Implode-Explode Heavy Industries news feed

Roach: I think we should take the baseball bat out on Paul Krugman

Fri, 19 Mar 2010 14:03:03 GMT

" "They don’t want to look in the mirror. America doesn’t have a China problem. It really has a savings problem. "

True Money Supply (TMS) vs. Austrian Money Supply (AMS or M Prime) Update

Fri, 19 Mar 2010 13:59:55 GMT

"Is money supply soaring or not? If it is, to what extent? Once again this is the question many grapple with. The answer depends on the definition of money supply"

Trendbusters! Foreign Cenbank Holdings of US Obligations Weekly Update — to March 17, 2010

Fri, 19 Mar 2010 07:29:21 GMT

" The Fed's own MBS holdings shot up $37.268 billion last week, in one of the last few big buying splurges before the Fed's quasi-exit from the MBS market. Meanwhile, out of nowhere, foreign central banks' holdings of treasuries suddenly surged upwards in one of the biggest leaps of the last decade, crashing the combined obligations number straight through the $3 trillion mark. Obviously something happened, but as usual we are left in the dark as to what it was."

Rep. Garrett Introduces Long-Awaited Covered Bond Act

Fri, 19 Mar 2010 07:25:55 GMT

" The mortgage-finance alternative to securitizations, covered bonds, came one step closer to larger acceptance in the US secondary markets with the introduction of the highly-anticipated United States Covered Bond Act by Rep. Scott Garrett (R-NJ)."

So Cal House Sales, Prices Up in February

Fri, 19 Mar 2010 07:23:07 GMT

" The residential market in Southern California continues to improve, with both sales volume and median price increasing in February compared to year-ago levels, according to MDA DataQuick."

Hotel Loan Delinquencies to Double by 2012, Fitch Ratings Says

Fri, 19 Mar 2010 07:20:41 GMT

Defaults on loans backed by hotels may almost double to as much as 30 percent by 2012 on declining cash flow and falling property values, Fitch Ratings said.
The delinquency rate for commercial mortgage backed securities linked to hotels is currently about 17 percent, representing about $8.4 billion of the total loan balance, Fitch said in a report today. Defaults will be most pronounced in 2011 and 2012 when the most loans mature, Fitch said.

lenny dykstra suing chase over bad mortgages

Fri, 19 Mar 2010 07:17:56 GMT

" Former Philadelphia Phillie (and Met) Lenny Dykstra, also known simply as “Nails,” has sued JPMorgan Chase for $100 million over mortgages he obtained during the housing boom."

fixed mortgage rates hold tight

Fri, 19 Mar 2010 07:14:58 GMT

" Fixed mortgage rates displayed very little movement this week, as adjustable-rate mortgages were mixed, government mortgage financier Freddie Mac said today."

Treasury Keeps Citigroup Names Secret on Concern of Harassment

Fri, 19 Mar 2010 07:11:15 GMT

" The U.S. Treasury Department refused to disclose names of Citigroup Inc. executives who haggled over bailout terms in late 2008 after the bank said they might be harassed like the American International Group Inc. workers pilloried for taking big bonuses."

SEC, Fed Alerted By Merrill of Lehman Balance Sheet Games in March 2008

Fri, 19 Mar 2010 07:06:58 GMT

"So which theory is it: stunning bureaucratic incompetence, wishful thinking and denial (a better gloss on theory #1) or a cover up? Or a combination of the above?"

Chinese Banks Strong Enough to Withstand Loan Failures

Fri, 19 Mar 2010 07:02:20 GMT

"Chinese banks appear financially strong enough to withstand the expected pressure on profits as non-performing loans (NPLs) and other problem loans increase, according to a Standard & Poor’s."

Jon Stewart on financial market reform

Fri, 19 Mar 2010 06:57:10 GMT

"This seems to be showing up everywhere and, if you haven't already seen it, it's well worth ten minutes of your time if you're in need of a good chuckle."

Supply of Foreclosed Homes on the Rise Again

Fri, 19 Mar 2010 06:53:57 GMT

"The supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S."

10 Days Left in Fed's MBS Purchase Program. What is Potential for Extension?

Fri, 19 Mar 2010 00:52:21 GMT

"In the remaining 10 days of the MBS Purchase Program, we expect to see traders taking advantage of opportunities to sell their "rate sheet influential" MBS holdings. "

What If Joseph Stiglitz Ran The Fed?

Thu, 18 Mar 2010 23:20:20 GMT

"We asked world-renowned American economist Joseph Stiglitz to pretend and imagine he was chairman of the United States Federal Reserve. What three things would he do differently or keep the same?"

More homeowners are opting for 'strategic defaults'

Thu, 18 Mar 2010 23:08:16 GMT

``Just how many are walking away isn't clear. But some researchers are convinced that the numbers are growing. So-called strategic defaults accounted for about 35% of defaults by U.S. homeowners in December 2009, up from 23% in March of 2009, according to Luigi Zingales, a professor at the University of Chicago's Booth School of Business''

Banks Block Independent Web Site From Reporting On Stock Research

Thu, 18 Mar 2010 21:51:47 GMT

What, you guys thought you were going to be ALLOWED to get big... and make enough money to survive? Zero Hedge, we warmly welcome you to ML-Implode's personal hell. We've been expecting you.

Interactive Map of Worst Banks in the U.S. by Texas Ratio, Non-Performing Assets, and Total Capital

Thu, 18 Mar 2010 17:37:46 GMT

`` Data for the map was filtered from a 7500+ list of FDIC governed banks. It includes banks with a Texas Ratio greater than 100% as well as all banks with Total Capital less than 6%. The list does not include Savings and Loan Associations, Credit Unions, or Thrifts.''

Money Out Of Thin Air: Bernanke Wants To Eliminate Reserve Requirements Completely?

Thu, 18 Mar 2010 17:03:14 GMT

" Up until now, the United States has operated under a "fractional reserve" banking system. Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest. But now it turns out that Federal Reserve Chairman Ben Bernanke wants to completely eliminate minimum reserve requirements, which he says "impose costs and distortions on the banking system". "

Wall Street Banks Using Geithner and the NY Fed to Stifle FDIC Reforms

Thu, 18 Mar 2010 17:00:12 GMT

"The President's Working Group on Financial Markets, aka the 'plunge protection team,' is apparently acting to block financial reforms being proposed by Sheila Bair's FDIC, according to the attached piece from Chris Whalen of Institutional Risk Analytics, an authoritative source on US Banking"