Credit Writedowns » Hypo Real Estate http://www.creditwritedowns.com Finance, Economics and Markets Thu, 09 Feb 2012 22:43:09 +0000 en hourly 1 News from around the web: 2009-11-05 http://www.creditwritedowns.com/2009/11/news-from-around-the-web-2009-11-05.html http://www.creditwritedowns.com/2009/11/news-from-around-the-web-2009-11-05.html#comments Thu, 05 Nov 2009 12:51:17 +0000 Edward Harrison http://www.creditwritedowns.com/2009/11/news-from-around-the-web-2009-11-05.html Be sure to see William Shatner’s poetic reading of Levi Johnston’s tweets below. Pretty funny. Buffett Revisits Hunting Ground for Survivors: Alice Schroeder – Bloomberg.com "Buffett isn’t as bullish as he sounds." Clever fools: Why a high IQ doesn’t mean you’re smart – New Scientist I have always said George W. Bush is NOT dumb.

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Related Posts ]]> http://www.creditwritedowns.com/2009/11/news-from-around-the-web-2009-11-05.html/feed/ 2 News from around the web: 2009-10-08 http://www.creditwritedowns.com/2009/10/news-from-around-the-web-2009-10-08.html http://www.creditwritedowns.com/2009/10/news-from-around-the-web-2009-10-08.html#comments Thu, 08 Oct 2009 04:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2009/10/news-from-around-the-web-2009-10-08.html Hypo Needs an Extra $10.2 Billion to Survive – WSJ.com "German real-estate financier Hypo Real Estate Holding AG needs an additional €7 billion ($10.2 billion) in capital from the German government to stay afloat and won’t return to profitability until 2012 at the earliest, Chief Executive Axel Wieandt said at a shareholder meeting." When Old

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Related Posts ]]> http://www.creditwritedowns.com/2009/10/news-from-around-the-web-2009-10-08.html/feed/ 0 News from around the web: 2009-09-14 http://www.creditwritedowns.com/2009/09/news-from-around-the-web-2009-09-14.html http://www.creditwritedowns.com/2009/09/news-from-around-the-web-2009-09-14.html#comments Mon, 14 Sep 2009 12:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2009/09/news-from-around-the-web-2009-09-14.html ‘False dawn’ in UK housing market "It’s tempting to call the turn in the mortgage market at this point, and there is certainly concrete evidence that lending for house purchase is increasing," said the CML’s economist Paul Samter. "But there are still constraints affecting the lending industry’s capacity to fund increased lending, as well as

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Related Posts ]]> http://www.creditwritedowns.com/2009/09/news-from-around-the-web-2009-09-14.html/feed/ 0 Weakest employment market since the Great Depression http://www.creditwritedowns.com/2009/09/weakest-employment-market-since-the-great-depression.html http://www.creditwritedowns.com/2009/09/weakest-employment-market-since-the-great-depression.html#comments Thu, 03 Sep 2009 15:30:00 +0000 Edward Harrison http://www.creditwritedowns.com/2009/09/weakest-employment-market-since-the-great-depression.html Recently Allan Meltzer, a former Vice Chairman of the Federal Reserve, wrote a widely noted and provocative article in the Wall Street Journal called “What Happened to the ‘Depression?’” He called for an end to deficit-inducing stimulus because the cries of Depression from noted mainstream economists has been proven false.  His thesis is that these

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Related Posts ]]> http://www.creditwritedowns.com/2009/09/weakest-employment-market-since-the-great-depression.html/feed/ 11 Spain: Bleak forecast puts unemployment at 22% in 2010 http://www.creditwritedowns.com/2009/07/spain-bleak-forecast-puts-unemployment-at-22-in-2010.html http://www.creditwritedowns.com/2009/07/spain-bleak-forecast-puts-unemployment-at-22-in-2010.html#comments Fri, 24 Jul 2009 13:30:13 +0000 Edward Harrison http://www.creditwritedowns.com/2009/07/spain-bleak-forecast-puts-unemployment-at-22-in-2010.html Citigroup has just released a forecast which is very troublingregarding employment and growth in the Spanish economy.  With unemployment already having hit 17.9%, Citigroup expects layoffs to increase this to 22% in 2010.  Below is my translation of the Spanish-language article in Finanzas. The stabilization that the Spanish labour market seems to have shown, with

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Related Posts ]]> http://www.creditwritedowns.com/2009/07/spain-bleak-forecast-puts-unemployment-at-22-in-2010.html/feed/ 0 Hypo Real Estate need for 10 billion also reveals huge problems in Spain http://www.creditwritedowns.com/2009/07/hypo-real-estate-need-for-10-billion-also-reveals-huge-problems-in-spain.html http://www.creditwritedowns.com/2009/07/hypo-real-estate-need-for-10-billion-also-reveals-huge-problems-in-spain.html#comments Mon, 20 Jul 2009 01:58:43 +0000 Edward Harrison http://www.creditwritedowns.com/2009/07/hypo-real-estate-need-for-10-billion-also-reveals-huge-problems-in-spain.html Every country has a problem child or two in the financial services sector. America has Citigroup and Bank of America. Britain has RBS and HBOS/Lloyds.  And Germany has Hypo Real Estate.  I have been chronicling problems at the real estate lender on this blog for some time now and last posted on HRE in April

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Related Posts ]]> http://www.creditwritedowns.com/2009/07/hypo-real-estate-need-for-10-billion-also-reveals-huge-problems-in-spain.html/feed/ 2 Links: 2009-06-24 http://www.creditwritedowns.com/2009/06/links-2009-06-24.html http://www.creditwritedowns.com/2009/06/links-2009-06-24.html#comments Wed, 24 Jun 2009 13:33:58 +0000 Edward Harrison http://www.creditwritedowns.com/2009/06/links-2009-06-24.html I have bee off for a couple of days but plan on returned to full force later today.  Here are the links from the past few days minus tech and blog-related items.  If I have a lot more links, I will post them this evening. El Banco de Espana exige que se liquiden los bancos

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Related Posts ]]> http://www.creditwritedowns.com/2009/06/links-2009-06-24.html/feed/ 0 The Germans get tough with the state banks http://www.creditwritedowns.com/2009/05/the-germans-get-tough-with-the-state-banks.html http://www.creditwritedowns.com/2009/05/the-germans-get-tough-with-the-state-banks.html#comments Mon, 04 May 2009 04:19:38 +0000 Edward Harrison http://www.creditwritedowns.com/?p=8396 Last week I wrote a post suggesting that the Germans were getting tired of bailing out their banks and had moved to more draconian solutions to ‘fix’ the banking sector. Nationalizing Hypo Real Estate this week will be the first move in that direction. But the Germans are not nearly finished in their effort to

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Related Posts ]]> http://www.creditwritedowns.com/2009/05/the-germans-get-tough-with-the-state-banks.html/feed/ 2 HRE: defusing the German financial time bomb http://www.creditwritedowns.com/2009/04/hre-defusing-the-german-financial-time-bomb.html http://www.creditwritedowns.com/2009/04/hre-defusing-the-german-financial-time-bomb.html#comments Thu, 30 Apr 2009 13:00:21 +0000 Edward Harrison http://www.creditwritedowns.com/?p=8249 The first bank nationalization in German history is about to take place. At issue is Hypo Real Estate (HRE), a troubled Munich-based company that lends to commercial property developers and to build offices, hotels, roads, airports, you name it. This issue has been building for nearly 7 months. Back in late September, just after Lehman

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Related Posts ]]> http://www.creditwritedowns.com/2009/04/hre-defusing-the-german-financial-time-bomb.html/feed/ 2 German banks loaded with 816 billion in toxic paper http://www.creditwritedowns.com/2009/04/german-banks-loaded-with-816-billion-in-toxic-paper.html http://www.creditwritedowns.com/2009/04/german-banks-loaded-with-816-billion-in-toxic-paper.html#comments Mon, 27 Apr 2009 03:36:16 +0000 Edward Harrison http://www.creditwritedowns.com/?p=8119 On Friday, the German daily Süddeutsche Zeitung (SZ) leaked a bombshell - a confidential report by Bafin, the Federal Financial Supervisory Authority, found that German banks were sitting on over 800 billion euros in toxic assets. Just three months ago, the reports coming out suggested the problem was only half as large, 400 billion euros

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Related Posts ]]> http://www.creditwritedowns.com/2009/04/german-banks-loaded-with-816-billion-in-toxic-paper.html/feed/ 7 Links: 2009-04-25 http://www.creditwritedowns.com/2009/04/links-2009-04-25.html http://www.creditwritedowns.com/2009/04/links-2009-04-25.html#comments Sat, 25 Apr 2009 12:14:39 +0000 Edward Harrison http://www.creditwritedowns.com/?p=8070 Markets Cheer Stress Test Double Speak – Yves Smith I think the title speaks for itself. Auctions for Troubled Property Loans Jump to the Web – NY Times Perhaps this additional channel for the loans will help clear the underlying housing inventory.  Interesting development in any event.  Not for the faint of heart. Funds try

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Related Posts ]]> http://www.creditwritedowns.com/2009/04/links-2009-04-25.html/feed/ 0 Links: 2009-04-04 http://www.creditwritedowns.com/2009/04/links-2009-04-04.html http://www.creditwritedowns.com/2009/04/links-2009-04-04.html#comments Sat, 04 Apr 2009 14:40:09 +0000 Edward Harrison http://www.creditwritedowns.com/?p=7805 I have a ton of links today, so I have broken then out into sections. See the news feed for other stories. Finance Inside Obama’s bank CEOs meeting – Eamon Javers – POLITICO.com “My administration,” the president added, “is the only thing between you and the pitchforks.” Lehman Brothers’ Dick Fuld Has a New Gig

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Related Posts ]]> http://www.creditwritedowns.com/2009/04/links-2009-04-04.html/feed/ 0 More problems at three European financial institutions http://www.creditwritedowns.com/2009/03/more-problems-at-three-european-financial-institutions.html http://www.creditwritedowns.com/2009/03/more-problems-at-three-european-financial-institutions.html#comments Sun, 29 Mar 2009 13:11:03 +0000 Edward Harrison http://www.creditwritedowns.com/?p=7580 This weekend has seen two major European financial institutions forced into the hands of government and a third on the verge of major new asset writedowns and job cuts. The events highlight the fragility of European banking and the need for concrete solutions at the upcoming G-20 summit in London. First, in the UK, you

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Related Posts ]]> http://www.creditwritedowns.com/2009/03/more-problems-at-three-european-financial-institutions.html/feed/ 1 Hypo Real Estate: 600 billion in off-balance sheet assets http://www.creditwritedowns.com/2009/02/hypo-real-estate-600-billion-in-off-balance-sheet-assets.html http://www.creditwritedowns.com/2009/02/hypo-real-estate-600-billion-in-off-balance-sheet-assets.html#comments Fri, 20 Feb 2009 16:24:16 +0000 Edward Harrison http://www.creditwritedowns.com/?p=6232 There is quite a buzz in the German press about Hypo Real Estate. But, what should really get oe's attention is its massive off-balance sheet exposures (hat tip Ulrich). The long and short of reports is that Hypo Real Estate has assets valued at 1 and 1/2 times its entire balance sheet in off-balance sheet vehicles. This would bring total exposure to German taxpayers to a cool one trillion euros (1,000,000,000,000)

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Related Posts ]]> http://www.creditwritedowns.com/2009/02/hypo-real-estate-600-billion-in-off-balance-sheet-assets.html/feed/ 2 Bailouts: catching a falling knife http://www.creditwritedowns.com/2009/01/bailouts-catching-a-falling-knife.html http://www.creditwritedowns.com/2009/01/bailouts-catching-a-falling-knife.html#comments Wed, 21 Jan 2009 18:27:19 +0000 Edward Harrison http://www.creditwritedowns.com/?p=4920 This post from January 2009 explains why banks do not increase lending capacity when uncertainty about the level of existing loan losses already on their balance sheet makes them worry about future loan losses. Credit wariness will be the order of the day meaning new credit will be restricted amid doubt about the creditworthiness of potential borrowers. Given the still anemic growth in credit, this is something to keep in mind

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Related Posts ]]> http://www.creditwritedowns.com/2009/01/bailouts-catching-a-falling-knife.html/feed/ 9 Links: 2009-01-21 http://www.creditwritedowns.com/2009/01/links-2009-01-21.html http://www.creditwritedowns.com/2009/01/links-2009-01-21.html#comments Wed, 21 Jan 2009 14:49:15 +0000 Edward Harrison http://www.creditwritedowns.com/?p=4900 Yesterday was both an historic and eventful day. In the United States, we were celebrating the inauguration of a new President. I did my part over the past few days to bolster the economy by going to a number of parties and balls and consuming copious quantities of food and drink. Washington, D.C. was in a true bubble mentality because it was all Obama all the time here. I must confess to doing next to nothing yesterday except follow the activities on television. However, as Washington was self-absorbed the global economy was reeling. The stock market collapsed, with financials taking a severe beating (I will have more to say about this in a later post). In Europe, the British Pound is in a disorderly unwind as unemployment approaches 2 million. Spain and Ireland are looking like they are in Depression already (Spain is headed for 19% unemployment while Ireland's whole banking system is falling apart). Germany's bailing out their banks and employers are cutting jobs across all industries. Not to be outdone, Singapore released truly dismal GDP numbers in what looks like Depression there. All of this begs the question: what to do? Nationalization, further recapitalization, let them eat cake? I will have more to say about this shortly. In the meantime, here are the links for today. Enjoy

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Related Posts ]]> http://www.creditwritedowns.com/2009/01/links-2009-01-21.html/feed/ 1 The German $400 billion toxic asset time bomb http://www.creditwritedowns.com/2009/01/the-german-400-billion-toxic-asset-time-bomb.html http://www.creditwritedowns.com/2009/01/the-german-400-billion-toxic-asset-time-bomb.html#comments Sat, 17 Jan 2009 15:50:00 +0000 Edward Harrison http://www.creditwritedowns.com/?p=4843 This just in from the German daily Der Spiegel: German banks are still loaded with risky U.S. assets, only a fraction of which has been written down. If this report is true, it suggests that the entire German banking sector is extremely undercapitalized and vulnerable to further writedowns going forward. However, German Finance Minister Peer Steinbrueck refuses to set up a state-controlled 'bad bank' as the UK has done and Sweden did before it. You should also note that this story reveals that Deutsche Bank is the latest bank to end all proprietary trading activities. The business model of banks risking their own capital through large bets, trading for their own account is over

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Related Posts ]]> http://www.creditwritedowns.com/2009/01/the-german-400-billion-toxic-asset-time-bomb.html/feed/ 0 Writedown News: 12 December 2008 http://www.creditwritedowns.com/2008/12/writedown-news-12-december-2008.html http://www.creditwritedowns.com/2008/12/writedown-news-12-december-2008.html#comments Fri, 12 Dec 2008 20:51:34 +0000 Edward Harrison http://www.creditwritedowns.com/?p=2161 It's been a month since I updated my list of writedowns and other credit crisis-related news, so I am sure that this list is filled with holes and missing information. Here it goes nonetheless. Below are the writedowns from the previous month. These links are compiled in the credit crisis timeline

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Related Posts ]]> http://www.creditwritedowns.com/2008/12/writedown-news-12-december-2008.html/feed/ 0 Writedown News: 12 November 2008 http://www.creditwritedowns.com/2008/11/writedown-news-12-november-2008.html http://www.creditwritedowns.com/2008/11/writedown-news-12-november-2008.html#comments Wed, 12 Nov 2008 21:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/11/writedown-news-12-november-2008.html The big news this week is that writedowns have moved near trillion dollar territory. As all of the banks report earnings and come clean about losses, the figures are staggering. The largest writedowns came from the GSEs with Fannie Mae losing a staggering $29 billion. AIG was close behind. See my post, “Financial sector losses

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Related Posts ]]> http://www.creditwritedowns.com/2008/11/writedown-news-12-november-2008.html/feed/ 0 Links: 2008-10-29 [delicious] http://www.creditwritedowns.com/2008/10/links-for-2008-10-29-delicious.html http://www.creditwritedowns.com/2008/10/links-for-2008-10-29-delicious.html#comments Thu, 30 Oct 2008 07:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/links-for-2008-10-29-delicious.html Beware the unwinding of the yen carry trade – FT Worse than Japan again becoming the source of almost free money, is the chance of an even more risky dollar carry trade, writes David Pilling Cracks appearing in Vancouver’s condo boom – National Post Holly Wood’s first hint that something was “smelling fishy” in Vancouver’s

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/links-for-2008-10-29-delicious.html/feed/ 0 Foreign Press Alert: 6 Oct 2008 – Germany http://www.creditwritedowns.com/2008/10/foreign-press-alert-6-oct-2008-germany.html http://www.creditwritedowns.com/2008/10/foreign-press-alert-6-oct-2008-germany.html#comments Mon, 06 Oct 2008 12:30:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/foreign-press-alert-6-oct-2008-germany.html Germany has moved center stage in the credit crisis despite having not experienced a housing bubble in the run-up to the bust. Switzerland and Japan, along with Germany are three countries I find notable in not having participated in the upside. But with a full scale assault on the global financial system underway, no country

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/foreign-press-alert-6-oct-2008-germany.html/feed/ 0 Get ready for a rough day in the markets http://www.creditwritedowns.com/2008/10/get-ready-for-rough-day-in-markets.html http://www.creditwritedowns.com/2008/10/get-ready-for-rough-day-in-markets.html#comments Mon, 06 Oct 2008 11:46:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/get-ready-for-a-rough-day-in-the-markets.html On the heels of weekend trouble at European banks, markets in Asia and Europe are selling off this morning. At the weekend, we learned that Hypo Real Estate, a finance behemoth in Germany with $700 billion in assets was feared to collapse. Later the German government rescued the bank and guaranteed all German private savings

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/get-ready-for-rough-day-in-markets.html/feed/ 0 The Europeanisation of the Credit Crisis http://www.creditwritedowns.com/2008/10/europeanization-of-credit-crisis.html http://www.creditwritedowns.com/2008/10/europeanization-of-credit-crisis.html#comments Sun, 05 Oct 2008 22:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/the-europeanisation-of-the-credit-crisis.html I have been a bit on edge of late because of the credit crisis that is making headlines. Recently, a lot of people have been duped into believing that the economic crisis we are experiencing is not critical and have their eyes focused elsewhere. However, this event is potentially the most critical event in world

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/europeanization-of-credit-crisis.html/feed/ 0 The Germans guarantee all savings deposits http://www.creditwritedowns.com/2008/10/germans-guarantee-all-savings-deposits.html http://www.creditwritedowns.com/2008/10/germans-guarantee-all-savings-deposits.html#comments Sun, 05 Oct 2008 19:01:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/the-germans-guarantee-all-savings-deposits.html Facing a potential breakdown in its banking system, the German government has decided to offer a blanket guarantee to private savings deposits (see comments below from German blogger egghat about this distinction), much as Ireland and Greece have done. As much as I praise this move on the part of the Germans to restore confidence,

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/germans-guarantee-all-savings-deposits.html/feed/ 2 Europe is in for a rude awakening http://www.creditwritedowns.com/2008/10/europe-is-in-for-rude-awakening.html http://www.creditwritedowns.com/2008/10/europe-is-in-for-rude-awakening.html#comments Sun, 05 Oct 2008 01:15:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/europe-is-in-for-a-rude-awakening.html The Europeans have no idea what is about to hit them. Their banking system is collapsing and European politicians are fighting amongst themselves. At French President Nicolas Sarkozy’s crisis summit, the politicians were unable to craft a comprehensive or wide-reaching response to deal with the banking crisis. Meanwhile, the carnage in European banking is increasing.

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/europe-is-in-for-rude-awakening.html/feed/ 0 Germany: banking system collapse possible due to Hypo Real Estate http://www.creditwritedowns.com/2008/10/germany-banking-system-collapse-possble.html http://www.creditwritedowns.com/2008/10/germany-banking-system-collapse-possble.html#comments Sun, 05 Oct 2008 00:30:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/germany-banking-system-collapse-possible-due-to-hypo-real-estate.html A week into the European leg of the meltdown of the global financial system, Germany has hit major turbulence. Hypo Real Estate, a member of the DAX-30, Germany’s equivalent of the Dow Jones Industrial Average looks to be on the verge of failing. According to the German Magazine Der Spiegel, the planned bailout of the

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/germany-banking-system-collapse-possble.html/feed/ 3 Crisis in Europe: an article I wrote in today’s Guardian http://www.creditwritedowns.com/2008/10/crisis-in-europe-article-i-wrote-in.html http://www.creditwritedowns.com/2008/10/crisis-in-europe-article-i-wrote-in.html#comments Thu, 02 Oct 2008 07:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/10/crisis-in-europe-an-article-i-wrote-in-todays-guardian.html Below is an article I wrote that appears in this morning’s Guardian Newspaper in the UK. The crux of the article is that European politicians need to realise that their banks are not immune from the crisis that has hit the United States and that European banks are relatively under-capitalised. The Europeans need to come

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Related Posts ]]> http://www.creditwritedowns.com/2008/10/crisis-in-europe-article-i-wrote-in.html/feed/ 0 European banking collapse including nationalisation of three banks http://www.creditwritedowns.com/2008/09/european-banking-collapse-including.html http://www.creditwritedowns.com/2008/09/european-banking-collapse-including.html#comments Mon, 29 Sep 2008 12:00:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/09/european-banking-collapse-including-nationalisation-of-three-banks.html UPDATE: 9:30 AM ET: This post has been updated to reflect the events surrounding Fortis. On Friday, I warned that European government officials like Peer Steinbrück of Germany should refrain from chastising the U.S. and the U.K. over problems in banking. After all, Europe is next. At the weekend, the fireworks in Europe began in

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Related Posts ]]> http://www.creditwritedowns.com/2008/09/european-banking-collapse-including.html/feed/ 0 Bloomberg: $500 billion in writedowns by firm http://www.creditwritedowns.com/2008/08/bloomberg-500-billion-in-writedowns-by.html http://www.creditwritedowns.com/2008/08/bloomberg-500-billion-in-writedowns-by.html#comments Tue, 12 Aug 2008 23:02:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/08/bloomberg-500-billion-in-writedowns-by-firm.html (See my Credit Crisis Timeline for the news stories associated with the writedowns and related events during the crisis, the most recent of which you can find here.) Yalman Onaran at Bloomberg News has tallied the writedowns in the credit crisis to date at $501 billion. More importantly, Bloomberg has broken out the writedowns by

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Related Posts ]]> http://www.creditwritedowns.com/2008/08/bloomberg-500-billion-in-writedowns-by.html/feed/ 0 European banks: still undercapitalised http://www.creditwritedowns.com/2008/06/european-banks-still-undercapitalised.html http://www.creditwritedowns.com/2008/06/european-banks-still-undercapitalised.html#comments Sun, 15 Jun 2008 05:40:00 +0000 Edward Harrison http://www.creditwritedowns.com/2008/06/european-banks-still-undercapitalised.html European banks are still in need of time or money to recapitalise their weak balance sheets. This has to be especially worrying for UK banks as they have raised a significant amount of capital and their housing market has yet to see the level of write-offs that the U.S. housing market has engendered. The FT

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