[Grumpasaurus.com] A good way to get your hate on

'A good way to get your hate on'

Wow. Real hard times for some former subprime lending institution execs.

Mysti was one of the last people out the door at New Century Financial, once the nation’s No. 2 subprime lender. She had been in charge of e-commerce customer service with dozens of employees reporting to her. It was at New Century where the Copes met in 2000.

Kent worked for several of the firms that helped give birth to the industry, which specializes in making loans to people with less-than-perfect credit, in the 1990s. He has been out of work since August when he was laid off by Friedman, Billings, Ramsey Group (FBR) unit First NLC Financial Services.

Yeah, tough times. I feel for you guy-
Despite their financial problems, the Copes have worked hard to protect their credit rating, staying current on bills. And they’ve made cutbacks: trading in Kent’s Corvette for a Suburban and getting rid of the gardener, for example. But the couple also has learned that it didn’t need everything it used to spend money on.

Nevermind.

http://grumpasaurus.com/2008/04/03/a-good-way-to-get-your-hate-on/

[Grumpasaurus.com] A New Role for the Fed

'A New Role for the Fed'

The Fed, a secretive, unelected, group in the best of times has two goals to meet via their implementation of fiscal policy: one, keep unemployment low; and two, keep inflation under control. Where there’s ever been a conflict between 1 & 2, they’ve always, always picked inflation control over job growth.

Well, after this morning’s emergency session, and we have confirmation of a new third role for the Fed - they’re also Wall Street’s Bitch.

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.

Oh, there had been hints before about the Fed pulling out the patent leather and gags any time their daddy fund managers came a’knockin, but today’s out-of-the-blue rate drop ices that cake. Or creams that banana. Or rims that job. Wev.

Now, given my current employment and market positioning, this is all good news for me, but I’m worried about what it means for the country. Because now we have a (quasi, but for all intents and purposes) governmental body making policy based on the whims of a tiny numbers of private corporations and individuals.

Then again, this is the third Gilded Age and a similar (though inverse) relationship has existed before, so maybe I shouldn’t be so surprised.

http://grumpasaurus.com/2008/01/22/a-new-role-for-the-fed/

[Grumpasaurus.com] Warrior for the Cause

'Warrior for the Cause'

Mark Deli Siljander, a former Republican congressperson from Michigan was indicted today as part of a conspiracy to funnel money terrorists who have threatened US troops in Afghanistan.

A former congressman and delegate to the United Nations was indicted Wednesday as part of a terrorist fundraising ring that allegedly sent more than $130,000 to an al-Qaida and Taliban supporter who has threatened U.S. and international troops in Afghanistan.

The former Republican congressman from Michigan, Mark Deli Siljander, was charged with money laundering, conspiracy and obstructing justice for allegedly lying about lobbying senators on behalf of an Islamic charity that authorities said was secretly sending funds to terrorists.

Siljander is a true warrior for the true GOP cause - money. It’s not about nationalism, jingoism, saving the troops, saving the unborn, saving christmas… it’s all about the benjamins. With regards to his true orthodoxy, Siljander is surely going to spend eternity with his 72 bags of glittery gold. Or the gold may be from the fronts of his soon-to-be cellmate smiling down at Siljander as Siljander performs his patented 72-lick salad toss. Hard to tell on these things. It’s heaven for one of them!

I give it approximately 30 10 minutes before Faux news “inadvertently” labels the GOP Republican GOP Republican GOP Republican GOP Republican GOP Siljander as “(D-MI)”. Oopsies! How’d that D get in there?

Read the indictment in my newly-opened “unfinished” legal bits section.

http://grumpasaurus.com/2008/01/16/warrior-for-the-cause/

[Grumpasaurus.com] Proud to be an Amurrikan!

'Proud to be an Amurrikan!'

where at least I know my GDPeeeeeeeee

For the first time in more than 100 years, British living standards have risen above those of Americans, a report has declared.

Increasing incomes, longer holidays and “free” healthcare have all contributed to making Britons better off than our friends across the Atlantic, according to the respected Oxford Economics consultancy.

Can we have that talk about socialized medicine v. free market health care discussion again now? How about that “Republicans are good for the economy” one?

http://grumpasaurus.com/2008/01/06/proud-to-be-an-amurrikan/

Just in time for mother's day

a new affiliate relationship! I always use FTD.com when ordering for deliveries anyway, so I figure… why not be an affiliate? Same selection and prices to you… and maybe I can pay for hosting.

Here’s the deal, 10% off for Mother’s Day:

Enjoy

Hey, ever wanted a cool domain name?

Now you can get not one, but TWO of ‘em: aceking.info and kingace.info

(this is my first time selling something on eBay. I figured… what the heck. Great business model they have, by the way - they charge you a fee to list your stuff via an entry in their database for which you do all the work. Sweet.)

Bid early, bid often!

How to keep your home's appreciation in the family

Though the bubble has burst, our homes are still almost always going to be our single greatest asset. And when we sell those assets, our eyes get as big as saucers when looking at all the apprecation our lovely four walls have accumulated. However, there are some things that can significantly reduce the amount you will realize from that appreciation. Taxes aside, real estate agent fees are the biggest chunk. With a little extra work and/or creativity on your part, the agent fees can largely be avoided.

A typical home sale incurs agency fees of 6-7%, with half going to the selling agent and half to the buying agent. Selling and buying a home involves a lot a paperwork and is a total pain in the ass… but 7% is a steep tax to pay (on a $500,000 home sale, you’ll be paying $30,000 in agent fees). How can you avoid paying it?

To avoid the buyer agent fees, you could sell only to unrepresented buyers. That will limit your pool of available buyers, but it can save you some money. Essentially, though, I think paying the buyer agent fees is nigh unavoidable, which leaves the selling agent.

Traditionally, there’s the for sale by owner route. There are a number of websites that will let you list your house FSBO for a flat fee (as little as $399).

I think a great middle ground (and fast-rising option) is Redfin. They have a flat $2,000 fee like the FSBO sites, but also have experienced sales agents who will show your home and take care of all that onerous paperwork. That $30,000 in agent fees for your $500,000 home just became $17,000 ($15,000 for buyer agent + $2,000 for Redfin). You could potentially save yourself $28,000 if you find a buyer not using an agent.

And that, as my mom would say, is better than a kick in the pants.

I have no association or relationship with Redfin… but I’ll be using them when I put my house up for sale in the near future.