Monday Links
Wall St. Finds Profits Again, Now by Reducing Mortgages [NY Times] Two Cafes Mean Competition in Crown Heights [NY Times] What Happened to Construction Peepholes? [NY Times] F.H.A. Reaches Out to Condo Buyers [NY Times] Going Green in Older Buildings [NY Times] Cops Crack Down on New Pedicab Rules [NY Daily News] Pier 6 Opening…
Wall St. Finds Profits Again, Now by Reducing Mortgages [NY Times]
Two Cafes Mean Competition in Crown Heights [NY Times]
What Happened to Construction Peepholes? [NY Times]
F.H.A. Reaches Out to Condo Buyers [NY Times]
Going Green in Older Buildings [NY Times]
Cops Crack Down on New Pedicab Rules [NY Daily News]
Pier 6 Opening Postponed Until Spring [NY Daily News]
High Rents Mean Empty Stores in Brooklyn [NY Daily News]
Debris From Stalled Sites a Danger [NY Post]
61 Pounds of Cocaine Seized in Williamsburg {NY Post]
Vet Attacked by McD Employees in Sunset Park [NY Post]
Photo by blgriffith
Get the hell out of my McDonald’s!
And, no, we don’t have any more buffalo sauce!
*100% Indisputable*
Sort of messed up that they say what the funds are doing “might seem an act of charity” and then two sentences later say that it “enables the funds to pocket sizable profits.” Sounds to me like taxpayers are being forced into “an act of charity” with the government enabling foolish acts of corporate welfare towards undeserving hedge funds. IMHO, thats really messed up!
this is exactly what should be happening in far greater numbers.
one can complain about the fha aspect, but it is creating a (false/temporary?) floor in the housing market.
funds would be doing the same thing at lower prices w/o fha.
it’s the banks that for the most part are not willing to do these deals, aided and abetted by the federal government policies (change in accting rules, tarp etc), that explain why so few distressed sales have occurred despite the financial tsunami and 4 year old housing crisis.
The loser in the whole scenario is the bank selling the mortgages at a big discount in the first place. Don’t see a good reason why they could not restructure them and hold on to more of the value.
Of course there is increased risk to the taxpayer, but this is reduced somewhat by the principal being lower on the restructured mortgage.
RE: the first NYT article, I’d think that’s a good example of enlightened self interest as long as those getting reduced mortgages are vetted to ensure they can actually pay. OTOH, what’s the incentive for that if the risks are passed along to the Feds?
Enlightened self interest, or more hedge fund destructive shenanigans?