Government help for the bank lending: just “get on with it”
Last weekend the Prime Minister announced yet another “anti-recession” plan which included the “creation of up to 100,000 new jobs” ... that households are reining in after the years of credit-fuelled excess. Two key indicators are housing equity ... and car show rooms. The saving ratio collapsed in late 2007 and actually turned negative [more...]
Date: 2009-01-08 21:14:21
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Obama’s Big Chance
Albeit reluctantly, the Senate gave the go-ahead to release the additional $350 billion in TARP funding contemplated by the original plan ... to breathe life back into this economy.” To his credit, President-elect Obama acknowledged ... at companies receiving funds, provide more loans to small businesses and ensure “taxpayers can see [more...]
Date: 2009-01-16 05:01:00
A big fat zero
There is a serious problem with guarantees, especially ones handed out by desperate and unpopular governments ... the banks actually call on these new guarantees? Taxpayers money will be used to cover losses. The amount of guarantees on offer are so large relative to GDP, that it would only take a small loan default [more...]
Date: 2009-01-16 15:59:00
Credit Bubble bulletin ~ Nolan's analysis
A Divergence: The 2009 stock market has quickly come face-to-face with the reality that the worst of our banking system’s problems have yet to pass ... is now moving briskly. Citi management this morning announced a plan to create a new entity (“bad ... and is now backing $301bn of Citi’s real estate loans and securities. From Bank of America came the [more...]
Date: 2009-01-17 09:47:29
Bailout Binge: Zombie Edition
You know, Keyser has been ruminating a bit recently about the implications of printing ungodly sums of money to bailout people and companies that made bad decisions in the past and would go into bankruptcy if they didn't get bailed ... , and the only problem is this "credit crunch." So give them a few hundred billion dollars (in return [more...]
Date: 2009-01-17 18:22:00
Obama's Big Chance
Albeit reluctantly, the Senate gave the go-ahead to release the additional $350 billion in TARP funding contemplated by the original plan ... to breathe life back into this economy.” To his credit, President-elect Obama acknowledged ... at companies receiving funds, provide more loans to small businesses and ensure “taxpayers can see [more...]
Date: 2009-01-16 04:29:19
Bail Me, Stimulate Me
In a week that signaled much worse is coming, perhaps the more dismal indication on the financial front was that Democrats finally had a chance to ... the kind of behavior that got us here: more bad loans to the wrong people won't en our crisis; they make ... . If that sounds bad, it shouldn't; this week's debate on TARP had essentially the same contours [more...]
Date: 2009-01-16 20:24:10
1-17-2009 (Sat Afternoon) Fin. & Econ. Activity
At least 21,000 jobs were targeted for elimination yesterday as employers from Hertz Global Holdings Inc. to Advanced Micro Devices Inc ... -parts division. Hertz, the second-largest U.S. rental-car company, said it will cut more than 4,000 jobs ... by trading losses on mortgage bonds, the bank faces credit-card losses that surged to a record [more...]
Date: 2009-01-17 18:27:49
De-leveraging the Children of Wall Street
submitted by James Baker Welch, VP of Rothschild Investments One of the most stunning facts of the 2008 Financial Melt-down has been the wholesale ... regulatory agencies to determine if the institution has met the credit needs of its entire community. 1 The CRA began to compel banks to underwrite less credit-worthy mortgage loans in order [more...]
Date: 2009-01-15 15:40:18
Emotional, financial and legal advice on surviving redundancy
Keep calm Remember you're not alone Redundancy can be a devastating, sometimes brutal, experience but it's not your fault ... the credit crunch in your own backyard," says Phillip Hodson, a fellow of the British Association ... way as due to the western economic cycle, the bastard in charge of hiring and firing, or bad luck [more...]
Date: 2009-01-08 14:45:20
Painful eyes
A lot of emails come my way every 24 hours. Some stand out. Like this one. Not just that she’s a realtor who likes me ( ... to holding mortgage and credit card debt to the tune of 75 Billion, they say well that’s normal that’ ... citizens have become. Not just because she now laments the influence of cheap credit and easy money [more...]
Date: 2009-01-17 03:17:13
U.S. Banks Refuse to Detail How They’re Spending Federal Bailout Money
After receiving hundreds of billions of dollars in taxpayer-funded federal bailout money, the biggest U.S ... - instead of lending at home. Some of those buyouts deals are being done in markets as far away as China. Meanwhile, credit remains tight here in the U.S. market, a situation that could be alleviated if only [more...]
Date: 2009-01-06 12:19:23
Fed and BOE Shell Games to Bailout Insolvent Banks
The US banking system is insolvent. I gave 25 reasons on Wednesday, July 23, 2008 in You Know The Banking System Is Unsound When.... 1 ... , imploding commercial real estate deals, Alt-A liar loans, Fannie Mae and Freddie Mac bonds, toggle bonds ... loans cannot be paid back.Many things have transpired since then. I could easily list another 25 [more...]
Date: 2009-01-18 01:51:43
DEMS SEEK TO BLAME BUSH FOR THEIR MISMANAGEMENT
Submitted by: Clark Havard Fannie, Freddie And Now, Hannie By INVESTOR’S BUSINESS DAILY | Posted Thursday, January 15, 2009 Subprime Crisis: ... % of all subprime loans. Now these chickens are coming home to roost. The mortgage giants, internal memos show ... The media have pounded President Bush for a wave of Hispanic home foreclosures [more...]
Date: 2009-01-16 19:40:15
Countrywide Home Loans is killing me
First a little history: November 16, 2007 I had major surgery and my employer let me go on my first week home on disability ... , and executive employment can be hard to find. I lived off credit for 9 months increasing my debt to a crisis ... yet they assigned the data to only one of the loans causing more delay (they kept saying [more...]
Date: 2009-01-17 20:06:52
Markets won't Bottom until Banks Stabilize
It should be obvious to most investors that until the financial sector stabilizes and starts to post a meaningful rally, ... in other segments of credit, including revolving credit card and auto loans and now deteriorating ... . As I stated a few days ago, the market will probably not bottom until we see a combination of bad assets [more...]
Date: 2009-01-16 14:12:44
Arguing about bank nationalization
We’re edging towards nationalizing the banks. First, the government announces plans to insure loans to small businesses, saying that credit insurance markets fail in recession - which makes them as useful as umbrellas that don’t work when it’s raining. And now, it is thinking of buying banks’ bad assets, thus saying [more...]
Date: 2009-01-16 16:08:59
HOUSING PUSH FOR HISPANICS SPAWNS WAVE OF FORECLOSURES
For years, immigrants to the U.S. have viewed buying a home as the ultimate benchmark of success ... loans, which carry high interest rates and are tailored to borrowers with low credit scores or few ... the housing boom. But when these markets began to weaken, bad loans depressed the value of neighboring [more...]
Date: 2009-01-06 13:19:54
On ABC, Dem Barney Frank Rages at 'Distortions' of Chris Cuomo
"Good Morning America" news anchor Chris Cuomo on Tuesday actually challenged liberal House member Barney Frank over how Congress has spent the ... to the working men and women? Why didn't you do that first?" However, Cuomo should be given credit ... attacked, "Mr. Chairman, your title is Chairman of the House Financial Committee. I mean, certainly [more...]
Date: 2009-01-06 22:46:46
The End of Large-Bank Wholesale Lending - Time For the Mortgage Banker
The End of Large Bank Wholesale Lending - A Resurgence of Middle Market Mortgage Banking – Chase…a Leading Indicator This week Chase shut down ... t effectively manage its pipeline of locked and in-process loans. Of note, Credit Suisse recently shut down ... because NMN is subscription - sorry: “As the refinancing boom gathers steam selected residential [more...]
Date: 2009-01-16 18:23:12
Gates of Vienna News Feed 1/8/2009
The latest word is that an agreement with Russia has been reached, and the flow through the gas pipeline will resume.Also, look for the storming of the Israeli consulate in Montreal, as well as other Gaza-inspired violence around the world.Thanks to AA, Abu Elvis, Insubria, JD, Tuan Jim, Vlad Tepes, and all the other tipsters who sent these in [more...]
Date: 2009-01-09 04:49:00
Refinancing When You Owe More Than The Home Is Worth
I've been looking around for an answer to this but my searches haven't returned anything useful ... ? Was all the refinance hype only because the markets kept going up? Is this the reason why people who got an bad loan ... to the utter limit for 100% financing could refinance into more favorable loans as their equity picture [more...]
Date: 2009-01-08 09:54:12
Snapshot in Time
Click charts to ENLARGE. My daughter asked for an article to summarize where we are, ... , as predicted by Peter Warburton in Debt and Delusion, it didn't turn out that way. Feckless credit expansion ... . Unchecked credit growth inevitably produces declining credit quality, and failed debt, magnified [more...]
Date: 2009-01-17 01:27:42
America Has Lost Focus
I worked 34 years for the same corporation. We had a CEO who grew the corporation from a Mid-West based refiner marketer to an international production, refining, chemical and marketing company. He selected his successor more than ten years before he retired. The successor was anointed. He was told he would be the CEO when the current CEO retired [more...]
Date: 2009-01-18 02:48:49
Doom - Part Deux
It's here. Finally. Doom. Doom Part Deux, actually, as the fine folks over there at The Wall Street Journal Online have informed us that the " ... . They don't really know exactly where all the money went and who did what with it. Bad answer ... Rican rum producers$128 million to auto racing tracks$33 million for corporations that operate [more...]
Date: 2009-01-17 08:34:00
WSJ: "Housing Push for Hispanics Spawns Wave of Foreclosures"
From the Wall Street Journal:"Housing Push for Hispanics Spawns Wave of Foreclosures"By SUSAN SCHMIDT and MAURICE TAMMANCalifornia Rep ... with loans that often didn't require down payments, solid credit ratings or documentation of employment ... all congressional districts in percentage of home loans not tailored for prime borrowers. The caucus [more...]
Date: 2009-01-05 04:10:00
More on Good Habits for Success in 2009
“Good Habits”. Lets delve a bit deeper: Constantly evaluate everything you are doing Develop the habit of constant awareness and evaluation. Always be thinking: is this the best use of my time? Is the best way I could be doing this? Do the most important task of the day first This ties in with your daily goals, [more...]
Date: 2009-01-06 15:55:09
Full Text: Barack Obama on Economy | Economic Recovery and Reinvestment | January 8, 2009
(Source: Office of the President-Elect) Throughout America’s history, ... from a troubled past, and set a new course for our nation. This is one of those years. We start 2009 ... ’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon [more...]
Date: 2009-01-08 18:00:11
Mortgage Loans - The Basics
by Trinity Collie Buying a home is a big decision. It is actually a really big responsibility to buy a home because it is such an expensive purchase. In order to get into a home, you will most likely have to borrow money from a bank to cover the cost of the home. This type of loan is known as a mortgage. The ease of getting a mortgage [more...]
Date: 2009-01-17 17:20:31
Will 2009 be a better year?
There is little doubt that this year has been extremely challenging financially, ... to get, and the credit crunch put an end to the days of easy credit, with lenders becoming far more stringent ... to deal with lack of finance and credit, particularly in the mortgage sector, and plummeting house prices [more...]
Date: 2009-01-16 07:00:07
?Home Foreclosures: More Than Just Bad Budgeting
by William Blake For the past several years, the number of home foreclosures has been steadily increasing and it seems that there is little chance for the situation to improve itself. The people who are affected by home foreclosures ... to be individuals who have had some bad experiences financially or who have been taken advantage [more...]
Date: 2009-01-16 10:05:19
THE TOUGH TIMES COMETH
It's pretty clear that Chatham, like other cities and towns in Massachusetts and across the country, ... and triggered the worldwide credit freeze. As a result, securities markets tanked and hundreds of billions ... to those with questionable credit. Indeed, President-Elect Obama himself had a hand in that: In the early [more...]
Date: 2009-01-17 13:51:41
Mortgage: 3 Tips On Finding The Cheapest Rates
There are a lot of things to do when looking to buy a home but the most important is to get the most interesting mortgage loan rates available on the market. When applying for a loan, having a high credit score allows you to have a number ... one. Important: in some countries there are only established only two kinds of credit score: the good [more...]
Date: 2009-01-17 12:34:42
Credit Crisis Watch: Gaining Positive Traction
In order to gauge the progress being made to unclog credit markets and restore confidence in the world’s financial system, ... in this “Credit Crisis Watch” review, one can ascertain to what extent the various central bank liquidity ... of the credit crisis in August 2007. 14-jan-1.jpg Source: StockCharts.com Importantly [more...]
Date: 2009-01-14 13:30:49
Alan Schram: The Story of 2008: What Went Wrong?
The past year has been financially chaotic on a level almost no one alive has ever seen ... in loans from their gracious neighborhood banker. This sounds like very high leverage ... more than 1%. However, suddenly home prices decline nationwide, and 20% of the mortgages default [more...]
Date: 2009-01-12 05:06:35
Why Your Credit Score Is So Important To Your Ability To Borrow
Your credit information may be of no use to you. If you’re not planning on buying a house or renting an apartment, buying a car, taking out a loan, paying for college or getting a new credit card, then you won’t need to worry about getting ... you are and where you need to be financially. Bad Credit To improve your credit information, you’ll need [more...]
Date: 2009-01-17 13:04:13
The Important Things To Know Before You Invest
by Rahn Naro It’s doubtful there is any investor who doesn’t hope to profit, ... only. Mortgage Taxes Loans and credit cards Day to day living expense Emergency fund (make certain to put this in place) Transportation expenses Leisure activities Student Loans Other commitments [more...]
Date: 2009-01-17 08:39:05
WSJ: Bank of America to Receive $20 Billion Injection, Support for $118 Billion of Loans
The market's case of nerves this week seems a tad more justified, given that the details of the Bank of America rescue plan are apparently out, Previous press reports suggested the Charlotte bank might need $8 to $10 billion of additional equity to compensate for losses related to the Merrill acquistion. Yes, as Senator Everett Dirksen said [more...]
Date: 2009-01-16 06:21:44
Is there Good Debt?
by Michael Geoffrey Some people think that all debt is bad. But that is not the case. There is some debt that is actually good ... . The overwhelming majority of credit card purchases are things that lose value. Another bad debt is borrowing ... with the potential for a greater return in the long run. The money you spend is gone. * Credit card debt [more...]
Date: 2009-01-17 09:19:02
Build your dream home
Are you planning to build your own dream home? If yes, this post will really help you to start up with that plans. One big problem many people face is getting home loans because lenders look at the credit history ... about a website that is providing home loans for bad creditors. badcreditloanshop.com is easily the best [more...]
Date: 2009-01-16 01:47:44
2008 in Review and Some Guesses About 2009
Good Afternoon: I will briefly dispense with the market action during the last gasps of 2008 before turning to a review of 2008. I will conclude with what can only be called wild guesses for 2009. The last trading day of 2008 enabled our capital markets to close with the type of upside flourish that was sorely lacking during most of the year [more...]
Date: 2009-01-02 21:49:06
Student Loan Consolidation May Be The Answer To Your Debt Burden
Student loan consolidation may be the answer to your heavy debt burden and the many issues that come with having to make several loan payments every month. Student loans just like the other forms of financial aid are a service that is subject ... dropping below half-time enrollment. With this, the loans remain delinquent for 270 days or become [more...]
Date: 2009-01-17 09:03:38
Fixed Mortgage Rate
Fixed Mortgage Rate January 17th, 2009 Subscribe To Our Feed Mortgage Loan Video Many people who are looking to buy a home consider ... a mortgage hanging around their neck forever but with home buyers entering the market later ... to be true. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout [more...]
Date: 2009-01-17 17:30:19
U.S. ‘Bad Bank’ Plan Gets Momentum to Revive Lending (Update2)
By Robert Schmidt and Craig Torres Jan. 16 (Bloomberg) -- Renewed questions about U.S. banks’ viability are pushing regulators toward a new plan that would remove toxic assets from bank balance sheets, in what may become the biggest effort yet to unfreeze lending [more...]
Date: 2009-01-16 11:55:00
Bad bank Big risk
Constructing a Bad Bank to solve the Credit Crunch problem is too difficult in the current volatile situation ... all round the world. Some people think it is a relatively simple matter. They argue that too many bad loans are holding back the banks from lending more money. So why not, they argue, shunt all the bad loans [more...]
Date: 2009-01-17 09:50:50
New Congress Looks To Add Mortgage Debt To Bankruptcies - BIG MISTAKE
Congress So we have finally flushed most of the bad debt out of our system in 2008. The bad lenders are disappearing and lenders are feeling good about making new loans. The only ... out of it. The legislation would change allow bankruptcy judges to modify home loans in the same way that they currently may [more...]
Date: 2009-01-06 14:51:56
Penny Stock Nightmares Are They Part Of Your Life?
What do you think of when you hear the term “investing”, do you dream of profits in the stock market? ... who needed money the most, of course that happens in any business, stocks, credit cards, mortgage ... I realize penny stocks often have a bad rep, you need to be open to the possibilities. If you have solid [more...]
Date: 2009-01-17 15:29:54
What The Rise And Fall In Housing Has Done
The Ventura County Star reports from California. “Thousands of Ventura County residents were pushed out of their homes last year, ... a year ago because they see the price slide continuing and ‘want to get out before it’s really bad,’ ... with programs from some of the major lenders and loan [more...]
Date: 2009-01-15 18:16:59
Slumping Auto Sales Hurt Auto Loans
Perhaps the one market to see the heaviest damages besides the mortgage industry is the automotive industry ... a credit freeze situation that is making life difficult on multiple levels. It isn’t all bad news ... for this lies with the fact that automotive sales are down. In a vicious circle, the lack of auto sales hurts [more...]
Date: 2009-01-16 17:47:05
Lost In A Sea Of Stark, Empty Houses And Vacant Lots
It’s Friday desk clearing time for this blogger. “Record numbers of Sonoma County homeowners are seeing property taxes fall, ... have been a little hard to swallow.’” “Bob DeKeulenaere says junk cars in his neighbor’s yard prevented [more...]
Date: 2009-01-02 17:57:28
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