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from Rolfe Winkler:
Afternoon Links 1-20
Must Read -- Short sale fraud + follow-up (Olick, CNBC) Great sleuthing from Diana Olick. Sounds like outright fraud being committed by big banks. One follow up question: In many cases, the second-lien holder is also the first lien holder. How is that impacting short-sales?
Buffett opposes bank fee (CNBC) See 2/3rds down the page. Obfuscation worthy of a banker. This should come as no surprise as Buffett is Wells' top shareholder. He previously opposed the bank stress tests because it diluted his shareholdings. Nevermind that the stress test forced the bank to raise desperately needed capital. It's a shame, really. As his career winds down, he's sacrificed his reputation as a financial straight-shooter to protect his wealth.
In other Buffett news: He's opposed to Kraft's bid for Cadbury (he's a big Kraft shareholder) and he split his shares, something he never wanted to do. So not a great day for the Oracle.
FT as shameless Fed booster (NakedCapitalism) Yves takes down the FT piece that said the Fed has made a killing on its AIG holdings.
from Rolfe Winkler:
CRE cliff-diving continues
Moody's/REAL released September data for their commercial real estate price index. Month over month drops have been fast and furious this year.
(Click chart to enlarge in new window)
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-8.6% Mar to Apr
-7.6% May
-1.0% June
-5.1% July
-3.0% Aug
-3.9% Sept
Since the peak in October 2007, CRE prices are down 43%.
from Rolfe Winkler:
Commercial vs. Residential prices, June update
The Moody's/REAL commercial real estate index for June was released today. Down just 1% compared to May, it suggests the pace of decline is moderating. The index was squarely in freefall the prior two months, declining 9% from March to April and 8% from April to May.
According to the index, prices are now down 35.5% from the Oct '07 peak.
Case-Shiller data for June won't be released till next Tuesday. But in May, the Composite 20 index actually rose slightly ... for the first time since July 2006.
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The Wall
