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TwitterGreek shipping heir Peter Nomikos has a plan wipe out Greek debt. His idea is to buy all the Greek bonds then forgive the debt.Given that Greek bonds sell for 12 cents on the dollar, on the surface his plan may seem like a reasonable idea. First let's consider the idea, then potential problems.Der Spiegel interviews Peter Nomikos who says 'For a Donation of 3,000 Euros, Every Greek Can Buy Freedom'Greek shipping heir Peter Nomikos has taken matters into his own hands. While EU leaders wrangle for...
Saturday, June 30, 2012
2:37 PM
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SELLER: Richard PerryLOCATION: Los Angeles, CAPRICE: $12,750,000SIZE: 5,935 square feet, 5 bedrooms, 8 bathroomsYOUR MAMAS NOTES: Legendary music producer Richard Perry has quietly hoisted his long-time Los Angeles, CA residence, perched on a private knoll on a narrow, curving street just above the Sunset Strip, on the open market with an asking price of $12,750,000.Mister Perry's high-flying, professional...
10:58 AM
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In the wake of a huge market reaction on Friday, it's interesting to see how the headlines read other places, especially Spain.Here is one such viewpoint by El Confidencial: Government 'sacrificed' Bank of Spain in Exchange for Financial Sector BailoutThe clearest conclusion to the European Agreement made by Spain and Italy is that our government has preferred to sacrifice the sovereignty of the banking supervision enjoyed by the Bank of Spain in exchange for the bailout of the sector does not compute...
Friday, June 29, 2012
1:27 PM
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BUYER: Larry Levin and Sasha EmersonLOCATION: Los Angeles, CA (Hancock Park)PRICE: $1,595,000SIZE:2,641 square feet, 4 bedrooms, 3 bathroomsYOUR MAMAS NOTES: For almost two decades Tinseltown scribe Larry Levin (It's Garry Shandling's Show, I Love You, Man, Doctor Dolittle, Dr. Dolittle 2) and his film industry executive turned stylist/lady-decorator wife Sasha Emerson shacked up in an a customized...
12:09 PM
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The rise of the Five Star Movement in Italy is the number one happening in Europe right now and mainstream media has not even begun to cover it in any depth. The movement is led by an Italian comedian, Beppe Grillo.Main Rules for the Five Star MovementNot be an elected politician prior to 5 Stelle Commit to stay in charge for no longer than 2 termsCommit to take a minimum salary and give the rest...
9:22 AM
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The short term effect of Japanese stimulus following the earthquake and tsunami has now worn off. All Japan has to show for that stimulus is a bigger pile of debt, proving once again the Broken Window Fallacy.In the real world, Japan has a debt-to GDP ratio of 225% and rising. Japan's export machine has stalled. So has Japanese manufacturing in general.Markit reports Japanese manufacturing output...
8:44 AM
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For a few years now, consumers from Florida to California have been hearing more and more that now is the time to buy your home, or real estate in general. Well that time is now quickly passing by as home prices continue to push upward. The S & P home price index showed improvements for the second straight month in 19 of the 20 cities they are tracking. Tampa, Florida is high on the list of...
6:20 AM
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The Federal Home Finance Agency's Home Price Index shows home values up 0.8% in April on a monthly, seasonally-adjusted basis. April marks the third consecutive month during which home values increased and the index is now up 3 percent from last year at this time. As a home buyer in Seattle , it's easy to look at the Home Price Index and believe that its recent, sustained climb is proof of a...
4:30 AM
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US cities now outpacing suburbs, new data shows (Slate) For first time in half a century, urban areas are outpacing their suburban neighbors in population and economic growth.CitiMorgage launches program for soldiers on the move (HousingWire) To help soldiers who are stuck with existing mortgages while they move bases, CitiMortgage has introduced a Citi Military PCS (permanent change of station) transfer assistance program.30-year fixed-rate mortgage rates unchanged, 15-year fixed-rate falls...
12:00 AM
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Futures are flying over a "breakthrough" that supposedly will lower borrowing costs for Italy, Spain, and Ireland. The "breakthrough" is a modification to the terms of the ESM to allow "the possibility" to recapitalize banks directly.Amusingly, the existing ESM agreement has not even been ratified. The agreement is still on hold in Germany (numerous other countries have yet to ratify as well).Yet the "Memorandum of Understanding" worked out at the summit today appears to require changes to...
Thursday, June 28, 2012
9:23 PM
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It's a love-fest in Asia futures once again, but will it hold on Friday or through the weekend?One thing's for sure, sentiment was so sour about this 19th summit, that any bit of good news stood a decent chance of temporarily igniting the market.You can actually credit German chancellor Angela Merkel for that sour sentiment because she repeatedly stated Germany would not give in. The latest reports suggest Germany did blink, but not enough to please Italy, Spain, and France.The fact remains that...
6:35 PM
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Conditions at the EU summit are breaking down more than expected thanks to a position taken by Italian Prime Minister Mario Monti. Acting like a spoiled brat in a game of marbles, Monti refuses to let anyone else play unless he gets the big green marble he wants.In less colorful terms, Bloomberg explains Monti Withholds EU Growth Pact Approval Unless He Gets Interest Rate Relief.Italian Prime Minister Mario Monti may block the 120 billion-euro ($149 billion) growth initiative announced by European...
1:25 PM
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German retail sales bounced back for the second month, but not enough to prevent the aggregate eurozone sales from falling for the eighth consecutive month.Summary of June findings:The Eurozone retail sector remained in contraction mid-way through 2012, according to PMI® data from Markit. Sales fell on a month-on-month basis for the eighth successive month – the third-longest sequence in the survey...
11:47 AM
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SELLER: Sandra BullockLOCATION: Austin, TXPRICE: $2,500,000SIZE: 5,663 square feet, 3 bedrooms, 2.5 bathroomsYOUR MAMAS NOTES: Just a couple years ago, according to the folks at Forbes (via The Hollywood Reporter), Oscar-winning actress and producer Sandra Bullock (The Blind Side, Crash, Miss Congeniality and etc.), was widely reported to be one of the—if not the—highest paid actresses in all of...
10:53 AM
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Today the Supreme Court ruled in favor of Obamacare by a 5-4 margin. Here is the Full Text of the Supreme Court Ruling.Romney has promised to overturn the ruling, saying "ObamaCare was bad policy yesterday, it’s bad policy today." That statement makes Romney a hypocrite as the Financial Times notes. “Obamacare places the government between you and your doctor,” said Mr Romney, who championed a similar plan while governor of Massachusetts but says he opposes its expansion at a federal level.Why wasn't...
9:36 AM
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I'll admit, I'm kind of an "old things" snob - I only wear vintage clothes, won't drink bourbon unless it's at least 12 years old, and don't like any movie made after about 1978. But one new thing I really love is a new condo, especially when they're like this. I mean, look at it! It would be like living inside an iPhone. What snob could resist that?This two-level Logan Circle...
6:20 AM
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As part of the federal Truth-in-Lending Act, refinancing homeowners are granted a 3-day "cooling off" period post-closing during which they retain the right to rescind, or "cancel", their recent refinance without penalty or cost. The Right To Cancel is protection against surprises at closing and/or a change of heart. It's also a safety valve for homeowners signing paperwork under duress. With 3 days...
4:30 AM
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Servicers cut principal on 10% of mortgage mods, numbers expected to rise (HousingWire) This year mortgage servicers included principal reduction on 10.2 percent of modifications during the first quarter, which is a raise of 3 percent from this past year. Freddie Mac reduces mortgage portfolio 9.4% in May (HousingWire) Though Freddie Mac bought $30.7 million in loans this May, it sold or liquidated $46.7 million. As a result, the mortgage portfolio balance shrunk at an annualized rate of 9. 4 percent...
12:34 AM
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Five days ago we heard from the Bank of Spain that Spanish banks only need between €16bn and €62bn in new capital.For details, see Laugh of the Day: Stress Tests Show Spanish Banks Only Need Between €16bn and €62bn in New Capital; ECB to Accept BBB- Rated Debt (One Step Above Junk) as CollateralIn the same report we also heard that the three largest bank groups do not need any capital at all. Bear...
Wednesday, June 27, 2012
9:40 PM
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SELLER: Actually, we're not quite sureLOCATION: New York City, NYPRICE: $15,750,000SIZE: 3 bedrooms, 4 bathroomsYOUR MAMAS (UPDATED) NOTES: We were unexpectedly waylaid along the way today but as promised in our earlier discussion of financier Bruce Barnes' big digs at the Dakota on New York City's Upper West Side, we're finally following up with some more juicy floor plan porn in the form of a Fifth...
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