Foreclosure Auction in Manhattan
Fox News

Fed Intends to Hire Lobbyist in Campaign to Buttress Its Image
Bloomberg

Chinese imports in May dropped 25% and exports 26%
Merco Press

Oil consumption falls by the most since 1982
Telegraph

Some Hope for Illinois Renters

Illinois Sheriff Scolds Banks for Eviction of 'Innocent' Renters
CNN

"An outraged sheriff in Illinois who refuses to evict "innocent" renters from foreclosed homes criticized mortgage companies Thursday and said the law should protect victims of the mortgage meltdown."

Thanks to From the Wilderness Blog

Telling It Like It Is!

Its sizable profits made during the 2007 Subprime mortgage financial crisis led the New York Times to proclaim that Goldman Sachs is without peer in the world of finance.
-On Goldman Sachs from Wikipedia

An E-Mail to a Member of the Research Team at Goldman Sachs:

Harry:

Thank you for the opportunity to be on your e-mail list. I appreciate your generosity and hard work.

I am writing to ask you to unsubscribe me from your list. I value your research reports. However, it would be hypocritical of me to accept them.

I believe in death penalties for private corporations and partnerships. My vote for one of the first to be executed is Goldman Sachs.

You and your colleagues have helped to build and manage a machinery that has committed treason and genocide on a breathtaking scale. The history of Goldman Sachs over the last two decades is living proof that it is possible to kill with a financial system and a pen.

The fact that you don’t understand what you and your colleagues are doing is breathtaking. It raises more than a few questions about whether you understand what is really behind the flow of funds you track and publish.

The question before us is who will pay the price of the mess that you and your colleagues have had such a significant hand in creating:

Who will lose their business and who will keep it?
Who will lose their job and who will keep it?
Who will lose their home and who will keep it?
Who will lose their reputation and who will not?
Who will lose their family and who will not?
Who will lose their health and who will not?
Who will lose their future and who will not?
Who will lose their life and who will not?
Who will lose their freedom and who will not?

My plan for bailing out the country would include asserting common law offsets against the assets of the NY Fed member banks and all of their partners and employees who benefited up to an amount sufficient to repay $4 trillion missing from the US government, to fund losses caused by the manipulation of the precious metals markets and to fund claims of fraudulent inducement and fraud on mortgages and mortgage securities. To fund the offsets, I would propose to seize the offshore and onshore assets of those who created the mortgage bubble and derivatives mess in the first place.

Frankly, I see no reason why millions of poor people around the world should pay a global tax through the dollar and US treasury and agency securities for which the American people are liable, so you and your colleagues can continue to live in comfort and luxury without concern that you will be held accountable to the same standards of enforcement applied to the people who live in the communities wrecked by the mortgage, money laundering and financial fraud that made you and your clients so powerful.

It seems to me if anyone should lose their business, jobs and home, it is you and your colleagues.

Sincerely Yours,

Catherine Austin Fitts

NYC-Manhattan Condo Coop Price Erosion Begins

Excerpt from NYTimes Article posted on NYCity Housing Bubble Blog

...the average price has fallen from the first quarter, when it reached $1.7 million. And data tracked by the brokerages indicates that the market has slowed: there are fewer sales than in the last five years, there are more apartments for sale now than in the past eight years, and more sales contracts are being canceled. Even the pace of growth for luxury apartments, long the strongest segment of the Manhattan market, has slowed. “I have great concern about 2009,” said Jonathan Miller, chief executive of Miller Samuel Incorporated, the real estate research company tracking these numbers for the brokerage Prudential Douglas Elliman. “At some point, you’re going to see prices erode".... Fewer apartments are selling than in the last five years. Data tracked by the Corcoran Group showed that the number of apartments that closed dropped to 2,982 sales in the third quarter, compared with nearly 4,976 at the same time last year. The number of Manhattan apartments sitting on the market is higher than it has been in the past eight years, according to the Corcoran Group. By last month, the number of listings had grown to 10,761 from 8,444 in September 2007. At the same time, far fewer of those apartments actually sold. Just 727 listings were absorbed in September 2008 compared with 858 in September 2007...

Casualties of Economic Warfare in California: 700 Foreclosures A Day

Thanks to New York City Housing Bubble Blog

fear & loathing in the fixed income housing market

conspiracies do happen.
markets are manipulated.
&
the little people get f'd.

before you view jim cramer on
cnbc go nuts with rage as
he explains how bad the fixed income
mortgage market collapse really is saying,
thousands of people are losing
their homes,

a quick view of the facts will
review the extent of how this
was purposely orchestrated and
everything is going as planned.
it's not rocket science.

bloomberg news says this about
two of the martgage investment co.
that went bankrupt or are about to:

"Bids from investors for American Home's loans began falling this year after defaults on U.S. subprime mortgages rose to the highest level since 2002. Investors were concerned that lax underwriting standards and growing fraud might lead to rising defaults on Alt-A loans."

"NovaStar specializes in subprime loans to people with the worst credit records. Overdue payments on those mortgages nationwide reached the highest level since 2002 during the first quarter. More than 70 mortgage companies have halted operations or sought buyers since 2006."

hey but good news for the big wigs
at bear sterns:

"In 2006, the top 5 officers, including the President who was just fired (but gets to keep the money) made $1.25 million in salaries, $71.5 million in bonuses, $61.5 million in stock awards (the stock is dropping) and $21.6 million in other compensation. That is a total of $155.9 million."
-excerpt from solari blog-