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.
“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.”
The Fed needs to be audited to see if its ruling body has broken the law by manipulating financial markets that are outside its jurisdiction. A thorough investigation of the Fed will show once and for all if its former chief Ben Bernanke and current Chairwoman Yellen should go to jail….[After the August 24th plunge,] the same magical buying of S&P futures contracts happened Tuesday night and early Wednesday morning. Stocks again went up at the opening on Wednesday, but this time the gain held….”Once again, the Federal Reserve helped save the day for investors,” the New York Times wrote in a front-page article that cited Dudley’s speech.But that wasn’t true — not unless Dudley’s speech leaked ahead of time. Stocks were up before Dudley’s talk and actually fell when he began speaking. That was probably due to the fact that Dudley pooh-poohed the idea of another dose of QE.