Post Tagged with: "mortgages"
No Bottom in Sight for Housing
From Global Economic Intersection Guest author: Keith Jurow is the author of the MVP Housing Market Report. This article was posted at Minyanville with the title “There Is No Housing Bottom in Sight” At the end of June 2011, macromarkets.com released the results of a poll in which 108 leading economists and housing market analysts
Will ARMs de-stabilise the covered bond mortgage system?
Ed asked me to comment on hidden contingent sovereign liabilities of Danish mortgage bonds given the most recent Absolute Return Letter
Herbert Hoover: On Bank Liquidity and Solvency, 1931
This is excerpted from the American Presidency Project at UCSB. Hoover writes the following letter to George L. Harrison, Federal Reserve Board of New York, on financial and economic problems on 5 Oct
FHFA Sues 17 Firms to Recover Losses to Fannie Mae and Freddie Mac
The complaints seek damages and civil penalties under the Securities Act of 1933, similar in content to the complaint FHFA filed against UBS Americas, Inc. on July 27, 2011. In addition, each complaint seeks compensatory damages for negligent misrepresentation
A Credible Solution to America’s Mortgage Crisis
The adoption of the Constitution of the Kingdom of Denmark Act in 1849 provided the first regulatory framework and Danish mortgage financing has ever since been tightly regulated, ensuring an entirely unblemished track record with not a single default to report in over 210 years. Even in 1813, when the Kingdom of Denmark defaulted, the mortgage bond system survived intact. Even more impressively, the combined loss ratio for all Danish mortgage credit institutions (MCIs) has never exceeded 1% in any one year[7] – a number most other countries can only dream of
Policy Conclusions for Russia (Part 2)
Can Russia get the best of both worlds by freeing its economy from technologically unnecessary charges and rentier tolls paid to special interests? Such expenditures prevent the economy from developing. That is the basic cause of poverty – and hence of national decline. Now that neoliberal financial lobbyists have turned Progressive Era economic reforms upside down, it is necessary to “reform the reformers” in order for Russia to rebuild its economy in the way that made the U.S. and Western Europe so successful during their economic takeoffs
Shiller: Austerity Negative for Housing
Economist Robert Shiller spoke with Carol Massar and Matt Miller on Bloomberg Television’s “Street Smart” on Tuesday. Shiller sees the likely austerity that the US will see as a result of the debt ceiling debate as negative for housing demand and expects this to impact prices. Video embedded in post
Michael Burry Profiled: Bloomberg Risk Takers
“Bloomberg Risk Takers” profiles Michael Burry, the former hedge-fund manager who predicted the housing market’s plunge, in video
No Crisis Here
I decided to look at what President Bush’s Council of Economic Advisors (CEA) were saying in their annual reports for 2005-2007 about the massive real estate bubble, epidemic of accounting control fraud and mortgage fraud, the resultant rapidly developing financial crisis, and the great increase in economic inequality. Here’s what I found on these topics
Mortgage company hires people to break in and steal from man not in foreclosure
And the police are not interested in prosecuting. Video below
The hidden contingent sovereign liability of Danish mortgage bonds
The road map for how a Danish government might be forced to issue government bonds and swap them for unsalable covered bonds in order to allow its financial institutions to abide by the Basel rules is an almost sinister way in which the Danish sovereign may end up being on the hook for the total stock of debt in the society, just as we have seen elsewhere