December 2008
1 post
“As a supervisor at a Washington Mutual mortgage processing center, John Parsons...”
– Washington Mutual built empire on lending frenzy You simply cannot make this stuff up. If it weren’t so hilarious it would be pathetic. Honestly, somebody in Hollywood, PLEASE make a movie about this Wa Mu supervisor’s story.
Dec 29th
8 notes
October 2008
4 posts
“REYKJAVIK, Iceland — This volcanic island near the Arctic Circle is on the...”
– Iceland teeters on the brink of bankruptcy The “canary in the coal mine” of the global credit crisis is lying on the bottom of the bird cage.
Oct 8th
1 note
“When investors don’t trust even venerable institutions like Morgan Stanley...”
– Next: The Mother Of All Bank Runs? - Forbes.com Nouriel Roubini is one of the guys who, years ago, warned everyone that the current financial upheavel was inevitable. He is worth listening to.
Oct 6th
WatchWatch
Not for the faint of heart.
Oct 6th
WatchWatch
SNL - Washington cast of characters. Oh, this is so very funny.
Oct 6th
September 2008
3 posts
WatchWatch
Concise video on the Fannie and Freddie element of this mess we are in.
Sep 29th
“Gentlemen, I have had men watching you for a long time and I am convinced that...”
– Andrew Jackson
Sep 29th
Sep 24th
August 2008
4 posts
“The deepening toll from the global financial crisis could trigger the failure of...”
– Credit crunch may take out large US bank warns former IMF chief - Times Online When the big money guys step out from under the burden of propriety that accompanies their positions of leadership at places like the Federal Reserve, or the International Monetary Fund, they sure can get to the point,...
Aug 19th
“As soaring home prices set the stage for America’s great housing meltdown,...”
– AP IMPACT: Weak rules cripple appraiser oversight: Financial News I tried to quit the appraisal profession several years back because I got sick of being treated like a whore by my lender clients. Today, I am still a real estate appraiser, but thankfully I no longer have to deal with the lender...
Aug 18th
Aug 18th
“IT MAY BE CURTAINS SOON FOR THE MANAGEMENTS and shareholders of beleaguered...”
– The Endgame Nears For Fannie and Freddie - Barrons.com Could this be the week when both Fannie and Freddie get sucked up by the Federal government. Both stocks are in a freefall at this time based on the Barron’s report. I remember sharing the potential financial fallout from the subprime...
Aug 18th
July 2008
8 posts
“The U.S. Treasury Department’s plan to shore up Fannie Mae and Freddie Mac...”
– Fannie Plan a `Disaster’ to Rogers; Goldman Says Sell - Bloomberg.com Like Jim Rogers or not, you have to admit that he speaks his mind, and he has a track record for getting things financial very right. Rogers weighs in on the weekend shenanigans by Paulson et al, and would you believe that...
Jul 14th
“Investors continued to flee Fannie Mae and Freddie Mac yesterday, almost as...”
– Fannie Mae Ugly - WSJ.com It remains to be seen what the bailout of Fannie Mae and Freddie Mae will look like, and make no mistake, there will almost certainly be a bail out. The folks at WSJ suggest that their particular socialist “solution” is better than the current GSE practices,...
Jul 13th
“Worries that the government may nationalize struggling mortgage finance giants...”
– Wall St brokers face Fannie, Freddie worries - Reuters The problem with the financial sector is that all of these characters have been swimming around in the same septic pond for so long that they are all contaminated by the sewage that is the mortgage/credit crisis. Virtually none of these...
Jul 12th
“IndyMac Bancorp Inc., the second- biggest independent U.S. mortgage company in...”
– IndyMac Bank Seized by U.S. Regulators Amid Cash Crunch - Bloomberg.com Well after trading hours ended today, the OTS swooped in and closed troubled IndyMac Bank, handing the vault keys to the FDIC. This constitutes the second largest bank failure in U.S. history. With the uncertainty lingering...
Jul 11th
“Bank of America Corp is primed to assume all debt of the former Countrywide...”
– BofA may assume all Countrywide debt - CreditSights/Reuters Bank of America, already bleeding market value like crazy, finds a way to make a bad thing worse. BOA acquiring the cancer that is Countrywide still gets my vote for “Most Ridiculously Stupid Acquistion to Save Face Ever”....
Jul 9th
“Last year, an Orange County man was rejected for a personal loan at his credit...”
– SignOnSanDiego.com - Foreclosures bringing cases of fraud to light So much real estate related fraud has taken place in recent years that the average person would not believe it. Real estate fraud has become so common place, so “normal” that many of the perpetrators don’t even...
Jul 9th
“Here’s a scary, and relevant, question to ponder as the housing market...”
– The Fannie and Freddie doomsday scenario - Fortune Used to be, several years ago, when I would speak at seminars about the very real possibility that the mortgage markets would blow up, and Fannie or Freddie would be brought to their knees, people would stare at me like I had lobsters crawling out...
Jul 9th
WatchWatch
Former Countrywide regional manager Mark Zachary blows the whistle on lending practices.
Jul 1st
June 2008
27 posts
“So much for that second-half rebound. Truth be told, that was always more of a...”
– Steven Pearlstein - This Recession, It’s Just Beginning - washingtonpost.com
Jun 27th
“Barclays Capital has advised clients to batten down the hatches for a worldwide...”
– Barclays warns of a financial storm as Federal Reserve’s credibility crumbles - Telegraph
Jun 27th
“In a sign of continuing trouble in the housing market, mortgage delinquency...”
– Delinquencies Rise at Fannie Mae, Freddie Mac - washingtonpost.com
Jun 26th
“The global credit crisis will slow construction and U.S. economic growth for at...”
– Bloomberg.com: U.S.
Jun 26th
“Former Federal Reserve Chairman Alan Greenspan warned on Tuesday the U.S....”
– Economy on brink of recession, Greenspan says - Reuters
Jun 24th
“Confidence among Americans dropped to the lowest level in 16 years and house...”
– U.S. Economy: Consumer Confidence Weakens, House Prices Slide - Bloomberg.com
Jun 24th
“Home prices in 20 U.S. metropolitan areas fell in April by the most on record,...”
– S&P/Case-Shiller Home Prices Fell 15.3% in April - Bloomberg.com
Jun 24th
“Bank of America Corp.’s offer for Countrywide Financial Corp., the biggest...”
– Bank of America’s Bid Value for Countrywide Falls by $1 Billion - Bloomberg.com
Jun 19th
“More than 400 real estate industry players have been indicted since March —...”
– Hundreds swept up in mortgage fraud arrests - Yahoo! News
Jun 19th
“During the housing boom, from mid-2001 to early 2006, banks raised card limits...”
– How rising home values, easy credit put your finances at risk - USATODAY.com
Jun 18th
Jun 18th
“The clash between the European Central Bank and the US Federal Reserve over...”
– Morgan Stanley warns of ‘catastrophic event’ as ECB fights Federal Reserve - Telegraph
Jun 18th
“The Royal Bank of Scotland has advised clients to brace for a full-fledged crash...”
– RBS issues global stock and credit crash alert - Telegraph
Jun 18th
“The Countrywide Financial sweetheart loan scandal continues to grow, spreading...”
– Beltwaywide Financial - WSJ.com
Jun 16th
“Annual cost-of-living rate rises to 4.2% after higher-than-expected May...”
– CPI rose 4.2% over last year, higher than expected - CNNMoney.com
Jun 13th
“With home prices plunging by more than 30% in some markets, bargain-hunters are...”
– Hard hit cities are set for more steep home-price losses. - CNNMoney.com
Jun 12th
“LandSource Communities Development, a real estate partnership involving the...”
– Huge California real estate partnership files for bankruptcy - USATODAY.com
Jun 9th
“Renters may be the biggest winners in the current housing slump, especially in...”
– Desperate sellers turn to rental market — chicagotribune.com
Jun 9th
“The forgettable first half of 2008 is stumbling to a close. On Friday, the Labor...”
– The Economy: Why It’s Worse Than You Think | Newsweek.com For months, economic Pollyannas have looked beyond the dismal headlines and promised a quick recovery in the second half. They’re dead wrong.
Jun 9th
“Business analysts say Bank of America’s move to acquire debt-laden...”
– Analysts worry about Countrywide deal
Jun 9th
“A “credit recession” sparked by the U.S. housing market downturn and excesses in...”
– Experts: ‘Credit recession’ could last two years -  msnbc.com
Jun 5th
“Future U.S. bank failures linked to the downturn in the real estate market may...”
– May see bigger U.S. bank failures in future: FDIC | Reuters
Jun 5th
“The chief executive of Toll Brothers Inc., the nation’s largest...”
– Builder sees ‘depression’ in housing market - CNNMoney.com Toll Brothers head says market could fall by 20% and recovery could be up to three years away.
Jun 5th
“More than one million homes are now in foreclosure, the highest rate ever...”
– More than a million homes in foreclosure in latest report - CNNMoney.com Mortgage bankers report hits a grim benchmark in first quarter, showing a record number of homes in jeopardy.
Jun 5th
“Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the...”
– Ed McMahon May Lose Beverly Hills Home - WSJ.com
Jun 4th
“Scott Hunter, the FBI’s supervisory special agent here, describes the...”
– Las Vegas called ‘mortgage fraud ground zero’ - USATODAY.com
Jun 4th
“Countrywide Financial’s cumulative losses are likely to rise to between...”
– Merrill Sees Countrywide Losses Up to $12 Billion - CNBC.com
Jun 4th
May 2008
88 posts
“US banks set aside a record $37.1bn to cover losses on real estate loans and...”
– FT.com / In depth - US banks likely to fail as bad loans soar
May 30th
“Suddenly, it seems, we’re getting hit from all directions. Energy and...”
– The Fading of the Mirage Economy - washingtonpost.com
May 29th
“World food prices will fall from current peaks in the coming years but will...”
– Food prices to fall from record but remain high, report says - May. 29, 2008
May 29th