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In the grip of the Undead
New deal 2.0: Principal writedowns and the fake stress test
Many investors in first-lien mortgages (bundled securities holders) will accept principal writedowns in order to move on and use their money for other purposes, rather than having it locked in underwater mortgages with a high likelihood of foreclosure, but holders of second-lien mortgages (banks) are a major obstacle to this. These second liens have little value – the first liens are well underwater, and the prospect for any real return on the seconds is negligible - but accounting rules allow holders of these seconds to book them at artificially high values. So many refuse to write down the loans, thus preventing a correction and a moving on
Bank bosses in fraud investigation
Reuters: Police arrest former irish bank boss
I really hope they come for hbos and rbs directors......HBOS bad loans are over £200 billion lent often without security probably on the golf course.....at least nick leeson did some time and he was only down £250 million went he did a runner...now its a weeks bad loan write-offs
Government borrowing less than forecast
Brown Broadcasting Corporation: Government borrowing less than forecast
"Revisions for this financial year have now reduced borrowing by £2.9bn, meaning full-year borrowing could beat the government's £178bn forecast." ....brilliant, government borrows £175.1bn instead of 178.0bn, ...lets get the cocktails in, have a blast, hire a few more quangos, let your hair down!!
The Co-operative profits up as disillusioned consumers go mutual
Daily Mail: The Co-operative profits up as disillusioned consumers go mutual
The Co-operative Group has recorded a boost in profits as a result of an influx of new account holders disillusioned with Britain's banks. Profits at Britain's largest mutual retailer soared on the success of the merger with Britannia building society and also the purchase of the Somerfield supermarket chain. The group, which traces its roots back to the founding of the co-operative movement in Rochdale in 1844, posted a jump of 85 per cent in profits before payments to members, reaching £402million in the year to January 2.
Lending up prices down
Independent: Mortgage lending up
Howard Archer, chief UK and European economist at IHS Global Insight, said: "The mortgage approvals information from the Bank of England survey, in particular, adds to the impression that housing market activity has faltered early in 2010. "(It) reinforces our belief that prices will be prone to corrections and no more than flat over the year as a whole amid still largely unfavourable economic fundamentals and tight credit conditions."
Ninety-eight, ninety-nine ... one hundred! Coming to get you .... !
Times: Taxman scrutinises property amateurs
Its almost a modus operandi for the taxman now - instead of cutting short any mass tax evasion, they let it run for a while unchecked so that the unwitting fill their boots then the taxman comes and fleeces them for the shirts on their backs. Still, it couldn't happen to a nicer group of people, eh?
Wednesday, Mar 17, 2010 
Dramatic increase in volume of property for sale - right on cue for The Dip: Part Deux
The Daily Malicious: Rise in house prices virtually halts with leap in sellers
Howard Archer, chief UK and European economist IHS Global Insight, said the figures confirmed that 'the revival in housing prices since early 2009 is running out of steam, at least temporarily'. If the increase in supply continues, prices are likely to suffer a 'significant correction', he added.
Is the HPC agenda gathering pace?
Guardian: "If you want cheaper housing, turn back the clock"
The impact of such proposals, if implemented, would be profound. There would be no more 100% mortgages, let alone the 125% mortgages once offered by Northern Rock. Instead, anyone who wanted to buy a house would have to save for a deposit first. House prices would fall.In the UK of 2010 this all sounds like revolutionary stuff. But it was the norm for the first quarter of a century after the second world war, and in Germany or France such restrictions on credit would still be seen as prudential.
One of the few conferences I actually want to go to this year
THE INTERNATIONAL UNION FOR LAND VALUE TAXATION: Why is so much wealth in the hands of so few?
Mark W and LVT supporters - I shall be going to the Monday and Friday sessions, and hopefully a few more if I can find the time. I will, hopefully, be bringing along a BBC camera man who I am trying to make a documentary on taxation and my own specialism.
When is unemployment not unemployment.. ?
BBC News: UK unemployment records further fall
To me, unemployment is people who want to work, but can't or simply don't want to... however due to some nice number diddling the government has heralded "lower unemployment", despite more people becoming economically inactive. The number of people unemployed in the UK has fallen again, leaving the jobless rate at 7.8%, figures show. Total unemployment stood at 2.45 million for the three months to January, down 33,000 on the figure for the previous three months. But long-term unemployment, covering those out of work for more than a year, rose by 61,000 to 687,000. The number of people claiming Jobseeker's Allowance fell by 32,300 to 1.59 million in February.