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Friday, September 25, 2009

Freddie Exec Compensation, Bandos, Market and more

by Calculated Risk on 9/25/2009 04:00:00 PM

Michelle at digs up the employment contract for Freddie Mac's new CFO: Taxpayer funded signing bonus at Freddie Mac?

• annual compensation of $3.5 million (this includes $675K in salary, $1.6 million in something called “additional annual salary” and $1.1 million in a target incentive
• a $1.95 million signing bonus
• immediate buyout of Kari’s house
Why is Freddie paying more than the private sector? And I bet Geithner is jealous about the house deal!

Stock Market Crashes Click on graph for larger image in new window.

This graph is from Doug Short of (financial planner): "Four Bad Bears".

Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.

And the Bandos are moving on up in Miami! From After Miami's Ritzy Bubble Bursts, Squatters Move on Up
Miami's squatter problem has garnered national media attention over the past year and a half, as the foreclosure crisis threatened to transform the Magic City into something resembling a lawless, "Mad Max"-esque landscape.

The squatters mostly kept a low profile, moving in ... to neighborhoods where they could take over unnoticed.

But now come reports that squatters are seeking out more ritzy neighborhoods, including the pricey, tree-lined streets of Coral Gables.
A check of county records found that the home went into foreclosure over a year ago, just about the time residents said the alleged squatters showed up.

The bank which owns the property hired a realtor to sell it last month ...
Maybe the lenders should sell the foreclosed homes?

And from the LA Times: Calls to renew home buyer tax credit get louder in Washington. Yeah, an expensive, poorly targeted tax credit for those not suffering during the recession. This isn't as dumb as allowing the FHA DAP to continue (Downpayment Assistance Program - the poster child for bad housing policy), but close. Why not a "first-time renters" tax credit for anyone who hasn't rented for 3 years? That makes as much economic sense.