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Browsing Category
Economy
FDIC list of problem banks
I was recently called out on missing the details of the FDIC's list of 117 'problem' banks. In a post on the OTS' agreement for regulatory supervision of Washington Mutual, I incorrectly stated that NCC was on that list and inferred that…
John McCain has poor judgment, but Palin is working out quite well
The Economist, like many other Libertarian-minded publications and individuals, has soured on John McCain. One week ago their cover page story was "Bring back the real McCain" and this past week their storyline on McCain was that the man…
WaMu on the brink of disaster: has agreement with regulators
You have probably heard by now that Washington Mutual ousted its embattled CEO Kerry Kilinger and replaced him with former Sovereign Bancorp CFO Alan Fishman. But, what you have not heard is that WaMu has signed an agreement with the…
Jim Rogers: Called Freddie and Fannie a ‘disaster’ two months ago
The finance and investing website Money Morning has a very provocative piece om Jim Rogers today. Rogers, who has been railing against the bailout of Fannie and Freddie for some time, thinks the Treasury and Federal Reserve will fail in…
Quote of the day: Gordon Brown, get your bazooka
Today, David Wighton over at the Times Online referenced U.S. Treasury Secretary Hank Paulson's quip that the U.S. Government had a bazooka ready to us in the case of the Frannie and Freddie Nightmare on Wall Street in saying:Helping to…
CDS Market: Did Fannie and Freddie Default?
Apparently, the answer is yes.
Thirteen "major" dealers of credit-default swaps agreed "unanimously" that the rescue constitutes a credit event triggering payment or delivery of the companies' bonds, the International Swaps and Derivatives…
Nationwide merger with Cheshire and Derbysire now a done deal
I posted yesterday that Nationwide had confirmed it was in advanced talks with both Cheshire and Derbyshire. Now, it seems the mergers are complete. However, it should be noted that these deals were done under duress (see post mentioned…
Gateway Financial and Midwest Banc have one-third of capital in Fannie and Freddie Preferreds
If you are looking for the fallout from the Fannie and Freddie Nightmare on Wall Street, look no further than Gateway Financial and Midwest Banc. These two regional banks have nearly one-third of their tangible net worth tied up in GSE…
Freddie and Fannie taken over by US government
The U.S. government has finally stepped in to stop the bleeding. Fannie Mae and Freddie Mac, the two giant government sponsored enterprises have been taken into conservatorship and are now government property. As I consider this move a…
Nationwide looking to buy targets in UK mortgage market
Nationwide Building Society, the largest not to demutualise, is taking full advantage of the troubles in the mortgage market and looking for rivals to snap up on the cheap. Multiple news outlets are reporting that Nationwide is in talks…