Wednesday Housing News: Fed Shocker

Another member of the Federal Reserve Board has resigned. This is about as good a sign for the economy as Rehnquist dying and O'Connor resigning was for the Supreme Court. Here's his bio. I have no doubt that Bush will pick a man of sterling character and exemplary credentials to succeed a guy as accomplished as Ferguson.

I hear this guy's looking for work:

And it's gonna be reports like these that the FNG is gonna be faced with. Oh, joy and rapture. 5% increase in energy costs, despite it being one of the warmest January months on record? WTF?

The American Prospect has an intriguing essay on the shady financial dealings of Rick Santorum. Of note to housing bubble watchers is the discussion of how he and his part-time-author wife could afford a $757,000 house on a Senator's $161,000 salary:

The Santorums bought their oversized Shenstone “estate” even though his financial disclosure forms since 2001 have shown little family income beyond his Senate salary, now $162,100, and he admits that life hasn’t been financially easy. The senator made a startling remark to The New York Times Magazine last spring: “We live paycheck to paycheck, absolutely.” But he explained that his parents help out. “They’re by no means wealthy -- they’re two retired VA [Veterans Administration] employees -- but they’ll send a check every now and then,” he said....Initially, according to Loudoun County property records, the purchase was financed with a $405,000 mortgage from a conventional lender, Westminster Mortgage Company. But a year later, the couple refinanced for $500,000. That was not unusual in the fall of 2002, when many homeowners were refinancing to take advantage of plunging interest rates, while also cashing in on the rising equity in their homes.

The housing bubble: The ultimate faith-based initiative.

Posted at February 22, 2006 05:56 PM

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Another member of the Federal Reserve Board has resigned. This is about as good a sign for the economy as Rehnquist dying and O'Connor resigning was for the Supreme Court. Here's his bio. I have no doubt that Bush will pick a man of sterling character and exemplary credentials to succeed a guy as accomplished as Ferguson. I hear this guy's looking for work: And it's gonna be reports like these that the FNG is gonna be faced with. Oh, joy and rapture. 5% increase in energy costs, despite it being one of the warmest January months on record? WTF? The American Prospect has an intriguing essay on the shady financial dealings of Rick Santorum. Of note to housing bubble watchers is the discussion of how he and his part-time-author wife could afford a $757,000 house on a Senator's $161,000 salary: The Santorums bought their oversized Shenstone “estate” even though his financial disclosure forms since 2001 have shown little family income beyond his Senate salary, now $162,100, and he admits that life hasn’t been financially easy. The senator made a startling remark to The New York Times Magazine last spring: “We live paycheck to paycheck, absolutely.” But he explained that his parents help out. “They’re by no means wealthy -- they’re two retired VA [Veterans Administration] employees -- but they’ll send a check every now and then,” he said....Initially, according to Loudoun County property records, the purchase was financed with a $405,000 mortgage from a conventional lender, Westminster Mortgage Company. But a year later, the couple refinanced for $500,000. That was not unusual in the fall of 2002, when many homeowners were refinancing to take advantage of plunging interest rates, while also cashing in on the rising equity in their homes. The housing bubble: The ultimate faith-based initiative.