Rising levels of troubled loans, particularly in real estate portfolios, led many institutions to increase their provisions for loan losses....
Given that regional banks are in general more tied to commercial real estate and consumer loans than mortgages, the worst is yet to come for banks in general and regional banks in particular.
That is a triple whammy that will send many larger and smaller cities alike into bankruptcy court. When the revenues drop, the cities and towns will also drop employees, and this will feed into the loss of revenue...
The number of troubled Alt-A borrowers in the 2007 vintage rose an eye-popping 26.5 percent from March to April alone, nearly reaching 17 percent of loan volume.
The collapse of the dollar and the falling standard of living in the United States.
Take a look at the first chart to get an idea how bad the market really is in Bush's America.
The Iraq War means oil costs three times more than it should, says a leading expert. How are our lives going to change as we struggle to cope with the $200 barrel? The oil economist Dr Mamdouh Salameh, who advises both the World Bank and the UN Indus
By his reckoning, the economy shrank 2.5 percent in the year that ended in March, unemployment is really 13 percent and year-over-year inflation is 7.5 percent.
Robert Hirsch, senior advisor for Science Applications International Corporation, sat down with MSNBC’s Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is “esse
California home prices tumbled 32 percent in April from a year earlier as ``distressed'' properties and a lack of financing cut demand, the state realtors group said.
The months of supply has risen to 11.2 months, and will probably be over 12 months sometime this summer.
Delinquencies for Alt-A mortgages rated between 2005 and 2007 are climbing, with total delinquencies rising as high as 17 percent in some cases, more than 6 percentage points higher than previous estimates....
Has oil hit its peak price or not? The answer to that question leads us to ask whether or not commodities are a bubble about to burst. Barron’s recent cover story on commodities came down on the side that the party was over. I don’t put a lot of fait
Economic troubles are broad, deep and worrisome
China, meanwhile, decided to take the capitalist road. Instead, of using military force to get oil, it simply bought it on the open market. It has sent its agents to secure, peacefully and honestly, long-term contracts for oil and the other natural r
The human species is incessantly talking, and this incessant talk reinforces certain memories and facts. And other facts are not reinforced because no one's talking about them. So they elude our consciousness, and then we can't remember them.
Districts from Florida to California are hiring private investigators, creating anonymous tip lines and imposing penalties when they believe people have registered at false addresses.
This week, as the American economy continued to suffer the effects of big government, the House attempted to pass two multi-billion dollar "emergency" spending bills, one for continued spending on the war in Iraq , and one increasing spendi
Lenders who agree to erase a large share of the original loan amount could win a government guarantee on future mortgage payments. The bill would create a stronger regulator for mortgage-finance companies Fannie Mae and Freddie Mac
I estimate this will extend the national inventory to at least a 36 month supply . . . and in some markets double that. If you think I'm nuts, I'm used to it. Most people have told me I am nuts for the past four years. But I've been right
I estimate this will extend the national inventory to at least a 36 month supply . . . and in some markets double that. If you think I'm nuts, I'm used to it. Most people have told me I am nuts for the past four years. But I've been right....
The Federal Reserve's direct loans of cash to commercial banks climbed to the highest level on record in the past week as money-losing lenders increasingly turn to the central bank for funds.
Federal Reserve Chairman Ben S. Bernanke asked Congress to give the Fed immediate authority to pay interest on reserves deposited by commercial banks, seeking to streamline efforts aimed at alleviating credit strains.
"It's made her really confident," she said. "I remember when she first started selling, she was very shy and quiet and you had to push her out to talk to customers, but now she's right out there, first to the door."
Both Phoenix and Las Vegas saw YOY sales increases in April. High inventory and a cooling economy however, are liable to continue to depress prices and show that this is a "sucker’s rally". "Recovery" is still a long way off.
Banks are so capital impaired they are not able to take writedowns until they raise still more capital. More asset sales are coming. In the meantime, because so many problem mortgages are securitized in pools, banks cannot act even if they wanted to.
On the 75th Anniversary of the death of the gold standard ... it is time to cash out.
Sweeps month. Who ya gonna call for the economy? Da doctor.
As bad as 2007 was, 2008 will be much much worse.
Banks will seize about 60,000 properties a month through December, when about 1 million U.S. homes, or a quarter of all homes for sale, may be bank-owned ...