Extra, Extra: Negative Press Sinking Housing Market?
As Toll Brothers prepares to take a write-down of between $250 million and $450 million for the quarter that ended October 31, the luxury home builder’s chief executive says the media is aiding and abetting the national housing market meltdown. Perhaps as the presidential campaign heats up and moves to the front page, negative articles…
As Toll Brothers prepares to take a write-down of between $250 million and $450 million for the quarter that ended October 31, the luxury home builder’s chief executive says the media is aiding and abetting the national housing market meltdown. Perhaps as the presidential campaign heats up and moves to the front page, negative articles about housing will move off the front page, said Robert Toll. Then, hopefully, the positive underpinnings of low interest rates, low unemployment and a decent economy will raise new-home-buyer confidence. Toll also gave out letter grades for the markets it operates in and found the New York City area is performing better than just about anywhere else in the country: The company’s city living projects in suburban New York and New Jersey got grades of B or B-plus, while the majority of Toll’s markets got grades of F or F-minus.
Blame for Poor Home Sales? It’s the Press, a Builder Says [NY Times]
Photo by Neubie
“The reason why people are calling you crazy is because you are running around calling what is essentially a severe storm, the apocolypse.”
That’s what it is. One big clusterfuck. Man, I think this shit just has to happen.
“st of all THE WHAT, the new FASB rules dont go into effect until next Thursday and no one knows how the SEC will expect the Level 3 assets to be marked. My guess is initially they will be very liberal and given the write-downs taken so far it appears that the nations accountants believe the same.”
No they wont be “very liberal”. Moody’s, Finch and S&P is marking this shit DOWN! The rating agency’s are in full CYA mode now. The have the AG’s of New York and Ohio breathing down there necks. Remove your head out you ass, were fucked!
The What
Someday this war is gonna end………
PLEASE STOP THE ITALICS! I’m getting a headache.
1st of all THE WHAT, the new FASB rules dont go into effect until next Thursday and no one knows how the SEC will expect the Level 3 assets to be marked. My guess is initially they will be very liberal and given the write-downs taken so far it appears that the nations accountants believe the same.
And actually in the longrun liquidation of these assets will be a plus because it will start to create a market – remember at current default rates the majority of CDO traunches continue to pay.
The reason why people are calling you crazy is because you are running around calling what is essentially a severe storm, the apocolypse.
UPDATE 3-S&P says State St-managed CDO liquidating assets
http://www.reuters.com/article/bondsNews/idUSL0954927220071109
As per reply Dumbasses
The What
Someday this war is gonna end…..
“The What if I can read into your 12:07 comments that you think Citigroup will fail (this monday) then let me say that your posts last line is wrong.
If Citigroup failed (which it wont and cant) then the war is just beginning because it is essentially the end of the world; the resulting chaos will make the Great Depression look like an economic golden age.”
The stock market will have major problems on Monday. The new rule goes into effect Banks will have to put back the CDO’s and SIV’s back on their balance sheets. Today a major CDO has begun to sell off assets. The market is looking at the exits. The thing is that ‘too big to fall’ is ALL BULLSHIT! Your taxes will go up overnight if the US has to bail Citibank out. Understand, we have a GOLBAL BANKING CRISIS on our hands. Wake the fuck up!!!!!
The What
Someday this war is gonna end
The What if I can read into your 12:07 comments that you think Citigroup will fail (this monday) then let me say that your posts last line is wrong.
If Citigroup failed (which it wont and cant) then the war is just beginning because it is essentially the end of the world; the resulting chaos will make the Great Depression look like an economic golden age.
That is so funny I forrgot to laugh.
“For five years people thought I was nuts”
Why do you think anyone has changed their opinion?
“First they ignore you, then they laugh at you, then they fight you, then you win.” Mahatma Gandhi”
I don’t want to take any bows for speaking out. I’m very afraid about our banking system. I have told people this was coming. For 5 years people thought I was nuts. They ask me ” How housing prices can go down?”. My reply was fundamentals. Right now on Wall Street they are going to dump this shit. All hell will break lose on Monday! Please if you have any money in Citibank of WAMU, get it out NOW.
The What
Someday this war is gonna end….