Linklube Friday: Stuff from all over

by Alex Stenback on February 27, 2009

jumbo-defaults.jpg 
Why Jumbo loans are tougher to get and the rates are higher:

“Luxury homeowners are falling behind on mortgage payments at the fastest pace in more than 15 years, a sign the U.S. financial crisis that began with the poorest Americans has reached the wealthiest.” [F&C]

Local

20,700 lost jobs in January proves MN is not immune to rising unemployment rates

Troubled Minneapolis Grand development files for Bankruptcy.

Parade of homes spring preview kicks off this weekend. No surprise, there are fewer and smaller homes this year.

Point: Half of metro banks lost money in the 4th quarter, 15 lost more than $1 Million.  There is a list in the link.

Counterpoint: Most MN banks are doing just fine, says banking group head and Senator Amy.

Several Minneapolis Condo associations are suing Clark Gassen and others for not providing adequate reserves for maintenance and repairs at projects they completed.

Elsewhere

Is your bank circling the drain?  Maybe, since 252 of them are, a 47% increase from last year, but you have no way of knowing since the list is a secret.

Fannie Mae is rattling the silver cup again. After posting a 25 billion dollar loss, the mortgage mistress is seeking another $15 billion dollar transfusion from Uncle Sam.

Transparency much?  In case you did not read the fine print: The new budget deal has $250 billion dollar placeholder for insolvent bank-propping that may in fact be a $750 billion dollar commitment.

There will be blood.  If it gets bad enough, somewhere in the world, the next Hitler may be launched as a result of the economic downturn. Let’s hope our leadership understands this.

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