Fannie Mae: Delinquencies Increase in January

January Fannie Mae Delinquency Rate Climbs To New Record At 5.52%, 14 bps Higher Than December, Double From Year Ago
                                       Ouch

What?
But but but the lady in the commercial said it's a great time to buy..........the bimbo from the National Association of Realtors said   "The dream of home ownership has never been so attainable"...........

I wonder........hmmmm.... I wonder if it's been a little bit toooooooo attainable and perhaps thats what got us in this heap of shit...........easy credit.....no money down....tax credits.......Option ARM's........Interest Only........No Doc........etc..
What a joke.

Time to sell........not time to buy.

While on the subject of defaults.......

March Records Fastest Ever CMBS Delinquency Deterioration In History According To TREPP

New Lens

Just picked up a lens that I have dreamt of owning for at least 5 or 6 years now.
Can't wait to go out and really play with it.
Bubba was my first victim, although a 300mm is not a portrait lens, the detail is remarkable considering it was done without using a tripod. The lens weighs a ton.

Bufflehead

Had a pair of Bufleheads on Dufresne Lake this morning. I thought the Wood ducks were small.....man these guys are tiny. It was fun watching them dive for food.

New Car

We got a new car.
A 2012 Scion XLMNOP Limited Edition

We went all out and got the two tone option...........

It's a killer ride

More Healthcare Bullshit

Dipshit Obama needs to recalculate his figures.
As Mish points out

So I again remind people that the President needs lesson in Math. Inquiring minds are listening to President Obama proclaim Health Care Premiums Will Decrease 3000%.

Assume, you pay $5,000 a year for health insurance. To see a 3000% drop, your healthcare provider would have to pay you $145,000 to take the insurance.

Yup......I can't wait till I get my check.
Calculate how much you will get here!

As I have pointed out before, and is so obvious now, is this has nothing to do with healthcare, but rather a massive tax to be placed on the middle class and businesses.

California Assembly Speaker OKs $132,000 in Staff Pay Hikes, Promotions

New Assembly Speaker John A. Pérez handed out pay increases or promotions totaling nearly $132,000 per year the day he was sworn in this month, including a $65,000 raise to his chief of staff.

Of eight staff members targeted, Sara I. Ramirez received by far the largest raise, jumping her pay from $125,256 to $190,008 for serving as Pérez's top assistant, according to documents obtained under state open-records law.

Read more:The Sacramento Bee

But yet......
California's Public Schools send out pink slips

Faced with another year of potentially deep budget cuts, California's public schools have sent out 22,000 pink slips to teachers and school employees, according to the state's superintendent.

California Governor: Lawmakers must cut more spending

Doesn't make sense...... No Pay Raises!

But hey........who cares?

"GMAC Inc. because the auto finance giant continues to lose money and can't yet repay its $16.3 billion taxpayer bailout"

"Last year, Feinberg allowed two GMAC executives to exceed the $500,000 cash cap, and granted Carpenter an annual pay package worth $9.5 million. After becoming CEO in November, Carpenter earned about $1.2 million, including about $120,000 cash, for six weeks' work."

William Black on PBS

Now, going forward, get rid of the people that have caused the problems. That's a pretty straightforward thing, as well. Why would we keep CEOs and CFOs and other senior officers, that caused the problems? That's facially nuts. That's our current system.

Glenn Beck is angry cuz they didn't blame ACORN.

This interview took place in April 09.
Another "Must Watch" for those who feel things are on the mend.

60 Minutes Last Nite

Very good piece on 60 Minutes last nite on the financial meltdown with Michael Lewis.
A must watch for those that think we are gonna pull out of this anytime soon.

"This was an episode where capitalism was almost destroyed, just by the capitalists. And, in the most sensational way, they were sort of destroyed by their own folly," Lewis told Kroft.


Watch CBS News Videos Online

Part 2


Watch CBS News Videos Online

Lehman Brothers

"Lehman has become merely the latest example of all that is broken with today's crony capitalist system.... The evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system, which is the number one defender .. of very lucrative bribes and kickbacks originating from the same rotten Wall Street that (is) nothing but a sham filled with toxic assets" Zero Hedge

Ratigan talks with Spitzer and explains to some extent what took down Lehman, but.......but seems to imply, just as the media did with Madoff, that they are the only bad apples in the basket and once we bring out the handcuffs everything will be fine. Well guess what..... they are not alone as Zero Hedge and many, many web sites have proven over the past few years that our financial system and government is one giant ponzi scheme about to implode.

Social Security to start cashing Uncle Sam's IOUs

So now we have to borrow mo money from future taxpayers and the Asians.
Unreal.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year. (More like hundreds of billions)

Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more. More from the article.....

They will need to raise payroll taxes or extend the retirement age to like 102.