Category: Mortgages

­­Month in Review: November, 2013

30 December, 2013 (14:41) | Airbnb, Cemetery, Cities, Finance, Global news, Housing, Immigration, Informality, Mortgages, New York City, Property rights, Saudi Arabia, Underwriting, US News, Zoning |

By:David A. Smith [Previous Months in Review available here: Oct 13, Sep 13, Aug 13  Jul 13 Jun 13  May 13, Apl 13, Mar 13, Feb 13, Jan 13,] My friend Michael Mutter likes to say that one can become urban without moving, and when that happens, land use and habits practiced since time immemorial […]

Underground to overthrow: Part 2, The next step is prison

13 December, 2013 (09:00) | Economics, Eurozone, Foreclosure, Formality, Global news, Greece, Housing, Informality, Markets, Mortgages, Speculation |

[Continued from yesterday’s Part 1.]   By:David A. Smith   As we saw in yesterday’s post, using a recent story from Bloomberg (December 5, 2013), ECB-imposed austerity has inflicted on Greece 25%+ unemployment, nationwide foreclosures, and an economic debtor’s prison.   [None of this makes Greece blameless – the country socialized and overspent for decades […]

Underground to overthrow: Part 1, More important than being legal

12 December, 2013 (09:00) | Economics, Eurozone, Foreclosure, Formality, Global news, Greece, Housing, Informality, Markets, Mortgages, Speculation |

By:David A. Smith   If the only way out of Prospero’s Europe is economic death, a people and a nation must and will change the rules, even to the point of seceding from formal society, as revealed in this poignant story of Greece from Bloomberg (December 5, 2013):   Unemployed Greeks Reconnect as Underground Electricians […]

Bottomless deflation

28 May, 2013 (16:58) | Euro, Foreclosure, Global news, Homeownership, Markets, Mortgages, Spain, Speculation |

By:David A. Smith   Spain is caught in a deflationary spiral, and as far as I can tell it is only getting worse.   From positive money, 2010   When a delinquent entity whose solvency is in question is not a bank or company but a nation, the techniques that work for addressing a bankor […]

The emperor’s risk rating: Part 2, but no risk for me

12 January, 2012 (10:39) | Banks, Basel rules, Capital, Capital markets, Global news, Mortgages, Regulation, Securitization, Theory |

[Continued from yesterday’s Part 1.]   By: David A. Smith   In both explicating and quarreling with Peter Wallison‘s most recent Wall Street Journal op-ed piece on the perils of regulation, particularly the Basel accords, we spent yesterday explaining the risk-weighting requirements and observing the perverse consequences of weighting pools of mortgage-backed securities (MBS’s) as […]