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January 2009 - Around The Web



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  • Freddie Mac Extends Eviction Halt Until March
    Published Fri, Jan 30 2009 11:31 AM by feeds.foxbusiness.com
    Freddie Mac Extends Eviction Halt Until March
  • Morgan Stanley, Goldman Sachs considering more job cuts: report
    Published Fri, Jan 30 2009 11:31 AM by www.marketwatch.com
    BOSTON (MarketWatch) -- Morgan Stanley and Goldman Sachs Group Inc. are reportedly considering more job cuts as the once-mighty investment banks adapt to much leaner times on Wall Street.
  • Goldman: Bank Rescue May Reach $4 Trillion (and "Bad Bank" Issues)
    Published Fri, Jan 30 2009 8:56 AM by feedproxy.google.com
    Goldman, in a research note , says the total tab for the US bank rescue operation could run as high as $4 trillion: The cost of restoring confidence in U.S. financial firms may reach $4 trillion if President Barack Obama moves ahead with a "bad bank"...
  • WSJ: Option ARM Defaults Rising
    Published Fri, Jan 30 2009 7:53 AM by Calculated Risk Blog
    From Ruth Simon at the WSJ: (hat tip ShortCourage) Nearly $750 billion of option adjustable-rate mortgages, or option ARMs, were issued from 2004 to 2007, according to Inside Mortgage Finance ... Rising delinquencies are creating fresh challenges for...
  • Makeover your home - for 75% less
    Published Fri, Jan 30 2009 7:37 AM by rss.cnn.com
    If you've never set foot in an architectural salvage shop, you're missing out on an amazing world of bargains for house repairs and upgrades. A cross between a home improvement center and an antique store, these cavernous warehouses sell used...
  • Fannie strikes deal to modify mortgages: report
    Published Fri, Jan 30 2009 7:37 AM by Reuters
    (Reuters) - Fannie Mae reached an agreement to work with one of its former critics, Neighborhood Assistance Corp of America, to prevent foreclosures by reworking home mortgages to make them easier to afford, the Wall Street Journal said.
  • A Field Day for Financial Cyber-Scammers
    Published Fri, Jan 30 2009 7:37 AM by www.businessweek.com
  • $4 Trillion Bank Bailout?
    Published Thu, Jan 29 2009 8:54 PM by Calculated Risk Blog
    From CNBC: Goldman Sachs estimated that it would take on the order of $4 trillion to buy troubled mortgage and consumer debt. That number could shrink if the program were limited to only certain loans or banks, but it could also grow if other asset classes...
  • U.S. to unveil menu of bank fixes next week: source
    Published Thu, Jan 29 2009 8:54 PM by www.washingtonpost.com
    WASHINGTON (Reuters) - The Obama administration aims to roll out a menu of options next week to help stabilize the U.S. banking industry, with government aid tailored to individual banks' needs, a source familiar with the administration's thinking...
  • Got a Mortgage or Credit Card? Don't Pay Them
    Published Thu, Jan 29 2009 4:43 PM by ml-implode.com
    "Finally something that we can all get behind: Don't pay your bills. It's not my idea, although it has appeal. It's the Fed's and it's the cornerstone of the new Homeownership Preservation Policy. To qualify for aid, the homeowner...
  • Hope Now Reports Record Numbers as Foreclosures Rise
    Published Thu, Jan 29 2009 2:53 PM by www.thetruthaboutmortgage.com
    Is anyone else sick of Hope Now referring to loan workouts as “foreclosure preventions?” I say this because the re-default on loan modifications is staggeringly high, so it seems a bit of a stretch to say the foreclosure has actually been prevented just...
  • FHA Lending Projected to Be Big in 2009
    Published Thu, Jan 29 2009 2:53 PM by www.thetruthaboutmortgage.com
    Market research company iEmergent expects the FHA to be a major player in the mortgage market this year, according to their 2009 forecast released today. The company currently forecasts 1.4 million owner-occupied FHA purchase loans in 2009, representing...
  • Cincinnati Mall Sells on the Cheap - $20 Sq. Ft.
    Published Thu, Jan 29 2009 1:19 PM by online.wsj.com
    Simon Property sold a 1.4 million-square-foot mall for an estimated $9.2 million. The property is valued at less than $20 a square foot, a fraction of the average national rate of $134.
  • US Mortgage Modifications Rose to Record in December
    Published Thu, Jan 29 2009 12:15 PM by CNBC
    Posted By: Reuters U.S. mortgage companies increased their use of loan modifications in foreclosure prevention efforts to a record level in December, an industry group said on Thursday. Topics: | | | |
  • Bailout Rate of Return: -1,096%
    Published Thu, Jan 29 2009 11:45 AM by feedproxy.google.com
    magazine looks at the TARP, and does some quick number crunching. Since the Tarp was jammed through in October, Treasury has invested $165 billion into the nation’s eight largest banks. Those same financial firms are now worth $418 billion less than they...
  • Roubini and Shiller on Bloomberg
    Published Thu, Jan 29 2009 11:44 AM by themessthatgreenspanmade.blogspot.com
    From Davos, Switzerland, Nouriel Roubini and Robert Shiller were on Bloomberg this morning talking about the outlook for the U.S. banking system and the global economy. Click to play in a new window After reiterating his view that most of the U.S. banking...
  • ‘Bad Bank’ Will Not Boost Lending, Oppenheimer’s Whitney Says
    Published Thu, Jan 29 2009 11:44 AM by ml-implode.com
    "“Simply removing ‘toxic’ assets from bank balance sheets will not directly cause banks to increase lending,” Whitney wrote in a note today. The banks likely will not participate in selling assets to a “bad bank” if the Obama administration wants...
  • Morgan Stanley level 3 assets rose 17% in fiscal '08
    Published Thu, Jan 29 2009 11:43 AM by www.marketwatch.com
    Morgan Stanley said Thursday that its hard-to-value, or level 3, assets rose 17%, to $86.2 billion at the end of its fourth quarter from $73.7 billion a year earlier. In its annual report with the Securities and Exchange Commission, the financial-services...
  • Geithner Discusses Nationalization In $2 Trillion Bailout Proposal
    Published Thu, Jan 29 2009 8:36 AM by feeds.feedburner.com
    Barney Frank once again is leading the way in a mad rush to do something, even though his track record in such cases is a perfect zero. Please consider Top U.S. House and Senate Democrats are taking a wait-and-see approach to the Obama administration's...
  • Housing Inventories Offer Positive News
    Published Thu, Jan 29 2009 8:35 AM by Seeking Alpha
    submits: I have been maintaining for a long time (particularly in the ), that the key to the bottoming process in the economy is and the key to housing prices is inventory. While housing prices continue to fall, Tuesday offered the first glimpse of hope...
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