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Markets
Jeremy Grantham: The market is 25% overvalued; 15% correction coming
Jeremy Grantham is out with his much anticipated Quarterly Letter and it’s a good one. “Just Deserts and Markets Being Silly Again” is a cutting, snarling, and sarcastic rejection of the prevailing V-shaped recovery bull market view. But…
High yield is back in business in Europe
I used to be a European High Yield guy. I was there when the market first took off in the late 1990s on the back of telecom plays like NTL or Telewest. I was also there when the Russian devaluation and default shut down the market. And I…
Expect bankruptcy in the record Stuyvesant Town real estate deal
Three years ago, MetLife agreed to sell the community of Stuyvesant Town (Peter Cooper Village) to Tishman Speyer and BlackRock for the exorbitant sum of $5.4 billion at the top the market. That deal has now gone completely pear-shaped and…
The latest bubble warning: Swedish house prices
There is mounting evidence that bubbles are forming again everywhere across the globe as easy money makes itself felt in asset prices. The latest evidence comes from Sweden where Europe’s lowest home loan rates have pushed up the price of…
Wow, judges now nixing lenders’ foreclosure claims entirely in court
This is probably my fourth post on the tangled web woven by securitization, which puts a considerable distance between home owners and mortgagees which own a mortgage. The issue is causing huge problems in bankruptcy and foreclosure…
Bohemian Bankruptcy – A tragedy by Drag Queen
This is good. H/T Michael Panzner.
Richard Bernstein: Once a huge market bear, now a bull
Richard Bernstein has done a huge reversal in the last few months from touting low-risk stocks to high-beta ones. He has gone from a preference for consumer staples to one for consumer cyclicals (XLY). And he has gone from lugubrious…
What are the legal rights of lenders and homeowners in foreclosure?
After I published the recent story on the case against servicing agent MERS in the Kansas Supreme court, I noticed a lot of chatter about some mortgage servicing line items in Wells Fargo’s earnings report. So I wanted to quote a few blurbs…
Why mortgages aren’t modified and what a ruling stopping foreclosures means
In August, the Kansas Supreme Court issued a ruling against a mortgage tracking service which may prove very costly to banks in foreclosure, leading to massive writedowns. It could be a life saver for many trapped in the foreclosure…
Short Sales in North County: “Feeding Frenzy” as banks pretend and extend
Jim the Realtor is back with a bunch of foreclosures, REOs and short sales on the market in North County San Diego. Some of these places look pretty nice. In this particular video, the property is in Carmel Valley and on the…