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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (64692)	6/27/2006 9:57:14 PM
From: John Vosilla	Respond to of 110194

'I spoke with Morgan on the phone today and he was describing a phone call he just received from a person under contract to buy a home in Newport Isles (A Lennar development in Port St. Lucie). The buyer wisely decided to have it inspected first. The inspection report turned up over 100 defects and code violations. We are both itching to get our hands on that report, but mid-conversation the caller had second thoughts about making it public for fear it would jeopardize his odds of getting out of the contract.' I bet the desire to get out of contracts is pretty high these days. Also I did not know the national builders can get away with hiring their own inspectors to issue CO. It was already well know construction quality drops dramatically at the tail end of a building boom but this one will probably be tops when all is said and done. More interesting twists to this whole mania..

To: mishedlo who wrote (64692)	6/28/2006 4:56:37 AM
From: shades	Respond to of 110194

Mizuho To Buy Back Y603.5B Govt-Held Preferred Shares -2- Japan's second-largest bank by assets said it will buy back the government-held Mizuho preferred shares on July 4 for Y603.5 billion and then cancel them. With their earnings growing strongly and financial conditions improving quickly, major Japanese banks are rushing to return the public funds they borrowed from the government in the late 1990s. Earlier in June, Mitsubishi UFJ Financial Group Inc. (8306.TO) - Japan's biggest bank by assets and market capitalization - completed its public fund repayment. Sumitomo Mitsui Financial Group Inc. (8316.TO), the third-largest Japanese bank, also aims to pay back all public debts by March 2007. The announcement by Mizuho comes a day after its annual shareholders meeting held Tuesday approved the banking group's plan to buy back about Y600 billion of preferred shares held by the government. Mizuho's predecessor banks received a total of Y2.949 trillion in public funds in the late 1990s, when the government pumped trillions of yen into the Japanese financial system to head off a banking crisis. After returning all the public debt, Mizuho plans to file for a listing on the New York Stock Exchange. Mizuho President Terunobu Maeda has said Mizuho hopes to apply for the New York listing by the Sept. 30 end of the fiscal first half. -By Natsuo Nishio and Yoshio Takahashi, Dow Jones Newswires; 813-52552929;Natsuo.nishio@dowjones.com; yoshio.takahashi@dowjones.com -Edited by Shawn Schroter (END) Dow Jones Newswires June 28, 2006 04:25 ET (08:25 GMT)