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Friday
Feb182011

Christine Lagarde On The Paris G-20: Global Growth Must Be First Priority - Bloomberg Interview

Video - France Finance Minister Christine Lagarde on this weekend's Group of 20 finance ministers meeting in Paris - Feb. 18, 2011

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Friday
Feb182011

The Federal Reserve Sponsors PROPAGANDA Contest On YouTube - End The Fed Movement Fires Back With GENIUS

Friday
Feb182011

Bank Bondholders Face Euro threat: "Moody’s Considers Subordinated Debt To Be Most At Risk Under New Law"

Friday
Feb182011

Bernanke Defends Lehman Actions To His 'Deathbed'

Friday
Feb182011

Allstate Sues J.P. Morgan Chase Over Sale Of Toxic RMBS

How to get your way in Washington.  Dimon flirting with Romer...

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Friday
Feb182011

In Response To Dividend Request, Fed Tells Banks To Stress Test For New Recession With 11% Unemployment

Friday
Feb182011

FHA Commissioner Asks Congress For Wider Authority To Push Fraudulent Mortgages Back To Banks

Friday
Feb182011

More Homebuyer Tax Credit Madness: 20 Year Old Uses FHA Loan To Buy With No Money Down And Gets Cash Back For Her Trouble

Before she was old enough to legally drink alcohol, Denise Tejada bought a house in the San Francisco bay area, one of the most expensive real estate markets in the country.  Her brother Wilmer bought his first house when he was 21 and he's investing in a second property soon.

And to make things worse, she is already underwater by $28,000 courtesy of a second loan for improvements to the property.  There's no way of knowing how this will turn out, but it's safe to assume that subsidizing her purchase is not worth the theft from future generations.

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Thursday
Feb172011

MERS Lacks Legal Right To Transfer Mortgages, NY Judge Rules "In Case Of Significant Impact"

  • “The judge basically deconstructed MERS and said there’s no possible way in any case you can come in and show you have this appropriate proper status to transfer the note.”
  • “MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote.
  • “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.”

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Thursday
Feb172011

Fox News Apologizes On Air For Ron Paul CPAC Smear

This is straight bull.  I don't have a problem with Bill Hemmer, but I worked at CNN, and I know something about the cable news business.  One file would be labeled CPAC 2010, and the other 2011.  No other way about it.

Here's the original clip from Fox:

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Thursday
Feb172011

Chris Whalen On Wells Fargo & BofA: "They've been pulling reserves out of loss provisions to goose their earnings and hit the analyst targets"

Editor's Note:  Brand new from the world's best independent banking analyst. Truth and transparency are in short supply at Wells Fargo.

Bloomberg Video - Chris Whalen - Feb. 16, 2011

Christopher Whalen, managing director of Institutional Risk Analytics, talks about Howard Atkins's highly suspect and suspicious decision to resign from his position as chief financial officer of Wells Fargo.

  • "There is constant discussion of both Wells Fargo and Bank of America disclosure.  I think that they are understating their losses.  As a result, they've been able to not only improve their earnings, but they've been pulling reserves out of loss provisions to goose their earnings and hit the analyst targets, which I think is unconscionable.  I think these banks should be looked at very hard by federal regulators to see if they're not hiding losses in areas like troubled debt restructuring, and in modifications."

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Thursday
Feb172011

Will Bernanke Scoop Up $50 Billion Of Ireland's Toxic Assets? Fine Gael Seeks MASSIVE Loan From U.S. Fed

The Chairman can't stop stuffing his face his balance sheet.

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Thursday
Feb172011

Map Of U.S. States By Home Foreclosures

Thursday
Feb172011

Banks Win Again: Fed Caves On Debit Card Fees

The legacy of Ken Lewis always wins in America.

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