October 2008 - Around The Web

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Nouriel Roubini blames the Fed

Published Thu, Oct 30 2008 9:20 AM by themessthatgreenspanmade.blogspot.com

Nouriel Roubini is everywhere! You have to wonder if he's starting to make odd requests for his media appearances like asking for . Last night, he was on the Nightly Business Report and was asked a very simple question, "Who or what is the major...
Credit Suisse aims to benefit from UBS weakness in U.S: report

Published Thu, Oct 30 2008 7:53 AM by Reuters

ZURICH (Reuters) - Credit Suisse Group AG aims to benefit from rival UBS AG's weakness in the United States, its chief executive said in an interview published on Thursday.
Where Did A.I.G.’s Cash Go?

Published Thu, Oct 30 2008 7:52 AM by dealbook.blogs.nytimes.com

The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September could have developed such a big hole by October, The...
Japan unveils $275 billion stimulus package

Published Thu, Oct 30 2008 7:51 AM by rss.cnn.com

Read full story for latest details.
Deutsche Bank posts profit as rule change limits write-downs

Published Thu, Oct 30 2008 7:50 AM by www.marketwatch.com

Deutsche Bank on Thursday reported an unexpected third quarter profit of 435 million euros ($575 million), helped by a tax gain and a change to accounting rules that allowed the bank to take fewer write-downs on its risky debt.
Investors Get Back Some Appetite for Risk

Published Thu, Oct 30 2008 7:50 AM by CNBC

Asian share markets rallied, European stocks were higher and the euro surged on Thursday on initial signs that investors are rediscovering an appetite for risk.
Ex-Fannie CEO Wishes he Said "No" More Often: Report

Published Thu, Oct 30 2008 7:50 AM by CNBC
Treasury, FDIC Considering Plan to Rework Millions of Mortgages

Published Wed, Oct 29 2008 5:59 PM by Calculated Risk Blog

From the WaPo: Treasury, FDIC Crafting Plan to Rework Millions of Mortgages Officials with the Treasury and the Federal Deposit Insurance Corp. are crafting a plan under which the government would guarantee the mortgages of as many as 3 million homeowners...
Countrywide REOs Going Parabolic

Published Wed, Oct 29 2008 5:58 PM by ml-implode.com

``19,618 Homes Offered For Sale on Countrywide Financial's Website.'' -- Click through to see the rather alarming chart.
NYAG Cuomo warns nine banks about bonus payments

Published Wed, Oct 29 2008 5:58 PM by ml-implode.com

``New York Attorney General Andrew Cuomo, who negotiated executive payment clawbacks by American International Group Inc (NYSE:AIG - News) as it received a taxpayer bailout, warned nine banks receiving government money on Wednesday that using the funds...
New York Attorney General asks banks for bonus information

Published Wed, Oct 29 2008 5:58 PM by www.marketwatch.com

New York Attorney General Andrew Cuomo asks nine of the largest U.S. banks for information about the bonuses they plan to pay.
Wall St Journal on the CA Housing Meltdown

Published Wed, Oct 29 2008 3:20 PM by mrmortgage.ml-implode.com

The Wall St Journal ran a very thorough yet backward looking story on the state of CA real estate. They focus on Los Banos, a small farming community about 80 miles South of Silicon valley, which is another ’subprime central’. One important thing they...
Fannie Mae Slammed for Setting Poor Industry Servicing Standard

Published Wed, Oct 29 2008 3:20 PM by www.thetruthaboutmortgage.com

Mortgage financier Fannie Mae “has become a major roadblock” in terms of helping at-risk borrowers find long-term solutions to their housing woes, according to the Neighborhood Assistance Corporation of America (NACA). The consumer help group, which planned...
Deflation risk

Published Wed, Oct 29 2008 11:54 AM by www.econbrowser.com

There are plenty of things to worry about in the current economic situation. But deflation isn't one of them. Greg Mankiw had a last weekend in which he challenged the view that macroeconomists have learned enough to prevent a repeat of the Great...
New Home Sales: Shift to FHA Financing

Published Wed, Oct 29 2008 11:54 AM by Calculated Risk Blog

According to the Census Bureau, 17% of new homes sold in Q3 2008 were financed with FHA loans. This is up from an average of 4% in the 2005 through 2007 period. This huge percentage increase in FHA loans was partially driven by Downpayment Assistance...
Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy

Published Wed, Oct 29 2008 10:39 AM by loanworkout.org

Millions of American homeowners are now underwater on their home mortgages and they are looking for a way out. In some areas like the Inland Empire of California, local homeowners have seen values drop 30-50% and many are making a “business” decision...
Treasury Continuing to Try to Talk Down Mortgage Rates

Published Wed, Oct 29 2008 10:38 AM by mrmortgage.ml-implode.com

The housing market is being dealt another blow. Fannie and Freddie mortgage backed debt has been under fire in recent days. Mortgage rates have risen considerably. A friend who deals in this space told me yesterday ‘there are very few new buyers’. As...
Why Banks Have Become Schizophrenic

Published Wed, Oct 29 2008 10:37 AM by feedproxy.google.com

Its an understatement to say these are difficult times for banks. Between the mortgage collapse, the Treasury recapitalization, and the recession, they are trying to do business -- and that that involves some risk. But doing so without losing too much...
LIBOR Slowly Declines

Published Wed, Oct 29 2008 10:36 AM by Calculated Risk Blog

From Bloomberg: Libor Declines on Central Bank Cash Funding, Fed Rate Outlook The London interbank offered rate, or Libor, that banks charge each other for three-month loans in dollars fell 5 basis points today to 3.42 percent, its 13th straight decline...
TARP vs. Non-TARP: Investing with Uncle Sam at a 60% Discount

Published Wed, Oct 29 2008 10:35 AM by Seeking Alpha

Christopher Bryan submits: Under the U.S. Treasury's Capital Purchase Program ("TARP"), the federal government is investing at least $250 billion dollars in preferred shares of select financial institutions. The terms of TARP investments...

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October 2008 - Around The Web

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