reuters: DSG and M&S likely Christmas turkeys “Much depends on how much confidence the suppliers have in the business and things could quickly unravel after Christmas,” he said.
JP Morgan analysts are equally gloomy. “We expect the results to look very poor and give little support for those concerned about the group’s prospects to survive the downturn intact,” they said in a preview note.
Original post by mark
Guardian: Honda to close Swindon factory for two months The plant’s 5,000 employees will be laid off for the duration of the closure without pay.
Original post by matt_the_hat
FT: Network Rail to ‘accept’ cuts The company that owns Britain’s rail network yesterday edged towards accepting a tough funding package that will force it to cut costs by 21 per cent over the next five years.
Original post by matt_the_hat
In Los Angeles and other big cities many people get lost in the concrete jungle of urbanism. In fact, hundreds of people die alone each year without any human contact with the outside universe. It is as if they have disconnected from the actual grid of social interaction. Every year a service in Los Angeles is done with cremated remains of those who have passed away and city workers, with all their abilities try to find ties with potential family members. You would think that in a technologically advanced age that everyone would have at least one connection to another human in this world. That is not the case.
The reason I bring up this point is how disconnected we have gotten from one another and how this is simply one additional facet to this economic calamity. A few years ago I was getting a loan for an investment property. Nice […]
Original post by drhousingbubble
"Meanwhile, the prospect of the government creating an asset class that would directly compete against and carry a stronger government backing than the government-sponsored enterprises has led to an exodus of investors in debt securities issued by Fannie Mae and Freddie Mac, which are now wards of the state."
The above is taken from this story,[1] which continues …
Risk premiums on agency debt have been under pressure in recent weeks, raising the funding costs for Fannie and Freddie. On Thursday, risk premiums widened by nearly a quarter percentage point over comparable safe Treasurys before coming in again to end the day around 0.08 point wider.
This ongoing story is not just hypothetical. These numbers directly drive US mortgage rates. The big GSEs are also struggling against a murdurously steep yield curve. According to this November 17th story,[2] "Fannie Mae raised $2 billion in its first long-term debt sale in […]
Original post by John M.
It’s Friday, and yesterday the markets looked so bad, even the MSM was sounding bearish talking about deflating economy:
So how are Doomers sounding this morning? This is an open thread, so let us know what’s on your mind!
Original post by twist
Sky News: European Central Bank: Britain Welcome To Join Euro “As the pound struggles against other major currencies, the president of the European Central Bank has told Sky News that Britain is “welcome at any time” to join the euro.” You think its bad now, imagine an ECB affecting our liquidity because of decisions made in Germany.
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Original post by planning4acrash
From the DCJ:
Assistance is on the way for foreclosed properties in Eugene. The city of Eugene was notified by the U.S. Department of Housing and Urban Development that it will receive $618,519 to help local governments purchase foreclosed properties at a discount and, in some cases, rehabilitate them.The funds come from the housing department’s new Neighborhood Stabilization Program, which is part of the 2008 Housing and Economic Recovery Act.
The only question left is which three homes will get the help.
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Original post by noreply@blogger.com (Clint8200)
freerealtime: Banks reduce maximum mortgage financing: Union Bank will lend only up to 60% of a home’s value. Israel’s banks have tightened their mortgage policies in recent months. In addition to raising their mortgage interest rates, they have also reduced the maximum funding they will extend to borrowers, even safe borrowers. Some banks have also stopped working with Ezer Mortgage Insurance Company Ltd (EMI), and will not provide borrowers with financing amounting to 90-95 percent of a home’s value.
Original post by planning4acrash
mail Online: Darling threatens to FORCE banks to lend to firms and families Alistair Darling is so exasperated by the ‘moral failure’ of banks to help small firms and families that he is poised to toughen the law.
The Chancellor is studying legal options to end the ‘unacceptable’ behaviour of the banks towards companies struggling in the downturn.
The Government argues that when the taxpayer-funded recapitalisation scheme was agreed, the banks entered into an undertaking to restore lending to 2007 levels.
But Mr Darling also has a range of legal options open to him, including the creation of a ‘bank enforcer’ to supervise their lending behaviour, or the imposition of a cap on the interest charged for business loans.
Original post by sold out
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