Blowing the Lid Off the Mortgage Industry
From the category archives:
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!It’s been quite a week for Citi.
Tuesday it walked into a feces storm of its own making by announcing it would raise salaries by 50% to offset cuts in bonuses.
To be fair to Citi, they are taking (well-deserved) [...]
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In this Bloomberg segment Dr. Nouriel Roubini shares his thoughts on why pundits proclaiming the stabilization of the housing market are wrong and why the current policy path is unsustainable and likely to have a messy exit. My favorite part? The idea of our debt ballooning from 40% GDP to 80%. Lovely. Can [...]
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All this green shoot talk and pronouncements that the worst is over fails to take into account the sorry state of the US consumer. Sure indicators may be turning (are they really?) but the fact remains that the US consumer, the same people responsible for 70% of our nation’s GDP are still in a world [...]
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The state of California is imposing a 90-day moratorium on all foreclosures as part of the new California Foreclosure Prevention Act that goes into effect tomorrow. The law requires that lenders prove they tried to modify a borrower’s loan before initiating foreclosure proceedings.
From the San Jose Mercury News:
The law is expected to make lenders try [...]
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I remember going through a phase where I wanted to learn how to do card tricks to impress my friends and members of the fairer sex. I read several books on the subject and the number one thing to learn is to get the observer’s eyes off the deck of cards. Create a distraction. In [...]
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We reported earlier that 19 banks were OK’d by the Treasury to pay back the TARP funds that were injected in to them during the first round of the bailout. According to the naked capitalism here are the banks that passed stress tests and will get to pay their TARP funds back:
The institutions are [...]
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The Treasury announced today that 19 banks have been allowed repay a total of $68 billion in TARP funds. The banks, who remain nameless were granted permission to buy back the warrants that the Treasury holds in each company at “fair market value.” These 19 banks are in addition to 22 smaller institutions [...]
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As the unemployment rate continues to grow it is hitting an increasing number of people who had prime mortgages. The result is a huge increase in foreclosures among primes. In the first three months of the year, prime fixed-rate loans accounted for nearly half of the increase in foreclosure proceedings, according to the Mortgage Bankers [...]
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Excellent interview with Michael Lewis who talks about his days at Solomon and how the 1980’s were really the start of this era of greed and malfeasance that led to the economic calamity we’re currently going through. He goes on with the following insight regarding the players in the game that portends future disaster (h/t [...]
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The sickening feeling in my stomach continues to worsen. AIG is looking to clawback a $490 million endowment and the $27 million in donations already made to charities to pay employee bonuses instead. The New York Post has the details on this underhanded, disgusting move by a company and board that has long [...]
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