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February 2009 - Around The Web



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  • BofA Feels Bite of Move Into Mortgage-Backed Securities
    Published Wed, Feb 25 2009 10:29 AM by online.wsj.com
    Bank of America avoided the excesses of many rivals during the housing boom, but its performance isn't nearly as impressive with regard to mortgage-backed securities.
  • Ambac reports $2.34 billion net loss
    Published Wed, Feb 25 2009 9:46 AM by Reuters
    NEW YORK (Reuters) - Ambac Financial Group Inc reported a fourth-quarter loss of more than $2 billion on Wednesday, as the bond insurer set aside nearly $1 billion more for losses tied to residential mortgage debt.
  • Bankruptcy Filings Would Rise Under Mortgage Bill, CBO Says
    Published Wed, Feb 25 2009 9:45 AM by www.washingtonpost.com
    More than one million distressed homeowners could benefit from filing for bankruptcy under proposed legislation allowing bankruptcy judges to modify mortgages on primary residences, according to the Congressional Budget Office.
  • Mortgage Vultures
    Published Wed, Feb 25 2009 9:44 AM by www.portfolio.com
    B ack in 2006, hedge fund manager Steve Persky says, the opportunities for distressed-asset investing were so limited that he shut down his $300 million fund in the sector and returned the cash to investors. "Everyone was flush. Things were too good...
  • Merrill hit by unseen $500m charge
    Published Wed, Feb 25 2009 9:43 AM by www.ft.com
    Ineffective internal controls at Merrill Lynch caused the firm to understate its 2008 losses by more than $500m, the investment bank said in its annual report
  • AIG: Geithner's next big headache
    Published Wed, Feb 25 2009 9:42 AM by rss.cnn.com
    Read full story for latest details.
  • Why Is AIG Backing Fannie / Freddie 'Enhanced' Mortgages?
    Published Wed, Feb 25 2009 9:42 AM by Seeking Alpha
    Bernanke laid it on the line today. I heard him say that the Fed and Treasury were going to provide debt and equity capital to many of the Nation's banks. Failure to do so was not an option. He pledged that the Risky Lending Standards of the past...
  • Implode-o-Meter Rolls Out Campaign Against “FHA Subprime”
    Published Wed, Feb 25 2009 9:42 AM by feedproxy.google.com
    : STOP “FHA Subprime” and Downpayment Money Laundering - STOP H.R. 600!!! (formerly H.R. 6694) A Blatant & Unconscionable Abuse of the Taxpayer & Cause of More Foreclosures This practice has been criticized or ruled against by the FHA, the GAO...
  • Obama and Congress: A brighter future, but who pays?
    Published Wed, Feb 25 2009 9:39 AM by feedproxy.google.com
    Barack Obama, in his address to Congress, asks for sacrifice but skips the details AS A new president, Barack Obama’s first speech to Congress was not, officially, a state-of-the-union address. That was just as well: its current state is awfully precarious...
  • Japan's Exports Collapse In January
    Published Wed, Feb 25 2009 9:39 AM by feeds.feedburner.com
    Japan’s exports plunged by 45.7 percent year on year in January, producing a record trade deficit, as recessions in the U.S. and Europe, and a sharp downturn in China crushed demand for the country’s machinery, cars and electronics. A drop of this size...
  • Citi Deal Could be Announced Wednesday
    Published Wed, Feb 25 2009 9:23 AM by Calculated Risk Blog
    Most of the following article is on the stress test, but it does mention that the Citi deal could be announced Wednesday. From Eric Dash at the NY Times: Citigroup, which maintains that it is well capitalized by its regulators’ standards, was nonetheless...
  • GOP Response to Obama Speech
    Published Tue, Feb 24 2009 11:01 PM by blogs.wsj.com
    The Republican National Committee (RNC) released the full Republican address – embargoed until delivered – entitled “Americans Can Do Anything,” that Louisiana Governor Bobby Jindal will deliver immediately following President Barack Obama’s address to a joint session of Congress
  • Obama Emphasizes Reform, Offers Hope Amid Economic Crisis
    Published Tue, Feb 24 2009 10:25 PM by voices.washingtonpost.com
    Five weeks into an administration already marked by dramatic highs and lows, President Obama sounded a note of hope at a time of crisis tonight, delivering an address to a joint session of Congress heavily focused on the ailing economy and how to fix it.
  • President Obama Addresses the Congress
    Published Tue, Feb 24 2009 10:14 PM by www.whitehouse.gov
    Remarks of President Barack Obama – As Prepared for Delivery Address to Joint Session of Congress Tuesday, February 24th, 2009
  • Bank Stress Tests to Begin
    Published Tue, Feb 24 2009 8:29 PM by www.google.com
    The head of the Federal Deposit Insurance Corp. said Tuesday additional government steps to shore up the shaky financial system will hinge in part on a test to determine how the largest banks would fare in an even weaker economy.
  • WHITE HOUSE PRESS BRIEFING BY PRESS SECRETARY ROBERT GIBBS
    Published Tue, Feb 24 2009 8:25 PM by www.whitehouse.gov
    PRESS BRIEFING BY PRESS SECRETARY ROBERT GIBBS
  • U.S. Clears Path to Bank Takeovers
    Published Tue, Feb 24 2009 7:09 PM by www.washingtonpost.com
    The Obama administration yesterday revamped the terms of its emergency aid to troubled financial firms, setting a course that could culminate with the government nationalizing some of the country's largest banks by taking a controlling ownership stake...
  • Economic Report: Loan delinquencies accelerate in fourth quarter
    Published Tue, Feb 24 2009 5:20 PM by www.marketwatch.com
    WASHINGTON (MarketWatch) - Bank loans were going bad at a faster pace in the fourth quarter of the year, forcing banks to charge-off a record $34.5 billion in delinquent loans, the Federal Reserve reported Tuesday.
  • Mortgage Brokers Sue FHFA Over Appraisal Changes
    Published Tue, Feb 24 2009 3:32 PM by www.thetruthaboutmortgage.com
    The National Association of Mortgage Brokers (NAMB) yesterday filed a lawsuit against Federal Housing Finance Agency (FHFA) director James B. Lockhart over controversial appraisal changes.
  • Fed urges banks to lend bailout funds: source
    Published Tue, Feb 24 2009 3:31 PM by Reuters
    WASHINGTON (Reuters) - The Federal Reserve Board on Tuesday put more pressure on banks to cut dividends as conditions deteriorate, and said it would discourage the funding of such payouts with federal rescue money.
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