Access san Diego's (accesssd) Blog

Close of business hasnt happened yet, so we dont know who will go down today, but we did have one lender so far cease operations this week. Florida based Taylor Bean, the 12th largest US mortgage lender, shut down all operations on Wednesday. From the press release: TAYLOR BEAN MUST CEASE ALL ORI...

Yeah, I know, the market is bottoming out. Unemployment numbers went down. Really? Call it "Illogical Optimism" from The Daily Reckoning: So maybe now you’re asking yourself, “Aren’t the unemployment numbers getting better?” Well, let’s see… Verizon – 8,000 jobs cut Motorola – 7,000 Microsoft – 5...

File this under, "Did You Know?"   An excerpt from the Huffington Post's Citigroup's Oil Trader's $100,000,000 Payday: A Wakeup Call for the Nation: WHAT IN THE WORLD IS A BANK DOING IN THE OIL TRADING BUSINESS?! It is one thing for a bank to finance oil or commodity trading with letters of credi...

File this one under "Huge Price Reduction - Not a Short Sale!"   From HousingWire.com: You know the luxury penthouse might be overpriced in today’s market if the developer has to offer a $20m discount to attract buyers. It also says something about the cash reserves of the developer if he waits a...

The Bad News: Fannie Mae lost $14.8 billion in 2Q of 2009 The Good News: It was less than the $23.2 billion Fannie Mae lost in the 1Q 2009 Fannie Mae's press release:   Fannie Mae (FNM/NYSE) reported a loss of $14.8 billion, ... in the second quarter of 2009, compared with a loss of $23.2 billion...

It probably isnt what you would expect. Once the mecca of big spenders, Dubai is seeing the biggest decline. From the NY Times: Dubai prices have dropped 32 percent in the last year and 40 percent in the last quarter, according to the latest edition of the Knight Frank Global House Price Index, r...

Buffett controlled Berkshire Hathway is poised to post what has been charachterized as "blockbuster" earnings, with one financiasl expert speculating that it will be the greatest quarterly increase in earnings ever for the investment giant.   From Bloomberg: Berkshire Hathaway Inc., with a stock ...

Last Friday, July 13, 2009 saw five banks shut down. First State Bank of Altus in Oklahoma was issued a cease and desist on January 16, 2009 and shut down by the FDIC. Integrity Bank, based in Florida, was shuttered by the FDIC. People Comunity Bank in Ohio had an amended cease and desist in Apri...

  From The Washington Post via the Wall Street Journal: The Obama administration is considering a variety of options to overhaul mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE), including folding the companies into a new federal government entity, the Washington Post reported Wednesday. On...

  From Reuters: NEW YORK (Reuters) - The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday. Home price declines will have...