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November 20, 2010

bookofjoe Investment Seminars — Episode 3: Mortgage Securitizations


There was so much positive feedback (Bizarro World-style) from Episodes 1 and 2, it seemed a no-brainer (our specialty) to make this an ongoing series.

Today's Saturday afternoon special was submitted by Richard Kashdan, who wrote in the subject line of his email, "Just when you thought you knew something about mortgage securitizations."

Which is also the title of a November 15, 2010 zerohedge.com article, excerpts from which follow.


Dan Edstrom is a guy who is in the right place at the right time.

His profession? He performs securitization audits (Reverse Engineering and Failure Analysis) for a company called DTC-Systems.

The typical audit includes numerous diagrams including the following:

• Transaction Parties and Flow (similar to the chart below, but much easier to understand)

• Note exchanged for a bond Foreclosure parties

• Priority of Payments from the Security Instrument (Mortgage, Deed of Trust, Security Deed or Mortgage Deed)

• Priority of Payments from the Pooling and Servicing Agreement

The... flow chart [above] reverse engineers the mortgage on the Edstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured. 

Take a look at this chart and then decide how long you think it will take for Barney Frank and Eric Holder to sort everything out. Here is a link to an expandable version.

November 20, 2010 at 04:01 PM | Permalink | Comments (2) | TrackBack

Silent Karaoke Mic for Wii


That's different.

From the website:



For those of you who enjoy singing karaoke in the comfort of your own home, it's likely that your neighbors don't share your enthusiasm.

You'll be pleased to hear, however, that there is a way that you can continue to sing all night long without bothering the folks next door.

The Noiseless USB Karaoke Mic provides a veritable cone of silence around your microphone, keeping all those decibals cupped between you, your karaoke machine, and your headphones.

Ideal for the Nintendo Wii, it connects via a simple USB cable (included).



November 20, 2010 at 03:01 PM | Permalink | Comments (0) | TrackBack

Bathroom Mirror Photography


Res ipsa loquitur.

[via Richard Kashdan]

November 20, 2010 at 02:01 PM | Permalink | Comments (3) | TrackBack

$100,000 earrings — on Etsy?



I was sure they were made from lunar rock but no, turns out they're plain old Earth-derived sterling silver.

Reading further, we find this: "What is the value of these earrings? Going beyond metal's natural properties? Price is a suggestive proposal: highest bidder wins this truly one-of-a-kind art piece."


But wait, there's more: "Free shipping."


I'm moving a couple of my crack research team members into a new building out back in the skunkworks to begin fabrication of one-of-a-kind bookofjoe earrings, priced at a million bucks a pair.

With some decent copywriting there's no telling how big this could get, putting paid to all the recent nonsense about buttons not pushed and hidden ponies and whatnot.

[via Milena]

November 20, 2010 at 01:01 PM | Permalink | Comments (2) | TrackBack

Notice anything different?


Look over to the right, where there used to be — up until this past Thursday — an ad (assuming, that is, that you're reading this post as part of today's posts, not as a free-standing entry).


Same holds true for All Archives and single date pages.

The only time you'll see ads from now on are on Permalink pages featuring a single post.

Why the change?

Looking into the numbers using Google's AdSense tools, it became clear over the past few months that the ads that appeared on the main page and the other multipost pages were selected by Google's ad bot algorithm based on the contents of all the posts on the page, as opposed to one single post as occurs on the Permalink/one-post pages.

This resulted in the ad being pretty much unrelated to what you were looking at on the main page.

And as a result, nobody ever clicked on the ads and so they failed to pull their space-occupying/visual downgrade weight.

And that's why they're gone.

If I could figure out a way to generate money without ads in a way that would be unobtrusive to you, I'd do it in a heartbeat.

I'm still looking for that pony/million dollar homepage that I just know is in here somewhere....

[cartoon up top by Randy Glasbergen]


November 20, 2010 at 12:01 PM | Permalink | Comments (6) | TrackBack

Credit Card Skins


"These super-thin adhesive covers can be used on


credit cards, debit cards, ATM cards, cash cards and loyalty cards.


Since they are only applied to the front of your cards (not the back),


they won't affect the magnetic strip,


and the gentle adhesive allows you to easily remove the sticker."

Apiece, $6 CAD (Personal Accessories page 3)

November 20, 2010 at 11:01 AM | Permalink | Comments (1) | TrackBack

Clothespin in the park — Uysal Mehmet Ali


"Exposition d'Art contemporaine dans le parc de Chaudfontaine (Belgique),"


by Ankara-based sculptor Mehmet Ali Uysal.

[via mmarsupilami's flickr, mappeal and inspire me now]

November 20, 2010 at 10:01 AM | Permalink | Comments (1) | TrackBack

Nambu Iron Oil Pan


From the website:


A master forger of nambu tetsu, or traditional cast iron, Nobuho Miya works from his Kamasada [Japan] ironware studio, founded by one of his ancestors in the Meiji era. His work has been exhibited worldwide, as far afield as New York’s Metropolitan Museum of Art.

It is said that it takes at least 15 years to become a decent ironware maker, and 40 years to become a master craftsman. What makes Miya's work unique is not only his ability as a craftsman but his incredible eye for elegant, simple, contemporary design.

40.5cm x 21.5 cm x 7.5cm.

Weight: 1.3kg




[via Monoscope and mappeal]

November 20, 2010 at 09:01 AM | Permalink | Comments (6) | TrackBack

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