The new company will provide a single gateway for confirming over-the-counter (OTC) derivative transactions globally. This will allow buy-side and sell-side OTC derivative market participants to confirm trades and to gain access to additional service
They owe $1.5 trillion; they "own or guarantee more than $5 trillion in mortgages"; and they have derivative contracts to hedge $2 trillion worth of mortgage risks. I am curious what else the Fed and the OCC will be looking for as they insp
Foreclosure resales have emerged as a significant market factor, accounting for 40.0 percent of all California resale activity last quarter. A year ago it was 5.4 percent.
Designed to address industry concerns about systemic risk due to backlogs of transaction confirmations in the credit derivatives arena. (this means that the real value of $100's of Trillions in derivatives will be settled, stay tuned)
"They're ruining what has been one of the greatest economies in the world,'' said Rogers. “Bernanke and Paulson are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.*
Single gateway for confirming OTC derivative transactions globally and the initiative will accelerate the adoption of electronic processing services across the rapidly growing $454 trillion OTC derivative market where around 50% of transactions are s
This recession already looks worse than the one in the early eighties.
Surprisingly, 4 out of the 10 largest servicers have default rates exceeding 20% of their active servicing portfolios. This translates into 1 out of every 5 borrowers either being delinquent or in foreclosure.
Foreclosures across metro Phoenix number 16,647 for the first half of the year compared with 9,966 during all of 2007 and 1,070 in 2006.
Congressional budget analysts on Tuesday put a $25 billion cost estimate on a Bush administration plan to bolster mortgage finance giants Fannie Mae and Freddie Mac, but raised questions about a key assumption underlying the plan.
Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared.
Last week, during a brief digression in the ongoing efforts to socialize the losses suffered by the super-rich kleptocrats at Fannie Mae and Freddie Mac, Congress conducted an authentic Orwellian hate-fest directed at "super-rich" people wh
American Express Co., the biggest U.S. credit-card company by purchases, withdrew its 2008 earnings forecast after second-quarter profit fell 37% on worse-than-expected consumer defaults. The shares slumped 11% in extended trading.
Want to know what happens next? It’s ape ass ugly and it’s going to happen to you, so don’t say I didn’t warn you. Let’s tackle the topic at hand: The Ginormous Banking Enema of 2008
A few who predicted this mess tell us what they see coming next.
I read the transcript for this speech a few years ago and was amazed at how much 'libertarianism' it had in it. Enough "individual liberty and self-responsibility" was promoted in the speech that Kennedy and the Press trashed.
Many other states are in the same sinking ship, all attempting to postpone the day of reckoning via sleight of hand trickery and magic mirrors.
Mervyn's LLC, the long-struggling California department-store chain, is fighting for survival as some of its vendors have halted shipments to the company and key lenders have pulled financing...
"I think it's going to be months that we're working our way through this period — clearly months," he said.
We should see this BLS primarily conducted by foreign corporate and elitist interests, sovereign wealth funds (SWFs), and private equity firms. The criminals on Wall Street will also play a role accelerating the process, as there are fees to be colle
You can hear the panic in his voice. He told me, point-blank: "It's all coming down. The whole system is crashing." He is quickly turning into an urban survivalist -- outfitting his home with solar, buying biodiesel, stocking up on food
[movie trailer] I'm really glad that a documentary movie is finally being released on the U.S. economy and not some fabricated action movie. Coming way too late to a theater near you.
Think you're feeling pain at the gas pump? Consider the residents of Lime Village, Alaska, an isolated Denaina Athabascan Indian community where gasoline prices have hit $8.55 a gallon. The price is severely curtailing movement around the
Merrill Lynch & Co. declined in New York trading after the third-biggest U.S. securities firm reported a wider-than-estimated second-quarter loss on $9.7 billion of credit-market writedowns.
Citigroup chairman Win Bischoff has warned that house prices in Britain and the United States are likely to keep falling for another two years.
The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere. Lawmakers concluded with a prod from the constructi
Ron Paul said that Fannie Mae and Freddie Mac should be allowed to fail. Unlike Libertarian presidential candidate Bob Barr, who says Congress should provide a “temporary line of credit” to boost the share price of the publicly traded stock — and giv
I thought it was time to update the research and get ahead of this story. I truly believe that the ‘Pay Option Implosion’ is round 2 of the mortgage and housing implosion and the fight is slated for many more rounds.
Before we get to Orange county I am pleased to report that everything in the US is just fine and dandy. If you do not believe me, then I implore you to heed the opinion of the world's most beloved person, George Bush...
A day after JPMorgan Chase reported a 53% drop in income, Citigroup said that it lost $2.5 billion, or 54 cents a share, in the second quarter.