Ricardo Cortez's (rcortez) Blog

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Mortgage and Lending - Liberty One Lending
RECENT BLOG POSTS
We need the Bailout. No matter how much it hurts. the outcome is worse. Economic reports are staggering besides the weak housing report, new claims for unemployment benefits shot up last week to the highest level in seven years. Orders to factories for big-ticket manufactured goods fell by a much...
09/25/2008
New home sales tumbled in August to the slowest pace in 17 years, while the average sales price fell by the largest amount on record, demonstrating the depth of the problem that Washington is trying to solve. New home sales have been slow across the country. The Commerce Department said Thursday ...
09/25/2008
Amidst the good news of home sales increasing , we see some discouraging news of the financial health of the American consumer and business. The government reported that Bankruptcy filings surged 29% in the 12 months that ended June 30. Business filings jumped more than 41% This jump in bankruptc...
09/25/2008
Financial markets were strong today. Politicians said they had struck an agreement in principle on the government's plan to revive the crippled financial system. The Dow Jones industrial average rose as much as 300 points on optimism about the plan, and demand for short-term, safe-haven assets ea...
09/25/2008
The big problem with the bailout in its originial form was that we were buying bad debt with little security. The new draft woud offer Ability to take equity when real money is at stake. The whole plan should be recast to mirror the bailouts Paulson has already put in place--loans and/or equity i...
09/25/2008
Bush actually spoke frankly about the economy last night ("America could slip into a financial panic"), and now Congress appears to be getting closer to rubber-stamping the Hanke-Panke Wall Street Bailout. President Bush said Wednesday "Our entire economy is in danger," he said. that lawmakers ri...
09/25/2008
New home sales tumbled in August to the slowest pace in 17 years, the average sales price fell by the largest amount on record, The Commerce Department said Thursday that new homes sales fell by 11.5 percent in August to the slowest sales pace since January 1991. It was a much bigger sales decli...
09/25/2008
Most Americans, more than Fifty-five percent of Americans say no taxpayer money should be used to bail out private companies, even if their collapse would damage the economy, Main Street and Wall street are not happy with the $700 Billion bailout  according to the latest Bloomberg/Los Angeles Tim...
09/24/2008
So what are the costs? Almost certainly the ultimate costs to the U.S. Taxpayer Higher taxes Higher interest rates on government debt Bigger government deficits When the alternative is the entire financial system going bankrupt, we guess these costs are acceptable. But we're not convinced that th...
09/19/2008
After a few weeks of trying to stand tough in the face of demands for a wholesale rescue, Hank Paulson apparently couldn't take it anymore. So now we'll have the biggest bailout in history, including: A huge RTC-like government garbage can that banks can throw all their toxic balance-sheet waste ...
09/19/2008
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Ricardo Cortez

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