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January 2009 - Around The Web



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  • America’s mortgage agencies: Government-sponsored anxiety
    Published Fri, Feb 06 2009 6:25 PM by www.economist.com
    A source of support for banks when markets first crumbled is causing concern THEY no longer hog the headlines, but America’s government-sponsored mortgage agencies, Fannie Mae and Freddie Mac, continue to rack up huge losses. As they wrestle under government...
  • Ramsey Su: Allow Foreclosures to Happen
    Published Mon, Feb 02 2009 9:15 AM by Calculated Risk Blog
    My friend Ramsey Su writes in the WSJ: Preventing foreclosures has become a top priority of politicians, economists and regulators. In fact, allowing foreclosures to happen has merit ... If the intent is to help homeowners, then foreclosure is undoubtedly...
  • Federal regulators shut 3 more banks; 6 this year
    Published Fri, Jan 30 2009 11:04 PM by www.washingtonpost.com
    WASHINGTON -- Federal regulators closed three banks on Friday _ one each in Utah, Florida and Maryland _ bringing to six the total number of failures this year.
  • Feds allege plot to destroy Fannie Mae data
    Published Fri, Jan 30 2009 11:03 PM by www.washingtonpost.com
    HAGERSTOWN, Md. -- A fired Fannie Mae contract worker pleaded not guilty Friday to a federal charge he planted a virus designed to destroy all the data on the mortgage giant's 4,000 computer servers nationwide.
  • 5 Steps to Fix the Banks
    Published Fri, Jan 30 2009 11:02 PM by www.portfolio.com
    A s the liquidity crisis continues, the problem is clear—it's the solution that remains opaque. The problem with the U.S. banking system is simple: It's largely insolvent. Banks have far too little capital to supply the credit needed to finance...
  • U.S. Must Attack Foreclosure Rates
    Published Fri, Jan 30 2009 11:02 PM by www.washingtonpost.com
    The government's efforts to combat the worst financial crisis since the 1930s can be divided into three phases.
  • Banker warns of risk of political interference
    Published Fri, Jan 30 2009 11:02 PM by www.ft.com
    The bail-outs of Citigroup and Bank of America could distort the market if the US lenders succumb to political pressure when making lending decisions, a senior executive at JPMorgan Chase has warned
  • Meredith Whitney to banks: Deal with it
    Published Fri, Jan 30 2009 3:29 PM by rss.cnn.com
    Banks are looking for a second chance to dump some toxic waste from their balance sheets on the hope that the Obama administration will set up a "bad bank" to buy massive amounts of their troubled assets.
  • Senator: Cap pay at $400K for Wall Street 'idiots'
    Published Fri, Jan 30 2009 3:29 PM by rss.cnn.com
    One day after President Barack Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
  • Simon: New Mall Construction "Dead for a decade"
    Published Fri, Jan 30 2009 3:29 PM by Calculated Risk Blog
    From Bloomberg: (hat tip Sam) David Simon [Chief Executive Officer, Simon Property Group Inc., the biggest U.S. shopping mall owner] ... said the company doesn’t plan to begin construction on new projects or major redevelopments in 2009 and there will...
  • Geithner, Bernanke work on $700B bailout overhaul
    Published Fri, Jan 30 2009 2:44 PM by www.washingtonpost.com
    WASHINGTON -- Treasury Secretary Timothy Geithner is meeting with top government officials to develop the administration's plan for overhauling the $700 billion bailout program and improve regulation of the financial system.
  • Banks Sitting On An Inventory Time Bomb: Your Emails
    Published Fri, Jan 30 2009 2:43 PM by CNBC
    Posted By: My last blog post Banks Sitting On An Inventory Time Bomb set off quite a stir among readers, and I think it bears more reporting. Topics: | | | Sectors: |
  • Citi Field or Bailout Ballpark?
    Published Fri, Jan 30 2009 2:42 PM by rss.cnn.com
    The government forced Citigroup to cancel its order for a brand new $50 million corporate jet. Now, two Congressmen are hoping that the Obama administration will convince the beleaguered bank to scrap its naming rights deal with the New York Mets.
  • CEOs say overhaul of bank bonuses on the cards
    Published Fri, Jan 30 2009 2:41 PM by www.washingtonpost.com
    DAVOS, Switzerland (Reuters) - Top executives meeting in Davos say the bonus culture that drove financial investments on Wall Street faces a major overhaul as bankers humbled by the financial crisis prepare to curb excessive pay.
  • Former Fannie Mae Employee Attempted to Destroy All Data
    Published Fri, Jan 30 2009 2:40 PM by www.thetruthaboutmortgage.com
    A former Fannie Mae contracted employee was indicted for computer intrusion this week for allegedly planting a malicious script on the company’s servers in an effort to wipe out all its data. A federal grand jury indicted Rajendrasinh Babubhai Makwana...
  • Friday Diversion: John Edwards’ Former Home Listed for $9.95 million
    Published Fri, Jan 30 2009 2:40 PM by Wall Street Journal
    Click here to see photos of the former Washington, D.C., home of John Edwards. Washington Fine Properties John Edwards’ former home Washington home hits the market with an asking price of $9.95 million. The former North Carolina senator bought the four...
  • In Condo Terms, Atlanta Is the New Miami
    Published Fri, Jan 30 2009 2:40 PM by Wall Street Journal
    Jonathan Karp reports: In the blighted condominium market, Atlanta may be the new Miami. That’s the conclusion of Ackerman-Trinity Advisors, a research firm in the Georgia capital. In a report on Inc., whose bank subsidiary is a provider of condo-construction...
  • Meredith Whitney doesn't like BARF
    Published Fri, Jan 30 2009 11:33 AM by feeds.feedburner.com
    Per CNBC: She's dubbing the "Bad Bank" part of the good bank / bad bank idea being floated the HTML clipboard "Bank Asset Repository Fund", or BARF for short. Catchy name. LOL
  • 3 Tips for Renegotiating Your Mortgage
    Published Fri, Jan 30 2009 11:32 AM by loanworkout.org
    If you’re willing to make your loan payments, you’re already way ahead of the many borrowers who have walked away from their homes, says Moe Bedard, president of LoanSafe Solutions. The upshot? Banks have more incentive than ever to work with you. Plunging...
  • Ohio Attorney General Sues Two Loan Modification Firms
    Published Fri, Jan 30 2009 11:31 AM by loanworkout.org
    Ohio Attorney General Richard Cordray has filed a lawsuit against two Cincinnati-based foreclosure rescue companies accused of failing to deliver on their promises to save consumers from foreclosure. The suit, filed in the Hamilton County Court of Common...
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