“How did we show a 3.3% monthly gain? Tuesday’s report saw March revised DOWNWARDS from 526k units to 509k units. In other words, April did not so much showed a positive move upwards (statistical error notwithstanding) as much as the prior month comparison was revised downwards. ”
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Societe Generale, the French bank battling subprime losses and a $7 billion rogue-trading scandal, on Friday named Bear Stearns executive Michel Peretie as the successor for investment-banking chief Jean-Pierre …
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We’ve been watching Downey Savings and Loan slide downhill for some time now. In recent news, a rash of shareholder class action suits have been filed against parent holding company Downey Financial Corporation…
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“Any suggestion that Britain’s overblown, over-hyped and over-valued property market is due for a soft landing after the excesses of recent years has just been exploded. We’ve had the boom: welcome to the bust.”
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“Newly delinquent mortgage borrowers outnumbered people who caught up on their overdue payments by two to one last month, a sign that nationwide efforts to help homeowners avoid default may be failing.”
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“Really, what did ivory tower economists and politicians expect ordinary Americans to do when the credit spigot was turned on them earlier in the decade?”
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“The CDS contract and the entire Structured Credit Market originally was predicated on hedging of credit risk. Over time the market changed focus – in Mae West’s words: “I used to be Snow White, but I drifted.” The ability to short credit, leverage positions and trade credit unrestricted by the size of the underlying debt market have become the dominant drivers of growth in the market for these instruments…”
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Cliff Pape asked me to do a post on how “inflationary expectations” for those who may not be familiar with its effects on mortgage rates both near and long term. His main concern is how it pertains to borrowers buying a mortgage today and for those hoping to refinance in two or three years, […]
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In mid-September the Fed is placing new restrictions on the Primary Dealer Credit Facility, a swap-o-rama with broker dealers as opposed to banks.
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