IEHI Feed: The Bank Implode-o-Meter http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64459 Mon, 10 Dec 2018 13:29:58 GMT Florida Foreclosure Defense Lawyer Bruce Jacobs Sanctioned http://bankimplode.com/viewnews/2018-12-10_FloridaForeclosureDefenseLawyerBruceJacobsSanctioned.html iehi-feed-64458 Sun, 09 Dec 2018 19:00:53 GMT I Served in Congress Longer Than Anyone. Here's How to Fix It. http://bankimplode.com/viewnews/2018-12-09_IServedinCongressLongerThanAnyoneHeresHowtoFixIt.html The elimination of money in campaigns. Period. Elections, like military service--each is an example of duty, honor, and service to country--should be publicly funded. Can you imagine if we needed to rely on wealthy donors to fund the military? I know there are those who genuinely believe in privatizing everything. They are called profiteers.

Public service should not be a commodity, and elected officials should not have to rent themselves out to the highest bidder in order to get into (or stay in) office. If you want to restore trust in government, remove the price tag. I am fully aware that the Supreme Court has declared that "money is speech." That's nonsense. The day my wallet starts talking to me, I might reconsider that view. Until then, I believe that the pernicious influence of money on our elections must be removed.

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iehi-feed-64452 Fri, 07 Dec 2018 21:22:48 GMT Dow plunges for third straight day on weak jobs report and renewed trade tensions http://bankimplode.com/viewnews/2018-12-07_Dowplungesforthirdstraightdayonweakjobsreportandrenewedtradetens.html The Dow Jones Industrial Average dropped by 558 points on Friday, capping a wild week of trading that saw the blue-chip index lose more than 4 percent of its value.

The Dow started the day with a spike of 150 points after the Department of Labor released a generally tepid jobs report, only to plummet by mid-afternoon to a session low of 662 points down as markets continued to absorb the destabilizing impact of President Donald Trump's protectionist trade policies.

The broader S&P 500 lost 2.3 percent of its value, and a tech sell-off fueled a drop of 3 percent on the Nasdaq composite index. Tech giants Alphabet and Apple both lost all of their gains for the year. Apple's share price has been steadily falling after a litany of analysts cut their price targets for the smartphone maker amid concern over waning demand for the iPhone.

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iehi-feed-64451 Fri, 07 Dec 2018 13:53:12 GMT LoanDepot CEO Tells Employees To Quit Whining And Complaining http://bankimplode.com/viewnews/2018-12-07_LoanDepotCEOTellsEmployeesToQuitWhiningAndComplaining.html iehi-feed-64447 Thu, 06 Dec 2018 15:43:50 GMT Dow Jones falls 1.8% amid panic selling in Asia and Europe http://bankimplode.com/viewnews/2018-12-06_DowJonesfalls18amidpanicsellinginAsiaandEurope.html iehi-feed-64445 Wed, 05 Dec 2018 17:19:21 GMT New York Foreclosure Mill Admits To Defrauding Fannie Mae And VA http://bankimplode.com/viewnews/2018-12-05_NewYorkForeclosureMillAdmitsToDefraudingFannieMaeAndVA.html iehi-feed-64444 Wed, 05 Dec 2018 15:33:57 GMT A Wells Fargo customer explains how a computer glitch cost him his home http://bankimplode.com/viewnews/2018-12-05_AWellsFargocustomerexplainshowacomputerglitchcosthimhishome.html Financially strapped, Jose Aguilar said it felt as though he'd let his family down in 2015 when Wells Fargo foreclosed on his mortgage, but his disappointment redoubled earlier this year when the bank sent him a letter that said a system glitch that he says caused him to lose his home of four years.

Aguilar is one of an estimated 545 customers who lost their homes when the bank incorrectly denied 870 loan modification requests due to calculation errors.

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With the foreclosure weighing on his credit score, Aguilar, who works at a manufacturing plant near Syracuse, found it hard to rent a new place and ended up moving into a friend's basement.

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Aguilar said the bank sent him a check for $25,000 earlier this year in an effort to rectify the mistake, but it was far too late -- he'd already lost his home and his family had been torn apart.

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iehi-feed-64443 Wed, 05 Dec 2018 00:23:24 GMT Dow dives nearly 800 points on fears of economic slowdown http://bankimplode.com/viewnews/2018-12-04_Dowdivesnearly800pointsonfearsofeconomicslowdown.html The Dow Jones Industrial Average plunged on Tuesday amid fears of an economic downturn, led by disappointing bank earnings and unresolved trade issues between the U.S. and China.

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"People think there is not 'substance' behind Trumps tweets about tariffs so the markets are giving back the gains from before the G20 meeting," Michael Matousek, head trader at U.S. Global Investors, told ABC News.

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iehi-feed-64442 Tue, 04 Dec 2018 15:34:34 GMT Reverse Mortgage Servicing Scam Alert! http://bankimplode.com/viewnews/2018-12-04_ReverseMortgageServicingScamAlert.html iehi-feed-64440 Mon, 03 Dec 2018 12:36:48 GMT Land Contract Fraud Alert: Detroit Landowner Accused Of Fraud http://bankimplode.com/viewnews/2018-12-03_LandContractFraudAlertDetroitLandownerAccusedOfFraud.html iehi-feed-64438 Sun, 02 Dec 2018 21:38:33 GMT State contemplates martial law as stunned Parisians clean up posh central district after worst riots since 1968 http://bankimplode.com/viewnews/2018-12-02_StatecontemplatesmartiallawasstunnedParisianscleanupposhcentrald.html ``Several thousand riot police were overwhelmed on Saturday as they fought running battles with protesters in the shadows of some of Paris' fabled landmarks and through its fanciest shopping districts. More than 400 people were arrested and more than 100 injured, shocking Parisians and tourists alike.

At the base of the 19th-century Arc de Triomphe, police kept the public back as cleanup crews set about erasing graffiti, much of it targeting President Emmanuel Macron and some exuding anarchist sentiment such as, "Overthrow the bourgeoisie!"

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Authorities were caught off-guard by the escalation in violence after two weeks of nationwide unrest against fuel taxes and high living costs, known as the "yellow vest" movement after the fluorescent jackets worn by the protesters.

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"We're already afraid of what's going to happen next week. The violence is escalating at an exponential rate," said Claude, a well-heeled woman who lives next to the Belle Armee brasserie that was set ablaze. "The state is losing control. They cannot let this happen. Maybe the army should intervene."

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The protests are taking a toll on the economy. On Saturday, boulevards that should have been packed with tourists and Christmas shoppers resembled battle zones, as smoke and tear gas hung in the air and debris littered the ground. Hotels and department stores in the capital stand to lose millions.

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iehi-feed-64437 Sat, 01 Dec 2018 22:55:27 GMT Analysis: Trump "Sugar High" Economy Set to Fade Fast http://bankimplode.com/viewnews/2018-12-01_AnalysisTrumpSugarHighEconomySettoFadeFast.html "In the US, the double dose of caffeine from tax cuts and spending increases is already starting to wear off," Ethan Harris and Aditya Bhave of the BAML team wrote. At the same time, the US is expected to get hit with growing headwinds from Trump's continued trade war with China and the Federal Reserve's interest rate hikes.

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There are already signs that the boost from the tax cuts are fading and they could become more obvious next year, JPMorgan's economists said. They cited the slowdown in capital investment from corporations, for instance.

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As Business Insider's Will Martin reported, Carpenter thinks the trade war could actually drag GDP growth below 2% as early as the fourth quarter of 2018.

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iehi-feed-64436 Sat, 01 Dec 2018 16:59:04 GMT Farm Foreclosures Are Skyrocketing Thanks To Donald Trump http://bankimplode.com/viewnews/2018-12-01_FarmForeclosuresAreSkyrocketingThanksToDonaldTrump.html iehi-feed-64435 Thu, 29 Nov 2018 20:08:19 GMT We're Racing Toward a "Global Debt Bomb" http://bankimplode.com/viewnews/2018-11-29_WereRacingTowardaGlobalDebtBomb.html In the last 15 years, worldwide debt has more than doubled, up by nearly $150 trillion. And the Institute of International Finance warned this past July that global debt rose the most in two years, by $8 trillion in the first quarter of this year, reaching an astounding $247 trillion.

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In the United States, the country's debt has grown so large that people cannot wrap their heads around it. As it stands this week, the country is on the hook for a staggering $21.79 trillion -- with a "t." And even if nothing else happens in the economy, it will grow $310 billion per year just on the interest owed alone.

But things do happen in the economy, and in fiscal 2018, the budget deficit of $779 billion added that much to the total bill. If interest rates keep inching higher, the amount owed on the debt will get larger and larger until it crowds out other necessary spending.

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[And yet,] central banks are already handcuffed with what they can do to combat future economic problems. They will be unable to handle the global debt bomb when it finally arrives.

The bond market is not helping, either. While the Fed grapples with its short-term interest rate policies, the bond market, which controls long-term interest rates, is already in a bear market. In other words, interest rates on Treasury notes, mortgages, and long corporate bonds are already rising significantly.

For example, the rate on the benchmark 10-year Treasury rallied from 2.06% in September of last year to its current 3.06%. That ... is a 50% increase in just 14 months...

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iehi-feed-64434 Thu, 29 Nov 2018 20:01:56 GMT US New Home Sales Fall 12% YoY In October, Down 9% MoM http://bankimplode.com/viewnews/2018-11-29_USNewHomeSalesFall12YoYInOctoberDown9MoM.html iehi-feed-64433 Thu, 29 Nov 2018 18:39:01 GMT Wall Street Falls as Investors Turn to G20 Trade Talks http://bankimplode.com/viewnews/2018-11-29_WallStreetFallsasInvestorsTurntoG20TradeTalks.html Investors are looking ahead to U.S.-China trade war developments as U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks on the sidelines of the G20 at the end of the week.

Meanwhile, the Fed's November meeting minutes will be released later in the day, with investors looking for any fresh indications of interest rate plans. Data released on Thursday showed that consumer spending surged in October, while underlying inflation slowed. The Fed's preferred inflation measure, the core personal consumption expenditures price index, rose 0.1%.

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iehi-feed-64431 Thu, 29 Nov 2018 18:28:22 GMT 'The One Financial Institution That Stuck with Trump': Deutsche Bank Headquarters Raided in Germany http://bankimplode.com/viewnews/2018-11-29_TheOneFinancialInstitutionThatStuckwithTrumpDeutscheBankHeadquar.html "Trump's long and winding history with Deutsche Bank could now be at the center of Robert Mueller's investigation."

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In addition to its ongoing legal troubles, having been fined $600 million just last year for laundering $10 billion in Russian currency, Deutsche Bank has been known in recent years as "the one financial institution that stuck with Donald Trump when virtually all other banks wouldn't touch him," as John Feffer, director of Foreign Policy in Focus, wrote in Common Dreams in July.

As Trump's former top aide Steve Bannon said in early 2018, Special Counsel Robert Mueller's investigation into Trump's campaign will largely deal with the president's finances with the bank.

The probe, he said "goes through Deutsche Bank and all the Kushner shit. They're going to go right through that."

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The bank continued to extend credit to Trump after he failed to pay back $330 million on a loan. Deutsche Bank also counts other members of the Trump family, including Ivanka Trump and Jared Kushner, among its clients. The bank opened its own investigation into Trump shortly after he entered office to determine whether its loans to the president had any links to Moscow.

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iehi-feed-64430 Wed, 28 Nov 2018 23:58:58 GMT New Home Sales Defy Expectations and Retreat in October http://bankimplode.com/viewnews/2018-11-28_NewHomeSalesDefyExpectationsandRetreatinOctober.html iehi-feed-64429 Wed, 28 Nov 2018 19:43:39 GMT Co-working goes corporate http://bankimplode.com/viewnews/2018-11-28_Coworkinggoescorporate.html While shared office space for freelancers still exists of course, industry leaders say it's a shrinking portion of the business.

"Co-working doesn't work," said Marcus Moufarrige, COO of the Australian company Servcorp, which has offered flexible space services since the late 1970s. "The latest iteration of it is not that new; it was around pretty extensively during the dot-com boom. And it didn't work then, either."

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iehi-feed-64428 Wed, 28 Nov 2018 13:51:30 GMT Fannie, Freddie conforming loan limits increase in nearly every part of the U.S. http://bankimplode.com/viewnews/2018-11-28_FannieFreddieconformingloanlimitsincreaseinnearlyeverypartoftheU.html