Arizona Tax Revolt petitions shipped

8/27/2007 2:00:00 PM

Suzanne Adams Miner Staff Writer

Homeowners across the state will soon hear a knock on their doors from volunteers circulating petitions.

The Arizona Tax Revolt organization started shipping out thousands of forms for its two tax initiatives to more than 1,000 volunteers across the state last week.

"The cat will be out of the bag in September when the county mails the tax bills. We want to make sure our volunteers are out there and visible," said Marc Goldstone, chairman of the Arizona Tax Revolt.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12978&TM=44220.66

Permit change takes effect

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12989

8/30/2007 1:04:00 PM

Suzanne AdamsMiner Staff Writer

Mohave County residents in unincorporated areas have two days left to get zoning permits for their new structures. Starting Saturday, the county will require all new buildings to meet the county building code. After a number of drawn out public hearings starting in December, the Planning and Zoning Commission approved expanding the code earlier this year. The Board of Supervisors approved the measure in May.

Home prices fall record 3.2% nationally

http://www.marketwatch.com/news/story/us-home-prices-fall-record/story.aspx?guid=%7B02A14CEF%2D2941%2D4404%2D8056%2D418DDA9F0330%7D&dist=SecMostRead

Values down in 15 of 20 major cities, Case-Shiller finds
By Rex Nutting, MarketWatch
Last Update: 10:35 AM ET Aug 28, 2007

WASHINGTON (MarketWatch) -- U.S. home prices fell at a faster rate in the second quarter, down 3.2% compared with the same period in 2006, Standard & Poor's reported Tuesday.

It marked the largest year-over-year decline ever recorded in the 20-year history of the Case-Shiller home price index.

"This slow-burn downswing probably has a long way to go," wrote Charles Dumas, an economist for London's Lombard Street Research. "The backlog of unsold homes has reached a level at which buyers are likely to get nasty, insisting on deep price cuts. As repossessed homes come on the market over the next 18 months, downward pressure on home prices and whole neighbourhoods will intensify."

"We are fast approaching the rate of price decline seen at the end of the 1990-91 recession, and the odds strongly favor blowing past this mark in coming months," wrote Joshua Shapiro, chief economist for MFR Inc. "With supply overhang growing and mortgage financing tougher to obtain, home prices are going to soften considerably further in the quarters ahead."

The last time prices fell so much, it took more than eight years for home prices to return to their peak level.

Housing Supply Spikes

http://www.thestreet.com/_htmlmdb/newsanalysis/homebuildersconstruction/10376488.html

By Nicholas YulicoTheStreet.com Staff Reporter8/27/2007 10:51 AM EDT

Existing-home sales remained flat from June to July, but inventories spiked to a new high, demonstrating that the U.S. housing market continues to struggle. .....

The number of homes on the market rose 5.1% to 4.59 million units in July, representing 9.6 months of supply at the current sales rate. In June, the inventories were at 9.1 months of supply.

Your House Is Worth Less? Good

http://www.time.com/time/magazine/article/0,9171,1655723,00.html

Commentary
Your House Is Worth Less? Good
Thursday, Aug. 23, 2007 By MICHAL KINSLEY

The last time we had this feeling of financial vertigo was when the Internet bubble popped seven years ago. But this is much worse: the value of our homes is collapsing. For generations, rising home prices have been central to our general sense of well-being.

So why is the real estate collapse a good thing? First, because the collapse of any financial bubble can be interpreted as a morality play: greed gets its comeuppance.

Fed bends rules to help two big banks

http://money.cnn.com/2007/08/24/magazines/fortune/eavis_citigroup.fortune/index.htm?source=yahoo_quote

If the Federal Reserve is waiving a fundamental principle in banking regulation, the credit crunch must still be sapping the strength of America's biggest banks. Fortune's Peter Eavis documents an unusual Fed move.

By Peter Eavis, Fortune writer
August 24 2007: 5:09 PM EDT

NEW YORK (Fortune) -- In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed's web site.
The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates. The exemption, which is temporary, means, for example, that Citigroup's Citibank entity can substantially increase funding to Citigroup Global Markets, its brokerage subsidiary. Citigroup and Bank of America requested the exemptions, according to the letters, to provide liquidity to those holding mortgage loans, mortgage-backed securities, and other securities.

Judge orders review of city e-mails

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12966

Nicholas Wilbur
Miner Staff Writer

Travin Pennington didn't walk out of the Bullhead City courtroom Thursday with any more e-mails than he walked in with, but both his and the city's attorneys seemed content regarding the judge's order.

Financials Gone Wild

http://www.minyanville.com/articles/BAC-CFC-GS-JPM-C-WB/index/a/13838


Fil Zucchi Aug 23, 2007 10:13 am

Are we seriously supposed to believe that the banks' discount-window escapade and the BAC, CFC "investment" are two separate events that just happened to take place the same day?

I did not think I’d find myself this jaded after nearly two months of vacation, but in light of Bank of America’s (BAC) $2 bln dollar “investment” in Countrywide Financial (CFC), the made-for-Wall Street TV special of yesterday’s backslapping “man-I-haven’t-seen-you-since-that-football-game-tailgate-12-years-ago, how-u-doin’ pal?!” get-together at the discount window by JP Morgan (JPM), BAC, Citi (C), and Wachovia (WB) has suddenly morphed into a wobbling home movie of four trick-or-treaters just happening to stumble upon Boom-Boom’s doorstep and collecting $2 bln of fresh “trading crack”.

Criticism doesn't end with Beecher

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12942

8/22/2007 1:22:00 PM
Email this article • Print this article
Nicholas WilburMiner Staff Writer

It was as if Paul Beecher hadn't yet been fired. The tension in the packed Council Chamber was evidenced by expressions of shock on the faces of those in attendance as the mayor and several Council members went back and forth with their critics.

Rhodes says stakes replaced at well sites

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12945&TM=53626.71

8/22/2007 1:28:00 PM
Nicholas WilburMiner Staff Writer

According to Rhodes Homes representatives and Acting City Manager Jack Kramer, the missing stakes and monuments that outline the city's well sites in Golden Valley have been replaced.Resident and local electrician Keith Walker told Council Aug. 6 that half of the surveying stakes marking the corners of the city's four one-acre parcels had been graded over.

Is WaMu the Next Countrywide?

By Philip van DoornTheStreet.com Ratings Bank Analyst8/22/2007 5:39 AM EDT

Countrywide Financial (CFC - Cramer's Take - Stockpickr) isn't the only big bank threatened by the deepening real estate crisis.
An analysis of the largest 20 banks and thrifts by TheStreet.com Ratings shows that four institutions are under-reserved for possible credit losses, a red flag as the economy slows and mortgage defaults rise.
Perhaps more troubling, the numbers show that one of those institutions -- Washington Mutual (WM - Cramer's Take - Stockpickr) -- could join Countrywide in facing serious liquidity problems as worries about the housing and mortgage markets multiply.

http://www.thestreet.com/_htmlbtb/newsanalysis/ratings/10375529.html

There is a chart at the bottom of the 20 banks they analysed.

Arizona and Jim Rhodes

http://www.msnbc.msn.com/id/20343099/

Builder's north woes worry A.J.

By MARK FLATTEN TRIBUNE
East Valley Tribune
Updated: 3:49 a.m. MT Aug 19, 2007

Life in Arizona has gotten tough for developer Jim Rhodes. In recent weeks the Las Vegas homebuilder has lost a major lawsuit that will likely cost him several thousand acres he wanted near Kingman. He also failed to block efforts at the Arizona Corporation Commission to have him testify under oath as to why he kept a crooked ex-politician from Nevada on his payroll.

Subdivision by airport approved

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12936&TM=53626.71

8/21/2007 1:41:00 PM
Suzanne AdamsMiner Staff Writer

Pilots using the Kingman Airport may have to deal with a new subdivision at the end of the runway.The Board of Supervisors Monday overruled the County Planning and Zoning Commission and approved an amendment to the county's General Plan, which will allow the Statesboro subdivision to be built in the approach to one of the airport's runways. Supervisors Buster Johnson and Tom Sockwell voted for the development. Board Chairman Pete Byers voted against it.

San Diego County Foreclosures

Three articles about San Diego and foreclosures.

Ground Zero in San Diego's Mortgage Mess
http://www.voiceofsandiego.org/articles/2007/08/20/news/02foreclosures082007.txt

http://www.voiceofsandiego.org/articles/2007/08/20/housing/934family032207.txt

http://www.voiceofsandiego.org/articles/2007/08/21/survival/699foreclosurebus082007.txt

More problems for Tucson's First Magnus

No paychecks, but assistance promised for First Magnus workers

Company officials put together $1 million in aid but said their accounts are frozen.

By Christie Smythe
Arizona Daily Star
Tucson, Arizona Published: 08.21.2007

First Magnus Financial Corp. still is not sending out paychecks to its former employees.
But the Tucson-based mortgage lender announced it is creating an assistance fund of more than $1 million to ease the burden.
In a news release, the company said paychecks have been delayed because its accounts were frozen by investors that provided capital to First Magnus to make loans.

http://www.azstarnet.com/business/197349

Online comments: http://regulus2.azstarnet.com/comments/index.php?id=197349

Fed handing silver to loan rangers

By Al LewisDenver Post Staff Columnist
Article Last Updated: 08/20/2007 10:48:12 PM MDT

The subprime mortgage mess is "largely contained" - or at least that's what Treasury Secretary Henry Paulson Jr. said in March.

And then, Federal Reserve Chairman Ben Bernanke repeatedly told us our subprime woes would not spill into the broader U.S. economy.

Now, the Fed is sandbagging the levee. .....

So why is the Federal Reserve so busy managing our economy? Or is it simply bailing out a bunch of high rollers who made bad bets on subprime loans?

So what if Bear Stearns, Goldman Sachs and some of the biggest investors in the world are reeling from their own stupidity? Who cares if Countrywide and other major mortgage lenders go belly up because of their risky lending practices? And if you can't pay your mortgage or get a new one - well, geez, didn't you ever play Monopoly as a kid?

http://test.denverpost.com/business/ci_6674117

Capital One Closes Wholesale Mortgage Unit

Last Update: 4:30 PM ET Aug 20, 2007

Capital One Financial Corporation today announced that it will cease residential mortgage origination operations at its wholesale mortgage banking unit, GreenPoint Mortgage, effective immediately.......

As part of this decision, the company will close GreenPoint's California- based headquarters along with 31 locations across 19 states. The change will result in the elimination of approximately 1,900 positions with the vast majority of these positions being eliminated by the end of the year.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=PR&Date=20070820&ID=7348049

US lending standards "unbelievable".

From the UK:

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/20/bcnswiss20.xml

Top Swiss banker attacks US lending standards as 'unbelievable' By Ambrose Evans-Pritchard and Yvette Essen
Last Updated: 8:29am BST 20/08/2007

Switzerland's top banker has warned of massive losses from the unfolding credit crisis, describing the collapse in US lending standards as "unbelievable".

Jean-Pierre Roth, president of the Swiss National Bank, said market turmoil was far from over as tremors from the sub-prime debacle continued to rock the world.

"We're certainly not at the end of the story. There are question marks surrounding the development of the American economy," he said. "Something unbelievable happened. People who had neither income nor capital got credit with very attractive conditions. Now reality is striking back," he said.

Throwing a Bone To A Starving Dog

Here is an article about what the Fed did last week..........

Throwing a Bone To A Starving Dog
by Lee Adler

There sure has been a lot of nonsensical gibberish flying around the financial infomercial media, and in the world of blogs and message boards since Friday. So let’s try to separate fact from fantasy.

We’ll start with something I agree with. I do believe that the Fed’s action had everything to do with Countrywide’s bank arm, the well publicized run by their customers, and the fact that they were forced to borrow apparently all of their $11 billion bank credit facility. This is a dangerous and volatile mix in the arena of the public confidence game that fiat money systems depend on. The Fed had to do “something” to give the world the impression that they were actually “doing” something.

What did they actually do? Not much.

http://wallstreetexaminer.com/?p=1550

Phoenix 55,000 homes listed

It's deal time with 55,000 homes listed

Aug. 17, 2007 05:44 PM

Home sales and building are down in metropolitan Phoenix, but there are other indicators to track where the housing market is headed.Here's a look at some.

• Home listings in the Valley climbed to almost 55,000 during the past few weeks. That's a new high. The number of houses that are marketed for a short sale to avoid foreclosure or are bank-owned is also up. That's good news for buyers looking for deals.

• About 85 percent of the Valley homes foreclosed on in July went back to the lender, according to the Information Market. That means fewer investors bidding on foreclosure properties on the courthouse steps. In many cases, more is owed on the home than what it's worth now.

http://www.azcentral.com/business/columns/articles/0817biz-catherine17-ON.html

Clock is Ticking on Las Vegas' Water Supply

Edward Lawrence, Reporter
Clock is Ticking on Las Vegas' Water Supply
Aug 17, 2007 03:43 PM MST

The news coming from the Southern Nevada Water Authority Thursday about the valley's future water supply is worrisome. Unless we act quickly, there will be no water for hundreds of thousands of Las Vegas Valley residents in just three years.

http://www.lasvegasnow.com/Global/story.asp?S=6943263

There is a video on the page also. And here is a link to a blog with comments from readers.

http://blogs.lasvegasnow.com/2007/04/nevadas_water_s.html

CNBC and China

This is really a stupid news clip from CNBC. A quote from the clip:

"Ya know, if China were to revalue it’s currency or China is to start making say, toys that don’t have lead in them or food that isn’t poisonous, their costs of production are going to go up and that means prices at Wal-Mart here in the United States are going to go up too."

So just play with your lead toys and eat your poison food and everything will be fine.


http://www.thevanguardian.com/news.php?id=12

Mortgage Meltdown

Here is a guy who used the signs everyone had available to them and bet the assets of his hedge fund that the deteriorating housing market would get worse. So far his fund has doubled in value in a few months, while other funds have disappeared leaving investors out billions of dollars. There has been so much info available regarding the easy lending market that it shouldn't have been a surprise to anyone that it has collapsed. Four page article......

http://www.iht.com/articles/2007/08/19/business/mortgage.php?page=1

Missed signs led to mortgage meltdown

By Nelson Schwartz and Vikas Bajaj
Published: August 19, 2007

NEW YORK: All through last year, Jim Melcher saw the signs of a rapidly deteriorating American housing market - riskier mortgages, rising delinquencies and more homes falling into foreclosure. And with $100 million in assets at his hedge fund, Balestra Capital, he was in a position to do something about it.

**************

Bernanke and what he is doing towards the credit crunch. Video...

http://link.brightcove.com/services/player/bcpid959009704?bclid=979307711&bctid=1137833094

This can't be good for Countrywide

I hope they don't mean this because I'm sure the credit crisis won't be over in 3 months.

http://www.dailynews.com/news/ci_6643472

Countrywide's troubles deepen
BY GREGORY J. WILCOX, Staff Writer

CALABASAS - Countrywide Financial Corp.'s financial trouble deepened Thursday, forcing the nation's biggest mortgage lender to tap an $11.5 billion credit line to fund operations.

Paul J. Miller, an analyst at Friedman, Billings, Ramsey & Co., said in a research report that Countrywide's survival depends on how long the mortgage crisis lasts.
"We do believe there is a scenario in which the current liquidity crises last for longer than three months and CFC is forced into bankruptcy," he wrote. "It will be ugly, but it can happen!"

Miller also predicted that if the crisis passes within a month, the company will be able to resume normal origination functions and its stock price will jump back into the $30 range.
If it persists for more than a month, he said, Countrywide might be forced to sell assets at a deep discount, putting "tremendous pressure" on its stock.

More Trouble for Countrywide

http://www.latimes.com/business/la-fi-countrywide17aug17,1,5048775.story?coll=la-headlines-business&ctrack=1&cset=true

THE MORTGAGE MELTDOWN

A rush to pull out cash

Worried about the stability of mortgage giant Countrywide Financial, depositors crowd branches. In Laguna Niguel, Bill Ashmore drove his Porsche Cayenne to the bank's office and waited half an hour to cash out $500,000. "It's got my wife totally freaked out," he said.

By E. Scott Reckard and Annette HaddadAugust 17, 2007

Anxious customers jammed the phone lines and website of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.

California Bay Area New-home sales dive 1/3 in June

Even the Bay Area of California, supposedly erosion proof, is getting a clue.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/08/17/BUC3RK0EM.DTL
,
New-home sales dive 1/3 in June
Economist says price drop will bring back demand
Kelly Zito, Chronicle Staff Writer
Friday, August 17, 2007

"Prices went way ahead of themselves relative to the incomes of the consumer, and price increases could only be maintained with exotic financing," Krueger said. "Once that went away, you had a significant erosion of demand."
Statewide, the picture is similar.

Ultimately, though, steeper price reductions may be the answer.

"How does demand come back? When prices come down," Krueger said. "For the consumer, that potentially could be good - it could alleviate some of the affordability problems we suffer from so much in the Bay Area."

No government cure for housing pain

A good editorial from the Orange County Register:

http://www.ocregister.com/opinion/home-loans-buyers-1810407-subprime-mortgage

For the longest time, Orange County residents have gleefully watched their home values escalate nearly beyond reason. It was almost too good to be true – for homeowners, anyway – as home values have basically tripled in the past nine years. But when something seems too good to be true, it usually is too good to be true. So now the market is self-correcting....................

The housing market, though, is working itself out. The government should not intervene with either bailouts or regulations. Lenders are becoming more careful (some argue they are become too careful as an overreaction to the problem), unqualified buyers are now less able to get loans, and home prices will no doubt start coming back to reality. With less equity available, homeowners will also be spending less money on remodeling and other consumer spending, at least for now.
That's how markets work. There is no way to avoid some pain. As one an old saying puts it, "capitalism without failure is like religion without sin."

Tucson Housing Market Could Take Hit

Another article from Tucson. They are indicating this has to do with First Magnus closing, but the house they are talking about has been on the market for more than a year. Since First Magnus just went out of business and the lending problems did not exist before this spring, obviously lending was not the problem. There is a video on the page also.

http://www.kold.com/Global/story.asp?S=6944906

Tucson Housing Market Could Take Hit

Aug 17, 2007 08:30 AM MST

The closing of First Magnus could have a negative and positive effect on the Tucson Housing Market.

"This is my equity, this is my retirement."

James Shirkey is seeing that equity and his retirement slip away as the housing market takes another hit with the closing of First Magnus.

"A year and a half ago, according to appraisals, I had about $140,000 worth of equity and now I'm getting down to $70,000 or $80,000 and it still isn't selling, so it's very terrifying.
Shirkey's house has been on the market for more than a year and experts say it could be there even longer now.

Kingman's New Planned Hospital

For some reason, the Miner has not been updating their web site this week. There was an article about a new hospital in the paper earlier in the week that didn't show up on the web site. Here is a later article that did appear on the web site.

http://kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12899

8/17/2007 12:05:00 PM

Response to new hospital mostly positive
Terry Organ Miner Staff Writer

Brian Turney, chief executive officer of Kingman Regional Medical Center, made it clear Thursday he has no objection to the competition KRMC will face once Hualapai Mountain Medical Center opens in two years.However, he expressed some concerns over how HMMC will conduct business as a for-profit facility. KRMC holds a designation from the Internal Revenue Service as a non-profit operation.

Tucson - First Magnus Halts Lending, Lays off Employees

First Magnus announces layoffs, halts new loan activity
By Jack Gillum
Arizona Daily Star
Tucson, Arizona Published: 08.16.2007

First Magnus Financial Corp. announced this morning that it would substantially cut its workforce, after announcing to its employees late Wednesday that it would stop writing loans today.

Employees at the Tucson-based mortgage firm, headquartered at 603 N. Wilmot Road, were leaving this morning with packed boxes - many with downtrodden faces and some uncertain about what to do next.

http://www.azstarnet.com/business/196691

Phoenix Housing Market Remains Dismal

From Phoenix Channel 12, there is a video on the right side of the page.

http://www.azcentral.com/12news/news/articles/housingmarket08152007-CR.html

Melissa Gonzalo12 NewsAug. 15, 2007 05:08 PM

Banks are becoming stricter with lending and foreclosures are on the rise, placing many Valley homeowners in dire straights, struggling to stay afloat. Monique Walker of Intero Real Estate estimates 25 percent of housing inventory are short sales. "We, as realtors talk to the bank and the bank at times allows the seller to sell the house for lower than they actually owe on the mortgage," said Walker.

Countrywide Downgraded to Sell, Bankruptcy may be possible.

Countrywide cut by Merrill and bankruptcy raised

Posted 15 August 2007 @ 11:23 am EST

NEW YORK - Countrywide Financial Corp shares fell as much as 9.2 percent on Wednesday after the largest U.S. mortgage lender was downgraded to "sell" from "buy" by a Merrill Lynch & Co. analyst, who said bankruptcy may be possible if liquidity worsens.

http://www.ibtimes.com/articles/20070815/countrywide-downgrade.htm

The Dow and the Federal Reserve Bank

The Dow dropped below 13000 this morning and the Fed pumped 7 Billion in. It helped for a few minutes and then it went back down.

Marketwatch
http://www.marketwatch.com/tools/marketsummary/

Here is an interesting site. You can see the open market operations from the Fed. If you go to the bottom of the page and click the link, you can get the last 25 operations.

http://www.ny.frb.org/markets/omo/dmm/temp.cfm

Cleveland Cuyahoga County Recorder's Office Requires Cash from Countrywide

Cleveland's Cuyahoga County Recorder's Office will no longer take checks from Countrywide for mortgage filing. They don't want to chance the checks bouncing.

http://blog.cleveland.com/business/2007/08/county_stops_taking_countrywid_1.html

Free Market Capitalism Cuts Both Ways

A good article about why the Fed should do nothing, no bailouts, no rate cuts, no liquidity injections. (4 pages long, so click on next page on the bottom of each page)


Free Market Capitalism Cuts Both Ways
By Robert MarcinRealMoney.com Contributor8/13/2007 1:31 PM

It hasn't been pretty in the financial markets lately. Collapsing subprime and structured debt prices, contracting credit markets, busted deals, and a sharp correction in stocks all have investors on edge. And it should be so. For investors had become far too complacent for far too long.

http://www.thestreet.com/_htmlatb/newsanalysis/opinion/10373992.html

Buyers Market

There is an article on the front page of the Daily Miner this morning quoting a local realtor. Only problem is the numbers are very wrong. He says there are 131 single family residences listed in Kingman in July, which is actually the total "new" listings for July. The total sales were 62, which makes the market sound pretty good. The total single family residences listed as of yesterday on realtor.com for Kingman, excluding mobile homes, is 956. I would hope there would be a correction in tomorrow's paper, but I suspect it won't be corrected. It looks much better showing half the houses sold last month.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12892

It's a buyer's market

Choices plentiful if you’re shopping for a home
Aaron RoysterMiner Staff Writer

It's a buyer's market in Kingman. All you have to do is look at the numbers.

In July, there were 131 single-family residences listed in the Kingman, north Kingman and Hualapai Mountain areas. A little less than half of the homes listed were sold. The 62 sold in July is close to the 65 sold in July 2006.

http://homes.realtor.com/search/searchresults.aspx?mindt=1%2f1%2f0001+12%3a00%3a00+AM&maxdt=12%2f31%2f9999+11%3a59%3a59+PM&ctid=49&ml=3&typ=1

Beecher Booted - Daily Miner Links

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12878

Beecher BootedCouncil seeks clean slate after termination of city manager Nicholas Wilbur Miner Staff Writer

He had already cleaned out his desk and turned in his keys before City Council emerged from executive session Friday morning after his performance evaluation.

http://www.kingmandailyminer.com/main.asp?SectionID=4&SubSectionID=4&ArticleID=12884

Council makes the right decision on firing Beecher
Mark Borgard Miner Editor

Let's hear it for our Council! Please, lady and gentlemen, stand up and take a bow. You earned it. You made a tough decision on Friday, but it was the right one. Your courage will make Kingman a better city in the future.

Credit Problems & High Risk Mortgages

Credit problems are too big for the feds to fix

Wall Street is hoping for a bailout of the reckless mortgage sector that violates the whole concept of capitalism. It won't work, because there's too much mess to clean up.

By Bill Fleckenstein

http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/CreditProblemsAreTooBigForTheFedsToFix.aspx

***********
High-risk mortgages turning into toxic mess
Experts believe the biggest problems will emerge during next 16 months

http://www.msnbc.msn.com/id/20216643/

Trish Groe Blog

Here is the blog of Trish Groe, Arizona State Legislature, District III, Arizona

http://azcapitolupdate.blogspot.com/

She has links to other Arizona political blogs, government links, newspapers etc.

Only Yesterdy, 1920's by Frederick Lewis Allen

A lot of media attention lately has been on the market crash of 1929, and making comparisons to what is happening in todays stock market. Here are chapters from a book written in 1931 by Frederick Lewis Allen on the 1920's called Only Yesterday:

http://xroads.virginia.edu/~HYPER/ALLEN/cover.html


This is chapter 13 called "the crash".

http://xroads.virginia.edu/~HYPER/ALLEN/ch13.html

Subprime Contagion Is Spreading

Bernanke Was Wrong: Subprime Contagion Is Spreading (Update2)
By Bob Ivry

Aug. 10 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke was wrong.
So were U.S. Treasury Secretary Henry Paulson and Merrill Lynch & Co. Chief Executive Officer Stanley O'Neal.
The subprime mortgage industry's problems were contained, they all said. It turns out that the turmoil was contagious.

http://www.bloomberg.com/apps/news?pid=20601103&sid=a.pPEmZeZZCk&refer=us

Charlie Rose - Credit Squeeze

This is long but has some interesting things in it.

Charlie Rose - Credit Squeeze

http://video.google.com/videoplay?docid=-1393776214264698170

Kingman's Paul Beecher has been removed

From Todd Tarson's blog - Kingman's city manager, Paul Beecher has been relieved of his duties as of this mornings council meeting.

http://mocoreal.blogspot.com/

Donald Trump loses money on Casinos

For those who say "the Donald" is such a great businessman. He has managed to lose money two years in a row on his casinos. He tried to sell them without much luck. He filed bankruptcy before in 2004 for his casinos and hotels.

http://www.smh.com.au/news/business/trump-casinos-lose-for-second-year-in-row/2007/08/08/1186530447770.html

http://www.npr.org/templates/story/story.php?storyId=11688829

http://www.nysun.com/article/60105

More Housing Articles

Las Vegas...
http://www.inbusinesslasvegas.com/2007/08/03/feature1.html


Credit crunch hurts housing

By Brian Wargo / Staff Writer
Meritage closed its model homes at the master-planned community of Inspirada in Henderson.

In a sign of a struggling housing market, Meritage Homes has shuttered its sales center at Inspirada after making no sales. The homebuilder has opted to go back to the drawing board and design homes that are more affordable and better fit the buyer's lifestyle.


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Builder Incentives....

http://online.wsj.com/article/SB118661750287092393.html?mod=todays_us_personal_journal

Anxious Builders Pile On Incentives
Perks, Price Cuts Become More LavishAs Developers Grow Increasingly Desperate;Would You Like a Pool With That?
By JEFF D. OPDYKEAugust 9, 2007; Page D1
With the housing market looking increasingly frail, home builders and real-estate agents are going to new extremes to attract buyers, dangling lavish incentives and slashing prices.

French Bank Freezes Three Investment Funds

BNP Paribas Freezes Funds as Loan Losses Roil Markets (Update4)
By Sebastian Boyd

Aug. 9 (Bloomberg) -- BNP Paribas SA, France's biggest bank, halted withdrawals from three investment funds because it couldn't ``fairly'' value their holdings after U.S. subprime mortgage losses roiled credit markets.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNIJ.UO9Pzxw&refer=home

BNP freezes $2.2 bln of funds over subprime
Thu Aug 9, 2007 8:09AM EDT
By Sudip Kar-Gupta and Yann Le Guernigou


PARIS (Reuters) - France's biggest listed bank, BNP Paribas (BNPP.PA: Quote, Profile, Research), froze 1.6 billion euros ($2.2 billion) worth of funds on Thursday, citing the U.S. subprime mortgage sector woes that have rattled financial markets worldwide.

http://www.reuters.com/article/hotStocksNews/idUSWEB612920070809

Google Maps

If you haven't seen the google maps street version, it is pretty amazing. They have the LA maps on there now, this is Sunset Blvd. You can walk around and the picture changes.

http://maps.google.com/maps?ie=UTF8&ll=34.115997,-118.3249&spn=0.035246,0.086689&z=14&om=1&layer=c&cbll=34.097973,-118.336489&cbp=1,225,0.5,0

Office Depot

For anyone who is interested, the new Office Depot in Kingman is open. The grand opening will be August 17th.

Dunton versus Rhodes...Dunton Wins

Dunton has won his lawsuit against Jim Rhodes.

Dunton and McAlister Investments sued Rhodes and the other defendants for specific performance of contract, breach of contract, common law fraud and intentional misrepresentation.

According to court transcripts of the trial, Judge Randolph Bartlett ordered Rhodes and the other defendants to honor the contract with Walnut Creek Estates Development Company, McAlister Investments and Dunton and Dunton, LLC. That contract would give Dunton and the other plaintiffs approximately 1,897 acres worth of land.Bartlett also awarded Dunton reasonable attorney's fees and taxable costs incurred in the case. Dunton and his attorneys are supposed to submit the amount of the fees and costs to the court at a later date.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12851&TM=58045.64

Beecher has done it again

Once again Paul Beecher and the city of Kingman have another lawsuit. Since Beecher neglected to tell the city that he had signed an agreement to pay Weir severance, the severance is now triple per Arizona law plus lawyer fees etc. Again, exactly why are we paying an attorney to watch out for the city ??

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12849

Another "bump" in the Rhodes from Aug 7th, 2007

Our "favorite" developer, Rhodes, is in the news again. Apparently he doesn't want to answer questions about what he was paying Kenny for, or worse yet having Kenny testify to the ACC. I can't see any other reason for asking the ACC to put his file on hold until after Kenny starts her prison term.

http://www.kingmandailyminer.com/main.asp?SectionID=13&SubSectionID=18&ArticleID=12843

Mohave County Arizona "Non troll" Site

This has been developed as a "safe" spot for people interested in Mohave County Arizona or anywhere else for that matter. The object is to keep this site "troll" free since the topix.net sites for Kingman and Mohave county have been overrun with "psycho" trolls.

You must register to post and your posts will have to be approved for the time being. Everyone is welcome who is willing to register and all posts are welcome regardless of your opinion of something. Name calling and trolls are not welcome and posts will be deleted.

You must set up a google account to post, apparently. Just click on the "comments" on the bottom of any of the posts, go to the bottom right and click on the link to set up a google account. You only need an email and a password. Google accounts are good to have anyway, you can get a gmail account and a picture storage and share area with your google account. If you have trouble with this, email mohave_net@yahoo.com and we'll try to think of another way to do this.

Hopefully at some point I can go back to using mohave.net's forums which have been deleted as of today. Forums are an easier method of posting but there was too much exposure to too many people and unfortunately they were not very safe from the "psycho" trolls personal attacks.