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November 2008 - Around The Web



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  • 'Dramatic Rise' in Alt-A Loan Delinquencies May Continue
    Published Mon, Nov 24 2008 2:28 PM by Seeking Alpha
    submits: CreditSights reports a “dramatic rise” in the number of delinquent Alt-A borrowers over the past three months, and anticipates a further increase in delinquencies in these “not-quite prime” mortgages by the end of this year. According to CreditSights...
  • Time for a change at the Fed
    Published Mon, Nov 24 2008 2:28 PM by www.econbrowser.com
    Plan A didn't work. Plan B didn't work. I suggest the Fed get going on Plan C. The Bureau of Labor Statistics that the seasonally adjusted consumer price index fell by 1% during the month of October, implying an annual deflation rate around -12...
  • Why Citigroup got Detroit's money
    Published Mon, Nov 24 2008 2:12 PM by rss.cnn.com
    Poor Detroit. The heads of the Big Three automakers had to subject themselves to two days of Congressional grilling last week while they begged for a $25 billion loan.
  • FHA's New Risky Loans Make Housing Even Riskier
    Published Mon, Nov 24 2008 2:12 PM by CNBC
    Posted By: Forgive me for not getting to this sooner, but every day in the housing crisis is hairier than the last. But I certainly didn’t miss the announcement last week by the Housing and Urban Development’s Hope for Homeowners program that new regulations...
  • Shrinking Wall Street to cost New York 225,000 jobs
    Published Mon, Nov 24 2008 2:12 PM by Reuters
    NEW YORK (Reuters) - Wall Street's painful downsizing could cost 225,000 New Yorkers their jobs over the next two years and poorly performing top executives should forego their bonuses, the state comptroller said on Monday.
  • John Hussman: How Best to Address the Mortgage Crisis
    Published Mon, Nov 24 2008 12:37 PM by Seeking Alpha
    Excerpt from fund manager on the U.S. market: Excerpt from the Hussman Funds' (11/24/08): Fundamentally, the current mortgage crisis is about present value. We could ease the crisis in the mortgage market tomorrow if distressed homeowners were allowed...
  • ING Direct to Suspend Foreclosures Until March
    Published Mon, Nov 24 2008 12:21 PM by www.thetruthaboutmortgage.com
    It appears ING Direct has answered Fannie and Freddie’s call to help struggling homeowners by freezing foreclosures through the holidays. The Dutch-bank and Internet-based mortgage lender said today it will suspend foreclosure sales on owner-occupied...
  • FDIC Commercial Paper Guarantee Could Crowd Out Fannie and Freddie
    Published Mon, Nov 24 2008 12:21 PM by Seeking Alpha
    submits: The Financial Times reports that GMAC’s bid to become a bank holding company could put additional pressure on Fannie Mae (FNM) and Freddie Mac’s (FRE) ability to sell debt at advantageous interest rates. In addition to access to TARP funding...
  • Paulson’s Policies Accelerate Citigroup’s Implosion
    Published Mon, Nov 24 2008 12:21 PM by Seeking Alpha
    submits: The New York Times reports the latest post Lehman financial meltdown is due to Treasury Secretary Paulson’s abandonment of the original TARP purpose. At least the purpose he came to Congress with, whether he had any honest intent in his words...
  • LandAmerica Shares Collapse On Fidelity Deal Termination
    Published Mon, Nov 24 2008 12:05 PM by feeds.foxbusiness.com
    LandAmerica Shares Collapse On Fidelity Deal Termination
  • Stocks surge on Citi
    Published Mon, Nov 24 2008 12:05 PM by rss.cnn.com
    Stocks rallied Monday morning as investors welcomed news that Citigroup is getting a massive rescue package - and geared up for the announcement of President-elect Obama's economic team.
  • Citi’s leverage: 280! (Leverage by the Numbers, Part 2)
    Published Mon, Nov 24 2008 12:05 PM by ml-implode.com
    The federal government agreed Sunday night to rescue Citigroup Inc. by helping to absorb potentially hundreds of billions of dollars in losses on toxic assets on its balance sheet and injecting fresh capital into the troubled financial giant. The agreement...
  • Mr Mortgage: NO SPIN - Oct Existing Home Sales Report
    Published Mon, Nov 24 2008 11:34 AM by mrmortgage.ml-implode.com
    I heard this morning from several popular media sources that that prices falling, month’s supply coming down and foreclosures as a percentage of total sales rising is a ‘great thing’ for housing. DON’T BELIEVE IT! These are the same forces as we have...
  • Another call for a gold standard in the WSJ
    Published Mon, Nov 24 2008 10:30 AM by themessthatgreenspanmade.blogspot.com
    It does seem rather obvious, doesn't it? The fallout from another burst asset bubble following years of virtually unlimited creation of money and credit aided by the complete failure of regulation of financial industry could have been avoided if only...
  • What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup
    Published Mon, Nov 24 2008 10:30 AM by feedproxy.google.com
    What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup Chris Whalen November 24, 2008 Christopher Whalen is Managing Director of IRA. Chris has worked as an investment banker, research analyst and journalist for more than two...
  • Krugman on Citigroup Bailout: "a lousy deal"
    Published Mon, Nov 24 2008 10:30 AM by Calculated Risk Blog
    From Paul Krugman: has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi...
  • Questions for Geithner
    Published Mon, Nov 24 2008 9:12 AM by feedproxy.google.com
    by November 23, 2008 David R. Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in Economics from The Wharton School of the University of Pennsylvania, an M.S. in Organizational Dynamics...
  • WaMu conspiracy theories abound, but there's no smoking gun
    Published Mon, Nov 24 2008 9:12 AM by ml-implode.com
    It turns out they really were a junky, fraud-ridden bank, which had made even junkier decisions in the year preceding their collapse. We do, however, have an issue with the FDIC putting huge guarantees in place to facilitate large bank takeovers. It's...
  • Citi Bailout
    Published Mon, Nov 24 2008 8:57 AM by feedproxy.google.com
    The Bailout of Citigroup moves forward (Is this book ever going to be finished?): “Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306...
  • What’s Next For Mortgages? Try More Regulation
    Published Mon, Nov 24 2008 8:56 AM by feeds.feedburner.com
    As U.S. financial organizations plot their course for 2009, many are waiting to see how the federal government will handle the current financial crisis under a new Presidential administration. And while there are plenty of unknowns, early leaks from the...
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