The FDIC is reducing mortgage payments and interest rates for delinquent borrowers at the federally-controlled IndyMac Bank. FDIC spokesperson Shelia Bair said that the FDIC hopes to keep nearly 30,000 delinquent borrowers in their home with the changes.
Must be nice though. If you’re in trouble with your mortgage I’m sure you’re [...]
Bloomberg is reporting that Lehman Brothers may take up to $4 billion in losses as a result of marking down $61 billion worth of mortgage-related assets. The losses would be announced in their 3rd quarter earnings. Lehman was the biggest underwriter of mortgage assets prior to the meltdown. They continue to be [...]
Fannie Mae and Freddie Mac are on the verge of government intervention, reports the Financial Times. As credit worries continue to wreak havoc on the financial markets liquidity concerns at the two massive GSE’s sparked a stock sell-off that left both company’s stocks down nearly 25%.
Any government intervention or recapitalization would severely undercut the value [...]
That can’t help matters. Wachovia has agreed to buy back $9 billion in auction rate securities as part of a wide-ranging SEC investigation of several Wall Street firms’ sales and marketing practices. UBS, Morgan Stanley and others are buying back ARS by the billions in order to avoid formal charges of securities fraud.
Will [...]
Existing home sales hit their lowest levels in a decade while price declines offered little to help stem the fall. Median home prices fell nearly 10%. Of course the biggest losses were seen in bubble areas such as inland California, Florida and Las Vegas.
From Bloomberg on the losses:
Existing U.S. home sales [...]
Consumer prices rose by .8% last month, more than double analysts expectations. Of course, with artificially low interest rates one can’t really expect anything different; but it does make it damn clear that the Federal Reserve has nowhere to go but up with interest rates.
While the mainstream media is spinning the oil price drop [...]
It’s nice to see the mainstream media cover more of the voices outside of the bottom callers who keep tripping over each other to be the first one to call bottom. Merrill Lynch’s Chief Investment Strategist Richard Bernstein said that investors are “significantly underestimating” the risks still associated with the credit crisis and suggested [...]
Banks have dialed up the lending requirements in the face of the nearly half-trillion dollars lost in the mortgage mess to-date. The Federal Reserve reported that banks and lending institutions have tightened credit standards across all loan-types as losses mount and liquidity remains a key issue.
This should be seen as good news [...]
Note: I’m very excited to introduce a series of guest articles by Anthony M. Freed. This is his first. Anthony is an analyst, researcher and freelance writer, and can be reached at anthonymfreed@gmail.com. Please welcome him – I’m excited to get his take on the market from the analyst perspective.
So once again wild swings in [...]
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