Credit Card Issuers See the Writing on the Wall: Forgiveness of Debt — they also got paid in full through securitization, so there is no obligation owed to them
Credit Card Companies Willing to Deal Over DebtBank of America says it eased off on more than 700,000 credit card holders in 2008, ... to foster the explosive growth of consumer debt in recent years, credit card companies are realizing ... and card companies are bracing for a wave of defaults on credit card debt in early 2009 [more...]
Date: 2009-01-05 00:34:25
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Did those people at AIG not understand anything about financial risk?
The Washington Post's series on AIG Financial Products, ... , the firm essentially would insure a company's corporate debt in case of default. The model showed that these swaps could be a moneymaker for the decade-old firm and its parent, insurance giant AIG [more...]
Date: 2008-12-30 20:38:31
Wave of Redemptions Hits Hedge Funds
Myron Scholes, the 1997 Noble Prize Winning Genius involved in the demise of Long Term Capital Management has done it again ... fund that lost $4 billion a decade ago after a debt default by Russia. He started Platinum Grove [more...]
Date: 2008-11-07 06:51:00
Going Bust, Again
Going Bust, Again You may never have heard of Friendfinder Networks, ... : it is in default on its debt and has no financing lined up. If investors will not put up enough money [more...]
Date: 2009-01-07 06:02:30
CitiGroup Agrees To Mortgage Cramdowns
This is a pretty big reversal, but I can understand why the big banks are starting to figure out that helping people adjust their debt is ... estate starting to default, this legislation needs to pass immediately. [more...]
Date: 2009-01-09 02:06:02
There Is No Need To Worry About Deflation
Deflation is certainly a hot topic of late, but is it really something we should be worrying about? ... Financial Asset Wealth - Credit Deflation - Debt Defaults - Recessions - Foreigners Won't Let [more...]
Date: 2009-01-08 02:13:42
Houghton Mifflin Harcourt Places Hope in Obama Administration
Today a Houghton Mifflin Harcourt spokesperson said that the company would be "open to a sale of its consumer publishing arm ... , despite a troubled two months. According to Financial Times, the financial agency Moody's had alleged that the publisher's parent company was "a likely default" on some of its corporate debt [more...]
Date: 2009-01-07 20:23:04
For Those of You Who Like Charts
Well, one good turn deserves another. So if, like Paul Krugman ( ... situation is likely to be a whole cycle of debt defaults, which will certainly spread well beyond Ukraine’ [more...]
Date: 2008-12-26 18:15:23
Lee lays off 39 at St. Louis paper
Davenport-based Lee Enterprises Inc., which owns 49 daily newspapers including the Quad City Times, ... publisher struggles to avoid defaulting on its debt – including a $306 million payment set to come due [more...]
Date: 2009-01-09 17:05:38
Community Reinvestment Act NOT Source of Subprime Mess
The scuttlebutt amongst conservatives since the beginning of the subprime mortgage mess has been that the Community Reinvestment Act ( ... securities, collateralized debt obligations and credit default swaps is highly convoluted. Exactly where [more...]
Date: 2008-11-20 23:55:35
Are Municipal Bonds the Next Big Unknown Unknown?
In the financial crisis of today, to use a popular maxim of Donald Rumsfeld’s invention, “there are known unknowns and unknown unknowns ... in municipal bonds defaulted, according to the Distressed Debt Securities newsletter of Miami Lakes, Florida [more...]
Date: 2008-10-07 19:02:15
Despite The "Sudden Stop" Kazakhstan Won't Be Calling On The IMF For Help
"The Kazakh government is ready to step in,'' Kazakhstan's Prime Minister Karim Masimov said this morning in a telephone interview with Bloomberg " ... . And isn't it the case that the cost of protecting Kazakhstan government debt against default [more...]
Date: 2008-10-21 10:18:00
81,312 Foreclosures in September. More Than Just a Number.
Well the September foreclosure figures are out from RealtyTrac ... to Read If You Live In The Real America, Be Patriotic. Go Shopping And Run Up Credit Card Debt ... foreclosures. Delinquent mortgages, like credit card defaults, do not have to turn into a financial train [more...]
Date: 2008-10-23 18:12:09
Debt Collecting Magic
Thanks to HiC for forwarding this one my way -- it appears that if you live in Lithuania and you default on your debts, creditors might just end up sending... [more...]
Date: 2009-01-15 20:46:15
Midway Games Financial Woes Worsen
Midway Games, who have had some well documented financial problems in the last several months, ... affect as a Lazarus Pit), to try to help them get out of their latest problem. The company, which was just sold off for $100,000 and a whole bunch of debt, is now being told it’s about to default [more...]
Date: 2008-12-05 18:21:20
Fed Intervention: Managing Moral Hazard in Financial Crises
"Moral hazard has its costs, but it also has its benefits": Fed Intervention: Managing Moral Hazard in Financial Crises, by Harvey Rosenblum, ... International Group (AIG), a giant global company heavily involved in insuring against debt defaults [more...]
Date: 2008-11-26 20:51:00
Libel tourism Stifles Free Speech
Are English courts stifling free speech around the world? Edward Lucas examined this problem in the Economist, on January 8, 2009 ... by default, leaving their victims humiliated and massively in debt. There is another side ... as part of an undisclosed settlement. Mr Akhmetov then won another judgment, undefended, against [more...]
Date: 2009-01-09 01:46:31
Debt Consolidation - How Obama is Making it Easier to Eliminate Credit Card Debt
Amazon.de Widgets Recent economic conditions and massive government spending have actually made it easier for consumers to eliminate credit card debt. The passage of the financial stimulus bills has given creditors much more flexibility when negotiating debt settlements. Not only do creditors have a lot of stimulus money to hedge their losses on debt settlements but they are also very worried about defaults on delinquent accounts. [more...]
Date: 2009-09-16 08:49:45
Important Things To Know About Bankruptcy
by John Steed Insolvency is the state affirmed by the court of law that someone or an institute has been powerless to clear its liability ... until the debt was roofed The genesis of this situation came from Latin posturing a broken ... officer for assistance. The defaulter is supposed to obtain some fee from the debts. A good number [more...]
Date: 2009-01-15 06:51:07
Piata colectarii debitelor din Italia la maximul ultimilor ani
Criza financiara care se intinde in Europa, duce la cresterea afacerilor industriei colectarii debitelor din tarile UE ... Gatewood Date: Wed, Dec 3, 2008 at 5:13 PM Subject: Debt Collection - Debt Buyer Italy - Julian ... -judicial collection includes : 1. Default letters and telephone calls Note: Our collection teams [more...]
Date: 2008-12-03 15:34:05
The Basics of Dealing with a Loan Default
Over the past few weeks, ... ). Eventually, a loan default results in repossession or foreclosure (if your debt has collateral) or having that debt turned over to a collection agency (if your debt doesn’t have collateral). The impact [more...]
Date: 2008-12-09 20:00:29
College Health Risk Indicators
by Daniel BennettColleges increasingly face calls for additional accountability, transparency and productivity measures ... percent. 3. Student default rate is more than 5 percent. 4. Debt service is more than 10 percent of annual operating budget. 5. The ratio between endowment and operating budget is less than 1-to-3 [more...]
Date: 2009-01-14 12:30:00
An email exchange with Martin Wolf regarding Obama deficits
(an email to Martin Wolf, FT columnist) ... of the deficit matter? As long as the private sector seeks to reduce its debt and the current account ... do not agree. Default is failure to make payment as agreed. There is no zero inflation contract [more...]
Date: 2009-01-15 21:57:52
eHealth Insurance; Options For Your Health Care
Do you have health insurance? eHealth Insurance is basically an online insurance store, ... and one for $20, and will just continue your account along, without sending it to a collection agency ... , the fastest growing debt load in America right now is the defaulting of paying back medical claims. Even [more...]
Date: 2008-10-24 23:37:06
Upcoming Events - Questions and Answers on the Economy
Confused about the economy? Feel like selling every share of stock you own? ... unregulated? What is LIBOR? What is a collateralized debt obligation? What is a credit default swap [more...]
Date: 2009-01-15 16:07:16
Despite The "Sudden Stop" Kazakhstan Won't Be Calling On The IMF For Help
by Edward Hugh: Barcelona"The Kazakh government is ready to step in, ... borrowing. And isn't it the case that the cost of protecting Kazakhstan government debt against default [more...]
Date: 2008-10-21 10:17:00
Citi plunges on financial woes
Citigroup shares plunged Wednesday, closing down 23% to $4 ... of the group into a “non-core” unit. The cost of insuring against a default on Citi’s debt soared,... [more...]
Date: 2009-01-15 05:45:43
Repaying Your Student Loans
This entry is part 2 of 2 in the series Student LoansStrategies For Paying Back Student Loans “60 percent of 2007 college graduates had student debt, each taking on an average of $22,700 in loans.” —College Board Report “Default rates ... who leave college with a lot of debt.” — EducationSector Student loans are often easy [more...]
Date: 2008-11-18 17:43:48
Alt-A and ARM resets could trigger another crisis!!!
We are winding down out of subprime and going into Alt-A and ARM resets. We have government funding for homes in two ways. One, incentives with lower rates and tax credits, but, there is more. The GSE’s are allowing loans that are 105% and where the monthly debt to income is over 60%. These loans have high default rates and we will pay the price as unemployment stays high. quote Let’s look at a few facts: The Fed is literally the entire mortgage market. Yes, really. [more...]
Date: 2009-09-29 18:15:58
Ecuador Defaults & Currency Devaluation
Jump to CommentsOn December 12th, Bloomberg.com reported:“Dec. 12 (Bloomberg) ... of existing paper debt instrument will be repudiated in the near future.)“By defaulting, Correa, a close ally ... campaign that ended in a landslide victory. ‘I couldn’t allow the continued payment of a debt [more...]
Date: 2009-01-13 07:28:40
Department of Funny Headlines
"Borrowing $23.3 billion for state budget won't be easy, analyst says" I would replace "easy" with "possible ... potentially borrow some money, but it would either be against ourselves (by pushing the debt ... illegal) or by giving borrowers a federal guarantee against default, which is the whole reason why [more...]
Date: 2009-01-08 01:35:57
Credit - Loan Approval, Part 1
When it comes to loan approval, lenders will use different criteria for different situations. Unsecured debt is riskier than secured debt in general since there’s no collateral involved in unsecured debt. You see, it’s all about “what happens if you default?” A house or auto is collateral [more...]
Date: 2009-01-15 06:21:33
Fitch Raises Star Gas Sr Unsecured Rating to BB-/RR2; Outlook Stable
Fitch Ratings has affirmed the 'B' Issuer Default Rating of Star Gas Partners, L.P. and raised debt ratings as follows: Outstanding 10.25% senior unsecured notes due 2013, co-issued with its special purpose financing subsidiary Star Gas Finance ... [more...]
Date: 2009-09-29 17:27:34
Article about: December 5 roundup
December 5 roundup » by Walter Olson You are cordially invited to a fishing expedition for lawsuits over energy drink/alcohol mixes ... ? Fair compromise? Both? Neither? Settle It Now, scroll 19-year-old Ciara Sauro of Pittsburgh is disabled, in medical debt, and waiting for transplant, crowning touch is the $8,000 default judgment RIAA [more...]
Date: 2008-12-05 05:08:53
Credit Rating Agencies
The WSJ ran an editorial the other day arguing against the New York Fed’s proposal to create a central clearinghouse for credit default swap ... : Me: I could see why a million little shops analyzing debt and selling their analysis could make sense ... s clearly a legit problem. But what is the point of them for the private sector. Why are their opinions [more...]
Date: 2009-01-16 00:21:02
New York to Regulate Some Credit Default Swaps
I'm glad someone is trying to keep his eye on the ball ... Asset Relief Program) and by others as MOAB (the Mother of All Bailouts), may provide some short term ... a company whose debt is the subject of over $1 trillion in CDSs goes into default. If, for instance [more...]
Date: 2008-09-22 22:25:19
Flotsam and Jetsam
Flotsam and Jetsam Jennifer Rubin - 12.31.2008 - 8:57 AM The HMS Caroline is sinking fast ... That, you may recall, is the officially-approved default reaction. Illinois Attorney General Lisa ... will be to pile still more debt on our children and grandchildren. At least the new president [more...]
Date: 2008-12-31 13:57:18
And the Wolf responds..
(email exchange - in response to previous email) ... is default. I respectfully do not agree. Default is failure to make payment as agreed ... up with a very large debt. It will be some % of GDP that you may consider ‘very large’ [more...]
Date: 2009-01-15 22:09:12
Fitch Raises Star Gas’ Sr Unsecured Rating to ‘BB-/RR2′; Outlook Stable
Fitch Ratings has affirmed the ‘B’ Issuer Default Rating (IDR) of Star Gas Partners, L.P. (Star Gas) and raised debt ratings as follows: — Outstanding 10.25% senior unsecured notes due 2013, co-issued with its [more...]
Date: 2009-09-29 17:09:00
But I Thought It Was Just A “Panic”?
But I Thought It Was Just A "Panic"? Courtesy of Karl Denninger at The Market Ticker Or so we were told… Remember, the values at which subprime mortgage bonds were trading at reflected "irrational fear" and "unreasonable expectations of default." Really? * As of last week, the ABX index of sub-prime mortgage debt showed that AAA-rated securities from early 2007 were trading at 28 cents on the dollar – AA was at 4 cents, near all-time lows. [more...]
Date: 2009-09-14 02:05:36
A Very Interesting Tidbit About MOSERS Over at Bloomberg.com
Bloomberg.com, in a very interesting story about the problems facing public pension funds, reports the following (link via Drudge) ... BlackRock Inc. Moody’s last month cut ratings on parts of the debt, saying a drop in value of the underlying collateral may cause “an event of default.” Chris Rackers, the manager of investment [more...]
Date: 2009-01-14 19:12:26
Dizard: "Put the credit default swaps market out of its misery"
As credit default swaps have come in and out of focus over the last year, ... than debt for reference points, which begs the question of the validity of the risk methodology [more...]
Date: 2008-12-09 07:52:33
U.K. Banks Hit by Consumer Defaults
By SARA SCHAEFER MUñOZ, CARRICK MOLLENKAMP and ALISTAIR MACDONALDLONDON -- U.K ... they can't handle their debts, according to a recent PricewaterhouseCoopers poll. Debt-counseling centers ... 's bankruptcy law that eased debt forgiveness. They are also moving aggressively to make claims [more...]
Date: 2008-12-03 14:11:00
is it true if you use debt consolidation svc, they want your power of attorney to act on your behalf?
I've delayed getting help for credit-card debt because I was told by one company they want my power of attorney which needs to be notarized before I can do business with them. I think that's scary! Yes….this is true. Most want a limited power of attorney… Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. [more...]
Date: 2009-06-18 06:21:17
How trust worthy is American Debt Settlement Group?
I talked to someone from that group with the address 7590 E Gray Road Scottsdale, AZ 85260 I want to know can I trust these people do help settle my credit card debt? How do I know it's not a scam? Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. [more...]
Date: 2009-05-21 23:36:18
Dandelion Salad By Paul Craig Roberts 10/06/08 “ICH” America has become a pretty discouraging place ... , social programs, and national debt reduction. However, without the Soviet Union as a check ... office. It was in 2000 that derivatives and credit default swaps were excluded from regulation [more...]
Date: 2008-10-07 02:29:39
AIG (AIG): Recycling Debt Without Paying Anyone Back
AIG is ready to repay the Fed $40 billion. The money will come from preferred shares it raised with backing from Treasury ... has funded. Banks may still face substantial write-offs from consumer debt and their exposure to mortgage ... the value of their own loans. The only answer???more money. Cure the default by risking another one down [more...]
Date: 2008-11-26 11:01:31
Roger Baker : Capitalism and its Minsky Moment
Minsky's Burlesque. Photo by Peter Stackpole, 1938 / Life / © Time Inc ... the mountains of debt they took on to acquire them. Losses on such speculative assets prompt lenders ... the risk through derivatives, basically default insurance based on good-time thinking. This risk [more...]
Date: 2009-01-15 03:01:00
Top 17 Reasons Homeowner’s Default On Their Mortgage
Top 17 Reasons Homeowner’s Default On Their Mortgage Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, ... 16. Too much debt 17. Inheritance Most mortgage companies or lenders require the hardship letter ... who contact us on a daily basis to help determine the value of their assets. You can be sure [more...]
Date: 2009-01-15 14:59:13
Default Rates and Static Analysis
As recently as a early 2007 ago there was very little “risk premium” between debt of varying quality. The risk premium is usually measured against US Government debt (Treasuries) of equivalent ... 5%, then high-quality (at the time) corporate debt might be issued at 6%, with riskier debt as high [more...]
Date: 2008-12-08 04:10:17
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