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IEHI News feed
Tracking the many faces of the global credit implosion.
You can pull sub-categories from this feed by adding a ?tags=a,b,c,... style parameter. The category tags (which can be given as numbers or handles) are :
id handle category description
1 housing_finance "Housing Finance News/ML-Implode Main"
2 hedge_funds "Hedge Funds News"
3 fed "The Fed and Central Banking"
4 foreclosures "Foreclosures (News)"
5 chavez "Hugo Chavez Watch (News)"
6 builders "Home Builders News"
7 banks "Banks News"
8 credit_bubble "Credit Bubble and Crash (News)"
9 peak_oil "Peak Oil and Energy Security (News)"
10 BRIC_v_us "BRIC countries vs. U.S. (News)"
11 gov_bk "Government Bankruptcy (News)"
12 mediawatch "Mainstream Media Watch"
13 Our commentary "IEHI Original Commentary"
14 rebalancing "Economic Rebalancing (News)"
15 pm "Precious Metals News"
16 inflation "Inflation and Deflation News"
17 nr "Natural Resources News"
18 consumer "Consumer Capitulation and Consumer Issues"
20 pe "Private Equity Implosion (News)"
21 recession "Recession/depression News"
22 ML_implosion "Mortgage Lender IMPLOSIONS"
23 HF_implosion "Hedge Fund IMPLOSIONS"
24 HB_implosion "Home Builder IMPLOSIONS"
25 Bank_implosion "Bank IMPLOSIONS"
26 ML_update "Mortgage Lender UPDATES"
27 HF_update "Hedge Fund UPDATES"
28 HB_update "Home Builder UPDATES"
29 Bank_update "Bank UPDATES"
30 RFWS "Radio Free Wall Street"
31 FHA "FHA and Mtg Regulation (News)"
32 martial_law "Martial Law/Big Brother/NWO Watch"
33 pension "Retirement Implosion (News)"
34 mtgindustry "Mortgage Industry (News)"
35 econlists "Econ insider lists"
36 akrowne_fb "akrowne facebook"
37 robin_fb "robin facebook"
38 IEHItwitter "IEHI Twitter Feed"
Updated: 1 hour 25 min ago
Banks Paying as Much as $35,000 Cash to Homeowners in Short Sales; Why and How Many?
If the answer is "it's faster, quicker, cheaper" than foreclosures, then why don't we see more of them, lots more of them?
Could it be these are the real problem loans with clouded titles, questionable practices by lenders, or huge numbers of written complaints by borrowers? Add to that a dearth of willing new borrowers and I think you have the answer.
Deadbeats ‘Bailing Out' Deadbeats
Surely even the media drones and market "experts" can understand the concept that one deadbeat with no money cannot (financially) bail out another deadbeat with no money?
Mad dash for ca$h
"The report released yesterday by bankruptcy trustee James Giddens said employees began dipping into client cash five days before MF filed for bankruptcy on Oct. 31. A shortfall that began on Oct. 26 ballooned to nearly $1.2 billion amid growing pressure to keep the firm afloat."
JPMorgan settles overdraft fee case for $110 million
"JPMorgan Chase has agreed to pay $110 million to settle consumer litigation accusing it of charging excessive overdraft fees."
Survey: 610,000 switched banks to protest debit card fees
"About 610,000 U.S. bank customers switched to a smaller institution in the last three months of 2011 to protest plans by major banks to impose monthly charges for using debit cards, according to a financial services market-research firm"
Will Big Banks Get Free Pass in Robo-Signing Mortgage Mess?
"MSNBC's Dylan Ratigan was on the warpath on yesterday's show. He thinks the big banks could be getting away with the biggest scams in history. He says the Obama Administration is strong-arming states to sign onto a deal, but that has not happened just yet. By the way, I have to give Ratigan a hat tip because it seems he is one of the only members of the MSM doing his job. Check out how he laid out the case. If you only listen for the first 4 minutes or so, you'll get the picture and just how outrageous this proposed $25 billion settlement really is."
Banks Pay Homeowners to Avoid Foreclosures
"Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe."
Fed's REO-to-Rental Experiment Begins
"The Initiative allows investors to purchase pools of foreclosed single-family properties in the nation's hardest-hit metros, with a catch--those properties must remain rentals for a certain number of years."
Panic On Wall Street As Anti-Insider Trading Bill Spreads Wider Net Over Information Peddling
Senator Chuck Grassley put an clause back into the Senate's anti-insider trader law that requires analysts who meet with Congressmen and their staffs to register their meetings.
The purpose of this clause is to bring transparency to the information peddling that represents a lucrative trade for hedge funds and banks that trade on insider information from the Congressmen themselves.
...
Wall Street apparently went into full court lobbying mode when they found out that Grassley had resubmitted this clause after they had successfully had it removed.
Hedge funds gain 1.27% in January / Best month for event-driven funds
Hedge funds ended a two-month losing streak, profiting from the January market surge. The Hedge Fund Intelligence Global Composite Index rose 1.27%. The equity market rally handily exceeded hedge fund returns, however, with the MSCI World Index (net) rising 5.02% for the month.
Event-driven funds were the best performers globally with a gain of 3.54% in January. This is the strategy's best performing month in the history of the HedgeFund Intelligence database, which began collecting data in 1998 (the second best month was November 2004, when the Event Driven Index rose 3.25%).
MF Global: 'Select Parties' Received the Customer Funds in the Last Week of Business
``There is also some evidence that certain customers were privately warned by the bankers, or perhaps even parties in the company itself, a few weeks in advance, and were able to withdraw their funds from the company before it failed. Some right wing money men come to mind, among others.''
Mining company Xstrata, commodities giant Glencore agree to $90 billion merger
``The new group would be the world's largest producer of thermal coal -- which is used to fire power stations -- as well as becoming major a force in the mining and production of copper, used in electronic cables, and other metals including ferrochrome, a key ingredient in the production of stainless steel.''
Greece to Eliminate 15,000 Government Jobs
"Athens is racing to push through economic changes that it hopes will persuade its private sector creditors to grant easier debt repayment terms and will prompt Europe to release 130 billion euros, or $171 billion, in the next round of bailout money it needs to avoid defaulting on bond payments due in March."
China Central Bank to Aid Home Buyers to Balance Crackdown on Speculators
"China's central bank pledged support for first-home buyers as a crackdown on real-estate speculation threatens to trigger a property slump in the world's second- biggest economy."
Meet the Obscure Federal Regulator Who's Not Helping Homeowners
"Fannie and Freddie are required to help homeowners while earning profits so they can pay back the taxpayers who bailed them out. Here is our guide to the little-known federal regulator, Edward DeMarco, ultimately in charge of the two companies. You may have never heard of him, but as The Washington Post put it, he's "the most powerful man in housing policy.""
California, N.Y. Are Among Fewer Than 10 Mortgage Deal Holdouts
"California's Kamala Harris and New York's Eric Schneiderman, who have been some of the most outspoken in pushing for changes to the deal, are among those who hadn't joined the agreement as of yesterday's deadline for states to decide. More than 40 states signed on to the accord, according to Iowa Attorney General Tom Miller, who is helping to lead talks with the banks."
Federal Reserve continues shadow bailout of banking industry -- $947 billion of overpaid and low demand mortgage backed securities sit on the massive $2.8 trillion Fed balance sheet
``bailout of the banking system by purchasing more and more questionable mortgage backed securities. You would think that $1 trillion would catch the attention of the media but they seemed focus on other trivial items. The Fed balance sheet is still at record levels above $2.8 trillion to be exact, but the more troubling aspect of all of this is the amount of mortgage backed securities they have purchased. ''
Exposing Silver Mythology, Part II
Judging by its own words, the CFTC apparently sees no need to actively "regulate" the silver market until silver inventories hit zero -- and the entire market implodes. At best this can be described as "willful blindness", and calls into question the presumption that this official regulator of the silver market has been acting in good faith.
Employment, Taxes, and War | RFWS Podcast ($$)
Russ Winter of Winter (Economic and Market) Watch and the Wall Street Examiner's Lee Adler discuss employment and economic maladjustments caused by the tax code stimulus programs, leading to booms followed by busts. Does it matter in the face of a coming liquidity bomb? And Russ thinks that all signs point to war with Iran. In the intermediate term, stocks will go higher.
This is a subscriber only podcast. If you are not a subscriber, click here to access the most recent free podcast posted on Thursday, January 19.
Subscribers can click the player at the bottom of this post (visible on Radio Free Wall Street main site only) to listen to today's podcast, or use this link to download. If you are not a subscriber and would like to hear not only today's podcast but all 8-10 podcasts each month, click this button to start your subscription. It takes less than a minute to complete the signup form and start listening.
MF Global trustee says most missing money found
``A trustee seeking to distribute customer securities overseen by bankrupt MF Global Inc. said Monday that they have traced a majority of the cash that disappeared from the commodities broker. "The trustee's investigators have now traced a majority of the cash transactions, totaling more than $105 billion, made in and out of MF Global Inc. in the last week before bankruptcy and are completing the process of tracing the remaining transactions," the trustee said'' -- This is probably meaningless for most customers of MF, since it is likely that the "problem" is that MF Global money was seized by its counterparties, not that it truly "vanished".