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- The FDIC has $52 billion in their tiny little kitty, used to insure $4.4 trillion of the $6.8 trillion deposited in America’s bank accounts
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Americans have $6.8 trillion deposited in institutions.$4.2 trillion is FDIC insuredAnd the FDIC only has $52 billion tucked away to back the entire system….
Original Source: housingpanic.blogspot.com
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12 July, 2008| housingblogs |
Comments (0) @ 23:16
- The Times: Treasury rescue for Fannie and Freddie
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From The Times: US Treasury rescue for Fannie Mae and Freddie Mac US TREASURY secretary Hank Paulson is working on plans to inject up to $15 billion of capital into Fannie Mae and Freddie Mac to stem the crisis at America’s biggest mortgage firms.
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Under the terms of the proposed move, the US government would receive a new class of shares in exchange for the capital, which would be hugely…
Original Source:
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12 July, 2008| housingblogs |
Comments (0) @ 22:18
- Gilbert, AZ: Growing Foreclosures, Or Just Growing?
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You’d think from the East Valley Tribune that my old hometown of Gilbert was just booming:
Once again, the U.S. Census Bureau has named Gilbert one of the 10 fastest-growing cities in the nation. What’s perhaps more surprising in today’s economic climate is a jump in the number of new housing permits being issued by the town over the last two months….
Original Source: housingdoom.com
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12 July, 2008| housingblogs |
Comments (0) @ 20:14
- Paper: Feds mull $15B rescue of Freddie, Fannie
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The Sunday Tmes of London is reporting that Treasury Secretary Henry Paulson is working on a $15 billion federal rescue of Fannie Mae and Freddie Mac that is considered so urgent it may be announced before the stock market opens Monday.
To be clear, The Times is not reporting that this rescue will
definitely occur, saying the plan "is said to be high on a list of
options being
considered by regulators."
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Original Source: feeds.latimes.com
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12 July, 2008| housingblogs |
Comments (0) @ 16:35
- On Maes and Macs
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My somewhat tenuous attention was captured this morning by this little parenthetical in the NYT story on the IndyMac failure:The bank, once part of the Countrywide Financial Corporation, is the first major bank to shut its doors since the mortgage crisis erupted more than a year ago. (IndyMac is not related to Fannie Mae and Freddie Mac, the big mortgage finance companies that alarmed the stock…
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12 July, 2008| housingblogs |
Comments (0) @ 12:49
- WOT 7-12-2008
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Summertime Blues — Blue Cheer
Do you remember the predictions post from January 1st. Well, we saw our first major bank failure this week as IndyMac bit the dust. With all of the Alt-A crap on their balance sheet, this shouldn’t be terribly surprising. The only thing that surprises me is the fact that most of the Alt-A loans have not reset yet. The toxic waste they own is going to get much more toxic.
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12 July, 2008| housingblogs |
Comments (0) @ 12:32
- Everything Is Priced To Sell In California
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The San Francisco Business Times reports from California. “So-called middle class millionaires, those with $1 million to $10 million, say they expect to lose real estate to foreclosure in the year ahead, according to a recent survey conducted by Lewis Schiff, a co-author of The Middle Class Millionaire.”
“Of those surveyed, 36 percent have a second residence for personal use and 5.6 percent of those expect to lose the property over the next year. Of those surveyed almost 45 percent own residential real estate as an investment, and 20 percent of those expect to lose their investment during the next 12 months.”
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Original Source: thehousingbubbleblog.com
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12 July, 2008| housingblogs |
Comments (0) @ 11:19
- Just the Beginning…
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Here’s the link for the Union Tribune article.Here’s what to do …
Original Source: bubbletracking.blogspot.com
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12 July, 2008| housingblogs |
Comments (0) @ 10:10
- Just the Beginning…
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Here’s the link for the Union Tribune article.Here’s what to do …
Original Source: bubbletracking.blogspot.com
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12 July, 2008| housingblogs |
Comments (0) @ 10:10
- Weekend Wrap Up
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Hello everybody,I’ve been extremely busy with work and school this week as you can tell by my lack of posts. Obviously I missed a lot of stuff. I picked up the Wall Street Journal today and the headline reads: Crisis Deepens as Big Bank Fails: IndyMac seized in largest bust in two decades….
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12 July, 2008| housingblogs |
Comments (0) @ 10:08
- Tree of the week: the New Zealand Christmas tree
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Good morning, and happy Opening Day. (Opening Day for 4-year-old tee-ball in our family). Without further ado, Pieter Severynen’s "Tree of the Week":…
Original Source: feeds.latimes.com
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12 July, 2008| housingblogs |
Comments (0) @ 8:40
- The fall of IndyMac
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In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bancorp Inc. was taken over by federal regulators on Friday.
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Original Source: rss.cnn.com
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12 July, 2008| housingblogs |
Comments (0) @ 7:31
- HP Exclusive: Shamed IndyMac CEO/Mortgage Fraudster Michael Perry Gave $2,300 to Corrupt Senator Chris Dodd
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The stench coming from Chris Dodd might be even worse than the stench coming from Angelo Mozilo and Michael Perry….
Original Source: housingpanic.blogspot.com
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12 July, 2008| housingblogs |
Comments (0) @ 7:30
- The rise and fall of IndyMac
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In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bancorp Inc. was taken over by federal regulators on Friday.
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Original Source: rss.cnn.com
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12 July, 2008| housingblogs |
Comments (0) @ 7:24
- Seized! IndyMac placed in FDIC hands
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As I’m sure you all already know by now, IndyMac bank was seized by the FDIC yesterday as a run on deposits caused by panic over the failure of the mortgage arm of the company and comments released to the media by Senator Schumer about the bank’s ability to survive.
IndyMac is the largest bank failure to date amidst the subprime induced (but hardly contained) credit crisis. While many will blame Senator Schumer for the bank’s failure, I submit that he was merely the straw. Poor underwriting guidelines, reckless loan programs, and the inability of the bank to make money and securitize mortgages as investor appetite changed quickly were the real culprits. To put the blame on one letter is to minimize the poor decisions and governance of the bank itself.
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12 July, 2008| housingblogs |
Comments (0) @ 7:13
- The Idea Of Life Without Freddie And Fannie
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Readers suggested a topic on the GSEs. “Is everyone finally realizing this thing is too big to bail?”
Another, “Let’s talk about what would happen if Freddie and Fannie went BK, their stock went to zero, and their bonds traded at about 40% of par value. Would other players be able to step in, raise capital, and start offering traditional 20% down mortgages to 700+ FICO borrowers? How long before that could happen, i.e., how long would it take for a stable mortgage market to rise out of the ashes?”
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Original Source: thehousingbubbleblog.com
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12 July, 2008| housingblogs |
Comments (0) @ 6:40
- Freddie and the Fed Rumors
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Which is not the name of a band but probably should be.
Via Big Picture, we find this at Bloomberg:July 11 (Bloomberg) — The Federal Reserve has not had any discussions with Fannie Mae and Freddie Mac about access to direct loans from the central bank, Fed spokeswoman Michelle Smith said.
“Federal Reserve officials are following the situation closely,” Smith said in a telephone interview…
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12 July, 2008| housingblogs |
Comments (0) @ 5:48
- Oil Bubble?
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As politicians blame rising oil prices on speculators, it’s worth reviewing the counterargument made by Princeton University economist Paul Krugman. Krugman says today’s high oil prices are based on actual supply and demand, not financial speculation. Krugman correctly recognized both the late-1990s’ stock market bubble and the housing bubble, so the fact that he argues that there is no oil bubble is ominous….
Original Source: bubblemeter.blogspot.com
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12 July, 2008| housingblogs |
Comments (0) @ 5:25
- Bits Bucket For July 12, 2008
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Please post off-topic ideas, links and Craigslist finds here….
Original Source: thehousingbubbleblog.com
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12 July, 2008| housingblogs |
Comments (0) @ 5:03
- The Decline of a Subprime Mortgage Hedge Fund
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The International Herald Tribune writes about the downfall of the Horizon Strategy hedge fund, run by John Devaney, which invested heavily in mortgages.On Wednesday Devaney, who made and then lost a fortune trading mortgage investments, finally called it quits. He shut his hedge fund, and told his investors that all their money was gone too. ……
Original Source: bubblemeter.blogspot.com
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12 July, 2008| housingblogs |
Comments (0) @ 5:02