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Thursday, March 27, 2008

The Obama Economic Plan

Items of Interest:

Sen. Barack Obama spoke about the economy at Cooper Union in New York CityNY Times:
Obama Urges Regulation in Wake of Housing Slump -- Senator Barack Obama called Thursday for tighter regulation of mortgage lenders, banks and other financial institutions, even as he spoke of pumping $30 billion into the economy to shield homeowners and local governments from the worst effects of the collapse of the housing bubble.

He laid much of the blame for the current financial difficulties on the industry lobbyists and politicians who dismantled much of the regulatory framework overseeing energy, telecommunications and financial services. . .

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USA Today:
Obama: Beware 'you're on your own' society
— Presidential candidate Barack Obama, largely ignoring his Democratic rival for now, ridiculed likely Republican nominee John McCain on Wednesday for offering “not one single idea” to help hard-pressed homeowners facing foreclosure.
related:
New York Post:
IT'S THE BLOOMY-'BAMA SHOW — Mayor Bloomberg made a surprise announcement last night that he will introduce Barack Obama when the Illinois senator makes a campaign speech today at Cooper Union. — The mayor's office took the highly unusual step of releasing information about the event late last night.
Marc Ambinder:
Obama: Bloomberg Is “Extraordinary” — Here's the first paragraph from Barack Obama's speech this a.m. in New York: … The First Read gang is all a-buzz at the Obama-Needs-A-Jew-On-The-Ticket- Angle, but I think the best way to look at an Obama-Bloomberg ticket is by noticing their complimentary traits.
discussion: Connecting.the.Dots
Editorial / New York Times:
How Not to Prevent Foreclosures — With foreclosures surging, the last thing the nation needs is another government-hosted meeting where mortgage lenders pledge once again to do their utmost to help distressed borrowers stay in their homes — and then go back to the business of foreclosure.
Patrick Healy / The Caucus:
Obama Warms to Wrapping Up Contest
Associated Press:
Obama, Clinton offer economic plans
discussion:
Justin Gardner / Donklephant: Obama Talks Economic Stimulus
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NY Times / CNBC:
Home-Equity Loans (HELOC) Next Round in Credit Crisis -- Little by little, millions of Americans surrendered equity in their homes in recent years. Lulled by good times, they borrowed — sometimes heavily — against the roofs over their heads. Now the bill is coming due. As the housing market spirals downward, home equity loans, which turn home sweet home into cash sweet cash, are becoming the next flash point in the mortgage crisis. Americans owe a staggering $1.1 trillion on home equity loans — and banks are increasingly worried they may not get some of that money back...
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The Mess That Greenspan Made:
This stuff disgusts me - Do you think any of the regulatory agencies in Washington have any idea where the swarming locusts have recently landed, now in the process of devouring one more part of the great American ownership society?
[via financial armageddon]
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Skinning the Bear
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"Mortgage pool is not a pretty picture."

Mike Mish Shedlock / Minyanville:
WaMu Alt-A Pool Revisited
-- About a month ago, in Evidence of "Walking Away" In WaMu Mortgage Pool, I wrote about a particular Washington Mutual (WM) Alt-A mortgage pool "affectionately" known as WMALT 2007-0C1.

Many inquiring minds have been asking for an update of this pool. I am pleased to present a new screen shot of the same Alt-A pool. Once again, thanks go to "CS" for the screen shot. [...]

WaMu Mortgage Pool: WMALT 2007-0C1
note: An Alt-A mortgage pool is considered riskier than "prime" and less risky than "subprime."
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