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Mortgage crisis victims: First Ed McMahon, now Evander Holyfield
Unfortunately this IS the real deal, Evander Holyfield -- you're losing your house. HousingWire is reporting that Evander Holyfield has become the second major celebrity to succumb to buckling home prices and financial difficulty this…
Additions to Credit Crisis Timeline
Latest Additions2008 05 26 UBS Falls After Saying More Mortgage Losses Possible2008 05 27 Banks, Brokers Cut 83,000 Jobs as Subprime Losses Mount: Table2008 05 28 Ambac shares hit record low after new disclosure2008 05 28 KeyCorp Slide…
National City is on probation
The bad news in the financial sector keeps coming. Today, the news is about National City, a Cleveland-based regional bank in the US. The Wall Street Journal reports that the Office of the Comptroller of the Currency (OCC) has put Nat…
Unemployment Report: biggest rise in rate in two decades
The U.S. economy is losing jobs fast. I will have more to say about this later, but I wanted to get out a link to Bloomberg's coverage of the 8:30 unemployment report. There's also a link to the report under the "Economic Data" section in…
Caroline Baum: Dollar Policy for Dummies
Caroline Baum has a great column at Bloomberg News today about U.S. Dollar policy. The basic thrust of the column was about asking Ben Bernanke to put his money where his mouth is. The Fed can talk all it wants -- about the Dollar and…
Chart of the day: Change in jobless claims
Every week the U.S. Department of Labor puts out the previous week's jobless claims statistics through its Employment and Training Administration (Doleta). Analysts look at it to get a sense of how employment is being affected by the…
Canada: Boom in progress
Canada has experienced a housing boom, not unlike many other English-speaking countries globally. According to the Globe and Mail, housing prices have doubled there nationally in the last 10 years. So, what are the prospects for Canadian…
MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating
From Bloomberg News in it's entirety. This is a HUGE story. This means that Ambac and MBIA will go bust, no doubt. And there will be significant writedowns in Q2 and Q3. Expect to see a major financial institution fail (one that's…
Mortgage distress shifts to prime borrowers
Housing wire has a very interesting piece out today, suggesting that the mortgage crisis in the U.S. has moved far beyond merely subprime and even Alt-A; Prime borrowers are now where the greatest increase in mortgage stress is being felt.…
Household wealth plummets in Q1 2008
Calculated Risk is reporting a huge decline in household wealth due to the deflating housing bubble."The Fed released the Q1 2008 Flow of Funds report today: Flow of Funds. The Fed report shows that household real estate assets decreased…