ON AIR NOW
Click to Play
Bitcoin Cash: $ USD
A new mortgage fraud command center opened up in Cleveland. The building location is a secret. Task force members include the Commerce Department, U.S. attorney's office, FBI, IRS, U.S. Postal Service, HUD, and local police departments. State Att
There's a greater than 50 percent probability that the financial system ``will come to a grinding halt'' because of losses from mortgages, Gregory Peters, head of credit strategy at Morgan Stanley, said.
The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.
Details of the Super-SIV Bailout have been finalized. Paulson acknowledged that the proposed backup fund would not rescue troubled SIVs, only lead to a longer and more orderly demise. This is an amazing admission of failure right as the agreement has
Whew! What a week for the stock market. On Wednesday the market took a 360 point nosedive followed, two days later, by a 220 point belly-flop. By the time it was over, the trading pits looked more like a sausage-packing plant than the world’s financi
Last month alone, 1,396 Valley homes fell into foreclosure, compared with 934 in September. Additionally, in October, 3,438 homeowners fell behind on their mortgage payments.
Ron Paul suggests there is not a single person in the US that believes the CPI numbers. Heck, I am a deflationist and I think they are grossly understated except for housing which is now grossly over stated.
GSE's would buy mortgages of as much as $1 million from lenders, pay the government a fee for guaranteeing them and then turn them into securities to be sold to investors.
The rate-setting Federal Open Market Committee FOMC has considered doubling the frequency of its forecasts and extending their horizon. Don't expect to learn much. All we will get are more frequent lies.
Ron Paul blasts Bernanke on price fixing, the US dollar, currency debasement, the housing bubble, and even the definition of inflation itself. Enough is enough. It's time to eliminate the price fixers in this world along with the IRS and dozens o
The outlook for the holiday shopping season grew bleaker as retailers announced disappointing October sales results due to consumers' worries about the housing slump and higher energy prices. The news came from all sectors, including mall-based a
Others think this estimate conservative, Dr. Robert Shiller of Yale University has calculated that home prices would have to decline by 50% to be at par with cost of rental housing.
Mortgage fraud in so pervasive that problems in US asset backed securities spread all the way to Whitehorse, Yukon.
Ben Bernanke said, "On Average from now until the end of next year, nearly 450,000 subprime mortgages per quarter are scheduled to undergo their first interest rate reset."
The bond insurance industry has guaranteed more than $1 trillion of bonds issued by U.S. cities and states as well as CDOs backed by mortgages, credit cards and other assets.
The increase in the debt limit is the fifth since Bush took office in January 2001. The U.S. debt stood at about $5.6 trillion at the start of his presidency.
The FED stopped publishing this chart on March 23, 2006. You will see why they wanted to keep this important information from you.
Listings are shown with green signs, foreclosures are represented by gavels. Foreclosures can be at any stage from having received a "Notice of Trustee’s Sale" to being a REO.
"...There will at some point have to be a 'Wile E. Coyote moment' -- a point at which expectations are revised, and the dollar drops sharply." Enjoy the chart.
NY Attorney General Cuomo sent subpoenas to Freddie Mac and Fannie Mae over allegations of appraisal fraud at WaMu. Last week, Cuomo sued First American Corp. for allegedly colluding with WaMu to use a list of preferred appraisers to artificially inf
http://globaleconomicanalysis.blogspot.com/2007/11/any-credibility-left-at-fitch.html Fitch is explicitly admitting that it is making rating decisions not on merit alone, but on perceived implications of what a rating change might do to the company
The loss reported Wednesday was one of the biggest quarterly corporate deficits ever, and it sent GM's shares down more than 5 percent in premarket trading.
The dollar slid to record lows against the euro and the Canadian dollar after a Chinese government adviser said plans to diversify foreign-exchange reserves will involve buying better-performing currencies.
This started out as a strait news story on the Central Bankers warning that more pain was coming to America. It became a feature article to demonstrate how stories get edited to limit the impact of bad news.
Bill Gross, the chief investment officer of Pacific Investment Management, “There are $1 trillion worth of sub-primes, Alt-As [self-certified] and basically garbage loans,” he said,
The euro, worth 83 cents in the early George W. Bush years, is at $1.45. The British pound is back up over $2, the highest level since the Carter era. The Canadian dollar, which used to be worth 65 cents, is worth more than the U.S. dollar for the fi
Level 3 assets are holdings that are so illiquid, or trade so infrequently, that they have no reliable price, so their valuations are based on the managements best guess.
(Blah Blah Blah.... we can't even see the bottom)
From November 15, we will have a new tool for figuring out how much toxic waste is in investment banks' balance sheets.
Ambac and MBIA credit defaults swaps are trading into deep junk territory. In addition both stocks have plunged huge over the last couple months. The business model of both companies is to insure debt against default. Increasingly, the market is star
