June 2009 - Around The Web

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Loans vs. Bonds Relative Value

Published Tue, Jun 30 2009 9:06 AM by Seeking Alpha

submits: As , the tide in credit is turning. The average loan was 5 bps wider, while toxic bonds, just like that scene in Indiana Jones and the Temple of Doom, are starting their descent back into hell, wider by 78 bps on average, and just 23 bps away...
Torturing Statistics on the Housing Bubble

Published Tue, Jun 30 2009 9:06 AM by Seeking Alpha

submits: One of the two important things I learned in law school was that "if you torture statistics, they will tell you anything." Over the last week, a pile of stats have been reported on the complexity of the creation of the housing bubble...
Small and Mid-Sized U.S. Banks Have Large Share of CRE Loans in Their Portfolios

Published Tue, Jun 30 2009 9:06 AM by Seeking Alpha

submits: The total number of banks in the U.S. declined further last year. At the end of 2008, about 7,100 banks were in operation compared to 7,300 in 2007 as per the Federal Reserve Bulletin, June 2009. click to enlarge
More Than a Quarter of Mortgage Defaults Strategic

Published Mon, Jun 29 2009 10:56 PM by www.thetruthaboutmortgage.com

A new survey conducted by the Kellogg School of Management in Chicago suggests that more than a quarter of mortgage defaults are strategic, especially when negative equity exceeds 15 percent. The study, “Moral and Social Restraints to Strategic Default...
175 California Hotels In Default; Sheraton Keahou Bay Resort in Hawaii Defaults; More Defaults Coming

Published Mon, Jun 29 2009 1:56 PM by feedproxy.google.com

Hotel owners are facing the same problems as homeowners, being upside down on their properties with no good escape. Please consider . In California, 175 hotels are in default -- the first stage in the foreclosure process -- according to a report from...
Embrace Deflation - It's The Cure, Not The Problem

Published Mon, Jun 29 2009 1:56 PM by feedproxy.google.com

Concern over Japanese deflation is increasing. Please consider . Japan’s consumer prices fell at a record pace in May, adding to the risk that deflation will become entrenched and hamper a rebound from the nation’s worst postwar recession. Prices excluding...
Bank of New York Mellon Faces More Write-Downs

Published Mon, Jun 29 2009 12:53 PM by dealbook.blogs.nytimes.com

Bank of New York Mellon will have further write-downs as a result of the securitized mortgages it still has on its books, the bank's chief executive was quoted as saying Saturday.
Is Treasury's TARP Debt Already Monetized? Part II

Published Mon, Jun 29 2009 12:53 PM by Seeking Alpha

submits: from Friday June 26 contained the first part of this discussion. Today I would like to continue the discussion and there are two reasons for doing so. The first reason is to understand just what the Federal Reserve has been doing over these last...
Primary Dealer 10yr Treasury Note Outlook

Published Mon, Jun 29 2009 9:53 AM by www.bloomberg.com

Wall Street’s largest bond-trading firms say the worst may be over for investors in Treasuries after government securities posted their biggest first-half losses in at least three decades
Agency MBS (Mortgages)? Better Read This!

Published Mon, Jun 29 2009 8:56 AM by market-ticker.denninger.net

Mad props once again to Zerohedge . I'm not going to take from their discussion of The Fed buying up paper at what will (almost certainly) lead to ruinous losses - you can find that there. Rather, I am going to look at some of the internals from the...
Next Up: Commercial Real Estate

Published Mon, Jun 29 2009 8:56 AM by market-ticker.denninger.net

June 26 (Bloomberg) -- The ratings on $235.2 billion in debt backed by commercial mortgages may be cut by Standard & Poor’s as it seeks to reflect how the securities would fare in an “extreme economic downturn.” That's a colossal slab of those...
Top 1000 world banks 2009

Published Sun, Jun 28 2009 9:19 PM by www.thebanker.com

The impact of the crisis on bank profits is a central feature of this year’s Top 1000 listing,with total profits of the listed banks plunging 85.3% from $780bn to $115bn and return on capital sinking from 20% in 2008’s ranking to a paltry 2.69%.
Time for Underwater Homeowners Get-out-of-debt-free Card?

Published Sun, Jun 28 2009 9:14 PM by www.latimes.com

One proposal for a debt-forgiveness program was floated this month by the Milken Institute in Santa Monica. The plan, authored by institute President Michael Klowden and regional-economics director Ross DeVol, would refinance existing mortgages of underwater homeowners with new loans from the government.
How will the Fed withdraw all that liquidity?

Published Fri, Jun 26 2009 5:27 PM by feedproxy.google.com

It seems like a long time off, but the Fed is going to eventually have to withdraw all of the excess liquidity it has created when the economy recovers. However, doing so will prove tricky. First, we have debt deflationary situation in the United States...
Agencies issue interim final rule for mortgage loans modified under the Making Home Affordable Program

Published Fri, Jun 26 2009 5:26 PM by www.federalreserve.gov

Agencies issue interim final rule for mortgage loans modified under the Making Home Affordable Program
The Fed's Balance Sheet for the Week of June 24: What's Not Adding Up

Published Fri, Jun 26 2009 5:25 PM by Seeking Alpha

submits: Total Federal Reserve balance sheet assets for the week of June 24 of $2,048 billion consisting of: Securities held outright: $1,207 billion (an increase of $30.8 billion, resulting from $14.7 billion in new Treasury purchases while Fed Agency...
Lax Lending Standards: Blaming the CRA Doesn't Add Up

Published Fri, Jun 26 2009 5:24 PM by Seeking Alpha

submits: John Carney . Reminds me of last fall. and have already responded; I want to address Carney’s points more directly:
Off the Charts: How Bad Is the Recession? Check New Home Sales

Published Fri, Jun 26 2009 5:23 PM by feeds.nytimes.com

New-home sales are suffering more than those for existing homes in this recession, which isn’t what usually happens.
Five Reasons Housing Market Still Hasn't Recovered Yet

Published Fri, Jun 26 2009 5:23 PM by CNBC
SEVERELY Bearish Treasury Development

Published Fri, Jun 26 2009 5:23 PM by market-ticker.denninger.net

NEW YORK (MarketWatch) -- Dresdner Kleinwort Securities has withdrawn from the Federal Reserve's primary U.S. government security dealers, the U.S. central bank said Friday. The change is net neutral in terms of numbers as a new dealer just came online...

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June 2009 - Around The Web

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