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Friday, September 24, 2010

Misc: Bernanke, "Toxie", GMAC, Credit Card debt and Housing

by Calculated Risk on 9/24/2010 10:46:00 PM

A few stories:

  • From the WSJ: Bernanke: Efforts Failed to Produce Recovery With 'Sufficient Vigor'. CR Note: unless there are upside surprises in the employment report (to be released on Oct 8th) or the advance Q3 GDP report (released on Oct 29th), I think Bernanke has prepared the way to QE2.

  • From David Streitfeld at the NY Times: GMAC’s Errors Leave Foreclosures in Question

  • From Christine Hauser at the NY Times: Bank Losses Lead to Drop in Credit Card Debt

  • From NPR Planet Money: Toxie, Planet Money's pet toxic asset, died this week.
    When we bought Toxie , in January of this year, she seemed like a great deal. We paid $1,000. That was 99 percent less than she cost dring the housing boom.

    Every month, when homeowners paid their mortgages, we got a check. We thought we'd make back our investment before she died. But in the end, we collected only $449.
    And on the four housing reports this week: "Been down so long it looks like up to me", (book by Richard FariƱa)

  • New Home Sales: Unchanged from July, Worst August on Record

  • Existing Home Sales at 4.1 million SAAR, 11.6 months of supply

  • Single Family Housing Starts increase slightly in August

  • NAHB Builder Confidence stuck at low level in September

  • I'll have a weekly summary on Sunday.