Open Thread

bxgrl, read all the bad storms on NY teams on ESPN.com already so had to step in since Biff is too focused on Fridge and Snappy is napping on the date coordinator role. Maybe there’ll be more stuff to read if the dates got going

Hiya Retards! You need to swallow this one down! Please read and weep!

Mortgage Investors Form Battle Lines Over Housing Aid (Update1)

http://www.bloomberg.com/apps/news?pid=20601109&sid=aJ6_vwmx_vlA&refer=home

April 23 (Bloomberg) — The head of Greenwich Financial Services LLC warned bond investors in Washington last month that government efforts to reverse the housing slump are doing more harm than good by undermining debt contracts.

But.. but.. but.. Obama was going to help us, right???

More than 30 money managers with stakes in the $6.7 trillion mortgage bond market that underpins the real-estate industry heard Bill Frey’s March 25 talk, according to a list of the attendees.

Heavy Heavy Hitters Baby!

“Bondholders are preparing for a fight over legislation approved last month by the House of Representatives that would shield companies that collect homeowners’ payments from lawsuits over modified mortgages, even if new terms harm investors. The government’s actions may increase borrowing costs because creditors would demand higher returns to compensate for the risk that once-sacrosanct investment terms can be changed, they say.”

If they pass this the spreads on Mortgage Back Securities are going to SKYROCKET!!!!!!
The investor will price in the risk! You equity will get vaporized!

“Certainly some greater amount of loans should be restructured, but it is a fallacy to think that policymakers can selectively abrogate contracts without affecting future investor behavior,” Frey, chief executive officer of Greenwich Financial, a mortgage-bond broker and investor in Greenwich, Connecticut, said in an e-mail. “We are actively exploring strategies with major investors to protect their rights.”

Read this part over and over: “We are actively exploring strategies with major investors to protect their rights.” Translation: Higher Mortgage rates to buy that crap!

“By “allocating losses to some place that’s not expecting it,” including state pension plans, college endowments and life insurers, those investors will demand more return to hold mortgage debt without government backing,”

Tick.. Tick.. Tick..

You can read this rest! You have 6 months of life support left use it wisely…

The What (Skittles!!!!!)

Someday this war is gonna end…

Ken, let me recap for you. Teacher got the swing & missed. JB just threw you a slow hanging curve ball and waiting for you to take a swing. Lastly, DH is nice enough to let you take your swing first.

Boy you heteros have to go through a lot of hoops to get laid.

more4less, stop trying so hard. Jessi is protesting against that as you can see from her posts.