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  • Fri, Sep 26 2008
  • 11:00 AM » The FDIC Rips into Bloomberg
    Published Fri, Sep 26 2008 11:00 AM by Seeking Alpha
    submits: It seems that Bloomberg has angered the powers that be at the Federal Deposit Insurance Corporation [FDIC] with its recent article suggesting that the FDIC may need more money to bail out banks than is currently in its fund. Here is the and the FDIC response is printed below: Bloomberg reporter David Evans' piece ("FDIC May Need $150 Billion Bailout as Local Bank Failures Mount," Sept. 25) does a serious disservice to your organization and your readers by painting a skewed picture of the FDIC insurance fund. Let me be clear: The insurance fund is in a strong financial position to weather a significant upsurge in bank failures.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 11:00 AM » Fannie and Freddie: Finally a Light at the End of the Tunnel?
    Published Fri, Sep 26 2008 11:00 AM by Seeking Alpha
    submits: Fannie Mae (FNM) and Freddie Mac (FRE) shares saw extreme volatility and heavy call volume Thursday. Shares of Freddie traded between $1.30 to $2.95 before settling the day down 3 cents to $1.86. In the options market, 115,000 calls and 21,000 puts traded on Freddie Thursday. Meanwhile, FNM traded between $1.09 and $2.76 before closing the day up 20 cents to $1.94. 131,000 FNM calls and 25,000 puts have traded on Fannie Mae.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:40 AM » House Republicans Revolt, Push Separate Bailout Plan
    Published Fri, Sep 26 2008 10:40 AM by feeds.feedburner.com
    Discussions surrounding a proposed $700+ billion bailout of the nation’s financial markets over mortgage bets gone horribly wrong took a dramatic turn late Thursday, after a group of Republicans in the House of Representatives surprised key lawmakers and proposed a separate bailout proposal during a key meeting with President Bush and members of the House [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:47 AM » WaMu is Largest Bank Failure in History
    Published Fri, Sep 26 2008 9:47 AM by feeds.feedburner.com
    As lawmakers struggle to determine a direction to best tackle a credit crisis that continues to play out, troubled thrift Washington Mutual (WM: 1.69 0.00%) was closed by regulators on Thursday night, the victim of a huge bet on mortgages gone south. The Federal Deposit Insurance Corporation seized the failed bank and sold the company’s [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:31 AM » Statement this morning
    Published Fri, Sep 26 2008 9:31 AM by feeds.feedburner.com
    Bush to address the credit crisis for the second time in three days in a 9:35am address.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:12 AM » Housing Excess Looks Good, but Not That Good
    Published Fri, Sep 26 2008 8:12 AM by Seeking Alpha
    The excess supply of housing units is being worked off quickly. Here's the picture for new single-family homes: We've made a lot of progress towards a normal inventory of unsold homes. At the rate we're going (and not making any forecasts about changes in new construction or home sales), we'll be down to a normal inventory of unsold new homes by May of next year. However, it's not quite that good. There are many excess existing homes on the market. The overall vacancy rate is still very high. It will be much longer for the total housing inventory to look decent. Still, this is good news today.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 6:36 AM » Update On Mortgages And Lending [Housing Tracker]
    Published Fri, Sep 26 2008 6:36 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Mortgage Trends Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 5:18 AM » Well At Least Inventory Is Declining [Housing Tracker]
    Published Fri, Sep 26 2008 5:18 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. House Sales/Price Data Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 5:03 AM » Global Subprime: Markets Under Stress [Housing Tracker]
    Published Fri, Sep 26 2008 5:03 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Global Subprime Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 2:52 AM » Billion $ Question: What Will Mortgage Backed Securities Be Worth? [Housing Tracker]
    Published Fri, Sep 26 2008 2:52 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Quotes of the Day Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 2:34 AM » WaMu Fails, Is Sold Off to J.P. Morgan
    Published Fri, Sep 26 2008 2:34 AM by WSJ
    Federal regulators seized Washington Mutual and struck a deal to sell the bulk of its operations to J.P. Morgan in what is by far the largest bank failure in U.S. history.
  • 2:34 AM » Hey, Congress, Guess What? WaMu's Toast
    Published Fri, Sep 26 2008 2:34 AM by Seeking Alpha
    submits: Stick that in your eye, Congress. Reportedly, the unexpected federal take over of Washington Mutual (WM) will leave no value to either shareholders or bondholders. Will taxpayers notice that another $2.5 Billion in market cap has evaporated from their S&P 500 401-K holdings in the morning? Hey, it's all Wall street guys, after all ... (wait a minute, isn't WAMU out here in the Pacific Northwest?) And your constituents are furious with this bailout, aren't they? Take your time, guys, we all want to be assured that you "get it right." And special good work to the that downgraded the firm yesterday and today. My personal kudos to you.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Thu, Sep 25 2008
  • 7:12 PM » WaMu to be purchased
    Published Thu, Sep 25 2008 7:12 PM by feeds.feedburner.com
    Sources tell HW the government has brokered a deal that will see JP Morgan Chase & Co (JPM: 43.46 +7.31%) acquire troubled thrift Washington Mutual (WM: 1.69 -25.22%).
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:57 PM » Deal Limbo: Expected Agreement on Bailout Hits Snags
    Published Thu, Sep 25 2008 6:57 PM by feeds.feedburner.com
    Key lawmakers emerged from a three-hour meeting on Thursday afternoon saying they had agreed on key details surrounding a planned bailout of the financial markets, only to have their hopes dashed in an evening meeting with President Bush that one Senator described as a “total disaster.” Nonetheless, both parties agreed to press on, and said [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:41 PM » Deal, Undone: Expected Agreement on Bailout Falls Apart
    Published Thu, Sep 25 2008 6:41 PM by feeds.feedburner.com
    Key lawmakers emerged from a three-hour meeting on Thursday afternoon saying they had agreed on key details surrounding a planned bailout of the financial markets, only to have their hopes quickly dashed in an evening meeting with President Bush that one Senator described as a “total disaster.” Earlier in the day, key legislators said they [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:07 PM » Here are the key housing bailout questions no one is asking
    Published Thu, Sep 25 2008 6:07 PM by feeds.feedburner.com
    This guest post is from: a veteran business journalist and writes the blog , a humorous look at marketing, business and his dog. If you’d like to submit a guest post . Here’s a heretical notion: How much CEOs get from the bailout doesn’t matter. It’s a smokescreen, red meat being tossed to the public to make it seem as though the bad guys won’t get away scott-free. While limits on pay packages for executives whose firms seek assistance from the government will be part of the whatever settlement gets reached, it will have no real impact on the bailout. But it will give the politicians something to beat their chests about and say that they have stood up to Big Business. Don’t believe a word of it. This is a perfect example of what H.L. Mencken meant when he wrote, “The whole aim of practical politics is to keep the populace alarmed by menacing it with an endless series of hobgoblins, all of them imaginary.” While there’s no doubt that we face a crisis there is plenty of doubt about whether or not this bailout is the right solution. We have yet to see anything resembling a logical, detailed and convincing case for the bailout, just a lot of smoke and noise. So what are the real issues? — a website for journalists, Pulitzer-prize winning financial reporter David Cay Johnston has provided us all with a nice set of questions that haven’t been asked. Johnston points out that the bailout is “the equivalent of a one-time 55 percent income tax surcharge. (Instead the money will be borrowed, so ask from whom and how this much can be raised so quickly if the credit markets are nearly seized up with fear.)” Ask this question — are the credit markets really about to seize up? If they are then lots of business owners should be eager to tell how their bank is calling their 90-day revolving loans, rejecting new loans and demanding more cash on deposit. I called businessmen I know yesterday and not one of them reported such problems. Indeed, Citibank offered yesterday to lend me tens...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:06 PM » Silver conspiracy hits Page One at the WSJ
    Published Thu, Sep 25 2008 6:06 PM by themessthatgreenspanmade.blogspot.com
    Well, it's Page One of the Money & Investing section, but it's still Page One of the Wall Street Journal. Silver enthusiasts Ted Butler and Jason Hommel appear in this by Carolyn Cui on a renewed investigation by the Commodities Futures Trading Commission into allegations of manipulation in the silver market. What may be significant about this new inquiry is that it will be conducted by a different group - the enforcement division, rather than the oversight division. FTC Relents and Probes Silver Market With silver prices falling this past summer, silver bugs world-wide set out to prove that their metal was in short supply and market manipulation was at work. They bombarded federal regulators with hundreds of emails crying foul play and demanded answers. Though such pleas proved futile in the past, this time the rousing chorus grabbed regulators' attention. On Wednesday, the Commodity Futures Trading Commission confirmed that there's an investigation into the silver market. The CFTC isn't yet convinced there's systemic wrongdoing and in May published a report saying as much. But the agency decided to take a fresh look, in part to show critics that it checks out complaints, and also to make sure there isn't something new to uncover. ... "The proof that this selloff was criminal lies in public data," wrote Theodore Butler of Cape Elizabeth, Maine, in August in a silver newsletter. "The concentrated sale of such quantities in such a short time" caused silver's fall , wrote Mr. Butler, who for many years has been vocal about purported silver-market manipulation. In September he reiterated to readers that they should email the CFTC. ... Jason Hommel, a newsletter writer based in Penn Valley, Calif., directed readers to visit their local coin shops at 2 p.m. on Sept. 2 to size up for themselves whether there was a silver shortage. From Michigan to North Carolina and beyond, he says, investors trekked to coin shops. Many...
    Click Here to Read the Full Article

    Source: themessthatgreenspanmade.blogspot.com
  • 6:05 PM » Don't Worry About the FDIC
    Published Thu, Sep 25 2008 6:05 PM by Seeking Alpha
    submits: is quoted in a today about the FDIC. But he's no fan of the story, or any which implies that there's any chance at all the FDIC could run out of money. He emails: In the chaos of the last few days, a lot of erroneous press reports are coming out about the FDIC and the deposit insurance fund. It is important for people to understand that the deposit insurance fund, like all federal trust funds, is simply an accounting entry with the US Treasury. There is no separate fund.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 6:04 PM » HSBC: Which bank is it buying today? Press 1 for no comment
    Published Thu, Sep 25 2008 6:04 PM by Market Watch
    LONDON (MarketWatch) -- It is a small comfort to many banks, their shares beaten black and blue, that helpful traders more than likely will name them as acquisition targets of HSBC Holdings PLC . Without ranking the following according how deep into the quicksand they've sunk in the credit crisis, Washington Mutual Inc. , Morgan Stanley , Lehman Brothers Holdings Inc., Citigroup Inc.
  • 6:03 PM » Fannie, Freddie shares jump as shorts book profits
    Published Thu, Sep 25 2008 6:03 PM by Washington Post
    NEW YORK/CHICAGO (Reuters) - Fannie Mae and Freddie Mac shares jumped almost 50 percent on Thursday as Congress neared an agreement on a $700 billion bailout plan that would help the two mortgage finance companies, forcing some investors to reverse bets the stocks would fall.
    Click Here to Read the Full Article

    Source: Washington Post
  • 6:02 PM » BB&T chief exec slams bailout plan
    Published Thu, Sep 25 2008 6:02 PM by feeds.bizjournals.com
    A significant and immediate tax credit for financial institutions to purchase homes would be a more effective solution for the financial crisis than the proposed $700 billion federal bailout, says BB&T Chief Executive John Allison. (GS) (MS) (BBT)
    Click Here to Read the Full Article

    Source: feeds.bizjournals.com
  • 6:01 PM » "A Bailout We Don't Need"
    Published Thu, Sep 25 2008 6:01 PM by feeds.feedburner.com
    As James Galbraith points out in (hat tip reader Marshall), the Paulson bailout plan wasn't necessary, and any rescue could have been handled by expanding existing programs: Now that all five big investment banks -- Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley -- have disappeared or morphed into regular banks, a question arises. The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets like that all the time. They're called "loans." With banks, runs occur only when depositors panic, because they fear the loan book is bad. Deposit insurance takes care of that. So why not eliminate the pointless $100,000 cap on federal deposit insurance and go take inventory? If a bank is solvent, money market funds would flow in, eliminating the need to insure those separately. If it isn't, the FDIC has the bridge bank facility to take care of that. Next, put half a trillion dollars into the Federal Deposit Insurance Corp. fund -- a cosmetic gesture -- and as much money into that agency and the FBI as is needed for examiners, auditors and investigators. Keep $200 billion or more in reserve, so the Treasury can recapitalize banks by buying preferred shares if necessary -- as Warren Buffett did this week with Goldman Sachs. Review the situation in three months, when Congress comes back. Hedge funds should be left on their own. You can't save everyone, and those investors aren't poor. With this solution, the systemic financial threat should go away. Does that mean the economy would quickly recover? No. Sadly, it does not. Two vast economic problems will confront the next president immediately. First, the underlying housing crisis....The second great crisis is in state and local government. Of course, such a straightforward program would have eliminated the opportunity to further enrich Wall Street by paying fees to various advisors and subcontractors for buying assets from financial...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:01 PM » More Clarification of Bailout Details (Updated)
    Published Thu, Sep 25 2008 6:01 PM by feeds.feedburner.com
    From : House Financial Services Committee Chairman Barney Frank (D-Mass.) said the bailout deal reached by key lawmakers calls for dividing the $700 billion pricetag into three parts: Paulson would receive $250 billion immediately and another $100 billion upon White House certification of its necessity. The final $350 billion could be dispersed without additional Congressional approval, but Congress would be given 30 days to object. The agreement also includes a strong oversight board for the bailout program, a ban on golden parachutes and other excessive compensation for executives at participating firms and protections for taxpayers, including a provision that would require participating companies to give taxpayers equity in their firms. It also includes relief for community banks that own now worthless stock in mortgage finance giants Fannie Mae and Freddie Mac, which were taken over by the government. The main point of contention between Democrats and Republicans, Frank said, is a proposal to give bankruptcy judges new power to modify mortgages for homeowners, an idea that is widely viewed as a bargaining chip. Democratic presidential candidate Barack Obama (D-Ill.) has said the measure, which is fiercely opposed by the banking industry, should not be in the bill. Meanwhile, House Democrats were still considering a plan to increase taxes to pay for a portion of the bailout, possibly by taxing stock transfers or levying a "surtax" on millionaires. As I read this, the mods in bankruptcy is still in play. The Wall Street Journal Economics Blog provided this text outline of principles: 1. Taxpayer Protection a. Requires Treasury Secretary to set standards to prevent excessive or inappropriate executive compensation for participating companies b. To minimize risk to the American taxpayer, requires that any transaction include equity sharing c. Requires most profits to be used to reduce the national debt 2. Oversight and Transparency a. Treasury Secretary is...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:01 PM » Goal of Paulson Plan: Restore Mark-to-Myth Accounting
    Published Thu, Sep 25 2008 6:01 PM by feeds.feedburner.com
    While we have focused on the fact that the Treasury bailout plan, which with some tweaks, is moving towards approval. is a covert and inefficient recapitalization of the banking system, other observers see another goal for the plan. The contend that it's main purpose is to circumvent mark-to-market accounting. The belief is that mark to market accounting has worsened the credit mess, since in a stressed market, those prices will be less than fundamental value. With arcane paper that is hard to value even in a good market, where prices of liquid instruments are volatile, and the underlying credit quality is deteriorating, I'm not certain that view is correct. The consensus at the time of the Bear Stearns deal was the the Fed's $29 billion subsidy was a huge coup for Morgan and left it well compensated. Yet proving how hard it is to estimate values correctly, Jamie Dimon is now apparently saying often that he wishes he had not done the deal. Admittedly, Bear had a big portfolio that JP Morgan could not inspect in detail, but the general principle holds. So rather than follow the course of action that has been shown to work in Sweden and to a lesser degree in the US S&L crisis, namely, let asset prices fall, strip out bad assets and sell them, combine and recapitalize the good pieces, and sell those to the public too, we have clearly decided to go down the Japan path, of maintaining phony asset prices to keep institutions that would otherwise fail alive. The Japan approach proved to be vastly more costly than taking the short-term (considerable) economic pain, but we don't do pain in the US. And perhaps more important, since no one is fooled by this ruse, expect whatever benefits this plan delivers to be short-lived, How comfortable will investors be with buying stock and bonds of banks if they know the accounts are rubbish? From James Saft at Reuters, "": Paulson and Bernanke's 'Hold-to-Maturity' plan is really just the new 'Mark...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:13 PM » Reaction to Bailout Proposal Runs the Gamut
    Published Thu, Sep 25 2008 5:13 PM by feeds.feedburner.com
    As Congressional leaders continued to hash out details of a financial and mortgage market bailout on Thursday, it’s pretty clear that response to the bailout proposal has been all over the map. Some say the proposal marks the end of American capitalism; others suggest that large-scale intervention is needed to preserve it. But nearly everyone [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:41 PM » FDIC Takes On Bloomberg Over Deposit Fund
    Published Thu, Sep 25 2008 4:41 PM by feeds.feedburner.com
    In a rare move for any government agency, the Federal Deposit Insurance Corp. on Thursday launched a media offensive against a Bloomberg News report that FDIC public affairs director Andrew Gray called “a serious disservice” to readers. The Bloomberg story in question suggested that “it won’t take many more failures before the FDIC itself runs [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:24 PM » Despite Credit Crisis, Some REITs Are Doing Well
    Published Thu, Sep 25 2008 4:24 PM by Seeking Alpha
    submits: US Real Estate Investment Trusts seem to be faring quite well in the current credit crisis, a new report from Fitch Ratings indicates.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 3:04 PM » Industry Vets Launch Mortgage Due Diligence Firm
    Published Thu, Sep 25 2008 3:04 PM by feeds.feedburner.com
    Two credit risk and securities surveillance veterans said Thursday they’d launched a new venture, Allon Financial, to provide third-party due diligence services to whole loan and mortgage bond investors. The Denver-based company takes the name of its founder, Sue Allon, who founded credit risk management specialist The Murrayhill Company in the 1990s. To kick-start the new [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 2:49 PM » Clinton: Resurrect the HOLC, and Buy Up Bad Mortgages
    Published Thu, Sep 25 2008 2:49 PM by feeds.feedburner.com
    Former Democratic presidential candidate and New York senator Hillary Rodham Clinton pushed Thursday for a wide-spread government purchase and modification of troubled mortgages in the name of protecting borrowers and restoring credit markets, according to an op-ed published in the Wall Street Journal. Clinton, who along with most Deomcrats has long advocated so-called “affordability modifications,” said [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 2:36 PM » The New Face of Equity Derivatives
    Published Thu, Sep 25 2008 2:36 PM by www.minyanville.com
    It's currently a most challenging time for an equity derivatives desk.As Todd can attest (he helped introduce me to Wall Street) I started my career at a large bank and moved up the ranks to equity derivatives. I have worked on the derivatives desk at two large banks in my career and this seems like one of the most demanding times for my former colleagues. The derivative business has taken off since the proliferation of thousands of hedge funds (long/short credit and volatility funds) and approximately $20 billion has gone into buy-write products which has created a boon in the business.However ...
    Click Here to Read the Full Article

    Source: www.minyanville.com
  • 2:19 PM » Hedge Funds Hoard $600 Billion in Cash
    Published Thu, Sep 25 2008 2:19 PM by www.minyanville.com
    While they’re not deviously plotting the demise of the worlds’ most powerful financial institutions hedge funds are loading up on another popular trade: Cash.According to the Financial Times Citigroup estimates hedge funds have recently squirreled away as much as $600 billion in cash of which $100 billion is held in money market funds -those same money market funds Washington so graciously propped up last week.With good risk-reward investment opportunities in short supply hedge funds -- paid handsomely to manage risk -- are relying heavily on the safety of cash to ride out recent market turmoil. It’s telling that for ...
    Click Here to Read the Full Article

    Source: www.minyanville.com
  • 2:18 PM » Era of U.S. financial dominance at an end: Germany
    Published Thu, Sep 25 2008 2:18 PM by Washington Post
    BERLIN (Reuters) - Germany blamed the United States on Thursday for spawning the global financial crisis with a blind drive for higher profits and said it must now accept more market regulation and a loss of its financial superpower status.
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:18 PM » Lawmakers: Financial bailout agreement reached
    Published Thu, Sep 25 2008 2:18 PM by Washington Post
    WASHINGTON -- Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days.
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:18 PM » Deal in place?
    Published Thu, Sep 25 2008 2:18 PM by feeds.feedburner.com
    Sen. Chris Dodd’s (D-CT) remarks that a deal on the financial bailout is in place have sent stocks soaring; the Dow soaring [[^DJI]].
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:26 PM » Option Arm Class Action Lawsuit Rejected
    Published Thu, Sep 25 2008 12:26 PM by www.thetruthaboutmortgage.com
    An option-arm lawsuit involving 8,000 borrowers was rejected by the Seventh Circuit Court of Appeals, reversing an earlier ruling by a federal judge in Wisconsin, Reuters reported. The federal appeals-court panel ruled Wednesday 2-1 against the borrowers who had tried to get the loans rescinded, claiming rescissions under the Truth in Lending Act are a “purely [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 12:02 PM » FHFA Releases New 'Mortgage Metrics Report'
    Published Thu, Sep 25 2008 12:02 PM by www.ofheo.gov
    The Federal Housing Finance Agency (FHFA) released its first Mortgage Metrics Report today. The report presents key performance data on 30.4 million first lien residential mortgages with outstanding balances totaling $4.4 trillion serviced on behalf of Fannie Mae and Freddie Mac from 2007 through the first quarter of 2008. The report focuses on the delinquencies, loss mitigation actions, and foreclosure data reported by more than 3,000 approved servicers.
    Click Here to Read the Full Article

    Source: www.ofheo.gov
  • 11:35 AM » Pick Me! Pick Me!
    Published Thu, Sep 25 2008 11:35 AM by www.portfolio.com
    Has anyone wanted a job as desperately as Bill Gross wants the job of managing the $700 billion bailout fund? Here was the founder of bond giant PIMCO : "We have interest in managing this giant pool of assets, and we expect to be called." In case Hank Paulson missed that plea, Gross went to the editorial pages of Paulson's hometown paper, the Washington Post, with ever written to a potential employer. Gross followed that up with another CNBC appearance where he announced his willingness to waive his fee if he was manager of what will be the biggest distressed asset fund in the world. He also to the New York Times. “We have a large and brilliant staff that can analyze and has analyzed subprime mortgages that can help the Treasury out,” he said. We get it, Gross. You want the job, even though it hasn't even been created yet. Now, it's not as if Gross isn't qualified. For more than a year, he has been sounding alarm bells about the potential catastrophe from the subprime mortgage crisis. He's surely profited from it, too. On the day the federal government bailed out Fannie Mae and Freddie Mac, Gross made a cool $1.7 billion for his PIMCO Total Return Fund. But Gross would probably be better off letting those qualifications speak for themselves. He manages the largest bond fund in the country, for goodness sake. It's not as if Treasury officials have never heard of him. Instead, by using the media to openly beg for the job, Gross is opening himself up to criticism that might not otherwise come until after he had secured the job. Felix Salmon that Gross is conflicted. "He has a strong incentive to maximize, rather than minimize, the amount paid [for the assets] -- especially if he doesn't get any kind of performance fee for running the fund." Indeed, even his friends have doubts. “They should start with somebody who doesn’t have a conflict,” Luis Maizel, senior managing director of LM Capital Group, told the New York Times....
    Click Here to Read the Full Article

    Source: www.portfolio.com
  • 11:28 AM » Plan’s Basic Mystery: What’s All This Stuff Worth?
    Published Thu, Sep 25 2008 11:28 AM by dealbook.blogs.nytimes.com
    What would you pay, sight unseen, for a house that nobody wants, on a hard-luck street where no houses are selling? That question is easy compared to the one confronting the Treasury Department as Washington works toward a vast bailout of financial institutions, The New York Times’s Vikas Bajaj writes. Treasury Secretary Henry M. Paulson Jr. [...]
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 11:27 AM » Banking System Will Need Another $500 Billion: Gross
    Published Thu, Sep 25 2008 11:27 AM by CNBC
    The banking system needs another $500 billion to survive beyond the $700 billion rescue plan, Pimco founder Bill Gross told CNBC.
  • 11:26 AM » Financial Bailout Is Nearly 'Done Deal': Key Democrat
    Published Thu, Sep 25 2008 11:26 AM by CNBC
    The $700 billion financial bailout bill is "almost a done deal," a key member of the House Financial Service Committee, Paul Kanjorski, told CNBC.
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