. Sounds like we have a lot to look forward to.
I don't want to jinx my chances, but I have the inside track on the ecumenical minister liaison position in the white house if Mitt wins. I believe my main task is to preside over bridging the gap between the worlds two great religions, Mormonism and Judaism. To this end, I may bring yogi on as semitic cultural sensitivity advisor. No one knows anti-semitism better than the yogster.
Big night here in La Jolla, second or third home of our presumptive president Mitt Romney. The mood is as regal as ever, champagne popping, poll workers dancing, and spiny lobsters prepared by George's California Modern.
Outsider,
Thank you for the welcome. Your graciousness is duly noted. I happened to come by this blog via these youtube video mashups that someone on this blog does. His viewpoint is definitely unorthodox, but yet almost rabbinical in nature. Does he hail from Williamsburg?
yes barfly, we wouldn't want to actually listen and engage with someone with beliefs and principles different from ours. Respect does not convey agreement. How old are you again?
So, ontology should step aside and let quantum mechanics fill the void, literally? Thankfully human beings can be broken down into their microscopic parts. Problem solved!
Instead of this whole atheistic/religious paradigm, we need to keep it more authentic and say it is a materialist/idealist model. Make it a bit more political and philosophical while retaining respect for each others' viewpoints and intelligence. Thanks.
Instead of this whole atheistic/religious paradigm, we need to keep it more authentic and say it is a materialist/idealist model. Make it a bit more political and philosophical while retaining respect for each others' viewpoints and intelligence. Thanks.
If conforming loan amounts were raised to one million, then this home in La Jolla would be within the reach of middle class families...
http://www.sdlookup.com/MLS-120043920-2509_Ardath_Rd_La_Jolla_CA_92037
I've come to the realization that JD is the Carrie Bradshaw of HCN and Elvis is Samantha. Cocktails anyone?
Sounds like it is back to the radical emancipatory politics of the 60's and early 70's. The Manson's were a separatist party of 10 and looked how that turned out.
But I thought Greece was much better off with the Euro. Do any of you remember how miserable the Greek people were when they used the Drachma? Do we really want to go backwards?
Josap,
Do you also wear platform shoes and wax androgynous while reciting complicated song lyrics? Was Culture Club your favorite band back in the '80's?
I sure hope that QRM doesn't have a harmful effect on home prices or else barfly will harp on that do-nothing Congress to fix that Dodd-Frank Act that Congress passed years ago.
Qualified Residential Mortgages - Credit Slips
"Notably, the Dodd-Frank statutory list for factors to be considered in defining QRMs does not include down payment requirements, the feature that has everyone worked up over the QRM rulemaking. That is all to say that while the Dodd-Frank Act does not prohibit or exclude consideration of down payments from the QRM definition, down payments didn't seem to be what Congress had in mind."