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January 2009 - Around The Web



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  • Credit Weakness Spreads from Subprime to Alt A to Jumbo
    Published Wed, Jan 28 2009 10:03 AM by feedproxy.google.com
    Today’s WSJ: “Rising defaults by affluent homeowners are raising the specter of another cloud over banks and investors, which could get stuck with thousands of expensive homes. About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December...
  • Bankers' Worst Nightmare Materialize
    Published Wed, Jan 28 2009 10:03 AM by feeds.feedburner.com
    Amidst soaring chargeoffs and ever increasing job layoff announcement, . Bankers' worst nightmare is the unemployment rate climbing toward 10%, a level at which credit losses could balloon unpredictably because of high defaults among people with previously...
  • Mortgage applications dropped 38.8% last week: MBA
    Published Wed, Jan 28 2009 7:57 AM by www.marketwatch.com
    Mortgage applications fall a seasonally adjusted 38.8% in the week ended Jan. 23 compared with the prior week, Mortgage Bankers Association data show, as interest rates charged on fixed-rate mortgages decline slightly.
  • Snag a great deal on a short sale
    Published Wed, Jan 28 2009 7:57 AM by rss.cnn.com
    When Brian Gavitt, a physician, and his wife Gayleen, a stay-at-home mom, started to eye homes in Sacramento last winter, they knew they were looking in the hardest-hit areas of the housing bust. So the couple, who were relocating from Lansing, figured...
  • Take bad assets out of banks: Obama adviser
    Published Wed, Jan 28 2009 7:57 AM by Reuters
    DAVOS, Switzerland (Reuters) - Repairing financial markets and revitalizing lending will require governments to remove bad assets from banks and recapitalize them, Laura Tyson, an economic adviser to the Obama administration, said on Wednesday.
  • Mortgage Demand Hurting Wells Fargo?
    Published Wed, Jan 28 2009 12:10 AM by www.thetruthaboutmortgage.com
    Here’s an interesting tidbit. Apparently Wells Fargo hasn’t been able to lower interest rates as much as they’d like because the company can’t keep up with the demand and related costs of originating all the new loans. Wells Fargo Home Mortgage co-president...
  • SL Green: Manhattan Office Vacancy Rate to Hit 12%
    Published Wed, Jan 28 2009 12:10 AM by Calculated Risk Blog
    From Bloomberg: Manhattan office vacancies may rise to 12 percent within 24 months, SL Green Realty Corp. Chief Executive Officer Marc Holliday said today on a conference call. SL Green, New York’s biggest office landlord with 23.2 million square feet...
  • Bofa CEO Lewis likely to face unhappy board
    Published Tue, Jan 27 2009 11:10 PM by www.washingtonpost.com
    CHARLOTTE, N.C. -- A crucial quarterly board meeting Wednesday could increase pressure on Bank of America Corp. Chief Executive Ken Lewis to make sure his acquisition of Merrill Lynch & Co. works.
  • Meltdown 101: What it means to nationalize a bank
    Published Tue, Jan 27 2009 11:09 PM by www.washingtonpost.com
    NEW YORK -- Buying stakes in troubled banks. Taking control of toxic assets.
  • Fed acts to stem foreclosures by relaxing mortgage terms
    Published Tue, Jan 27 2009 11:08 PM by www.marketwatch.com
    After years of pressure from lawmakers on Capitol Hill, the Federal Reserve acts to stem foreclosures sweeping the nation.
  • Recovering commercial paper market still needs Fed, investors say
    Published Tue, Jan 27 2009 11:08 PM by www.marketwatch.com
    The commercial paper market, due for a three-month check-up after a late-2008 resuscitation by the Federal Reserve, faces a tough recovery and possibly more aid from the Fed before private buyers return on their own, analysts and investors say.
  • Moody's says could cut GE's triple-A credit rating
    Published Tue, Jan 27 2009 11:08 PM by Reuters
    BOSTON (Reuters) - Moody's Investors Service said on Tuesday it was reviewing General Electric Co's triple-A credit ratings, which could lead to a downgrade, and its shares fell as much as 5 percent in extended trade.
  • Pandit warns against nationalising banks
    Published Tue, Jan 27 2009 10:52 PM by www.ft.com
    Citigroup's chief executive says the move would force the US government to take over the entire sector, leading to a radical overhaul of the global financial system
  • Obama Officials Weigh Risky Options to Aid Economy
    Published Tue, Jan 27 2009 10:52 PM by www.washingtonpost.com
    President Obama's top advisors are in the final stages of debating several perilous options to right the financial system, all of which are likely to prove unpopular and in some cases carry a significant risk of failure, according to sources in contact...
  • Court mortgage-modification bill passes House committee
    Published Tue, Jan 27 2009 10:52 PM by www.marketwatch.com
    A key House of Representatives committee approves legislation that would give bankruptcy judges the authority to eliminate some mortgage debt in order to help reduce foreclosures.
  • Lending Drops at Big U.S. Banks
    Published Tue, Jan 27 2009 4:35 PM by feeds.digg.com
    Lending fell 1.4% in the fourth quarter at 10 of the 13 biggest beneficiaries of the Treasury's TARP. Banks argue prudent lending takes time and demand is ebbing.Wait...wasn't this one of the primary reasons for the "bailout"?
  • AP IMPACT: US bets execs can save banks, this time
    Published Tue, Jan 27 2009 4:16 PM by news.yahoo.com
    It's one of the ironies of the U.S. financial bailout: The banking executives now managing billions in taxpayer money are the same ones who oversaw the industry's near collapse.
  • Roubini: Bloomberg Interview from Zurich
    Published Tue, Jan 27 2009 3:32 PM by Calculated Risk Blog
    All this fiscal stimulus is necessary, cause the alternative is a depression. Roubini, Jan 27, 2009 Note: Listening to the Roubini interview (see video below), I think he is forecasting less than 6 million in net job losses in the U.S. this year because...
  • Michigan Sheriff Sends Foreclosure Letter To Gov.
    Published Tue, Jan 27 2009 3:32 PM by loanworkout.org
    Evans wrote he would like to see a moratorium on home mortgage foreclosures for six months. He's also asking the governor to set up a Blue Ribbon Commission to find ways to provide affordable mortgages. Evans is a candidate for the mayor of Detroit...
  • State Farm to exit Fla. homeowner insurance
    Published Tue, Jan 27 2009 2:29 PM by rss.cnn.com
    Florida's largest private insurer is pulling the plug on homeowners' policies in the state, citing the losses suffered since the brutal 2004 hurricane season.
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