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  • Tue, Oct 14 2008
  • 1:49 PM » Hedge Fund Giants Said to Move Funds Into Cash
    Published Tue, Oct 14 2008 1:49 PM by dealbook.blogs.nytimes.com
    Steven Cohen, Israel Englander and John Paulson manage three of the biggest hedge funds around, and they’re considered some of the smartest traders anywhere. So what are they doing with their funds’ massive firepower? According to The Wall Street Journal, they’re stowing it away in money-market funds and other short-term securities. In Mr. Cohen’s case, his SAC [...]
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 1:48 PM » Former Fed Chief Says US Now in Recession
    Published Tue, Oct 14 2008 1:48 PM by CNBC
  • 1:47 PM » Libor: The Descent Begins
    Published Tue, Oct 14 2008 1:47 PM by acrossthecurve.com
    One week LIBO - Drops 50 basis points *THREE-MONTH DOLLAR LIBOR 4.64% VERSUS 4.75%, BBA SAYS *OVERNIGHT DOLLAR LIBOR 2.18% VERSUS 2.47%, BBA SAYS
    Click Here to Read the Full Article

    Source: acrossthecurve.com
  • 1:46 PM » Treasury’s Direct Route, a Good First Step
    Published Tue, Oct 14 2008 1:46 PM by dealbook.blogs.nytimes.com
    The Treasury’s plan to inject equity into ailing financial institutions as part of its Troubled Asset Relief Program, or TARP, is a more direct way to bolster financial firms’ capital than simply buying dodgy assets. It’s a step in the right direction, Breakingviews says. But Neel Kashkari, TARP’s interim manager, says it plans to offer healthy [...]
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 1:45 PM » U.S. pulls the trigger
    Published Tue, Oct 14 2008 1:45 PM by CNN
    The federal government on Tuesday announced an extraordinary and historic direct investment in the nation's banks - the biggest bet ever made with taxpayer dollars on the U.S. financial system.
  • 1:44 PM » Not a Typo
    Published Tue, Oct 14 2008 1:44 PM by acrossthecurve.com
    Iceland’s stock market reopened following several days in which trading had been suspended. You might want to check and see if any of your well diversified IRA or 401K had any Icelandic exposure.
    Click Here to Read the Full Article

    Source: acrossthecurve.com
  • 1:43 PM » Volcker sees 'considerable recession'
    Published Tue, Oct 14 2008 1:43 PM by CNN
    Read full story for latest details.
  • 1:42 PM » Feels Like Socialism … But I Like It: Trump
    Published Tue, Oct 14 2008 1:42 PM by CNBC
  • 1:41 PM » Money-market tensions beginning to ease, Libor rates show
    Published Tue, Oct 14 2008 1:41 PM by Market Watch
    Decreasing short-term lending rates offer further evidence that massive government bailouts and wide-ranging debt and deposit guarantees have started to thaw frozen interbank lending markets.
  • 1:41 PM » Hong Kong Backs Its Banks
    Published Tue, Oct 14 2008 1:41 PM by www.nytimes.com
    After U.S. and European governments took steps to assist banks, Hong Kong’s financial regulators announced government backing for all of the territory’s bank deposits through 2010.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 1:41 PM » Dollar still under pressure
    Published Tue, Oct 14 2008 1:41 PM by CNN
    The U.S. dollar fell Tuesday as the global stock market rebound kept investors focused on higher-yielding currencies such as the euro and the pound.
  • 12:38 PM » Bailout: Don't forget the people
    Published Tue, Oct 14 2008 12:38 PM by CNN
    The United States and the rest of the world are taking extraordinary steps to help keep banks afloat.
  • 10:08 AM » Mr Mortgage - September CA Foreclosure Report
    Published Tue, Oct 14 2008 10:08 AM by mrmortgage.ml-implode.com
    Due to the new CA Law, BS 1137, Notices-of-Default (foreclosure starts) and Notices-of-Trustee Sale (2nd stage of foreclosure) plunged in Sept. In a nutshell, this law put a few extra steps on the banks prior to filing a NOD and NTS. Due to this, an in-depth analysis of September’s CA foreclosure activity will not be provided this month. However, you can take a look at the September charts below and a few of my previous reports (links provided below) and draw your own conclusions. It is my impression this new law just pushes out the problem a month or two. As soon as the banks are back in full compliance and pumping out NOD’s and NTS’s once again, which will likely be within a few weeks, I will be able to furnish you with more data. -Best Mr Mortgage Notice-of-Default by Month - Note the plunge in Sept due to SB 1137. As you can see before the plunge in Sept, defaults were hanging near their all-time highs despite Subprime defaults being down 25-30% throughout CA. This is proof-positive that the default crisis has jumped tracks to higher paper grades, which I can see clearly when I break these defaults down on my internal systems. Monthly Actual Foreclosures/Bank REO - Actual foreclosures are down slightly from the peak but still near all-time highs. Never discount seasonality when reviewing this. Also cancellations are increasing, which have to be added to this figure (shown below). Remember, 95% of all foreclosures are bought back by the foreclosing entity due to lack of 3rd party interest. Monthly Foreclosure Cancellations - Note the increase in Cancellations below as Foreclosures above decrease. This means that despite headline foreclosures decreasing, foreclosures in the pipeline have not really moved down as much. Related Mr Mortgage Posts Posted on September 19, 2008 1:02 PM Posted on September 15, 2008 2:32 PM Posted on September 23, 2008 2:43 PM Posted on September 22, 2008 9:42 PM
    Click Here to Read the Full Article

    Source: mrmortgage.ml-implode.com
  • 10:08 AM » McCain: Buy mortgages
    Published Tue, Oct 14 2008 10:08 AM by CNN
    Sen. John McCain will outline new economic proposals on Tuesday at a rally in suburban Philadelphia, his campaign announced.
  • 9:37 AM » Charlie Munger: Leash and Collar Wall Street
    Published Tue, Oct 14 2008 9:37 AM by Google News
    The backlash is starting to get serious. It is one thing for the man on the street to fulminate about the excesses of financiers. And even those who try to harness that anger find themselves checked. John McCain, who has said that he is going to fix the economy by (among other things) going after "Wall Street corruption" is But it's when people in or close to the financial services start calling for reform that you know the tide is turning. In a Forbes interview, Jamie Dimon and Felix Rohatyn (storied top M&A banker for two generations, also led the restructuring of New York City's finances in its fiscal crisis) do an able job of singing from the reform hymnal. But Charles Munger, long-standing partner of Warren Buffett, calls for root and branch reform. If other prominent Main Street executives fall in with Munger, we might see the banking industry restored to its proper role, that of a support function to commerce. From (hat tip reader Steve): Even more radical is Berkshire Hathaway's vice chairman. Munger wants Wall Street balance sheets reduced by 70% and insists that the firms "be a market maker, a broker, an underwriter and a custodian of securities but not the hedge funds they have become." He wants to restrict leverage to 50% on every securities transaction except for the Treasury trading desk where "you're dealing with the safest securities around." That 50% margin level, incidentally, is the maximum that ordinary investors can obtain from their broker when they purchase common stock. Before their respective demises, Bear Stearns and Lehman Brothers were leveraged to the tune of $30 of debt for every $1 of capital. To rid Wall Street of its Las Vegas tone, Munger suggests leveling the options exchanges in Chicago and New York, and banning completely all derivatives contracts, a rather impossible vision but one that's true to his spirit. He's also furious with the accountants, in particular for letting...
  • 9:36 AM » And then, right on schedule, the government part-privatized the banks
    Published Tue, Oct 14 2008 9:36 AM by feeds.feedburner.com
    Right on schedule. Any questions? And now, the panic is over. And while the needed and justified dramatic drop in home prices worldwide continues, the cleanup, investigations and arrests can begin. U.S. to Buy Stakes in Nation's Largest Banks The government is set to buy preferred equity stakes in Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. -- including the soon-to-be acquired Merrill Lynch -- Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street Corp., according to people familiar with the matter. Some of the big banks were unhappy about the government taking equity stakes, but acquiesced under pressure from Treasury Secretary Henry Paulson in a meeting Monday. During the financial crisis, the government has steadily increased its involvement in financial markets, culminating with a move that rivals the breadth of the government's response to the Great Depression. It intertwines the banking sector with the federal government for years to come and gives taxpayers a direct stake in the future of American finance, including any possible losses.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:36 AM » Essence of the "Rescue" Plan In Comic Form
    Published Tue, Oct 14 2008 9:36 AM by feeds.feedburner.com
    Yesterday I wrote . Here once again is the pertinent snip. To stimulate lending, the bailout plan will attempt to recapitalize banks. The method of recapitalization is best described as robbing Taxpayer Pete to pay Wall Street Paul. In essence, money is taken from the poor (via taxes, printing, and weakening of the dollar) and given to the wealthy so the wealthy supposedly will have enough money to lend back (at interest) to those who have just been robbed. Sinfest has captured the very essence of this robbery in comic form. . Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com to learn more about wealth management for investors seeking strong performance with low volatility.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:36 AM » Biggest Market Gains In History
    Published Tue, Oct 14 2008 9:36 AM by feeds.feedburner.com
    Morgan Stanley shares are soaring today as . Mitsubishi UFJ Financial Group Inc (MUFG) completed its $9 billion investment in Morgan Stanley on Monday as U.S. government support helped nail down a critical deal many investors had feared could fall apart. Morgan Stanley shares soared more than 75 percent after Japan's largest bank bought a 21 percent stake one day earlier than expected. Last week the New York bank's stock plunged by more than half amid fears that Morgan, forced to wait five days before completing the deal, might not survive the crisis. "It's different terms, but it's done, and I think people should breathe a sigh of relief that it's done," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York. Amending the terms of a September 29 agreement, Mitsubishi bought preferred stock convertible into a 21 percent stake in Morgan for $9 billion cash. Yet the entire investment now consists only of preferred shares, the banks said. Previously, Mitsubishi had agreed to buy $3 billion of common stock at $31.25 a share, but the Japanese bank pushed for new terms after Morgan's stock plunged to $9.28. Morgan's total market value had fallen to $10.3 billion, and some customers were starting to lose confidence. The U.S. government did not invest in Morgan Stanley, as had been speculated, but federal officials were involved in the talks and assured MUFG over the weekend that its investment would be protected, a person familiar with the matter said. About $7.8 billion of MUFG's investment was in preferred shares with a conversion price of $25.25 a common share and with no maturity date. The other $1.2 billion is in preferred stock that is not convertible and also has no maturity date. Both preferred series pay a 10 percent interest rate, unchanged from the original pact. Morgan Stanley 30 Minute Chart click on chart for sharper image Add another $9 billion to US guarantees. Is this what it is going to take to...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • Mon, Oct 13 2008
  • 10:20 PM » Capital Injection Dollars Announced
    Published Mon, Oct 13 2008 10:20 PM by Calculated Risk Blog
    From the NY Times: U.S. Investing $250 Billion in Banks Citigroup and JPMorgan Chase were told they would each get $25 billion; Bank of America and Wells Fargo, $20 billion each (plus an additional $5 billion for their recent acquisitions); Goldman Sachs and Morgan Stanley, $10 billion each, with Bank of New York Mellon and State Street each receiving $2 to 3 billion. Wells Fargo will get $5
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:19 PM » Dow Takes Record Leap
    Published Mon, Oct 13 2008 10:19 PM by WSJ
    The Dow industrials surged 936.42 points, or 11%, to 9387.61 as global plans for governments to rescue banks through direct capital injections sent the index to its biggest one-day point gain ever.
  • 10:18 PM » A Host of Measures Across Europe
    Published Mon, Oct 13 2008 10:18 PM by www.nytimes.com
    Britain effectively took control of two of its largest banks, and leaders in other countries offered more than a trillion euros in loan guarantees and other support.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 10:17 PM » Goldman Applies for New York Charter
    Published Mon, Oct 13 2008 10:17 PM by WSJ
    Goldman Sachs is applying for a New York state charter for its new banking unit rather than a federal charter.
  • 10:16 PM » U.S. to Buy Stakes in ...
    Published Mon, Oct 13 2008 10:16 PM by Calculated Risk Blog
    From the WSJ: [T]he government is set to buy preferred equity stakes in nine top financial institutions ... It's unclear how much would be invested in each institution. The move is designed to remove any stigma that might come with a government investment. Banks receiving government funds include Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp., Citigroup
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:16 PM » US Banking System Rescue
    Published Mon, Oct 13 2008 10:16 PM by acrossthecurve.com
    The Treasury will make a statement tomorrow morning at 830AM EDT on its market stability initiative. Here is a to the press release. Update: Here is link to the on the Treasury plan to recapitalize the battered, bruised and beaten banking sector. Treasury will spend a cool crisp $250 billion dollars to ensure the safety of America’s financial giants.
    Click Here to Read the Full Article

    Source: acrossthecurve.com
  • 10:16 PM » Intervention Is Bold, but Has a Basis in History
    Published Mon, Oct 13 2008 10:16 PM by www.nytimes.com
    The government’s plan to take ownership stakes in American banks is an exceptional step, but not an unprecedented one.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 4:23 PM » Treasury Moves on Plan to Recapitalize Banks
    Published Mon, Oct 13 2008 4:23 PM by CNBC
  • 4:22 PM » US To Face Poor Economy for 10-15 Years: Robertson
    Published Mon, Oct 13 2008 4:22 PM by CNBC
  • 4:21 PM » Obama Expands Economic Plans
    Published Mon, Oct 13 2008 4:21 PM by www.nytimes.com
    Barack Obama’s proposals include penalty-free access to retirement savings and a moratorium on home foreclosures.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 4:20 PM » Iceland officially requests IMF help for crisis
    Published Mon, Oct 13 2008 4:20 PM by Reuters
    REYKJAVIK (Reuters) - Iceland has officially requested financing from the International Monetary Fund, an IMF official said on Monday, part of efforts to combat a crisis that has overwhelmed its once-flourishing financial sector.
  • 4:19 PM » Pelosi: New stimulus to help middle class
    Published Mon, Oct 13 2008 4:19 PM by CNN
    House Democrats will propose a new stimulus package to "rebuild America" and "help the middle class," Speaker Nancy Pelosi, a California Democrat, announced Monday.
  • 4:18 PM » Lehman’s Failure Said to Cost $300 Billion Abroad
    Published Mon, Oct 13 2008 4:18 PM by dealbook.blogs.nytimes.com
    The financial fallout outside the United States from Lehman Brothers‘ bankruptcy has been about $300 billion, the head of Germany’s financial regulator said on Monday. “We’re still licking the wounds of Lehman,” Jochen Sanio, president of the German Federal Financial Supervisory Authority, told Reuters at an international banking conference. “It caused international damage of $300 billion [...]
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 4:17 PM » Bank stocks miss the rally
    Published Mon, Oct 13 2008 4:17 PM by CNN
    The stock markets are finally enjoying a good day, cheered by the news that global governments are taking unprecedented steps to ensure that the world's banking system does not crumble.
  • 4:16 PM » Is It Really the Bottom or Just a Bear Market Rally?
    Published Mon, Oct 13 2008 4:16 PM by CNBC
    Some market watchers believe the market is starting to put in a floor and that gutsy investors may have some opportunities.
  • 4:16 PM » European Countries take more action
    Published Mon, Oct 13 2008 4:16 PM by Calculated Risk Blog
    From Bloomberg: EU Nations Commit 1.3 Trillion Euros to Bank Bailouts France, Germany, Spain, the Netherlands and Austria committed 1.3 trillion euros ($1.8 trillion) to guarantee bank loans and take stakes in lenders ... In Germany, Chancellor Angela Merkel pledged to guarantee up to 400 billion euros of lending between banks and set aside 20 billion euros to cover potential losses. It will
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:16 PM » Foreclosures in Orange County
    Published Mon, Oct 13 2008 4:16 PM by Calculated Risk Blog
    From Mathew Padilla at the O.C. Register: See where foreclosures are stacking up in O.C. [A] growing backlog of foreclosures threatens to push home prices further down, some economists and brokers say. ... MDA DataQuick, in a special report prepared for the Orange County Register, found that as of early September there were more than 3,300 unsold foreclosures in the county. DataQuick looked at
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:27 PM » Stock Market Rebounds
    Published Mon, Oct 13 2008 1:27 PM by WSJ
    The Dow Jones Industrial Average surged nearly 600 points amid coordinated initiatives to bolster the banking system. Europe stocks jumped. In Asia, the Hang Seng gained 10.2%.
  • 1:27 PM » Moody's Is Acting on Private Mortgage Insurers
    Published Mon, Oct 13 2008 1:27 PM by Seeking Alpha
    submits: Moody’s Investors Service has downgraded the insurance financial strength ((IFS)) ratings of Radian Group’s (NYSE: RDN) mortgage insurance subsidiaries, including Radian Guaranty and Amerin Guaranty which were downgraded to A2 from Aa3, and Radian Insurance which was downgraded to Baa1 from Aa3. In the same rating action, Moody’s also downgraded to A3 from Aa3 the IFS ratings of Radian Asset Assurance and Radian Asset Assurance Limited (collectively “Radian Asset”), and the senior debt rating of the holding company, Radian Group to Ba1 from A2. The outlook for the ratings is negative.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:27 PM » The Lede: Following the Financial Crisis and the Markets
    Published Mon, Oct 13 2008 1:27 PM by thelede.blogs.nytimes.com
    Top banking executives have been called to meet with Treasury Secretary Henry M. Paulson this afternoon.
    Click Here to Read the Full Article

    Source: thelede.blogs.nytimes.com
  • 1:21 PM » GSEs to Buy $40 Billion in Troubled Mortgages Monthly
    Published Mon, Oct 13 2008 1:21 PM by www.thetruthaboutmortgage.com
    Mortgage financiers Fannie Mae and Freddie Mac are gearing up to buy a combined $40 billion in “underperforming mortgage bonds” each month, according to a Bloomberg report. Citing unnamed sources familiar with the plan, Bloomberg said the move is part of a wider strategy by the U.S. government to eradicate bad mortgage debt from the financial [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 1:20 PM » "Fed Leads Unprecedented Push by Central Banks to Flood Market With Dollars"
    Published Mon, Oct 13 2008 1:20 PM by Google News
    The reader/investor who sent the link to this Bloomberg story provided the comments below. Not he does not resort to capital letters casually: THIS IS HARD TO BELIEVE. THOSE CB'S DON'T HAVE UNLIMITED $'S, SO IF TRUE, THEY WILL BE BORROWING THEM FROM THE FED VIA AN EXTENSION OF FED SWAP LINES, THE FOMC HAS APPROVED LINES OF $620 BILLION AS LAST REPORTED THIS IS FUNCTIONALLY UNSECURED LENDING TO THESE CB'S. REPAYMENT CAN ONLY COME FROM SELLING THEIR OWN CURRENCIES FOR THE NEEDED $'S (OR BY SOMEHOW NET EXPORTING TO THE US OR SELLING ASSETS TO THE US WHICH ARE HARD TO IMAGINE) SOMEHOW THIS HIGH RISK, UNSECURED, 'BACK DOOR' LENDING HAS REMAINED UNDER ALL RADAR SCREENS. AND, IF TRUE, WE WILL SOON SEE THE TOTAL $US FUNDING NEED IN THE EUROZONE. So one consequence is a continued strong dollar (despite the rally in the euro due to relief over the coordinated rescue announcement yesterday), which will hurt the export sector, the one area of good cheer in recent economic news. Surprisingly, however. Dollar borrowing rates improved in Europe but remain at elevated leavls. From : The Federal Reserve led an unprecedented push by central banks to flood the financial system with dollars, backing up government efforts to restore confidence and helping to drive down money-market rates. The ECB, the Bank of England and the Swiss central bank will auction unlimited dollar funds with maturities of seven days, 28 days and 84 days at a fixed interest rate, the Washington-based Fed said today. All of the previous dollar swap arrangements between the Fed and other central banks were capped. ``By providing unlimited dollar funds they are acting on the back of the G-7 plan to ensure the system is fully liquidized,'' said Lena Komileva, an economist at Tullett Prebon Plc in London. ``We're going to see even more liquidity provided and more aggressive rate cuts are coming.'' Leaders of the world economy have redoubled efforts to unfreeze credit markets...
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