Posts filed under “Digital Media”

Mortgage Refinancings Soar

via NYT

Merrill Lynch’s Rich Bernstein adds:

“The weekly percent change of the Mortgage Bankers Association Index of Applications was the greatest since at least 1990. However, a report last night on National Public Radio might lend some insight behind the numbers. The report suggested that mortgage applications, especially for refinancing, were rising. However, the report noted that the gap between applications and approvals was widening because home values have fallen. Situations in which applicants had extremely high credit scores and were up-to-date on mortgage payments were being denied refinancing without going through
the full home appraisal process…

If this NPR report is accurate, then it suggests that the stock market has greatly over-reacted to today’s mortgage data. Rather than showing a consumer sector that is ready, willing, and able to purchase a home, it might reflect a consumer sector that is increasingly strapped for cash flow and making multiple applications in hope of being accepted for refinancing.

>

Source:
A Rush Into Refinancing as Mortgage Rates Fall
TARA SIEGEL BERNARD
NYT, December 3, 2008

http://www.nytimes.com/2008/12/04/business/04refi.html

Category: Credit, Digital Media, Real Estate

Auto Sales

November’s stink auto sales: > Source: Another Month of Miserable Auto Sales NICK BUNKLEY NYT, December 2, 2008 http://www.nytimes.com/2008/12/03/business/03sales.html

Category: Consumer Spending, Digital Media, Economy

Age of the Earth

So cool: via U.S. Geological Survey

Category: Digital Media, Science

Inaugural Address

Category: Bailouts, Credit, Digital Media

Too Many Brands?

Just how are the Detroit 3 about shrinking their vast lineups of different brands and models to match the current harsh reality of the market? Between them, General Motors, Ford Motor and Chrysler sell 112 different car and truck models through 15 brands in the United States. By contrast, the top three Japanese automakers —…Read More

Category: Bailouts, Digital Media

Citigroup CDOs

> Source: Citigroup Saw No Red Flags Even as It Made Bolder Bets ERIC DASH and JULIE CRESWELL NYT, November 22, 2008 http://www.nytimes.com/2008/11/23/business/23citi.html

Category: Blog Spotlight, Credit, Derivatives, Digital Media

The No Votes

Details on the Republican and Democratic representatives who voted against the $700 billion financial bailout plan. via NYT

Category: Bailouts, Digital Media

Wall Street Crisis Overviews

I have been meaning to get to these two links: They are the huge overviews of the Credit, Housing and Wall Street Crises via the NYT and the WSJ: click to launch new page Credit Crisis — The Essentials NYT: http://topics.nytimes.com/topics/reference/timestopics/subjects/c/credit_crisis/index.html The Financial Crisis WSJ: http://online.wsj.com/public/page/wall-street-in-crisis.html

Category: Bailouts, Digital Media, Financial Press

Reshaping US Banking

click for interactive graphic > Sources: Citi Faces Pressure to Slim Down U.S. Seeks Change as Part of Rescue Deal; Talks Began on Fears of Client Exodus DAVID ENRICH and DEBORAH SOLOMON WSJ, NOVEMBER 25, 2008 http://online.wsj.com/article/SB122753629931853007.html Citigroup Should Be Held Accountable, Obama Aide Podesta Says Edwin Chen Bloomberg, Nov. 28 2008 http://www.bloomberg.com/apps/news?pid=20601087&sid=akf_DTv.v8ic&

Category: Bailouts, Credit, Digital Media, Finance

The Crisis in Logos

Hat tip Prieur

Category: Bailouts, Digital Media