Refinance Free Credit

The early earnings season continued its rocky start for financials Tuesday, with U.S. Bancorp (USB: 22.70 -2.70%) reporting that second quarter income slid 18 percent, as the bank absorbed a loan loss provision that more than tripled the levels recorded one year ago. Financial analysts have expected the going to be rough for community and regional [...]

First of all, U.S. Treasury secretary Henry Paulson wants you to know that the plan cooked up to backstop Fannie Mae (FNM: 7.07 -27.34%) and Freddie Mac (FRE: 5.26 -26.02%) wasn’t a spur of the moment thing, as the Wall Street Journal had suggested earlier in a wide-ranging look at the Treasury’s response to the [...]

Apparently throwing an earlier veto threat out the window, President Bush said in a press conference Tuesday that Congress needed to speed up its work to pass a massive housing aid package that currently sits with House leaders for revision after passing the Senate last week. “There are just 26 legislative days left before the end [...]

The time has come. You might have to change jobs, or you might just want to be closer to family. This means that you are going to moving very soon. Of course you are hoping that this will go smoothly and no troubles will arise. What if you have kids? Are you worried about moving them, or having trouble doing so? Well, this is something that has to happen to many people. The key is too make sure that you are moving, and that you get your kids to come along as smoothly as possible. The following tips are set out there to make sure that you have help in this process, and that your kids are as helpful as possible too.

Prepare Them for the Move

You need to make sure that they understand why you are moving. Do not just throw them into the fire and expect them to understand. Take your time and really make sure that they have a clear understanding of this. You need them to realize how important this is. Next you want to make sure that they are able to meet with the people that they want to meet with. Make sure that they have time to spend with friends and that they do not leave without saying something to each of them. They need to be mentally prepared for this situation.

If They Want to do Something Before They Leave, Do It

If the kids ever suggest an activity to do before you leave then make sure you take your time and do it. If they do not bring it up then make sure that you ask them. If you are more willing to accomplish things they want to accomplish then it will be helpful to them. Just make sure they you think about them during this process, because they are largely affected. Try not to deny them, unless the suggestion is very unreasonable. Sometime the children will be hesitant to move because of the fear of not knowing when they may come back. Take the hesitation away.

The Actual Move

Make sure that your children are comfortable with how their belongings are packed. If they want something for the trip then make sure it is not packed away out of their reach. If you face any difficulties with the move then make sure you do not confront them with it. This may make them feel awkward and they might close back up to the idea. Make sure the travel is a fun time and not a time where you are panicking. If the kids want to do a thing or two on the move then let them do it. Try to make sure they are eased into this process.

Additional Resources:

• Trend Appears where Buyers Are Moving Closer to Cities
• Counting the Days and Hours
  

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Remarks earlier this week from Secondary Marketing Executive editor Phil Hall have left us wondering how much he really understands about the industry he covers. To wit, from an op-ed published on their own Web site: If the federal government is willing to rush to the rescue of IndyMac, Fannie Mae and Freddie Mac (not to [...]

Looks like Bernanke has a reason for concern. Via the Associated Press: The Labor Department reported that soaring costs for gasoline and food pushed inflation at the wholesale level up by a bigger-than-expected 1.8 percent in June, leaving inflation rising over the past year at the fastest pace in more than a quarter-century. Over the past 12 [...]

Today, a very long look at mortgage insurers graces the front page of the Wall Street Journal, and it finds out what we’ve alraedy known for some time: that it’s the mortgage insurers that are playing the role of final arbiters of credit in a fast-contracting mortgage lending market (at least the part of it [...]

The hits keep on coming for Fannie Mae (FNM: 8.15 -16.24%) and Freddie Mac (FRE: 6.10 -14.21%). Tuesday morning, Moody’s Investors Service said it had downgraded key credit ratings at both GSEs over concerns about “diminished financial flexibility.” Fannie saw its preferred stock rating fall to A1 from Aa3, while its bank financial strength rating [...]

Almost a half-million Americans lost their homes to foreclosure in the first half of the year, nearly double the same time a year ago. That’s six of every 1,000 households nationwide repossessed by the bank following foreclosure so far in 2008, according to real estate information service ForeclosureS.com. “If the trend continues, we could see one [...]

Analyst Merideth Whitney, who has gained some infamy lately with here bearish (and accurate) calls about the fallout from the housing debacle, called Wachovia’s prospects ‘bleak’ and downgraded the company to underperform due to the continued deterioration of the housing and mortgage markets.  As the company shrinks its balance sheets the potential for revenue is negatively impacted.

This is really a no-brainer.  The company realized revenues from deferred interest which will never materialize, have a ton of option ARM timebombs on the books and are in general likely to take greater loan losses in the future, and now to respond they have to unload some debt off their balance sheet to free up capital cannabalizing future revenues in favor of liquidity.  Tough cycle.

From Bloomberg:

Oppenheimer & Co.’s Meredith Whitney, the analyst who correctly predicted Citigroup Inc. would reduce its dividend this year, said the earnings outlook for Wachovia Corp. has “dramatically diminished” and bank stocks will keep falling until asset prices “get real.”

Wachovia fell as much as 13 percent in New York trading after Whitney said prospects for shareholders of the Charlotte, North Carolina-based bank are “bleak.” Mortgage assets are still priced too high on U.S. banks’ balance sheets, she said.

“Historically, financials have not shrunk well,” the New York-based analyst said in an interview with Bloomberg Television. She said Wachovia last week released charge-off figures that didn’t correspond with portfolio values, meaning the bank might be shrinking its balance sheet. “Your revenues go down dramatically. Effectively, you’d be eroding capital.”

The world’s biggest financial services companies have posted more than $416 billion of losses and writedowns tied to the mortgage-market collapse, according to Bloomberg data. Wachovia’s losses totaled $13.7 billion.

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