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scott brown
- Member since 29 Sep 2011
- wLocation: Bathgate
- rFeedback score: 2 jobs 100% positive
Top trades
- >Carpenter & Joiner
- >Flooring Fitter
- >Conservatory Installer
- >Extension Builder
- >New Home Builder
- >Loft Conversion Specialist
- >Window Fitter
My name is scott brown i started my own company because i thought i had something to give as i am a hard worker and always eager to please i have a great understanding of drawing and setting out always punctual and always price fairly all aspects of joinery undertaken.
Recent Feedback
hi scott came to my shop when he said came back with a great price he fitted a kitchen in the tea room and fitted some doors ,i also got him back to fix my front and back doors of my shop,i got him back to fix a problem with a sink he was there that day really helped me out ,the job was neat and tidy first class he worked around my shops hours and the time scale suited me perfectly i would say his strengths are listening always there when he says,i would use him again simply because hes trust worthy .
- Client Reference
Positive Client Reference taken by MyBuilder (Carpentry & Joinery)
Work History
Well over the last 18 years i have worked on site and on private houses,I've also fitted kitchens , done decking , flooring all aspects of joinery i also have relevant city and guilds and valid cscs card and public liability insurance for peace of mind.
Qualifications & Accreditations
city and guilds level 2 and valid cscs card My skills are,
1.kit erection
4.roofline work
5.laminate flooring
6.hard wood flooring
7.timber decking
8.upvc windows and doors
9.replacing worktops and sinks
11.metal stud partions and dry lining
im willing to put my hand to any problem and get the job done.
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Miss World 2012: China Wins Title at Home for the 2nd Time
August 18, 2012 by cd
Miss China Wen Xia Yu bested 115 contestants from around the globe and emerged as the winner of Miss World 2012 on Saturday at Dongsheng Fitness Center Stadium in Ordos, Inner Mongolia, China.
This is the second time that China won the title at home, the first was when Zhang Zilin bagged the crown in 2007 when the pageant was held in Sanya, China.
23-year old Wen Xia Yu hails from Liaoning. According to the pageant's official website, the 1.78m tall Chinese beauty studied music, and would like to become a music teacher someday. In her spare time she enjoys hiking, travelling, singing, dancing and playing the piano. She describes herself as someone who follows her dreams with a smile, and says her favourite food is dumplings.
Here are the complete results:
Miss China, Wen Xia Yu
1st Runner Up:
Miss Wales, Sophie Moulds
2nd Runner Up:
Miss Australia, Jessica Kahawaty
Top 7:
Miss Jamaica, Deanna Robins
Miss South Sudan, Atong Demach
Miss India, Vanya Mishra
Miss Brazil, Mariana Notarangelo
Top 15:
Miss Mexico, Mariana Berumen
Miss England, Charlotte Holmes
Miss Spain, Aránzazu Estévez
Miss Philippines, Queenierich Rehman
Miss United States, Claudine Book
Miss Netherlands, Nathalie den Dekker
Miss Indonesia, Ines Putri Tjiptadi Chandra
Miss Kenya, Shamim Nabil
Pre-Pageant Events:
Top Model:
Miss South, Sudan Atong Demach
Miss Sweden, Sanna Jinnedal
Miss China, Wen Xia Yu
Beauty With A Purpose:
Miss India, Vanya Mishra
Beach Fashion:
Miss Wales, Sophie Moulds
Miss India, Vanya Mishra
Continental Queens of Beauty:
South Sudan
Asia and Oceania:

subset: commoncrawl


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Halal Meats
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It might be instructive to search for and read the many articles on the sanitary conditions - or not - of Halal meats being sold in the US of A (and world-wide). A few blogs noted that food inspectors are chary of reporting Muslim food and sanitary conditions infractions for the obvious reasons. It seems the real problem is how the slaughtering is conducted and the disgusting results.
Here is just one blog Halal
Wow, this is rich. The linked article, "NY POST: Worst of the wurst: NYC's dirtiest 'alfresco' food cart vendors", does not seem to use the word "halal," and includes ONE horrifying anecdote of a Muslim vendor who prepares food right in front of customers with dirty hands. Obviously we can't trust the customers to have the sense to avoid such vendors, and obviously, they are lurking everywhere. But this was just the afterthought. Let's look at the *real* argument against halal food espoused by this source:
"The first problem is an employment fairness issue. Halal slaughter requires that Muslims perform all halal rituals. The end result is that Muslims begin to "take over" food production jobs of a nation. The idea that Muslims – who wish to eliminate non-Muslims – control any aspect of non-Muslim food production is disturbing."
"The second problem is a terrorist funding issue. All halal products require the monetary purchase of halal certification from a major Muslim entity – and some of that money inevitably supports terror efforts against the West."
"The third problem is a Muslim immigration scam. Evidently, halal slaughter requires Western nations to import halal butchers from Muslim nations. The scam is that the halal butchers QUIT as soon as they receive their Western immigration status – requiring the constant importation of halal butchers from – you guessed it – Muslim nations."
"The fourth problem is that – where Western countries have banned guns but allow knives – halal butchers can use their butchering skills as very effective human murderers. In essence, the importation of halal butchers is the importation of devout Muslims who would make extremely effective foot soldiers in a fighting war."
You really can't make this stuff up. These arguments are so laughable as to not require an official debunking. And while I would *hope* the person promoting them is prepared to accept the logical consequences -- such as also banning kosher foods -- I rather doubt that he does. Watch out for Muslim butchers, guys...literally! They're going to cut you up!! And serve you as halal certified food!!! Without washing their hands!!!!
They have been very good for the goat business in Maine.
Does anyone know a good purveyor of halal meats in southern Maine? It's now impossible to buy lamb for a decent price in the supermarket, but I'm told halal vendors sell it at reasonable rate.
Oh by the way, if you're a Republican of the non-libertarian variety, this is probably why. Warning: not for the squeamish, and you don't want to hear this.
It is Interesting to compare the examples in the linked blog with similar examples from history ("If you have a good nose, you can smell a Jew"), executed with no more finesse, but laughable outside of their historical context.
In all seriousness, it goes a long way to explain why the sort of stuff linked to by Watcher, despite being blatant drivel, is so effective for those who are not actively guarding against this sort of manipulation. The propagandist is to be admired for choosing effective tactics... there is probably no need to make the arguments even remotely plausible... those who are shopping for this sort of stuff will buy. Of course, the greatest irony is that the two biggest right-wing movements in the world each slanders the other in this way, doing effectively the exact same thing.
If you lack 14 minutes, the good part starts around 4:50. The part that explains why your heightened sense of disgust actually makes you a Republican starts a few minutes later. It was already well established that something like 90% of your political orientation is heritable (this holds across many studies and classification schemes). This new evidence, along with the studies of heightened fear response in right-leaning individuals (many studies, including both brain scans and galvanic skin response), goes a long way towards explaining the mechanisms behind that. I don't mean to demonize those of you who naturally fall into this category.. it serves a real evolutionary and protective purpose, obviously, and it's just as easy to lambaste those with the opposite tendencies, as the speaker seems to realize. But without consciousness, it can also make you easy to manipulate, given the tools of modern persuaders.
Three Pipe Problem has a real problem. I suggested that people check out the situation and he/she comes back with not only nutsy koo-koo stuff and apolagetics for for the Muslim way. Geeze...what wrong with saying look into it?
Look in to it? It's whackadoodle! Ok, seriously, the blog spews circular reasoning. What's next? Birther conspiracy theories? The shadowy world government is run by lizard men? How about some intelligent reading: http://political-science.uchicago.edu/faculty-workingpapers/Oliver%20Woo...
Libero...this was the absolute dumbest posts I have ever tried to read.
Three Pipe Problem has a real problem. I suggested that people check out the situation and he/she comes back with not only nutsy koo-koo stuff and apolagetics for for the Muslim way. Geeze...what wrong with saying look into it?
Hey guys, let's look into how horrible and disgusting the Muslim food supply is! Watcher, I looked into it and shared my opinion. It's interesting that you consider the ideas I presented, all backed by multiple confirming studies, to be the koo-koo stuff. Science does seem kooky, I admit... it's why we've only had it for a tiny fraction of human existence. And scientific exploration of such issues wouldn't be necessary if people could -- across the board -- trust their "common sense" and intuitions reliably.
The point of the video is that we're wired up so that even the hint of the implication of a taint will make a disgust reaction seem very natural for a lot of folks. That's why the "Ew, Muslims and their food are probably gross, let's explore that" approach is dangerous. From an evolutionary (or an intelligent design) perspective this makes complete sense... Our ancestors lived in an environment where they had no idea what the real sources of "taint" were; so an almost superstituous capacity for group disgust is the correct, precautionary design. Except we have access to a lot more reliable forms of information now.
Most societies facing problems single out a group to hate and blame, and the Muslims are up. To me, the blog Watcher linked to, where the thinking reaches the level of paranoia and the illogic is so blatant, represents this in it's rawest form, and something I will speak passionately against. It is one thing to have a logical discourse about some real aspect of a Muslim-related threat. But linking to paranoid, unscientific, slanderants? You should be ashamed to take that seriously, although I admit you were not advocating it in the strongest form, Watcher.
In labeling my response "Muslim apolagetics [sic]" you missed that I implied pretty bluntly that the propaganda often associated with halal food (to wit, the meme that non-halal food and people who eat it are "disgusting") amounts to exactly the same thing, by a group that as far as I can tell, has an equally neurotic leadership as those who think that Muslims are our big problem.
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Cart: 0 items
Monday - Friday
Total Length: | 39 inches |
Pad Length: | 15.5 inches |
Material: | Faux Fur |
D Rings: | 2 |
Cell Pouch: | 4 inches long, 1.5 inches wide |
PoolDawg Cue Case Strap
Rank: Rookie
This is a fine addition to my cue case. The padded "PoolDawg" strap easily replaces the, original, on my Instroke case. It has a removable cell phone pocket (and it fits my iPhone 4). The accessory "D" rings are useful for carrying your towel or other ringed objects. The strap is adjustable and can be lengthened or shortened quickly. My only, minor, problem is that the springs on the quick release hooks are not that strong. I fixed the problem with two small cable ties around the latches.
I rate this strap a 4 due to the spring problem---otherwise I am entirely pleased with my purchase and the speed in which it was delivered to me.
I do recommend this product to anyone who has a heavy cue case.
This item Usually ships within 24 hours.
If you place your order before 1:00PM MST Monday through Friday, we'll get your order packed and shipped that same day. Please take a look at the chart below and you'll be able to estimate the approximate ship time for this item.
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GR Auto Gallery is pleased to present this Custom 1939 Oldsmobile 4-door Sedan for purchase. When Oldsmobile was phased out by General Motors in... More
This is a rare fully restored 1931 DH6 sedan produced by Dodge. The ?31 DH6 was a new model for Dodge. The 211.5 CID... More
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Stk. 1802 1933 Ford Factory Five Replica Detailed description coming soon. Call 800-650-1055 or visit our website at www.autobarnclassiccars.com for more information. ALL VEHICLES SOLD... More
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1939 Chevrolet Master Deluxe Coupe, all steel, no rust, solid roadworthy, 350 w/350 Turbo automatic, aluminum radiator, Mustang II front suspension, Camaro rear with... More
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1939 Ford 922A AntiqueThis spectacular 39 Ford Sedan stands out anywhere it goes and draws the attention away from all the other cars plus... More


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A perfect ending to Summer and Beginning to fall. Golden Potato and Caramelized Onion Pizzas-with Rosemary.
Prep time: 15 minutes
Cook time: 40 minutes
Servings: 1 Flat bread
Tags: |
- 3 Flat Bread Rounds
- 2 Yukon Gold Potatoes
- 1/2 Spanish Onion
- 3 Sprigs of Fresh Rosemary or 1 Tablespoon Dried Rosemary
- Extra Virgin Olive Oil
- Salt to taste
- Method:
- Peel and then thinly slice potatoes. Get them as thin as you can. about the thickness of a quarter if you can. Having a nice sharp knife comes in handy here.
- Set potatoes on a bowl of cold water while you prep the rest
- Slice onions into half circles, shoe string style.
- Heat skillet and add 1 TBL olive
- While skillet heats, strip Rosemary sprigs, unless using dried
- When skillet is hot, add onion, pinch of salt and half of Rosemary
- Lower heat and continue to stir occasionally until onions are soft and develop a golden color. You are not trying to caramelize them completely. When done, remove from heat.
- While onions are cooking, preheat oven to 375 degrees and place flat breads on cookie sheet.
- Lay potatoes out on paper dowel to drain and pat dry.
- Drizzle flat breads with Olive Oil
- Begin to assemble pizza. I like to put onions on first, then layer the potatoes, hit it with one more dash of the unused rosemary and another pinch of salt.
- Drizzle a bit more oil over layers.
- Bake in oven for 35-40 min or until potatoes are tender.
- NOTE: Really Great. I would add dollops of goat cheese next time for even more flavor. try it and let me know what you guys think.
- Enjoy.
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Nutrition Facts
Amount Per Recipe | %DV |
Recipe Size 605g | |
Calories 729 | |
Calories from Fat 81 | 11% |
Total Fat 9.1g | 11% |
Saturated Fat 2.74g | 11% |
Trans Fat 0.0g | |
Cholesterol 61mg | 20% |
Sodium 619mg | 26% |
Potassium 2081mg | 59% |
Total Carbs 145.3g | 39% |
Dietary Fiber 13.4g | 45% |
Sugars 6.88g | 5% |
Protein 21.54g | 34% |


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Yesterday, with special thanks to Matt138, I introduced the writings of Frédéric Bastiat, a 19th century French economist. I always find it interesting when writings from many years ago resonate through the ages as if they were written yesterday. If you've never read Plato's Republic, it has a similar resonance. Plato's critique of the shortcomings of democracy are still just as valid today as they were 2,500 years ago when he wrote it. Usually, I feature recent news articles less than a few weeks old. Today, I am featuring an essay written more than 160 years ago. The fact that it resonates so well today shows just how farsighted his vision was.
Our obscure French economist understood the workings of credit and it's impact on society in general. He would readily recognize the misallocations of credit caused by government loan guarantees in the housing market and distortions of reality used to justify it. He would probably be amused by the parallels between what's happening in the United States today and what happened in France 160 years ago. Or perhaps not. He might be horrified that mankind has made such little progress in understanding the folly of government intervention in the credit markets.
Selected Essays on Political Economy
Bastiat, Frédéric — (1801-1850)
At all times, but especially in the last few years, people have dreamt of universalizing wealth by universalizing credit.
I am sure I do not exaggerate in saying that since the February Revolution the Paris presses have spewed forth more than ten thousand brochures extolling this solution of the social problem.
This solution, alas, has as its foundation merely an optical illusion, in so far as an illusion can serve as a foundation for anything.
These people begin by confusing hard money with products; then they confuse paper money with hard money; and it is from these two confusions that they profess to derive a fact.
In this question it is absolutely necessary to forget money, coins, bank notes, and the other media by which products pass from hand to hand, in order to see only the products themselves, which constitute the real substance of a loan.
For when a farmer borrows fifty francs to buy a plow, it is not actually the fifty francs that is lent to him; it is the plow.
And when a merchant borrows twenty thousand francs to buy a house, it is not the twenty thousand francs he owes; it is the house.
This is the essence of asset-backed debt. When lenders broke the connection between the amount of the loan and the cashflow value of the house, they inflated a massive housing bubble which caused an enormous misallocation of resources as money poured into housing that we didn't need.
Money makes its appearance only to facilitate the arrangement among several parties.
Peter may not be disposed to lend his plow, but James may be willing to lend his money. What does William do then? He borrows the money from James, and with this money he buys the plow from Peter.
But actually nobody borrows money for the sake of the money itself. We borrow money to get products.
Now, in no country is it possible to transfer from one hand to another more products than there are.
Bankers believe they can. They also confuse money with produce. They believe that if they print more money or come up with some "innovative" new loan program, they can actually create value. They don't. Paper is paper. It has no value other than what we confer on it, and despite any short-term obfuscations and distortions, the total amount of money must equal the total value of goods and services a society produces. The excess — and there is always excess with a printing press — merely dissipates as inflation.
The federal reserve can print money out of thin air, and they have been doing so to the tune of $85 million for month for the last several months. This creation of money doesn't match up with anything tangible, merely the bad loans — the illusory assets — polluting banks balance sheets.
Whatever the sum of hard money and bills that circulates, the borrowers taken together cannot get more plows, houses, tools, provisions, or raw materials than the total number of lenders can furnish.
For let us keep well in mind that every borrower presupposes a lender, that every borrowing implies a loan.
This much being granted, what good can credit institutions do? They can make it easier for borrowers and lenders to find one another and reach an understanding. But what they cannot do is to increase instantaneously the total number of objects borrowed and lent.
However, the credit organizations would have to do just this in order for the end of the social reformers to be attained, since these gentlemen aspire to nothing less than to give plows, houses, tools, provisions, and raw materials to everyone who wants them.
And how do they imagine they will do this?
By giving to loans the guarantee of the state.
Does this sound familiar? Politicians have worked to expand home ownership by guaranteeing loans through the FHA and the GSEs. The FHA has been around since the 1930s, and despite their best efforts, home ownership rates are no better in the United States than in countries with no government subsidies at all. As it turns out, you can't give homes to everyone who wants one.
Let us go more deeply into the matter, for there is something here that is seen and something that is not seen. Let us try to see both.
Suppose that there is only one plow in the world and that two farmers want it.
Peter is the owner of the only plow available in France. John and James wish to borrow it. John, with his honesty, his property, and his good name, offers guarantees. One believes in him; he has credit. James does not inspire confidence or at any rate seems less reliable. Naturally, Peter lends his plow to John.
That is how the private lending market would work. An dispassionate evaluation of creditworthiness would determine who got loans and who did not.
But now, under socialist inspiration, the state intervenes and says to Peter: "Lend your plow to James. We will guarantee you reimbursement, and this guarantee is worth more than John's, for he is the only one responsible for himself, and we, though it is true we have nothing, dispose of the wealth of all the taxpayers; if necessary, we will pay back the principal and the interest with their money."
The FHA and the GSEs facilitate loans by guaranteeing investors repayment of principal and interest on a loan regardless of whether or not the borrower repays it. The positive impact of what's seen is the new loan given to a low-income borrower. The negative impact of what's hidden is the crowding out of more creditworthy borrowers and the pernicious effect on borrower's attitudes and burgeoning entitlements.
So Peter lends his plow to James; this is what is seen.
And the socialists congratulate themselves, saying, "See how our plan has succeeded. Thanks to the intervention of the state, poor James has a plow. He no longer has to spade by hand; he is on the way to making his fortune. It is a benefit for him and a profit for the nation as a whole."
Just as supporters of the FHA and GSEs pat themselves on the back for providing home ownership to those who wouldn't be extended loans by private lenders.
Oh no, gentlemen, it is not a profit for the nation, for here is what is not seen.
It is not seen that the plow goes to James because it did not go to John.
It is not seen that subprime borrowers and others of dubious credit quality bid up prices so prudent borrowers have to pay more, or worse yet, prudent borrowers end up getting priced out of properties commensurate with their incomes and are forced to substitute down to lower quality properties. The borrowers who should not have been given loans are provided with nicer properties while the prudent are forced to accept lesser accommodations.
It is not seen that if James pushes a plow instead of spading, John will be reduced to spading instead of plowing.
Consequently, what one would like to think of as an additional loan is only the reallocation of a loan.
Furthermore, it is not seen that this reallocation involves two profound injustices: injustice to John, who, after having merited and won credit by his honesty and his energy, sees himself deprived; injustice to the taxpayers, obligated to pay a debt that does not concern them.
This is the central injustice of the housing bubble. By 2004, prudent borrowers were forced to chose between accepting a much lower quality property or wait for years for the imbalance to correct itself. Then, when the housing bubble collapsed, rather than gaining advantage of their prudence, those that didn't participate in the housing bubble were forced to pay for bailouts designed specifically to keep them priced out of nicer properties and benefit the Ponzis and the stupid lenders that enabled them.
Will it be said that the government offers to John the same opportunities it does to James? But since there is only one plow available, two cannot be lent. The argument always comes back to the statement that, thanks to the intervention of the state, more will be borrowed than can be lent, for the plow represents here the total of available capital.
This economic fallacy is the entire justification for loan programs specifically designed to help lower income borrowers "afford" homes. In reality, it merely inflates the prices of entry level homes and deprives a marginal buyer an opportunity to own in favor of a less qualified buyer who meets the criteria of the program.
True, I have reduced the operation to its simplest terms; but test by the same touchstone the most complicated governmental credit institutions, and you will be convinced that they can have but one result: to reallocate credit, not to increase it. In a given country and at a given time, there is only a certain sum of available capital, and it is all placed somewhere. By guaranteeing insolvent debtors, the state can certainly increase the number of borrowers, raise the rate of interest (all at the expense of the taxpayer), but it cannot increase the number of lenders and the total value of the loans.
Do not impute to me, however, a conclusion from which I beg Heaven to preserve me. I say that the law should not artificially encourage borrowing; but I do not say that it should hinder it artificially. If in our hypothetical system or elsewhere there should be obstacles to the diffusion and application of credit, let the law remove them; nothing could be better or more just. But that, along with liberty, is all that social reformers worthy of the name should ask of the law.
Right now the law artificially encourages borrowing. We subsidize interest payments with the home mortgage interest deduction, and we guarantee the repayment of debt with FHA and GSE lending programs. In fact, when you consider the FHA and GSEs now insure more than 90% of the loans in the marketplace, we have completely nationalized home ownership. This will ensure the misallocation of resources and further injustices to borrowers through the capricious allocation of credit based on government policy rather than merit and character of the borrower. The negative impacts of these problems will reverberate for another generation. Perhaps our grandchildren will enjoy a free market, but I rather doubt it.
Better late than never
The former owner of today's featured property was a reasonably responsible homeowner during the bubble. He dutifully paid down his mortgage right up until the peak when he extracted about $300,000 for personal consumption. His timing was great if his intent was to sell the property to the bank at peak prices.
Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
We're sorry, but we couldn't find MLS # S721450 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
Proprietary OC Housing News home purchase analysis
27342 ALLARIZ Mission Viejo, CA 92691
$899,900 …….. Asking Price
$424,000 ………. Purchase Price
7/31/1998 ………. Purchase Date
$475,900 ………. Gross Gain (Loss)
($71,992) ………… Commissions and Costs at 8%
$403,908 ………. Net Gain (Loss)
112.2% ………. Gross Percent Change
95.3% ………. Net Percent Change
5.2% ………… Annual Appreciation
Cost of Home Ownership
$899,900 …….. Asking Price
$179,980 ………… 20% Down Conventional
3.48% …………. Mortgage Interest Rate
30 ……………… Number of Years
$719,920 …….. Mortgage
$166,863 ………. Income Requirement
$3,225 ………… Monthly Mortgage Payment
$780 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$225 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$81 ………… Homeowners Association Fees
$4,311 ………. Monthly Cash Outlays
($717) ………. Tax Savings
($1,137) ………. Equity Hidden in Payment
$198 ………….. Lost Income to Down Payment
$132 ………….. Maintenance and Replacement Reserves
$2,787 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$10,499 ………… Furnishing and Move In at 1% + $1,500
$10,499 ………… Closing Costs at 1% + $1,500
$7,199 ………… Interest Points
$179,980 ………… Down Payment
$208,177 ………. Total Cash Costs
$42,700 ………. Emergency Cash Reserves
$250,877 ………. Total Savings Needed
The property above is available for sale on the MLS.
Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!41 Responses to "Government home loan guarantees ensure the misallocation of credit"
Some early peeks at the QM rules.
QM rule released with two legal liability standards
By Kerri Ann Panchuk January 9, 2013 • 11:14pm
The Consumer Financial Protection Bureau revealed its much awaited ability-to-repay and qualified mortgage guidelines Wednesday, creating two types of qualified mortgages with different legal liability standards.
The first QM-loan classification includes a safe-harbor provision, which essentially eliminates 'ability-to-repay' litigation risk for qualified loans.
Essentially, the 'safe harbor' standard applies to lower-risk loans that meet all of the QM requirements.
The second-type of QM loan comes with a rebuttable presumption of safe lending and applies to higher-cost loans. This loan type is presumed safe for the most part, but can still be challenged on narrow grounds in court later on.
The overarching ability-to-repay rule also outlines the basic guidelines lenders issuing new loans will have to follow.
On the very basic level, the rule requires lenders to document and verify a borrowers employment status, income and assets, current debt obligations, credit history, monthly payments on the mortgage, and monthly pay-outs on other mortgages and debts. (Click here for a full fact sheet and underwriting criteria).The rule stipulates lenders can no longer offer no-doc, low-doc loans.
The final rule also forces lenders of qualified mortgages to determine if a borrower possesses sufficient assets or income to pay back the debt.
In addition, lenders are required to determine a borrower's ability-to-repay upfront by evaluating the consumer's debt-to-income ratio, earnings, expected earnings, current debt levels and the homeowner's ability to take on more debt.
The rule also is a death-knell for loans with teaser rates that have the potential to mask the true cost of a mortgage, the agency said.
Under ability-to-repay, lenders cannot base the evaluation of a consumer's ability to repay on teaser interest rates.
Instead, firms are required to determine a borrower's ability to repay both the principal and the interest over the long-term. In other words, using an introductory loan period when rates are generally lower will not suffice as an appropriate verification of a borrower's capacity to service the debt.
The CFPB will presume lenders have complied with the ability-to-repay rule if lenders write a loan that fits within the agency's final definition of a 'qualified mortgage.'
The definition of a qualified mortgage is a loan that has no excess upfront points and fees. Qualified mortgages limit points and fees – including those used to compensate loan officers and brokers, the CFPB said.
A qualified mortgage cannot exceed 30 years, allow for interest-only payments, negative amortization payments or loans where the principal amount increases.
Qualified mortgages also have a cap on how much of a consumer's income can go towards a mortgage debt. A loan in which the borrower's debt-to-income ratio is less than or equal to 43% will generally be classified as a qualified mortgage.
Recognizing that transitioning to this standard will be somewhat burdensome, the CFPB created a temporary, transitional standard for loans that do not meet the '43%-or-under' DTI threshold. In the transition period, loans outside the DTI requirement will be 'qualified mortgages' as long as they meet other government affordability standards such as being eligible for acquisition by Fannie Mae and Freddie Mac.
The rule also prohibits loans with balloon payments from receiving QM status. There is an exeption for small creditors in rural or underserved areas as long as the lender originates balloon loans under specifically defined conditions.
QM's LEGAL RISKS
Once it's determined a borrower has received a qualified mortgage, lenders will need to know what legal risks apply to the mortgage.
The qualified mortgage rule with a safe-harbor provision protects lenders from 'ability-to-repay' legal liability for the life of the loan as long as the loan complies with the guidelines. Qualified mortgages with a safe harbor are those mortgages described as "lower-priced loans that are typically made to borrowers who pose fewer risks."
The CFPB added, "If the loan goes south, the lender will be considered to have legally satisfied the ability-to-repay requirements. But consumers can still legally challenge their lender under this rule if they believe that the loan does not meet the definition of a Qualified Mortgage."
The QM with a rebuttable presumption applies to "higher-priced loans typically for consumers with insufficient or weak credit history."
"If the loan goes south, the consumer can rebut the presumption that the creditor properly took into account their ability to repay the loan," the CFPB noted.
In that type of situation, the borrower would have to prove the creditor did not consider other factors like living expenses after calculating the mortgage and other debts.
Mortgage industry accepts QM while citing flaws
By Kerri Ann Panchuk January 10, 2013 • 9:14am
The Consumer Financial Protection Bureau launched its qualified mortgage and ability-to-repay provisions to mixed reviews Thursday.
The CFPB introduced the rule at midnight eastern standard time, drawing praise in some cases for including a safe-harbor provision for lower-risk loans and saving the rebuttable presumption standard for higher-risk mortgages. The rule (which is accessible here) would not take effect until Jan. 2014.
But credit unions and consumers groups, along with the Mortgage Bankers Association, still expressed some concern as they dug through the complex guidelines.
Fred Becker, CEO and president of the National Association of the Federal Credit Unions, said the association "appreciates the CFPB including the safe harbor provision." The provision, as outlined here by HousingWire, only applies to certain low-risk mortgages.
Meanwhile, higher-risk loans come with a rebuttable presumption making ability-to-repay litigation still viable in specific, but narrow instances.
"Credit unions have been and continue to be responsible lenders who work to meet their members' needs with safe and sound products," Becker said.
"The safe harbor is preferable for all parties involved in a mortgage loan transaction as it provides clarity and certainty, and consequently discourages frivolous lawsuits, claims or defenses."
But Becker said the credit unions still worry about a "rigid approach to regulation."
"We are concerned that the rule could curtail lending by credit unions, and ultimately, negatively impact consumers by limiting the choices of prudent lenders in the mortgage market," he said.
The MBA also praised the safe-harbor rule that was included, but expressed concerns about compensation rules that could impact members in the lending industry.
"This is a very complex rule. We remain concerned that certain aspects of it could curb competition, increase costs and tighten credit availability for borrowers," said Debra Still, chairman of the MBA. "In particular, the 3% cap on points and fees appears to be overly inclusive as it relates to compensation and affiliates. Loans with the same interest rate, terms and out of pocket costs should be treated the same under the rule regardless of the organizational structure or business model of the lender."
The MBA is looking into "whether the interest rate threshold for the safe harbor, which is set at 150 basis points above the benchmark rate, will adversely impact too many borrowers."
The MBA's concern is pricing restrictions could keep consumers out of qualified mortgages, specifically smaller balance loans and jumbos.
But the MBA lauded the rule for at least getting standards in place to try to get the origination side of the market moving forward.
"If it also provides lenders the certainty needed to originate qualified mortgages broadly across the market to creditworthy borrowers, it will have been a success," Still wrote. "However, if the result is a tightening of credit as lenders pull back from offering loans that would create greater risk of litigation, the CFPB may need to quickly revisit the rule to avoid harming the housing recovery."
John Taylor, president and CEO of the National Community Reinvestment Coalition, said he never believed it was necessary for the rule to carry a safe harbor provision for lenders or even a rebuttable presumption. Instead, he believes the CFPB should have left all potential legal channels for consumers open while simply stating what the guidelines are for a safe loan.
Even though Taylor has suggested consumers should never be barred from presenting legal challenges in court, he is curious to see if lenders will now move forward offering more refinancing and home purchase opportunities to Americans with the safe harbor standard included on lower-risk loans.
"My position is okay you got what you wanted. Now lets see all this lending that you said you were going to do if you got this. There is no excuse any longer," Taylor added.
Since misallocation of capital/credit always ends in asset deflation, malinvestment continues to pile-up, especially in places like OC.
btw, speaking of malinvestment….
Government Mortgage Enterprises Averaged 30% Risky Loan Purchases from 2001-2008
Fannie Mae and Freddie Mac contributed to the housing bubble, collapse and mortgage meltdown by taking on excessive risk.
Government housing policy is the root cause of the crisis.
As long as Fannie and Freddie are around they can be abused for political purposes again like in 1992. It's only a matter of time.
It's better to have regulations like min 10% or 20% down payment and 43% DTI, but then don't have a federal guarantee on the loan if it goes into default. Right we have regulations AND a national system.
The GSEs purchased most of the crap near the peak as they lost market share to private investors. I wouldn't go as far as to say they were the root cause of the crisis, but they did help keep it going with their bad asset purchases near the peak.
Our state government, as liberal and consumer protectionist as it claims to be, allowed the bubble to occur. The CA AG and depts failed to regulate the non-depository lenders in the state that were making the vast majority of NINJA option-ARMs and selling them to Wall Street. Instead of regulating this patently dangerous lending, CA did nothing.
Everyone was euphoric about their illusory wealth, so there was no impetus to stop the music. It was a complete and utter failure of regulation to prevent an obvious Ponzi scheme.
Fed bringing rates to 1% was the main culprit. From this, all else flows.
Sorry IR, the banking industry is overregulated. You are wrong. Government guarantee of bank accounts removes fear and due diligence from depositors. You can't have it one way with fannie/freddie guarantees and another way with bank account guarantees. They are of the same moral hazard.
Abolish the FDIC and the market will self regulate toward a natural, sustainable level of growth and conservative fractional lending. It is no different than any other industry. Anyone disagree? Thank your counter-education, collectivist psychopath society, and historical revisionist teachers.
Oh, and bring back honest money you disgusting FED apologists. CAPITALISM CANNOT FUNCTION PROPERLY WITHOUT HONEST MONEY. From this, all else flows.
"In addition, lenders are required to determine a borrower's ability-to-repay upfront by evaluating the consumer's debt-to-income ratio, earnings, expected earnings, current debt levels and the homeowner's ability to take on more debt.
The rule also is a death-knell for loans with teaser rates that have the potential to mask the true cost of a mortgage, the agency said.
Under ability-to-repay, lenders cannot base the evaluation of a consumer's ability to repay on teaser interest rates.
Instead, firms are required to determine a borrower's ability to repay both the principal and the interest over the long-term. In other words, using an introductory loan period when rates are generally lower will not suffice as an appropriate verification of a borrower's capacity to service the debt."
If this rule would have been in place during the housing bubble, the 2/28 loan program given to subprime borrowers would never have existed. That one loan program did much to inflate the price of entry level homes.
IR, I didn't see any mention of down payments requirements. Did you?
No. And that was the biggest provision I was looking for. They may have dodged it for now.
The 20% downpayment proposal is party of QRM, yet to be released, not QM.
Thanks. I guess the QRM will have even more detailed information. Do you have release date on that proposal?
There's no definitive date. The QRM proposed rule includes a 20% downpayment requirement. QRM is related to risk-retention requirements for creditors who make non-QRM mortgages.
Short sales in California surpass sales of foreclosed homes
When housing prices first went off the cliff, most mortgage lenders refused to cut deals with homeowners, choosing instead to repossess homes on a grand scale.
Five years and billions of dollars in losses later, many banks can't cut those deals fast enough, writing off large chunks of mortgage debt and even paying homeowners to move out.
In recent months, short sales — in which banks allow homeowners to sell for less than they owe — have surpassed sales of foreclosed homes in California for the first time since the start of the housing crash in 2007, according to real estate research firm DataQuick. The transactions now represent about a quarter of the market, a surge driven by rising home prices, government crackdowns on foreclosures and banks' increasing capacity to process the deals.
Lenders have revamped short sale departments, streamlining paperwork, creating new software systems and enlisting newly formed companies as liaisons with borrowers. Some institutions are even paying homeowners sizable sums to move, similar to "cash for keys" arrangements used as an alternative to eviction in foreclosures. Bank of America pays up to $30,000 in relocation assistance for certain successful short sales. JPMorgan Chase will pay up to $35,000. Wells Fargo offers similar aid, though it declined to specify an amount.
When William Morrison asked Bank of America to approve a short sale on his Seal Beach condo, the lender obliged in October — letting him sell for about $192,000 and forgiving an additional $98,000 he owed on his mortgage, according to public records. The bank threw in enough relocation assistance to cover one month's rent and the deposit on a new place.
"They gave me $3,000," Morrison said. "And that is exactly what it cost me to secure a little studio apartment in Seal Beach, pretty close to the old place."
The surge in short sales stems in part from last year's national mortgage settlement with the nation's five largest banks. To avoid going to court over foreclosure improprieties, the banks agreed to certain levels of debt forgiveness for underwater homeowners. Short sales count toward those commitments.
Unbelievable. Wish I could get $3,000 for relocation when I'm tired of paying my rent and need a bigger place.
Great reference article today with the French economist. I'm not sure whether it's reassuring that mankind makes the same mistakes, so we can adjust appropriately knowing what to expect… or if it's depressing that mankind keeps making the same mistakes and we all suffer for it because the state just keeps recycling history.
I know some that received $30K for moving fees from his lender for the short sale.
It is both reassuring and depressing. The only thing you can do is educate yourself, and those close to you, and then protect yourself financially and physically. Hard assets are salvation.
Historical revisionists, such as ben bernanke, ensure that this bullshit will perpetuate. They spew counter-education and logical fallacies to their audience. the counter-educated masses are made into whimpering, pathetic, ignorant units. Repeat over several generations and here we are.
Let's see, $3k relocation plus $98k principal forgiveness. I think I'd trade a couple years of a hit to my credit score in order to essentially receive $101,000 in free money. Lucky bastard. And he'll have a new loan guaranteed by the FHA on a new property within 2-3 years for himself, you watch!
Yes, he will be rewarded in every way for his foolishness. Anyone who denies the impact of moral hazard need only watch what borrowers like this do in the future.
Housing affordability on track to set record: NAR
WASHINGTON (MarketWatch) — Housing affordability is expected to set a record in 2012 due to low prices and interest rates, according to data released Wednesday by the National Association of Realtors. The trade association is forecasting that its index of housing affordability will hit a record level of 194 in 2012, up from 186 in 2011, when the prior record was reached. Data go back to 1970. A reading of 100 means that a household with median income would have exactly enough income to qualify for buying a median-priced existing single-family home. A level of 194 for last year means that families had almost double the income needed for buying a median-priced existing single-family home. Still, economists have been concerned that despite affordability, overly tight credit standards prevented many buyers from participating in 2012′s housing market. For 2013, NAR projects its housing-affordability gauge will decline to 160, which would be the third highest annual level on record.
"Rising home prices and a gradual uptrend in mortgage interest rates will offset improvements in family income," said Lawrence Yun, NAR's chief economist.
BofA bought Countrywide because they wanted the long-term servicing rights of Countrywide's loans. Now that they are selling off much of their servicing right portfolio, the Countrywide deal can be officially considered a complete and utter failure.
Report: BofA May Be Planning to Unload More MSRs
After announcing Monday the sale of nearly $306 billion in mortgage servicing rights (MSRs) on 2 million loans, Bank of America might be looking to unload a little more.
Reuters first reported Tuesday that the bank is planning to sell rights on at least another $100 billion of mortgages. BofA is likely to announce more MSR sales in the next several weeks, according to two unnamed sources who spoke to Reuters.
The bank announced Monday agreements to sell $215 billion in MSRs to Nationstar Mortgage Holdings (in a $1.3 billion deal) and $93 billion to Walter Investment Management (in a $519 million deal).
Sales of servicing rights have become more and more prevalent as associated costs rise and servicers fall to bankruptcy, leaving hungry institutions to purchase their MSRs. The most active buyers as of late have been Nationstar, Walter Investment, and Ocwen Financial Corp., which purchased the servicing rights of the bankrupt Residential Capital, LLC in a joint bid with Walter Investment.
Another factor leading the rapid transfer of MSRs is the impending implementation of Basel III capital rules, which will force banks to either hold more capital for mortgages serviced or to put less premium on the value of MSRs. As a result, more banks are trying to unload their servicing rights to cut costs.
Because servicing companies are exempt from the Basel III Accord, they can capitalize on the sales.
Sources also told Reuters that Ally Financial Inc.'s banking subsidiary is looking to sell $122 billion of MSRs, and JPMorgan may try to do the same. According to Reuters, Ocwen, Nationstar, and Walter are among a handful of firms attracted to Ally's MSRs.
A BofA spokesperson declined to comment to Reuters on specific transactions, but he did say the sale of MSRs is part of the bank's strategy.
"By reducing the size of our portfolio, we improve customer service capacity and resolve legacy mortgage issues and reduce risk in our portfolio," he said.-
I am a bit confused what comprises a MSR.
Forgive my naivete in asking, but in this example, Nationstar Mortgage is paying only $1.3 billion for the ability to collect mortgage payments on $215 billion of outstanding combined mortgage principal? Seems like an appropriate risk amount if so, I guess.
This sale is just a sign of BofA's desperate cash situation. There is very little risk in servicing. It's a fee generating cash cow which is why BofA bought Countrywide in the first place. When an organization starts selling off its good assets, it's usually in its death throes.
It's great that you have discovered Bastiat! Here are a couple of websites you might be interested in exploring:
Thanks. I will check out those links.
Thanks tazman.
Less than 20% of the homeowners in CA are free and clear
Published: Thursday, 10 Jan 2013 | 11:12 AM ET
As federal regulators and banks argue over whether new lending standards will make mortgage credit too tight or too expensive, one important fact about the housing market goes largely overlooked: More than 20 million American homeowners own their homes outright. No mortgage.
This represents just about one third of all homeowners nationwide, according to a new report from Zillow, a real estate information, sales and mortgage website.
Demographics, home prices and geographical location all seem to play into "free-and-clear" home ownership, according to Zillow's survey.
Out of the nation's top 30 housing markets, Pittsburgh, Tampa, New York, Cleveland and Miami had the highest percentage of free-and-clear homeowners. A high number of all-cash, foreign buyers probably plays into New York and Miami. The other cities have relatively low home values, compared to the rest of the nation, making it easier for homeowners to either buy their homes outright or pay off their mortgages more quickly.
Washington, D.C., Atlanta, Las Vegas, Denver and Charlotte had the lowest percentage of homeowners with no mortgage. Las Vegas, hard hit by the housing crash, saw many of its homes go to foreclosure and those homes then go to all-cash investors.
Demographic factors, like age and credit rating, also influence who does and who does not have a mortgage. According to Zillow, 65- to 74-year-olds are most likely to be free-and-clear, followed by 74- to 84-year-olds.
Obviously the longer someone owns a home, the more likely they are to have paid off a mortgage. When looking at free-and-clear ownership rates as a percentage of homeowners in various age groups, however, Zillow found 34.5 percent of 20- to 24-year-old homeowners are free of mortgages. That may be a factor of the recent housing crash and tighter lending standards.
So what can these factors tell us about the current housing recovery?
One of the biggest drags on the housing market is that nearly one third of all borrowers owe more on their mortgages than their homes are currently worth. These so-called "underwater" borrowers are stuck in place, unless they want to pay in to their mortgages to get out of their homes.
Obviously if a homeowner does not have a mortgage, they are more able to list their home for sale and buy a new property.
"By determining where these homeowners are located, we can also gain insight into potential inventory and demand in those areas, as well," notes Zillow's chief economist Stan Humphries.
Looking at the national map, mortgage holders appear to be concentrated on the coasts, where home prices are higher. The center of the country and much of the south carries less mortgage debt.
The lack of equity is also why the move-up market will be moribund for another decade or more. People simply don't have the cash from savings or a previous sale to complete a move-up purchase.
What Bastiat, and men of good will generally, overlook, is that the reallocation of the plow from the more responsible John to the less responsible James is a feature not a bug, for the socialist and/or big-government enthusiast.
Because the bottom line is that "more responsible" ipso facto means more independent. John is better able to take care of himself. He will always need government, and socialist intervention, less. He will always bring an independent judgment to whether he supports the regime or not, to whether taxes should be higher or lower, to whether his freedoms should be curtailed or not — because he is not driven by simple dire need.
Not so James. James is clearly dependent on government. Without them, he won't get his plow. He is a guaranteed 100% supporter. He will always vote for higher taxes, more programs, more intervention, and he doesn't mind his and anybody else's liberty being constrained — because he is not voting his conscience, but his purse, his stomach, his livelihood. James is the kind of guy who lives in the Philadelphia wards where the vote was 8000 Obama 0 Romney. You can't get that kind of lopsided Stalinesque results uniess there is no more freedom of thought.
And even John will be transformed by this action: he has now been deprived of a plow to which otherwise his good habits and reputation would have entitled him, privately. What has he learned? That thrift and good reputation mean nothing compared to access to government. He will, therefore, as an adaptable and competent person, drop his habits of thrift and private repuation, and focus his efforts on ensuring access to government. He'll work the system, and he, too, will become a client of the socialist.
A socialist must, above all, convince men far and wide that a massive, intrusive, and expensive state apparatus is 100% necessary for their survival. The last thing he wants is for his audience to consist of independent-minded self-sufficient men who can and do manage their lives competently on their own.
So the socialist will deliberately re-allocate credit from the naturally credit-worthy to the naturally credit-unworthy, because that turns both of them into his dependents, and keeps him in power.
You think Barack Obama, Timothy Geithner, and Ben Bernanke are stupid? They don't know what the long-term results of current policy are? Of course they know. They're smart guys. They know exactly what they're doing, and it will be enormously profitable for those who will be part of the new aristocracy.
Barack et. al., socialists? Really? The only socialist thing here for the last 30+ has been "socialize the losses, privatize the profits"! The improper loans were not made because the gummint wanted to 'socialize' the masses w/free houses, the improper loans were made because 1-the loan originators (many of them brokers w/no 'skin in the game) made a butt-load of money making the loans, 2-the loan servicers made a butt-load of money on fees 3-the market had an insatiable desire for mortgage backed securities 4-the rating agencies only got paid if the bonds were rated AAA regardless of the crap that was in the bonds themselves 5-the bonds were sliced & diced six-ways to Sunday and then sold to each & every meaning no one would have money at risk as the gummint via the GSEs eventually ended up with all the risky bonds. If you want to call that 'socialism', fine, just admit it was socialism for the 0.1%. IR has profiled a number of people who have cheated the system but for every $1 taken by a ponzi some banker got $100K of 'em.
Reread Bastiat.
Regarding your #3 insatiable desire for MBS:
Dig deeper. Find out where the insatiable desire came from. Understand that centrally planned interest rates, set too low, have profound effects on where institutional money parks its money. Those managing these funds (lemmings) compete with others (lemmings) for client funds based on short(ish) term returns. Other products (managed by other lemmings) with guaranteed returns are pushed out further on the risk curve seeking returns as well. And we wonder how it becomes one incestuous clusterfuck? Centrally planned interest rates, that's how. Research 'repurchase agreements and rehypothecation'. Von Mises warns repeatedly of these false signals misinterpreted by the majority of businessmen and the resulting bust.And obama is a collectivist. This means he is some toxic combination of communist, marxist, socialist, statist, anti-capitalist, anti-individual, central-planning apologist. In this digital age, he can lazily (in true marxist fashion) make you pay for his agenda by way of the keyboard shortcut CTRL-P (money printing). Also in true marxist fashion, he does not need to pay to have his useful idiots (voters) shot; no, the useful idiots will be dealt with via financial bloodshed – increasing dollar debasement. Hyperbole you say? Watch it unfold. Watch your standard of living get kneecapped.
Yesterday's Bastiat article was sensible (about free-spending vs. cautional-spending), today's was BS. Debts in a sovereign currency that is the only currency payable for tax debts in that sovereign currency can/will always be repaid and we look to the gummint bond markets to see what sorts of bond rates are extant in order to understand what sorts of currency inflation we are experiencing. Personally I'm mostly cash these days & would love enough inflation to make CD rates worthwhile again, WGAS if my MM rates are 0.3% vs a CD rate of 1%, $0.30/ per $!00 is no greater than $1.00/$100 if you don't have $10M…. The classical meaning of "Socialism" is "the workers owning the means of production" aka the state owning the factories. You bomb throwers, please tell me what factories Obama has decreed they own. You really need to examine MMT, gold-standard policies are really non-applicable to floating sovereign currencies.
1. You dont want inflation to increase your returns, you want positive real interest rates. We have negative real interest rates.
2. obama is a collectivist. you can nitpick over classical definitions, but his centrally planned ZIRP is not only anti-capitalist and anti-American, it is anti-human. Putting ZERO time value on a human's past productivity (rich or poor matters not) means obama and bernanke place ZERO value on hours of the workers life.
3. we do not have floating currencies. we have central banks who peg currencies to each other, explicitly, or implicitly via concerted debasement. The gold standard absolutely applies as a disciplinary check. It always will too.
Fed's Bullard Sees Difficulty Tying QE to Economic Levels
By Joshua Zumbrun – Jan 10, 2013 11:00 AM PT
Federal Reserve Bank of St. Louis President James Bullard said it may be difficult to tie the central bank's $85 billion monthly bond purchases to numerical levels of unemployment and inflation.
After settling a debate over how long to hold interest rates near zero, Fed officials are debating when to halt their purchases of Treasuries and mortgage-backed securities. At its December meeting, the Federal Open Market Committee agreed to hold the target interest rate near zero so long as unemployment remains above 6.5 percent and inflation stays below 2.5 percent.
Attempts to also put thresholds on the timing of asset purchases may be a bridge too far," Bullard said today to the Wisconsin Bankers Association in Madison, Wisconsin, according to prepared materials from the St. Louis Fed.
Bullard said last week that unemployment could drop to about 7 percent by the end of this year, which may be enough improvement for the FOMC to halt the purchases, known as QE3 for the third round of quantitative easing.
"With QE3, the Committee instead seeks 'substantial improvement' in labor markets before pausing purchases," Bullard said. "The Committee may also taper the program as needed."
Mortgage DebtThe central bank began purchasing $40 billion a month of mortgage debt in September and announced purchases of $45 billion a month of Treasuries at their December meeting. If the program continues until year-end, purchases would total around $1 trillion and the Fed's balance sheet would approach $4 trillion.
Minutes of the Fed's December meeting show a split among policy makers over how soon the program should end. "Several" members of the FOMC said it would "probably be appropriate to slow or stop purchases well before the end of 2013," according to the minutes. A "few" were willing to let the program run to the end of the year while "a few others" didn't give a time frame.
Bullard said the Fed will "have to make a judgment concerning the program as macroeconomic data arrive."
The St. Louis Fed chief forecast the economy could grow 3.2 percent in 2013 and 2014 as inflation will remain near the Fed's 2 percent goal. That's more optimistic than the median estimate in a Bloomberg Survey of 96 analysts, showing growth of 2 percent in 2013 and 2.8 percent in 2014.
Fed presidents rotate voting on monetary policy, with Bullard scheduled to join the committee at the FOMC's January 29-30 meeting. Also joining the committee are Chicago's Charles Evans, who led the campaign to link interest rates to economic conditions, Boston's Eric Rosengren and Kansas City's Esther George.
To contact the reporter on this story: Joshua Zumbrun in Washington at email@example.com
IR, thanks for posting Bastiat. Excellent job tying it into our current socialized mortgage market.
Recommend everyone add these to their favorites bar:
Kyle Bass
Peter Schiff
Jim Rogers
Marc Faber
Doug CaseyJust as irvinehouseblog and ochousingnews allow for more intelligent real estate consumers, these sites/individuals help promote a more intelligent voter and citizen.
Truth cannot be found in our colleges, our media, or our politicians. Where else can it be found? Internet blogs – information and education in free market form.
Peter Schiff just increased his inflation forecast.
Mike, if they dont stop the QE, all the dollars around the world are going to be repatriated here. We have been exporting our inflation for decades and when those dollars come back, and they most definitely will, we are going to experience hyperinflation. Schiff will be vindicated. He can make these wild calls because he understands base level economics and his mind is clear of the BS people like Krugman spew.
A New Start –
Philip Pilkington: The Origins of Neoliberalism, Part II – The Americanisation of Hayek's Delusion
check this & surrounding articles out. IR, I'm concerned you started w/Rand & are now moving to Hayek & Von Mises. These guys are neoliberal porn and have no relevance to reality…-
How do you feel about Paul Krugman?
How do you feel about the New Deal?
How do you feel about current bank bailouts and homeowner stimulus?
The market is completely broken due to the purveyance of ideas you hold.
I am reminded of the painting of Aristotle and Plato I use as a graphic. Plato was concerned with the world of forms, a deeper truth, while Aristotle was concerned with practical realities of daily life. I see the same battle in economics. The Austrian School looks at a deeper reality of how the economy works and notes the distortions of the market caused by government policy and central banking. The more I understand about Austrian economics, the less flaw I find with it.
However, Monetarists and Keynesians rule the world. Their policies don't work, and they end up creating economic problems which increase their power as they are looked to for solutions to the very problems they create. To ignore the monetarists is to ignore the realities of modern economic finance. We are probably too far down the road to ever get back to a free market of pure Austrian economics, so dealing with monetarist policies is just the reality of life. However, that doesn't make them right, it just makes them powerful. And pointing out the errors of their ways and the results of the economic distortions their policies create is useful and enlightening, and it may even steer the ship away from the rocks every once in a while.
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An excellent book review from Maxine at Petrona (a superb blog you really should follow closely if you don't already) has got me thinking about what happens in crime fiction when characters from one novel come back in another. I'm not talking here of protagonists or "regulars" in a series. Rather, I mean individuals who are involved in a particular case who come back in a later novel. When it's done well, that plot point can give readers a sense of closure; we learn what ended up happening to a character and that can be interesting. It also gives readers a sense of the continuity of a series and that can make the series that much more believable.
For example, in Agatha Christie's Mrs. McGinty's Dead, Hercule Poirot travels to the village of Broadhinny when Superintendent Spence asks him to investigate the murder of a charwoman. The evidence in the murder pointed to her unpleasant lodger James Bentley, but Spence has begun to believe that Bentley may be innocent. Poirot agrees to see what he can do and goes to Broadhinny where the murder took place. During his stay there, he lodges at Long Meadows, a Guest House run by Maureen and Johnnie Summerhayes. They're friendly and interesting hosts, but ill-equipped and badly unprepared to run a Guest House. Among the many things Poirot has to cope with at the Summerhayes' establishment is some of the worst cooking he's ever encountered. For Poirot this is a true sacrifice. But he survives his stay and finds out who the killer of Mrs. McGinty really is. A few years later in Cat Among the Pigeons, Poirot solves the murder of Grace Springer, games mistress at Meadowbank, an exclusive girls' school. Springer's death turns out to be connected to a revolution in the Middle East, a cache of stolen jewels and a kidnapping. One of the pupils at the school is Julia Upjohn. She slowly puts some of the pieces of the puzzle together and decides to visit Poirot and ask him to investigate. She knows of Poirot because her mother is a great friend of Maureen Summerhayes During Julia's first conversation with Poirot we learn that he did finally teach Maureen how to properly cook at least one thing – an omelette.
In Maj Sjöwall and Per Wahlöö's The Laughing Policeman, Martin Beck and his team have their hands full trying to protect the American embassy in Stockholm when a demonstration by a group of anti-war protestors gets ugly. Everyone's nerves are on edge and the police force is spread too thin. Then to make matters worse, a gunman kills eight people on a bus. One of the victims is Beck's youngest colleague Ǻke Stenström. At first the murders look like the work of a crazed maniac. But bit by bit, Beck and his team learn that things aren't as simple as that. At the time of his murder Stenström was working on the "cold case" of Teresa Camarão, a Portuguese woman who'd become a prostitute. That investigation plus the fact that not everyone on the bus was identified put the police on the right track and help them solve this case. One of the characters in this novel is Stenström's fiancée Åsa Torell. She is grief-stricken by her fiancé's murder, but that doesn't mean she's incapable of helping the police. She's got the very strong feeling that something isn't right about this case – that Stenström wasn't just killed randomly. Her suspicions help fuel the investigation. Torell deals with her grief by becoming a police officer herself, and we see her again in other Martin Beck novels; in fact they have a very brief relationship. Several years later in The Terrorists, the Stenström case comes back to haunt both her and Beck. This time, the team has been assigned to protect a controversial American senator who's planning a visit to Stockholm. At the same time, the team is investigating the murder of pornographic film-maker Walter Petrus (Valter Pettersson). They're also involved in the trial of Rebecka Lind, who's been accused of bank robbery – a robbery she says she didn't commit. I don't want to give away spoilers so I'll just say that this book contains a clear connection to The Laughing Policeman.
Michael Connelly introduces us to L.A.P.D. cop Harry Bosch in The Black Echo. Bosch has recently been demoted from the elite Robbery/Homicide Division to the Hollywood Homicide division because of a shooting incident. He'd been after a serial killer nicknamed The Dollmaker and got important evidence from a prostitute Dixie McCall who'd escaped from that killer. Dixie's evidence led Bosch to the man's apartment where he killed The Dollmaker with what he feels was a clean shot. But because he didn't have a warrant, and because the suspect didn't turn out to have a weapon at hand, Bosch was investigated by the Internal Affairs Division (IAD) and demoted. The main focus of The Black Echo is the investigation of the murder of Billy Meadows, whose body is found stuffed into a drainpipe. At first that death looks like a junkie's overdose, but Bosch and his partner Jerry Edgar find that it goes a lot deeper than that; it's connected to a major bank robbery. The Dollmaker story is woven throughout this novel though and comes back later in The Concrete Blonde. In that novel, Bosch faces a major civil suit by the family of Norman Church, the man Bosch shot in the Dollmaker case. Church's family claims that Bosch shot the wrong man so now Bosch has to defend his actions on that day. To make matters worse, a dead woman is found with all of the hallmarks of The Dollmaker's distinctive "signature." So Bosch also has to face the possibility that he could have been very, very wrong about Norman Church.
In The Cat Who Turned On and Off, Lillian Jackson Braun's Jim "Qwill" Qwilleran is a features reporter for a big-city newspaper, the Daily Fluxion. He hears about a fascinating part of the city called Junktown and decides to write a feature about it. It's full of unusual craft shops, antique shops and art galleries and Qwill becomes fascinated with the place. He soon learns that a few months earlier, Andrew "Andy" Glanz, a respected antique dealer and authority, was killed in what looked at the time like a tragic fall. But Qwill soon begins to wonder whether Glanz was murdered. So in the guise of writing a tribute feature about Glanz, he looks into the case. In the end, he's able to prove that Glanz was murdered and finds out who the killer was. One of the antique dealers Qwill meets in The Cat Who Turned on and Off is Amberina, one of three sisters who own and run an antique shop in Junktown. It's not a spoiler to say that Amberina isn't the killer; she and her sisters do figure into the story though. A few years later, Qwill moves the small town of Pickax, "four hundred miles north of nowhere." He's settled into his life there as a columnist when he gets a call from Amberina. She tells him that the Casablanca, a beloved but decrepit old apartment building in Junktown, will soon be sold to developers unless it can be saved. She invites Qwilleran to spend some time at the Casablanca, hoping that he'll help publicise the effort to save the building. The penthouse that Qwill takes belonged to artist Dianne Bessinger, who headed the committee to save the Casablanca. Bessinger was recently murdered and Qwill soon suspects that someone in the building was responsible. He discovers that some prominent people in the area wanted Bessinger dead, and slowly finds the connection between her death and the movement to sell the Casablanca.
There are a lot of other novels too – far more than there is space for here – where characters and cases from earlier novels come back for what you might call resolution in later novels. In fact, I'll bet you could think of many more than I could. It's got to be done carefully, so as not to bore regular readers nor exclude new readers (or give away spoilers). But when it is done well, this strategy can tie a series together, offer closure and "flesh out" characters. Do you find that this plot theme works for you? If you're a writer, do any of your characters from one novel re-appear in a later one?
*NOTE: The title of this post is a line from the Foo Fighers' Resolve.


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Key Issues to Consider for Outreach and Enrollment Efforts under Health Reform
The Affordable Care Act will significantly expand health coverage opportunities through an expansion in Medicaid and the creation of new health insurance exchanges in 2014. Effective outreach and enrollment efforts will be vital for assuring the expansions translate into increased coverage. Based on a discussion with federal and state officials and experts, this report identifies key issues to consider with regard to outreach and enrollment under reform.
The discussion was part of an ongoing series of Health Reform Roundtables that explore key issues related to implementing the expansion of Medicaid under health reform.
Report (.pdf)
also of interest
- Key Lessons from Medicaid and CHIP for Outreach and Enrollment Under the Affordable Care Act
- Getting into Gear for 2014: Insights from Three States Leading the Way in Preparing for Outreach and Enrollment in the Affordable Care Act
- Profiles of Medicaid Outreach and Enrollment Strategies: One-on-One Assistance Through Community Health Centers in Utah


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Chandeliers > Janos > P4483-09
- Category: Chandeliers
- Room Type: Dining Room Lighting, Sitting Room Lighting
- Finish: Brushed Nickel
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- Description: Five-light Chandelier with modern trumpet glass shades in a soft etched finish and curved arms held by a center ring. This collection delivers a minimalist urban style and is finished in Brushed Nickel.
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Scotch for a Bourbon lover
I am new the Scotch world, and I would like to get my father a bottle of single malt for his birthday. Somewhere in the 100 dollar range...I know he likes smoother rather than peaty- his favorite is a bourbon called Bulleit. Any ideas would be appreciated. Sean |
Smooth Scotch - little peat - Under $100
These are all under a $100 (and none are have a strong peaty taste) Highland Park 12 year and Aberfeldy 12 year, Cragganmore 12 year, Glengoyne 10 year and Auchentoshan 10 year. Oh yes, I just had BenRiach 15 years Pedro Ximinez Sherry Finish a few days ago and it was wonderful.
Keep in mind this list in not all inclusive (there are so many great scotches w/ little peat and under a $100) - but hopefully this will give you ideas of where to start -and- they're a few of the ones I have really enjoyed! BTW, yes, I can see how Bulleit Bourbon is a favorite, it's definitely one of mine! |
Re: Scotch for a Bourbon lover
If he is new to single malt scotch, and doesn't like peat, then I'd recommend something aged in sherry casks, like Macallan 18. It's $140 dollars, but I don't know anyone who doesn't like it. I also don't know anyone who thinks $140 for and 18 year isn't a bit pricey. But it's just damn good.
My other recommendation would be to get him a really good bourbon!! The George T. Stagg in the Buffalo Trace Antique Collection is fantastic, but at 72% alcohol might not be for everyone. If you want to venture into the slightly peated (to me), Talisker 18 is very tasty and a good deal at around $70. |
The first is Balvenie 15 Year Old Single Barrel (it ranges from just over 47%ABV to 50.4%ABV depending on the particular issue). Aged exclusively in ex-Bourbon wood, this beautiful, focused expression of the distillery style is laced with intense honeyed fruit and vanilla. The second is Aberlour a'bunadh, drawn from 1st and 2nd-fill Oloroso wood and bottled at cask strength (just under 60%ABV). Those Jerez casks imbue the whisky with an astounding richness that simply glides over the palate - easily the equal of a fine Bourbon or Spanish Brandy. |
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Vistancia Tea Party
joined 1 year, 9 months ago
Vistancia Tea Party Patriots
The Vistancia Tea Party Patriots is a local grassroots effort founded by local residents. Having common concerns, we meet to discuss issues and participate in activities that support our collective interests and serve to strengthen our local and national communities. As such, we promote candidates and legislation that supports
Smaller Government
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Bill Mitchell – firstname.lastname@example.com
Barbara Wyllie Pecora – email@example.com
Group Type: | LOCAL |
Group Number: | 54638 |
Location: | Peoria |
State: | Arizona |
Zip Code: | 85383 |
Website: | http://www.vistanciateapartypatriots.com |


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>> Marisa Miller No Longer With Victoria's Secret; Candice Swanepoel a New Angel? —Marisa Miller, who has been a Victoria's Secret Angel since 2007 and was chosen to wear the $3 million Fantasy Bra during the Victoria's Secret Fashion Show at the end of last year, is said to no longer be working with the brand. Her rep didn't respond to requests for comment. Word is Candice Swanepoel may have taken her place, based on her new "Angel Profile" on the official Victoria's Secret Facebook page. [NY Post, Victoria's Secret Facebook]
UPDATE: It seems that reports of a Marisa Miller-Victoria's Secret split are false; Victoria's Secret president and chief marketing officer Ed Razek just released the following statement: "The rumor regarding Marisa Miller and Victoria's Secret parting ways is unfounded and untrue. We adore Marisa and we will continue to work with her in the future." [People]


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Jobless claims jump, government flags seasonal factors
(Photo : Reuters)
The number of Americans filing new claims for unemployment benefits spiked last week, reversing a sharp decline in the prior week but still pointing to a labor market that is slowly healing.
Initial claims for state unemployment benefits rose 46,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday.
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Many economists believe a reading below 400,000 points to an improving labor market. The four-week moving average of new claims, which smoothes out volatility and is considered a better measure of labor market trends, rose just 750 last week to 365,500.
"Improvement in the labor market will continue to be fitful and slow," said Joseph Trevisani, a market strategist at Worldwide Markets in Woodcliff Lake, New Jersey.
The government last week reported claims fell an unusually large 30,000 to 339,000 in the October 6 week, the lowest level in more than four years. But a Labor Department official said it appeared that state-level administrative issues were distorting the data at the start of October.
The government adjusts its jobless claims figures to take into account regular seasonal swings. Claims usually increase at the beginning of a quarter, but one state appears to be following a different pattern than normal in reporting its claims, which led to the wild fluctuations recently, the official said.
The official declined to name the state, although the Labor Department said that California was the only state in the week ending October 6 to report a decrease in claims of more than 1,000.
The department on Thursday revised its data from last week to show 342,000 new claims, a still-sharp drop from the prior week.
The distortions could make it hard to assess if the claims data will point to an improvement in hiring in October.
Last week was the same period used by the Labor Department to survey employers and calculate how many workers were added to payrolls in October.
The four-week moving average of new jobless claims was lower than the moving average of 378,500 in the payrolls survey week in September.
"It does look like the labor market is improving at least in that respect," said Pierre Ellis, an economist at Decision Economics in New York.
The economy has recently shown signs of modest strength, with the unemployment rate falling to 7.8 percent in September and retail sales pointing to a pick-up in consumer spending.
Stock futures added to losses after the initial claims data, while yields on U.S. Treasury debt fell to session lows.
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The Bargain Monkey
Puzzle Pack 7 features beautiful photo's of Lake Michigan's shores and the Mackinac bridge. Nice sunsets, natural driftwood, seagulls and our wonderous lake as far as you can see.
Price: Freeware Version: 1.0 Released: 7/20/2004 Size: 3.65 MB Platform: Windows 95, 98, ME, NT 4.x, 2000, XP Download Link: Download
Keywords: beautiful computer game puzzle game photos electronic puzzle lake free puzzle pack michigan puzzle features
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Regulators cracking down on cantaloupe farmers
Posted: 02/26/2013
Last Updated:
289 days ago
DENVER - Federal regulators are offering help to state inspectors, warning cantaloupe farmers and packers that they will be testing melons for pathogens this year after two years of illness and recalls.
The warnings were issued Monday following a deadly listeria outbreak traced to Colorado's Jensen Farms in 2011. That outbreak left 33 people dead and forced Jensen farms to file for bankruptcy.
Another outbreak last year was traced to salmonella at an Indiana cantaloupe packer.
The Denver Post reports the Food and Drug Administration does not routinely target an industry for scrutiny, and inspectors usually check smaller farms or food packers once every few years.
Often criticized for being slow or unable to prevent these food-borne illness outbreaks, the FDA says it will now visit growers, assess current practices and identify unsanitary conditions.
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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CareView* cameras help hospitals provide better, more efficient, and cost-effective care.
Video brief covers intelligent PCs based on Intel® Core™ vPro™ processors with Intel® Virtualization Technology built in for desktop virtualization.
White Paper: Intel IT considers dynamic virtual client (DVC) technology, where users access applications and information from any device, anytime.
Case Study: Italy's Baccio da Montelupo modernizes on Intel®-based tablets to be the school of the future for engaging and collaborative learning.
Infographic: Describes how Intel® Atom™ processor-based tablets running Windows 8* deliver feature-rich Internet browsing experiences.
Brief: Intel IT uses an air economizer to cool production servers with 100 percent outside air at temperatures of up to 90 degrees Fahrenheit.
White paper summarizes Intel's shift in computing models to include middleware, security manageability suites, and a Bring Your Own Mac program.
Intel IT's new streamlined Client Build process enables us to release a new build every 10 weeks (vs every 6 months), improving PC fleet management.
Our evaluation shows that enterprise Ultrabook™ devices include features that strongly support business usage models.
Intel® Solid-State Drives deliver compelling employee benefits related to productivity, reliability, security, lifecycle, and total cost of ownership.


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UK Legends Championship 2012 – Round 3 & 4
The 2012 UK Legends Championship rolled into the home of British motorsport at Silverstone during the Bank Holiday weekend.
The Horley based Nathan Anthony Racing team continued on from where they left off at Brands Hatch with Lawrence Davey winning 5 out of the 6 races and only missing out on a 'full-house' of 6 out of 6 wins by just 0.03secs with Lawrence taking the 2nd place on the podium in the final race of the weekend.
The result leaves Lawrence 585 points in the lead of the championship with two rounds down and six to go.
In a weekend of challenging luck, team owner/driver: Nathan Anthony overcame some mechanical issues and produced a stunning performance.
Starting from pit lane, Nathan produced the drive of the weekend and overtook 12 cars on his way to 14th place and in the process set his weekends best lap time.
The Silverstone weekend also saw the debut of Tonbridge based Deme Cordell with the First4Vans.Com team.
With the 2012 season being his first in the Legends racing series, Deme finished the weekend with a career best of 12th in the final race of leaving him just 45 points of the lead in the 2012 Legends Rookie Championship.
With a 5 week gap until the next outing, the team heads back to Horley to strip the cars down for a re-build in preparation for the next round at the picturesque coastal circuit of Anglesey, in North Wales.
Nathan Anthony racing are sponsored by Horley based First4Vans.Com (part of the Nathan Anthony group of companies).
First4Vans.Com is Piaggio Commercial Vehicles only authorised dealer for London and the South-East.


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August 01, 2008
I was kidnapped and texting with crows
I stayed up later last night hoping I might sleep in a bit. No dice. Up an hour before my alarm. My brain was "on" the moment I opened my eyes. I started brainstorming projects when suddenly, images from my dream started pouring in. I dreamed I was kidnapped, along with my brother & sister, whose images faded in and out in to faces of strangers. At first, our captor was a large man with a mustache and a little assistant but soon, it became my dad. I was wearing a huge shirt so I kept trying to text my mom blindly from under it. I'm a paranoid girl so these are things I roughly know how to do: compose a text without looking at the screen. I kept hitting wrong buttons in the dream, though, and when I got to a bathroom, where I could actually look, my screen was a series of little icons of crows that didn't appear to mean anything at all.
Most of the imagery is from Secret of NIMH, but the themes, I'm not so sure. I was talking to a girl last night about how she missed having seasons and we shared stories of seasonal habits from our childhood. I can only guess that planted a seed of homesickness in me. Also, in the dream, my mom was off in Europe, so I could be missing Amsterdam a bit too. Hearing the girl last night did make me a little sentimental. Those are conversations I need to avoid. Her references to the smell of fall and starting fires in the winter all spoke to me 100%.
I'm still happy here, though, but you could say I feel a bit trapped by my past. The movie I watched last night was all about finding who you are, so that probably brought this kidnapping theme about. I believe it represents feeling trapped by a situation or yearning for a chance to start again. It connects with too many situations present in my life right now. Many voids and barriers all at the same time.
I'm getting along just fine though. I've read some Emerson everyday this week, and something about his words and thoughts makes me feel more like I have place in this world. I share his observations but lack the talents to share them so thoughtfully. In speaking with his terms, right now I'm doing a poor job at letting the soul shine through me. At the same time, my trip brought with it some huge revelations about myself—not anything I didn't know but things I knew and have tried to bury.
I'm embracing who I am and what I enjoy, while at the same time trying to balance a modest social existence. I'm an introvert. I enjoy simple pleasures and crowds stress me out in most scenarios. I forced myself to go to a social gathering after work yesterday. I was tired which didn't help me branch out but I still met a few people. I think there is a guy at work who has been assigned as my secret social worker. Every time I'm out, he gives me a hard time when I leave early, even though I never ever speak to him at work or have a reason to. And his wife works with us too so it's nothing like he has a thing for me. It appears to be a genuine concern about my social life. Last night, he came up to me and said "You're shy aren't you?" I replied, "I'm an introvert." because I believe there's a difference. I'm okay talking to people but as an introvert, I'm okay not talking to them too. Something extroverts don't get. I'm just very curious as to his interests. Of course, I'm going to analyze something most people wouldn't think twice about. It's what I do best.
Anyway. I'm trying to be true to me. Cooking & baking brings me pleasure so I'm doing that. Being out late brings down my mood the next day, so I'm going to bed on time. I like social time with small groups so I'm seeking out those experiences. Tyler played therapist for me about all this stuff. I told him I was struggling to differentiate the things I really enjoy from the things I force myself to enjoy to fit in. He set me straight. He said simply that the feeling I have when I go for a walk and take photos is different from the one when I'm out at a club. Indeed. Indeed. I'm not a partier but I always end up with partier friends because they're extroverted and suck me in. I try to keep up with their idea of fun and it just ends me up feeling stressed and expended. I like going to chill places and having good conversation with a few close people. I just need to find my group. My go-to set of people who get that I'm anti-social sometimes but know I always have their backs and just understand who I am. I was spoiled in Indy. I had so many people with whom I could be myself and join in events I enjoyed. I don't know where to find those people here but I'm looking. Until I find them, I have faith I can take care of myself. If there's one thing I'm good at, it's being alone and being okay with it.