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March 2009 - Around The Web



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  • WSJ: Leaked Details on Public-Private Entities Buying Bad Bank Assets
    Published Tue, Mar 03 2009 9:11 AM by Calculated Risk Blog
    From the WSJ: The Obama administration ... is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis ... The Obama team announced its intention to partner with...
  • HSBC Pulls Out of US Consumer Lending
    Published Tue, Mar 03 2009 9:11 AM by feedproxy.google.com
    The UK-based bank announced a flurry of changes to its business in the States. . The company is most notorious for its purchase of Household International, one of America’s most prolific subprime lenders. In addition to aggressive subprime first mortgages...
  • 'Bad Bank' Funding Plan Gets Fleshed Out
    Published Tue, Mar 03 2009 9:04 AM by Wall Street Journal
    Obama is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis.
  • Citigroup to allow jobless cut mortgage payments
    Published Tue, Mar 03 2009 8:54 AM by Reuters
    NEW YORK (Reuters) - Citigroup Inc said on Tuesday it will allow some newly unemployed homeowners to temporarily reduce payments on their mortgages.
  • Inside the Bear Stearns boiler room
    Published Tue, Mar 03 2009 8:53 AM by rss.cnn.com
    Years from now, when academics search for causes of the stock market crash of 2008, they will focus on the pivotal role of mortgage-backed securities. These exotic financial instruments allowed a downturn in U.S. home prices to morph into a contagion...
  • Tighter lending criteria pay off for Provident
    Published Tue, Mar 03 2009 8:53 AM by www.ft.com
    The group, which lends to customers on low incomes, reported an 11.8% rise in full-year profits as it tightened its lending criteria at a time of rising demand for its home-collected loans
  • Mortgage Vote By US House Delayed By Snow Storm
    Published Mon, Mar 02 2009 4:03 PM by CNBC
    Posted By: Reuters A blanket of snow across much of the Washington area prompted the Democratic-led House to push back its schedule, including a possible vote Tuesday on a home mortgage bill. Topics: | | | | | Sectors: MEDIA:
  • East Coast Loan Modification Firm Accused of Scamming Homeowners
    Published Mon, Mar 02 2009 4:03 PM by loanworkout.org
    It looks like American Modification Agency or AmeriMod is in the papers again and it isn’t for fixing loans and saving homes. I wrote about the Long Island based loan modification firm back in January when they were sued in a $100 million class action...
  • Freddie Mac CEO to Step Down
    Published Mon, Mar 02 2009 4:03 PM by www.thetruthaboutmortgage.com
    How’s this for a shot of confidence. David Moffett, who served as the CEO of Freddie Mac after it went in conservatorship just months ago, has announced his resignation. He will leave his post as chief of the company and as a member of the board by no...
  • TMZ Story Forces Bank to Return $1.6 Billion!!!!
    Published Mon, Mar 02 2009 3:58 PM by www.tmz.com
    How's this for action. Northern Trust -- the bank TMZ exposed this week for throwing a series of lavish parties and concerts in L.A. -- is giving back the $1.6 billion in federal bailout money!
  • BofA chief calls Merrill aid 'tactical mistake'
    Published Mon, Mar 02 2009 2:13 PM by www.ft.com
    Bank of America's request for $20bn of government money to prop up its acquisition of Merrill Lynch was a "tactical mistake" that made the bank appear as weak as Citigroup, Ken Lewis, BofA's chief executive told the Financial Times
  • HSBC to cut more than 6,000 U.S. jobs
    Published Mon, Mar 02 2009 2:13 PM by rss.cnn.com
    European bank HSBC is shuttering hundreds of branches in the U.S. that specialize in mortgage and consumer lending, and axing thousands of jobs, as it pulls back from its foray into the American housing market.
  • Pimco advising U.S. government on BofA: report
    Published Mon, Mar 02 2009 9:31 AM by Reuters
    (Reuters) - Pacific Investment Management has been hired to advise the U.S. government on the value of $118 billion of assets guaranteed in the bailout of Bank of America Corp , Bloomberg said, citing two people with knowledge of the decision.
  • Getting Home Buyers Off the Sidelines
    Published Mon, Mar 02 2009 9:31 AM by www.washingtonpost.com
    How to rescue housing? The Obama administration doesn't have a plan -- or, more accurately, it has only half a plan. It presupposes that preventing or minimizing home foreclosures is a formula for revival. It isn't.
  • WSJ: Leaked Details on Public-Private Entities Buying Bad Bank Assets
    Published Tue, Mar 03 2009 9:11 AM by Calculated Risk Blog
    From the WSJ: The Obama administration ... is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis ... The Obama team announced its intention to partner with...
  • HSBC Pulls Out of US Consumer Lending
    Published Tue, Mar 03 2009 9:11 AM by feedproxy.google.com
    The UK-based bank announced a flurry of changes to its business in the States. . The company is most notorious for its purchase of Household International, one of America’s most prolific subprime lenders. In addition to aggressive subprime first mortgages...
  • 'Bad Bank' Funding Plan Gets Fleshed Out
    Published Tue, Mar 03 2009 9:04 AM by Wall Street Journal
    Obama is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis.
  • Citigroup to allow jobless cut mortgage payments
    Published Tue, Mar 03 2009 8:54 AM by Reuters
    NEW YORK (Reuters) - Citigroup Inc said on Tuesday it will allow some newly unemployed homeowners to temporarily reduce payments on their mortgages.
  • Inside the Bear Stearns boiler room
    Published Tue, Mar 03 2009 8:53 AM by rss.cnn.com
    Years from now, when academics search for causes of the stock market crash of 2008, they will focus on the pivotal role of mortgage-backed securities. These exotic financial instruments allowed a downturn in U.S. home prices to morph into a contagion...
  • Tighter lending criteria pay off for Provident
    Published Tue, Mar 03 2009 8:53 AM by www.ft.com
    The group, which lends to customers on low incomes, reported an 11.8% rise in full-year profits as it tightened its lending criteria at a time of rising demand for its home-collected loans
  • Mortgage Vote By US House Delayed By Snow Storm
    Published Mon, Mar 02 2009 4:03 PM by CNBC
    Posted By: Reuters A blanket of snow across much of the Washington area prompted the Democratic-led House to push back its schedule, including a possible vote Tuesday on a home mortgage bill. Topics: | | | | | Sectors: MEDIA:
  • East Coast Loan Modification Firm Accused of Scamming Homeowners
    Published Mon, Mar 02 2009 4:03 PM by loanworkout.org
    It looks like American Modification Agency or AmeriMod is in the papers again and it isn’t for fixing loans and saving homes. I wrote about the Long Island based loan modification firm back in January when they were sued in a $100 million class action...
  • Freddie Mac CEO to Step Down
    Published Mon, Mar 02 2009 4:03 PM by www.thetruthaboutmortgage.com
    How’s this for a shot of confidence. David Moffett, who served as the CEO of Freddie Mac after it went in conservatorship just months ago, has announced his resignation. He will leave his post as chief of the company and as a member of the board by no...
  • TMZ Story Forces Bank to Return $1.6 Billion!!!!
    Published Mon, Mar 02 2009 3:58 PM by www.tmz.com
    How's this for action. Northern Trust -- the bank TMZ exposed this week for throwing a series of lavish parties and concerts in L.A. -- is giving back the $1.6 billion in federal bailout money!
  • BofA chief calls Merrill aid 'tactical mistake'
    Published Mon, Mar 02 2009 2:13 PM by www.ft.com
    Bank of America's request for $20bn of government money to prop up its acquisition of Merrill Lynch was a "tactical mistake" that made the bank appear as weak as Citigroup, Ken Lewis, BofA's chief executive told the Financial Times
  • HSBC to cut more than 6,000 U.S. jobs
    Published Mon, Mar 02 2009 2:13 PM by rss.cnn.com
    European bank HSBC is shuttering hundreds of branches in the U.S. that specialize in mortgage and consumer lending, and axing thousands of jobs, as it pulls back from its foray into the American housing market.
  • Pimco advising U.S. government on BofA: report
    Published Mon, Mar 02 2009 9:31 AM by Reuters
    (Reuters) - Pacific Investment Management has been hired to advise the U.S. government on the value of $118 billion of assets guaranteed in the bailout of Bank of America Corp , Bloomberg said, citing two people with knowledge of the decision.
  • Getting Home Buyers Off the Sidelines
    Published Mon, Mar 02 2009 9:31 AM by www.washingtonpost.com
    How to rescue housing? The Obama administration doesn't have a plan -- or, more accurately, it has only half a plan. It presupposes that preventing or minimizing home foreclosures is a formula for revival. It isn't.
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