Month August 2007

Jumbo rates indeed

A jumbo mortgage is required for any amount above $417,000. Most any home in one of the real estate bubble areas would need a jumbo. Interest rates on jumbos have just gone psychotic. Why? Because no one wants the risk…

Slow motion collapse

I sense a trend… US life expectancy now 42nd among nations. Hartford Courant journalist Helen Ubiñas on her thirteen years covering Hartford. When I first got here, there was no shortage of powerhouse community groups, relentless activists who held city…

The Camp for Climate Action

Thousands of activists are gathering near Heathrow Airport now at the Camp for Climate Action for eight days to protest “the lunacy of the government’s airport expansion plans.” They plan a week of actions; including protest, training, education, direct action,…

Foreclosures soar in southern California

Lenders are foreclosing homes in southern California much faster than they can sell them, leading to an oversupply that will, sooner probably than later, force substantial price drops. Falling prices will then trigger more foreclosures. Right now, lenders don’t want…

Fact checking

Stories and rumors about the subprime contagion are flying around the net. If you hear a story or rumor, more than ever, check the facts and confirm the sources. I just did this on an apocalyptic bank meltdown story supposedly…