IEHI Feed: The Bank Implode-o-Meter http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64824 Sat, 20 Jul 2019 14:54:29 GMT Credit Reporting Agency Equifax To Settle With FTC For $650M http://bankimplode.com/viewnews/2019-07-20_CreditReportingAgencyEquifaxToSettleWithFTCFor650M.html iehi-feed-64822 Fri, 19 Jul 2019 17:53:46 GMT This gold-related ETF is crushing the stock market's gains in 2019 -- and analysts say the metal has room to run http://bankimplode.com/viewnews/2019-07-19_ThisgoldrelatedETFiscrushingthestockmarketsgainsin2019andanalyst.html The VanEck Vectors Gold Miners ETF GDX, -1.19% boasts a roughly 33% year-to-date gain, far surpassing gains of the underlying metal. Gold futures are up nearly 13% so far this year, by comparison, based on the most-active August contract trading on Comex GCQ19, -0.13% according to FactSet data. Prices of the yellow metal carved out a fresh six-year high at $1,428.10 an ounce, and gold miners have apparently been big beneficiaries.

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o put the gains for the GDX, referring to the ETFs ticker symbol trading on the NYSE Arca, into perspective, the Dow Jones Industrial Average DJIA, +0.25% is up nearly 17% in 2019 so far, the S&P 500 SPX, +0.02% has gained more than 19%, while the Nasdaq Composite Index COMP, +0.06% boasts a rich 24% climb over the past seven months.

Fawad Razaqzada, market analyst at Forex.com, said that gold has more room to run: "The bulls' next target could be the underside of the rising trend capping the prior highs, which comes in around $1460, with the psychologically-important $1500 hurdle being the subsequent objective," he wrote in a Thursday report.

Gold has benefited from a number of factors but popped in electronic trading late Thursday after New York Fed President John Williams made comments that the market implied as raising the likelihood that the Federal Reserve may take more aggressive action at the end of this month to stave off a tariff-induced slowdown in the economy. "When you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress," Williams said at a research conference.

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iehi-feed-64821 Fri, 19 Jul 2019 17:51:25 GMT Fed Vacillates As It Toys With Kind-of Promising A Rate Cut But Not Really http://bankimplode.com/viewnews/2019-07-19_FedVacillatesAsItToysWithKindofPromisingARateCutButNotReally.html On Thursday, investors got excited about the possibility of a bigger-than-expected interest rate cut. New York Fed President John Williams on Thursday said policy makers should take preventative measures at the first signs of economic slowdowns. The market took this to mean that a bigger interest rate cut was on the way.

Expectations of a half-percentage-point cut at the Fed's next meeting in two weeks more than doubled to 60% in response. Treasury yields and the US dollar slipped. But then a spokesperson clarified that Williams wasn't making any predictions about the Fed's monetary policy update due in two weeks. Expectations for a half-point cut retreated to 41% on Friday, although that was still more elevated than just two days ago.

In the latest attack on Fed policy, President Donald Trump tweeted that he preferred Williams first statement, calling it "100% correct that the Fed 'raised' far too fast and too early."

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iehi-feed-64819 Fri, 19 Jul 2019 15:06:04 GMT Foreign Buyers Bolt From American Housing Market Amid Trump Instability http://bankimplode.com/viewnews/2019-07-19_ForeignBuyersBoltFromAmericanHousingMarketAmidTrumpInstability.html iehi-feed-64818 Fri, 19 Jul 2019 03:00:32 GMT Court upholds 'Pharma Bro' Martin Shkreli's conviction http://bankimplode.com/viewnews/2019-07-18_CourtupholdsPharmaBroMartinShkrelisconviction.html A federal appeals court upheld the securities fraud conviction against former drug company CEO Martin Shkreli, known as "Pharma Bro," on Thursday, along with a $7.3 million forfeiture of assets.

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Before his arrest, Shkreli was best known for buying the rights to a lifesaving drug at another company in 2014 and promptly raising the price from $13.50 to $750 per pill.

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iehi-feed-64816 Thu, 18 Jul 2019 14:41:34 GMT Lendlease scores $15 billion project to help Google build homes in Silicon Valley http://bankimplode.com/viewnews/2019-07-18_Lendleasescores15billionprojecttohelpGooglebuildhomesinSiliconVa.html iehi-feed-64815 Wed, 17 Jul 2019 21:39:29 GMT Foreign purchases of American homes plunge 36% as Chinese buyers flee http://bankimplode.com/viewnews/2019-07-17_ForeignpurchasesofAmericanhomesplunge36asChinesebuyersflee.html Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, caused a stunning drop in foreign demand for American homes.

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The decline was due to a drop in the number and average price of purchases. Foreigners bought 183,100 properties with a total value of about $77.9 billion, down from 266,800 valued at $121 billion in the previous period.

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The Chinese were the leading buyers for the seventh consecutive year, purchasing an estimated $13.4 billion worth of residential property. Yet that was a 56% decline from the previous 12 months and comparatively the biggest percentage drop of all foreign buyers.

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iehi-feed-64814 Wed, 17 Jul 2019 15:41:00 GMT Nemesis Of Florida Foreclosure Activists Judge Meenu Sasser Passes Away http://bankimplode.com/viewnews/2019-07-17_NemesisOfFloridaForeclosureActivistsJudgeMeenuSasserPassesAway.html iehi-feed-64812 Tue, 16 Jul 2019 17:02:33 GMT Rhode Island Property Preservationist Busted In $10 Million Scam http://bankimplode.com/viewnews/2019-07-16_RhodeIslandPropertyPreservationistBustedIn10MillionScam.html iehi-feed-64811 Tue, 16 Jul 2019 14:03:58 GMT Blackstone Pulls Plug On Renovations At Its Biggest New York Property After Rent Reform http://bankimplode.com/viewnews/2019-07-16_BlackstonePullsPlugOnRenovationsAtItsBiggestNewYorkPropertyAfter.html New York City's biggest owner of rent-stabilized apartments, private equity giant the Blackstone Group, says it is stopping improvements at the 11,000-unit housing complex it bought in 2015.

Blackstone said it is now re-evaluating what to do with the apartments at Stuyvesant Town and Peter Cooper Village in Manhattan's Lower East Side new rent regulation laws, Crain's New York Business reports.

While Blackstone plans to proceed with improvements required under law -- such as fixing leaks and hot water improvements -- improvements to the vacant apartments won't continue and large-scale construction improvements may also be stopped, a source told Crain's.

The new rent regulations, signed into law last month, have been met with a barrage of criticism from the real estate industry. The new legislation significantly reduces landlords' ability to increase rents and remove apartments from regulation. 

The vacancy bonus -- a provision that had allowed landlords to increase rents by as much as 20% when a unit became vacant -- has been cut. Landlords who rented a unit for less than they could legally charge are no longer able to raise rents to the full price when leases are renewed.

What a pointless battle! NYC should just streamline the building of affordable-rent (not luxury, or luxury with subsidized units sprinkled-in) market-rate apartments. More welfare is not what is needed to fix the market.

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iehi-feed-64809 Sat, 13 Jul 2019 18:30:06 GMT Nassau County Non-Profit Director Convicted Of Pilfering $1M From Mentally Ill http://bankimplode.com/viewnews/2019-07-13_NassauCountyNonProfitDirectorConvictedOfPilfering1MFromMentallyI.html iehi-feed-64808 Fri, 12 Jul 2019 15:28:42 GMT Trump Reveals Himself Banksters' Water-Carrier On Cryptos http://bankimplode.com/viewnews/2019-07-12_TrumpRevealsHimselfBankstersWaterCarrierOnCryptos.html iehi-feed-64807 Fri, 12 Jul 2019 12:33:32 GMT Facebook's Libra cryptocurrency project branded of ‘serious concern' by Federal Reserve http://bankimplode.com/viewnews/2019-07-12_FacebooksLibracryptocurrencyprojectbrandedofseriousconcernbyFede.html The social networking giant wants to debut the coin in 2020 once financial partnerships are cemented in place and the proposed wallets used to store Libra are established with the same security measures as today's traditional bank accounts.

However, the US Federal Reserve wants Facebook to put its foot on the brake until a number of concerns have been addressed.

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"Facebook has a couple billion-plus users, so I think you have for the first time the possibility of very broad adoption," Powell said. "It needs a careful look, so I strongly believe we all need to be taking our time with this."

Singapore, too, has concerns over the Libra project. Earlier this week, officials demanded that Facebook provide a more thorough explanation of Libra in order for the country to decide whether regulators need to investigate the proposal. 

However, Singapore's Monetary Authority of Singapore (MAS) said it is "open" to financial innovation, on the proviso that Facebook does not pose a threat to the local financial ecosystem.

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iehi-feed-64806 Fri, 12 Jul 2019 03:44:10 GMT Epstein "Blackmail Fund" Theory Gains High-Profile Supporters http://bankimplode.com/viewnews/2019-07-11_EpsteinBlackmailFundTheoryGainsHighProfileSupporters.html iehi-feed-64805 Fri, 12 Jul 2019 02:36:15 GMT U.S. Authorities Seize 20 Tons Of Cocaine From Ship Owned By JP Morgan http://bankimplode.com/viewnews/2019-07-11_USAuthoritiesSeize20TonsOfCocaineFromShipOwnedByJPMorgan.html iehi-feed-64804 Thu, 11 Jul 2019 20:33:26 GMT Why Sex Offender Jeffrey Epstein Is Not A Billionaire http://bankimplode.com/viewnews/2019-07-11_WhySexOffenderJeffreyEpsteinIsNotABillionaire.html iehi-feed-64802 Thu, 11 Jul 2019 14:54:59 GMT NYC FiDi Supertall Condo Building Headed for Foreclosure Auction http://bankimplode.com/viewnews/2019-07-11_NYCFiDiSupertallCondoBuildingHeadedforForeclosureAuction.html iehi-feed-64801 Thu, 11 Jul 2019 14:23:32 GMT Nationstar Mortgage AKA Mr Cooper Mortgage Spits On Military Veteran http://bankimplode.com/viewnews/2019-07-11_NationstarMortgageAKAMrCooperMortgageSpitsOnMilitaryVeteran.html iehi-feed-64800 Wed, 10 Jul 2019 19:19:05 GMT NEW YORK CITY FORECLOSURE ALERT: Foreclosures Filings Blast Off! http://bankimplode.com/viewnews/2019-07-10_NEWYORKCITYFORECLOSUREALERTForeclosuresFilingsBlastOff.html iehi-feed-64798 Tue, 09 Jul 2019 23:15:18 GMT Toll Brothers Finally Sells Luxury NYC Penthouse After Years On The Market And A 50% Price Cut http://bankimplode.com/viewnews/2019-07-09_TollBrothersFinallySellsLuxuryNYCPenthouseAfterYearsOnTheMarketA.html