In a scathing essay in National Review, two Yale legal/business scholars issue a pretty damning indictment of the patina of legality smeared atop the taking of shareholder profits from Fannie and Freddie. Plus, homeownership hits a half-century low while apps grow. What’s happening?
Mortgage credit availability increased in August and has increased in eight of the last nine months, mainly on jumbo loan products but also on conforming conventional mortgage loans. Here’s the scorecard.
All the early indicators point to a weak August jobs report. Given the state of concerns over employment and the broader economy, including home sales, talk is going to move to a December rather than September rate hike by the Federal Open Market Committee. Read on.
With California wildfires still burning and the reminder of the 10th anniversary of Hurricane Katrina here, the risk of natural disaster is on the minds of the folks at RealtyTrac. Here’s what they found look at the cost and risk for housing markets. Read on.
“[There has been] nearly a 25% decline of total Registered silver inventories at the COMEX in five months. We must remember, Registered inventory means that the silver is available for delivery to those who demand bullion by being registered as such with a bullion dealer…. From June to August 2014, a total of 6,754,000 Silver Eagles were sold. Now, compare that to the massive 15.304,000 sold during the same period this year… [and] Gold Eagle sales exploded to a total of 347,500 oz during June to August compared to 103,500 oz during the same period last year. Again, Gold Eagle sales spiked in July due to the possible financial contagion of a Greek Exit of the European Union.
“The family had two strikes against it — like thousands of other Syrian-Kurdish refugees in Turkey, the United Nations would not register them as refugees, and the Turkish government would not grant them exit visas.” — See also Italy revives border controls (at Bavaria’s behest; supposedly temporarily.)
“Many of the country’s very small enterprises believe the returning recession and the capital controls are likely to finally put them out of business, with about 30 percent of them facing the threat of closure in the next six months, a survey by the Small Enterprises’ Institute of the Hellenic Confederation of Professionals, Craftsmen and Merchants (IME GSEVEE) has shown.”
“After 28 consecutive months of outflows, assets plunged to $98.5 billion as of Aug. 31 from a peak of $293 billion in April 2013, when the mutual fund was the world’s largest and run by Pimco co-founder Bill Gross.”