Archive for the 'Economy' Category
Late Loans Soar on Troubled Mortgages
August 23rd, 2007Via: Yahoo / Reuters: The Federal Deposit Insurance Corporation said on Wednesday delinquent loans at U.S. banks jumped 36 percent to $66.9 billion in the second quarter, the biggest quarterly increase since 1990, largely fueled by unpaid real estate loans. Rising U.S. home foreclosures and problems in the subprime mortgage market have spilled into broader […]
Accredited Home Lenders Shuts Down
August 22nd, 2007Mortgage company collapse of the day… Via: AP: Accredited Home Lenders Holding Co. plans to shut down most of its business to survive the troubles in the home lending industry, the company said Wednesday. Accredited Home Lenders said it will cut its work force to 1,000 people — from 2,600 at the end of June […]
Capital One Down for the Count; to Cut 1,900 Jobs
August 21st, 2007Via: Newsday: Turmoil in the financial markets claimed another company with workers in the metropolitan area Monday as Capital One Financial Corp. closed down GreenPoint Mortgage, a mortgage banker with operations in 31 states. Capital One, which acquired GreenPoint when it bought Melville-based North Fork Bancorp last year, said about 1,900 employees nationwide will lose […]
Californians Rush to Pull Money from Countrywide Bank
August 17th, 2007Via: AJC: Anxious customers jammed the phone lines and Web site of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank. Countrywide Financial Corp., the biggest home-loan company in the United States, sought Thursday to assure depositors […]
U.S. FEDERAL RESERVE EMERGENCY INTERVENTION
August 17th, 2007Just a couple of hours before this news broke, I wrote: Cheap yen have been greasing the rails for years now. With that stuff going home… The three words that came to my mind were: global liquidity crisis But maybe not. There are lots of black ops bankers out there with who-knows-what funny money mechanisms […]
TOKYO: NIKKEI 225 DROPS 5.4%
August 17th, 2007Via: CNN: Japanese shares closed sharply lower on Friday, with the benchmark Nikkei index posting its biggest single-day point decline since April 2000 as the sharp rise in the yen hit exporters, aggravating concerns about a tightening global credit market. Worries about a global credit crisis accelerated the unwinding of yen carry trades, resulting in […]
Wall Street Pulls Off Stunning, Late Comeback
August 16th, 2007The article calls “bargain hunters” on this rally. HA Yeah, bargain hunters all got together and waited until the last hour to act together… Sure. Computers can print credit really fast, which allows the plunge protection team firms to simply buy index futures, which causes the tide to raise all ships. Or, this is a […]
Anyone Watching the USD/JPY Action Tonight?
August 16th, 2007Holy sheeeeeeeeeeeiiiiiiiiiiiiit. Hats off to USD/JPY shorts tonight. Via: Bloomberg: The yen rallied to its highest since 2006 against the dollar as investors fled carry trades after global stocks fell and companies in Australia and Canada sought emergency funds because they were unable to refinance debt. The yen rose against all currencies bar the Brazilian […]
COUNTRYWIDE FINANCIAL: LARGEST U.S. MORTGAGE LENDER MAY FILE FOR BANKRUPTCY
August 16th, 2007Via: Bloomberg: Countrywide Financial Corp., the biggest U.S. mortgage lender, fell 13 percent, the most since the 1987 stock-market crash, after Merrill Lynch & Co. raised the possibility of bankruptcy. “Effective insolvency” would result if creditors force Countrywide to sell assets at depressed prices or investors lose confidence in its ability to raise cash, Kenneth […]
NASDAQ to Open Unregulated Private Stock Exchange for Investors with a Minimum of $100 Million in Assets
August 15th, 2007I’m sure that this has nothing to do with money laundering, and the fact that Afghanistan now supplies virtually all of the opium in the world. Via: Washington Post: Nasdaq is set to launch tomorrow what its executives are calling one of the most significant developments on Wall Street in decades — a private stock […]
