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The Extent To Which Values Have Fallen Is Yet To Be Determined As It Is Too Early To Know

A report from Market Watch. “Fannie Mae and Freddie Mac may stop offering certain mortgages as they prepare to privatize, but borrowers won’t be left behind, the companies’ chief regulator said. ‘Fannie and Freddie must not repeat the mistakes of the crisis by stretching to serve borrowers who are better served by FHA,’ said Mark Calabria, FHFA director.”

“Historically, Fannie and Freddie have competed for market share with the FHA, and in recent years the two enterprises have offered more mortgages with low down payments and to borrowers with high debt-to-income ratios, similar to the types of loans the FHA was designed to offer to lower- and moderate-income Americans. Separately, Calabria once again raised the alarm regarding the risk that Fannie and Freddie could fail again. Currently, the dollar amount in loans that the two enterprises own or guarantee is roughly 500 times larger than the amount they have in capital reserves.”

“‘We’re not forecasting a downturn, but if we do have a downturn in the next couple years, they will fail,’ Calabria said. ‘They will become insolvent, and they will run out of capital.'”

From Inside Nova in Virginia. “In every major jurisdiction of the local area, the median per-square-foot price for housing for the January-through-September period declined, in many cases by double digits, according to MarketStats by ShowingTime, based on listing activity from Bright MLS. rlington led all local jurisdictions for the nine-month period, but its median per-square-foot cost of $436 was down 6.8 percent from $468. The negativity continued throughout the area.”

“The median per-square-foot cost in the city of Falls Church was $375, down 13.2 percent from $432. The median cost in Alexandria was $368, down 5.4 percent from $389. The median cost in Fairfax County was $280, down 11.7 percent from $317. The median cost in Loudoun County was $200, down 11.1 percent from $225. The median cost in Prince William County was $169, down 20.3 percent from $212.”

From DS News. “While in most cases a the price of a home should not exceed three times a buyer’s annual income, in some cities, many potential buyers may find it difficult to find a home within those parameters. Lending Tree examined the nation’s 50 largest cities to determine where buyers will have to take out the largest loans, and found that many are situated on or near the West Coast.”

“Five of the top 10 cities where buyers are stretching themselves the most are in California, and Los Angeles and San Diego have remained the 2 cities where borrowers have to stretch their budgets the most. ‘Though there is some speculation that the housing boom in California may be nearing its end, home prices in the state are still high,’ said LendingTree Chief Economist Tendayi Kapfidze. Outside of California, Salt Lake City is the place with the highest leverage ratio.”

From Bloomberg on California. “It’s meant to be one of the crown jewels of downtown Los Angeles’ urban renaissance but now it’s in limbo — plagued by lawsuits from subcontractors, and victim of an ongoing trade dispute between China and the U.S. and a Beijing crackdown on credit and capital flight. Construction has largely stalled at the three towers of Oceanwide Plaza across from Staples Center. In downtown San Francisco, Oceanwide halted construction this month on one of the two towers of a mixed-use development.”

“While L.A.’s Oceanwide Plaza remains in limbo, the downtown market for high-end condominiums is becoming a buyers’ market, said Christiano Sampaio, founder of real estate brokerage Loftway. The influx of Chinese investment that helped inflate real estate assets from Vancouver to Sydney is abating.”

“‘A few years back we had a lot of Chinese buyers but that has slowed down,’ Sampaio said. ‘There’s more inventory now and buyers are postponing making a decision.'”

The Los Angeles Times in California. “In Holmby Hills, one of the biggest homes on the market just got a big price cut. Maison du Soleil — the 30,000-square-foot mansion of late fashion mogul Max Azria — has resurfaced for sale at $78 million, down $10 million from its previous asking price.”

The Commercial Observer in New York. “The performance of the New York City multifamily sales market has always been of great interest to the investment sales brokerage community given the significant number of multifamily assets that are so evident across all the boroughs of New York. The new rent regulation reforms which passed in June have cast uncertainty over the market relative to where values are headed and have negatively impacted the volume of sales.”

“Multifamily property sales in excess of $10 million in Manhattan are on pace for $2.6 billion this year, a 42 percent drop from the $4.5 billion which occurred in 2018. This total would be 78 percent below the record $12 billion of sales that occurred in 2015. Taking the $5.46 billion Stuyvesant Town / Peter Cooper Village transaction out of the 2015 statistics is appropriate given the massive size of that transaction. Removing that sale from the data, the present pace is still 61 percent below the activity seen in 2015.”

“In the elevator sector, this year‘s pace is $2.2 billion which would be 30 percent below 2018’s $3.1 billion and 73 percent below the $8.2 billion achieved during the cyclical peak in 2015. In the walk-up sector, the pace of sales is a mere $400 million this year which is on pace to be down 70 percent from the 2018 total of $1.4 billion and an astounding 89 percent below 2015’s $3.8 billion total.”

“Given the downward pressure on property values that reform has exerted, these performance metrics are not surprising. The extent to which values have fallen is yet to be determined as it is too early to know.”

From KELO Land in South Dakota. “Population changes in South Dakota during the next 10 years point toward more retirees looking to sell their homes but fewer younger people being able to buy them. The director for the Black Hills Knowledge Network delivered that sobering message Tuesday at the South Dakota Housing Conference.”

“Jared McEntaffer has looked at trends and sees imbalance. People reaching retirement age will nearly double by 2030, he said, while adults younger than 65 will grow only six to nine percent. At the same time, young people’s pay levels during the past decade haven’t kept up with their growing college debts, according to McEntaffer. He said they’re tending to live alone or with roommates longer than before, and they’re more likely to be in apartments rather than houses.”

“There’s already a softening Midwest housing market. ‘What we’re seeing is the demand pulling back. And that’s the big component, that’s why nationwide, we’re seeing home prices falling even though the interest rates are falling. And that’s caused by buyers pulling back. That’s caused by people being less confident in the future of the economy and sort of delaying those purchasing decisions,’ he said.”

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    2. FYI, the data is “based on listing activity from Bright MLS.”

      So these declines are in LIST prices, not sale prices. People are tossing up wishing price BS and nobody’s buyin’ it, leading to price cuts. Typical end-of-bubble behavior just like early 2007. Sale prices themselves might even be rising slightly, just not to wishing prices.

      Also from the article: “Arlington led all local jurisdictions for the nine-month period, but its median per-square-foot cost of $436 was down 6.8 percent from $468. ”

      Arlington is a special case because of Amazon HQ2. But it sounds like even Arlington is are finding the ceiling of what people are willing to pay for a shack.

      1. “So these declines are in LIST prices”

        A distinction without a difference when list and sale prices falling.

        Sorry.

  2. ‘if we do have a downturn in the next couple years, they will fail…They will become insolvent, and they will run out of capital’

    So not only is there subprime, the whole sh$t cart is subprime.

    1. You can blame Mel for that. Calabria is an industry guy; of course he only wants hi-qual borrowers when F&F go private. I’m sure he’s being called an “-ist” as we speak.

    2. A notice to readers:

      If real estate prices decline then price-defined equity will vanish. To protect oneself from losing equity the prudent should pay a visit to his local bank branch and cash out one’s equity while it is still in existence.

      And always remember: One’s equity is a terrible thing to lose.

      Also remember: It will be your equity that you will be cashing out; I see no reason why you should ever have to give it back.

      1. As long as you’re willing to lose the house, it’s all good. Boob jobs, vacations and luxury cars aren’t free.

      2. Remember the best use of the home equity money is to buy tech IPOs which are losing money but have a good story. Get rich quick. If someone questions your strategy be sure to say O.K. Boomer.

    3. “Currently, the dollar amount in loans that the two enterprises own or guarantee is roughly 500 times larger than the amount they have in capital reserves.”

      Sounds quite similar to a subprime borrower who buys a home near a bubble peak using a very low downpayment. A slight drop in prices, and underwaterness will break out all over the place.

      1. A slight drop in prices

        That is so razor thin that I suspect all it takes is prices not going up any more. Nature will do the rest. Death, divorce, job loss…

    1. I think the whole “healthcare for illegal aliens” thing followed by a tax increase was the straw which broke the camel’s back insofar as the Democrats’ future in CA goes. I’ve been reading more and more stories of long term Dem voters who are fed up with the party and are coming to their senses.

      1. I’m not holding my breath. Cali’s will just prattle on about the weather, that it’s worth it and if you decide to leave you’ll be labelled as a loser who couldn’t make it there.

          1. True. She may be in for a big sticker shock. But her reasons for wanting to get the heck out of Cali remain valid.

            I’ve mentioned before that I’ve turned down multiple work opportunities because they would involve reloc to even just working in Cali (See the fun rules the Cali Tax Franchise board tries to impose on you if you work even a single day in the state).

          3. I’ve spent too much time, energy and resources getting my son’s needs met here to bail on CA before he graduates from high school.

          4. I’ve spent too much time, energy and resources getting my son’s needs met here to bail on CA before he graduates from high school.

            Totally understand. The Mrs and I both have teenagers from prior marriages, and their situations dictate a lot of what we do.

          2. Yes and no. Most people I know struggle very hard just to tread water economically. Many eventually just throw in the towel and go somewhere else where the cost of living is better matched with earnings potential. The tax laws seem stacked against those who want to improve their personal economic status. But we do live here by our own free choice, and enjoy compensating amenities for the bad traffic and high living costs.

          3. “But we do live here by our own free choice, and enjoy compensating amenities for the bad traffic and high living costs.”

            The great weather?

          5. The best factor? The flexibility of renting gifts the ability to leave with little to no notice, as long as you can absorb the loss of a deposit.

    2. “… but not bury power line$”

      Eye thought the CON$ervative time.honored gloriou$ tenet was:
      “$mall gubermint$ is be$test gubermint$! ”

      Why should CA taxpayer$ $ub$idize Mega.Indu$trial.Utility.Corpooration$ “Bidne$$e$”, so that they di$tribute even more monie$ & profit$ to CEO’$ & Admini$tration executive$ & Wall $treet $hareholder$?

      (Be$ides, when Di$aster $trikes, they protect themselve$ with ab$olute per$onal indemnification’$ called: Bankruptcy)

      Maybee they $hould bee re$pons$ible for their $elf.created “Bidne$$ Model$”?

  4. “…‘A few years back we had a lot of Chinese buyers but that has slowed down,’ Sampaio said. ‘There’s more inventory now and buyers are postponing making a decision.’”..”

    Big factor here in Irvine: Less Chinese money to launder.

    1. February 8, 2017

      From Bisnow on New York. “New York City is still the No. 1 destination for foreign capital in the world, according to this year’s AFIRE rankings, but it is no longer an environment in which foreign money — particularly from China — will buy anything in the market at any price. This year, China has clamped down on outbound foreign investment, and firms caught flouting the new laws will be punished harshly, China First Capital CEO Peter Fuhrman said. While most New Yorkers in commercial real estate are aware of the capital slowdown, Fuhrman said they are probably not taking it seriously enough.”

      “‘I have the perception that the full weight and severity of these capital controls hadn’t been fully felt here,’ Fuhrman said. ‘It’d be fair to say that the Chinese central government dropped a financial bomb on its businesses.’”

      “One of the Chinese government’s chief concerns when instituting the investment restrictions, Fuhrman said, is over outbound investors getting fleeced while paying record-breaking prices. ‘A concern of Chinese regulators is their investors have been really bad buyers,’ Fuhrman said. ‘This can sadly be seen more and more in the larger real estate deals they have done. What they are extremely concerned about is just about every acquisition the Chinese have made, is they have overpaid severely and foolishly, and that has spurred a loss of a lot of Chinese sovereign wealth.’”

      http://thehousingbubbleblog.com/?p=9989

      1. ‘This can sadly be seen more and more in the larger real estate deals they have done. What they are extremely concerned about is just about every acquisition the Chinese have made, is they have overpaid severely and foolishly, and that has spurred a loss of a lot of Chinese sovereign wealth.’

        That sounds extremely reminiscent of what happened to the Japanese investors in US real estate, circa 1990. Time will tell if the Chinese investors realize a happier ending.

  5. “It’s meant to be one of the crown jewels of downtown Los Angeles’ urban renaissance but now it’s in limbo — plagued by lawsuits from subcontractors, and victim of an ongoing trade dispute between China and the U.S. and a Beijing crackdown on credit and capital flight.

    Now it’s a monument to hubris, speculative excess enabled by Keynesian monetary malpractice on an epic scale, and hot money flows.

    1. Get ready for a Keynesian wall of liquidity the likes you’ve never seen. SUPEREVERYTHINGBUBBLEONSTEROIDS.

      1. “$UPEREVERYTHINGBUBBLEON$TEROID$”

        More!, More!, More! … Fa$ter!, Fa$ter!, Fa$ter!

        Eyelike$it!, Eyelove$it!, Eyewant$moreofit!

        Go dog!, GO!

  6. “Multifamily property sales in excess of $10 million in Manhattan are on pace for $2.6 billion this year, a 42 percent drop from the $4.5 billion which occurred in 2018. This total would be 78 percent below the record $12 billion of sales that occurred in 2015.

    Oh dear – those are rather large drops. And to think that the real cratering hasn’t even begun yet, since the bursting of the Everything Bubble is still ahead.

  7. The last article is interesting. It runs counter to the narrative I’ve heard from multiple housing analysts that say millennials will keep housing demand high.

    1. “…housing analysts that say millennials will keep housing demand high.”

      Millennials? They are broke as a joke, drowning in debt and low wages, yet some azz clowns think they are going to carry a housing market at all-time highs? That’s good dope they’re on.

      Two words: “OK Boomer.”

      Look it up.

      3. Millennial here… Why buy a house when my job security requires me to mobile and able to move quickly?

        Real Estate Professionals (lol) recommend what, 5 years of HODLing? Who in 2019 keeps a job for 5 years if you aren’t senior level?

        Sorry Boomers, no pent-up demand here. I’m not interested in funding your retirement, I’m too busy stacking dollars and looking after my future.

        2. Millennial here… Why buy a house when my job security requires me to mobile and able to move quickly?

          I see you have met Captain Obvious and get along with him.

          Real Estate Professionals (lol) recommend what, 5 years of HODLing? Who in 2019 keeps a job for 5 years if you aren’t senior level?

          I’m farking as senior as it gets in computers – technically been making money at it for almost 40 years now.

          I’ve had EXACTLY one job last 5 years or more (~8 years) in my entire life. If it wasn’t for the combination of plentiful remote work, a career’s worth of contacts, and a central location to silly valley north (Seattle-Bellevue-Redmond) I wouldn’t have stayed nomadic.

          1. 5 years of HODLing?

            You should have paid off enough to cover the transaction costs in five years. Very old school advice for the hand to mouth debtor before magical “appreciation” profits were assumed.

          2. “…technically been making money at it for almost 40 years now.”

            Took my first programming course in 1981. I have watched the evolution from room sized mainframes to handheld computers. It’s been a fascinating journey!

          3. “I have watched the evolution from room sized mainframes to handheld computers.”

            But they still use brute force algorithms, just faster. Your brain, on the other hand, is much faster at fuzzy reckoning of something you saw decades ago like a centerfold woman in Playboy magazine or the young naked Vietnamese girl running while napalm burned her back. There’s been incredible advances in image and video auditing lately, but it’s still brute force.

      4. Pretty ironic that the Boomers themselves had the same message, for their parents and grandparents, at the same age.

        1. Did they? My Boomer parents owned a house when they were under 25 and it wasn’t a crazy gamble.

          And prices in 1980 were not funding retirements for spendthrifts. They tracked inflation more or less.

  8. Revolutionary California

    Can 40 million suffer third-world electric reliability without a political upheaval?

    “California’s activist one-party government, with its penchant for pretending to be a national government in relation to the hot-button issues of the left, is where all these roads end. Elites subsidize electric cars for themselves while promoting zoning that forces lower-income workers to commute three hours to a job or live in their cars. PG&E can’t keep trees off its power lines but can supply exact numbers for how many LGBTQ workers it employs.”

    https://www.wsj.com/articles/revolutionary-california-11572389585

        2. ” … wants oligarch who pay$ little in taxe$ to buy pg&e.”

          Ha, yeah Uncle Warren is a financial inve$tment $ucker, buy$ dead elephant$ on regular ba$is.

          “Knot paying taxes that support US@ soldiers shows how $mart eye am! ” dtRumpsis

    2. ” PG&E can’t keep trees off its power lines but can supply exact numbers for how many … ”

      Thank$ to in$talling 60+ million$ of “digital” kilowatt$ meter$ they can charge you down to the .0001 watt what every Con$umer & “bidne$$” u$er is allocating.

      @ the ri$k of being repetitive:

      Why should CA taxpayer$ $ub$idize Mega.Indu$trial.Utility.Corpooration$ “Bidne$$e$”, so that they di$tribute even more monie$ & profit$ to CEO’$ & Admini$tration executive$ & Wall $treet $hareholder$?

      (Be$ides, when Di$aster $trikes, they protect themselve$ with ab$olute per$onal indemnification’$ called: Bankruptcy)

      Maybee they $hould bee re$pons$ible for their $elf.created “Bidne$$ Model$”?

      1. Since they cannot Google it or find a YouTube video without electricity or sufficient battery life, I am going to go with no.

      2. I had to inform my HR Director that within 2 years millennials will be a protected class for Age (40+). She needs to start thinking about how to deal with Bob the Boomer’s comments. When the first ageism lawsuit is file I am not sure who to blame, the boomer or the millennial.

        1. Ironically, Climate Change Hysteria was created and perpetuated by those same people, so what’s the difference?

  9. How can I get rich quick?

    Robert Kiyosaki, the best-selling author of “Rich Dad, Poor Dad,” says he’s asked that a lot, and it’s the most disturbing question he gets.
    …
    “Very simply, the rich invest their money in assets that put more money in their pockets, such as real estate, stocks, bonds, notes, and intellectual property,” he explained. “The middle class and poor invest their money in liabilities that take money out of their pockets such as mortgages, consumer loans and credit card debt.”

    1. invest their money in liabilities . . . such as mortgages

      Because they’ve been brainwashed to think the liability is an appreciating asset.

  10. “‘We’re not forecasting a downturn, but if we do have a downturn in the next couple years, they will fail,’ Calabria said. ‘They will become insolvent, and they will run out of capital.’”

    Next up: More bailouts

    1. “Next up: More bailout$”

      Don’t put the mule$ before the cart dear Professor.

      1$t cometh: “$oft.landing$”

    2. Powell: “TMO”, Temporary.Market.Operation$ will continue until 2nd quarter 2020 … “we are performing Foren$ics analy$is on what might bee happening”

      (bye the time they di$cover the cau$e&effect$, Great Britian will bee out of the EU & Thee UnUnitedKingdom of Scotland, Ireland, & Wales will bee well on the their way to anointing their very royalty of King$ & Queen$, Prince&Princesse$, Lord$&Dutchesse$ … )

    3. “Separately, Calabria once again raised the alarm regarding the risk that Fannie and Freddie could fail again. Currently, the dollar amount in loans that the two enterprises own or guarantee is roughly 500 times larger than the amount they have in capital reserves.”

      – So 500:1 leverage ratio. That seems safe to me. 😉

      – It doesn’t take much of a loss to be wiped out, hence the dire, but accurate description of the problem.

      – Only an idiot would lever-up at 500:1, or someone using other people’s money. Maximum moral hazard. Again.

      1. Yes. But they did make the deficits under Obama look smaller when their “profits” were sent to the treasury. Much harder to lose money when your cost of capital is essentially nothing.

    4. It’s probably a good thing that I’m expecting to sign a 2-year contract this week that is funded by the spaceship in Cupertino.

      People in tech around me in greater Seattle seem a bit too optimistic that ‘it can’t happen here”. Which is the biggest red flag possible that it will…

  12. ” ‘Fannie and Freddie must not repeat the mistakes of the crisis by stretching to serve borrowers who are better served by FHA,’ said Mark Calabria, FHFA director.””

    Very well then, Mr. Director, if you’re really serious about taking F&F private, then simply ask Congress to remove the government backing from F&F loans and let FHA handle the lower quality borrowers.

    I dare you.

  13. “Jared McEntaffer has looked at trends and sees imbalance People reaching retirement age will nearly double by 2030, he said, while adults younger than 65 will grow only six to nine percent. At the same time, young people’s pay levels during the past decade haven’t kept up with their growing college debts … ”

    Fear knot Jared! The ” $mall gubermint i$ be$te$t gubermint” already has a $olution in the work$:

    Get a $1.2 million$ dollar loan$ for just $60,000 down! (& @ Fed $upplied low % rate$ why the heck knot!)

    AGdaily (might bee behind a paywall, sorry)

    Insight$:
    A new era in ‘funding the farm’

    John Bartels, Columbia Bank on October 2, 2019

    First things first: As every farmer knows, agriculture is not an easy business to get into. Lofty land and equipment prices are significant barriers. Weather-induced risk is an inherent and unpredictable stressor.

    In the modern era, global competition is mounting — notably including emerging powers such as Brazil and Russia — and corn, soybean, and other commodity prices have been under pressure for years amid a worldwide glut.

    For young and future farmers, the long-term opportunity is immense. That makes it more important than ever for banks to work in close partnership with new farmers to develop affordable and tailored loans that can help finance crop and livestock operations for the decades to come.

    The USDA’s Farm Service Agency, in concert with bank partners, is increasingly active in extending credit to farmers. Between April 2018 and April 2019, the agency increased by 18 percent the amount it obligated for direct farm ownership loans. Ag-focused banks play a key role in figuring out the best loan options for farmers, navigating the application and approval process, and servicing the loan long term.

    The result of working with a banker who understands the industry and the opportunities available through government and other industry agencies is more farmers securing substantial loans to buy land and equipment without a huge down payment. The Direct Down Payment Farm Ownership Program and the Participation Farm Ownership Program from the Farm Service Agency exist to help spur investment and opportunity for farmers — including beginning farmers, minority or women producers, and urban farmers.

    Here is an example based on a $1.2 million farm using the FSA Participation Loan Program.

    The farmer can work with a bank to secure a 15-, 20-, 25- or 30-year, fixed-rate loan for $600,000 at an estimated going rate of 5.5 percent in a first lien position.
    Working with the Farm Service Agency, the farmer can then apply for a 30-year, fixed loan of $540,000 at 2.5 percent, in a second lien position behind the bank.
    This means the farmer needs to come up with a down payment of $60,000.

    The opportunity is there. With the right partner$, we are confident new farmers can profitably grow today and into the future.

      1. I like Victorian era homes as well — we have quite a few of them in the older small cities in this area.

        It just struck me how similar the bones are between these two homes underneath them — these two lots are directly adjacent, which is not the first time I’ve seen the same builder purchase two of them side by side like that.

  16. I’m more in Burke Va
    movoto says sq ft up 11% yoy

    I’d say up 2% but I have my head up my ASZZZZZZZZZZ

    1. If your head is there you qualify for the Democrats’ debates. However to win you must make it mandatory for everyone and propose free housing for everyone except old white males unless they are running for the nomination to head the Democrats’ ticket or you are an alphabet person.

  17. So we have a new S & P record. Now I think that moves of less than 5 percent are just noise so I do not think that the move from the Summer high means additional strength. However in terms of what it is saying about an imminent recession it is the dog which does not bark. Not all down moves signal a recession but recessions are anticipated by the market usually six months to a year prior to their occurance. People can vote in some states in around ten months. Looking increasingly unlikely that a recession is going to save the Democrats. When you have to count on a dishonest man with Schiff for brains to save you from the re-election of Trump, you better start to worry.

    1. Schiff for brains – you forgot his trusty sidekick Ed Buck, riding posse from the OK Standard Hotel Corral.

    4. Andy Kaufman did indeed fake his death, returning in character as the asshat politician with crazy eyes “Adam Schiff.”

  18. Record high stock market during the largest asset bubble in history, and the Fed cuts rates. This is like a firefighter showing up on the job with a tanker truck of gasoline instead of water. Gee, I wonder what might happen….

    2. “+Gee, I wonder what might happen…”

      The over.priced $helter.$hack will turn to $moke&ashe$ fa$ter! Oh joy!

      (Eye’m sure everyone here hopes that the debt.donkey inhabitant$ & their spare room $ub.renter$ & backyard airbnb yurt dweller$ escape unscathed!)

    3. This is like a firefighter showing up on the job with a tanker truck of gasoline instead of water.

      Oh, I like that analogy

        1. The PTB rely on gold suppression to enable them to flood the world with fiat currency. If gold goes over $1600 in the next year it is a sign they are losing control liked they did in 2008. Gold suppression is the other side of the coin to asset appreciation including housing. They work in tandem or they just do not work.

    1. “God Bless President Donald J. Trump And God Bless America!” …Bye “Oh, Nancy Pelo$i!”

      Plagiarism, guilty!: Mortgage Watch

        1. “You love Mortgage Watch.”

          Nix, nix, nix … eye$ immune to false.Jedi mind tricks.

          You/she could bee a 400# fat.ba$tard blogging on a bedbug infested mattress from a 50 year old Motel 6 with a broken light, eating stale flaming hot Cheeto’s who owe$ x3 weeks back rental fee$!

          2. “You love Mortgage Watch.”
            “You love President Trump.”

            What are you doin’, picking petals off a daisy whilst looking @ yerself in a mirror with a Halloween dtRumpsis mask on? I

  22. aqdan: “The Fed is trying to keep the EU from imploding”

    Yer ignorance = $tunning!

    Plea$e provide yer $tudent di$$ertation!

  23. AOC Sinks To Blaming White People For The Death Of Her Grandfather

    Posted at 3:30 pm on October 28, 2019
    by Brandon Morse

    According to the Washington Examiner, AOC was asking questions of the National Wildlife Federation’s Mustafa Ali when she unleashed her “logic” on the room:

    “[T]he people that are producing climate change, the folks that are responsible for the largest amount of emissions, or communities, or corporations, they tend to be predominantly white, correct?” she asked at a hearing of the House Oversight and Government Reform subcommittee on civil rights and civil liberties.

    The National Wildlife Federation’s Mustafa Ali replied that “yes, and every study backs that up I know no one is intentionally trying to kill people and hurt people.”

    “My own grandfather died in the aftermath of Hurricane Maria,” said Ms. Ocasio-Cortez, referring to the 2017 Puerto Rico storm that ultimately left about 3,000 dead. “We can’t act as though the inertia and history of colonization doesn’t play a role in this.”

    To translate AOC: White people created a hurricane that killed a member of my family.

    Luckily, at least one member of Congress there maintained his sanity. Texas Republican Rep. Chip Roy used the example of the storm of 1900 in Galveston, Texas, to point out how ridiculous Ocasio-Cortez’s accusation is according to the Washington Examiner:

    Rep. Chip Roy, Texas Republican, pointed out that the deadliest hurricane in North American history remains the 1900 Great Galveston Storm, which killed between 6,000 and 12,000 people, making landfall well before the rise of atmospheric carbon-dioxide emissions.

    https://www.redstate.com/brandon_morse/2019/10/28/alexandria-ocasio-crazy-aoc-sinks-blaming-white-people-death-grandfather/

  25. Got bondz?

    What are Treasurys doing?

    The 10-year Treasury note yield (TMUBMUSD10Y, -4.58%) was down 5.8 basis points to 1.738%, while the 2-year note rate (TMUBMUSD02Y, -3.48%) was down 4.6 basis points to 1.584%. The 30-year bond yield (TMUBMUSD30Y, -3.44%) slipped 5.9 basis points to 2.213%.
    …

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