The U.S. Banking Crisis Has a Long Way to Go
The banking has not reached the halfway point, maybe not even the midpoint of the first quarter. The FDIC has recorded 307 bank failures. The total could reach 1,800 - 3,000.
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Browsing Tag
mortgages
Zombie Households
by Annaly Capital Management Thursday’s third quarter GDP release provides a ton of fodder for the data dorks among us. There will be more to follow on this in the October monthly commentary, but today we’ll look at just one of the…
Foreclose on the Foreclosure Fraudsters, Part 2
By William K. Black and L. Randall Wray William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of…
Black Says `Major Frauds’ Continue at Mortgage Companies
Short clip below. Regarding the comments about Citi, see this article here. This is not new news because Bowen testified in April (see here). Yet, nothing was done in the intervening six months until the foreclosure crisis precipitated…
The Subprime Debacle: Act 2, Part 2
by John Mauldin
They Knew What They Were Selling
It's hard to know where to start. There is just so much here. So let's begin with testimony from Mr. Richard Bowen, former senior vice-president and business chief underwriter with…
Foreclose on the Foreclosure Fraudsters, Part 1
By William K. Black and L. Randall Wray William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of…
Chris Whalen: US Foreclosure Crisis A ‘Cancer’
Chris sees the foreclosure crisis developing into a drip, drip of foreclosed property, unpaid property taxes, and loan losses. In his view, the Obama Administration is in a similar position to the Hoover Administration during the…
Market Is Facing Major Headwinds
by Comstock Partners The current market rally is not based on a self-sustained typical economic recovery, but on blind faith that the Fed can pull out a magic wand and cure everything with another round of quantitative easing (QE2). As we…
An update on asymmetric information and corporate governance in bank bailouts
Last June I wrote a post on the topic of corporate governance that pointed to one of only two outcomes as the likely result of the bank bailouts. Outcome number one was bank prudence and low credit growth in the face of uncertainty. Outcome…
The Alchemy of Securitization
This is a cross-post from the new economic blog Global Economic Intersection. Ratings agencies have been criticized for inadequately determining risk in the massive collection of debt securities created in the credit bubble. A second…