Pickle Real Estate

Reading Between the Head-Lines

“Creative” Wall Street and Money-Laundering

“Creative” Wall Street and Money-Laundering
2010-07-06 — firedoglake.com

“I don’t want to get too tinfoil about this. But it strikes me that the efforts to keep Wall Street and all its celebrated creativity intact serves to make it easier for banks like Wachovia to engage in widespread money-laundering. That is, it’s not just shadow banking as it is politely understood, but banking for entire shadow networks, both our own and our enemies.”

original article

July 13, 2010 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

More Evidence That Eurobank Stress Tests Are a Garbage-In, Garbage-Out Exercise

More Evidence That Eurobank Stress Tests Are a Garbage-In, Garbage-Out Exercise
2010-07-03 — nakedcapitalism.com

“The stress tests conducted on 19 large American banks by the US Treasury in 2009 were an amazingly effective exercise in salesmanship and sleight of hand. Banking industry experts, including Bill Black, Chris Whalen, and Josh Rosner, dismissed the process as mere theatrics: too little staffing and not enough “stress” in the economic forecasts and loss assumptions (particularly on second mortgage). My pet peeve was that the banks ran the tests on their trading books using their own risk models, the very ones that had performed so well in preparing them for them in the runup to the crisis.”

original article

July 13, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Obama Administration Tries To Keep Up The PACE

Obama Administration Tries To Keep Up The PACE
2010-07-03 — treehugger.com

“The Property Assessed Clean Energy (PACE) program allows homeowners to finance their own solar panels or energy-savings retrofits by an addition to their property tax bill, but Fannie Mae and Freddie Mac have shut down the program. The Obama administration has tried through the Department of Energy to change the practices of the Federal Housing Finance Agency, which runs Fannie and Freddie, but thus far they have been unsuccessful.”

original article

July 13, 2010 Posted by | Investments, Stats | Leave a comment

Peter Schiff – June 30 2010 – Austerity or Stimulus – Watch Out For Run Away Inflation

July 13, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

On The New York Fed’s Editorial Influence Over The WSJ

On The New York Fed’s Editorial Influence Over The WSJ
2010-07-05 — zerohedge.com

“Yet going through some of the recently made public e-mails produced on behalf of Stephen Friedman, we had a few questions as to the full independence of the WSJ when it comes to “editorial” suggestions from the Federal Reserve Board Of New York. As the below email from Fed EVP of the Communications Group, ala media liaison, Calvin Mitchell to the WSJ’s Kate Kelly demonstrates, and as the final product confirms, the Fed was quite instrumental in what quotes, tangents, implications, and story lines the WSJ was allowed and not allowed to use and pursue in framing the problem of not only Friedman’s conflict of interest, but that of the FRBNY board of directors itself.”

original article

July 13, 2010 Posted by | Banking, Lending, Real Estate, Stats | Leave a comment

Who Would Finance Mortgages If Fannie, Freddie Disbanded?

Who Would Finance Mortgages If Fannie, Freddie Disbanded?
2010-07-02 — cnbc.com

“Earlier this year, Treasury Secretary Tim Geithner laid out a general outline for how the Obama Administration would reform Freddie and Fannie, including insuring that shareholders don’t reap gains while the public pays for the losses.”

original article

July 13, 2010 Posted by | Banking, Foreclosure, Investments, Lending | Leave a comment

Investors Snap Up High-Quality Multifamily Properties as Rents, Occupancy Improve

Investors Snap Up High-Quality Multifamily Properties as Rents, Occupancy Improve
2010-07-01 — costar.com

“Competition Fierce for Choice Assets But Deals Aren’t As Prolific in the First Half of Year as Some Analysts Expected”

original article

July 13, 2010 Posted by | Real Estate, Stats | Leave a comment

Fed Made Taxpayers Junk-Bond Buyers Without Congress Knowing

Fed Made Taxpayers Junk-Bond Buyers Without Congress Knowing
2010-07-01 — bloomberg.com

“By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit.”

original article

July 13, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Banks Face $5 Trillion Rollover by 2012

Banks Face $5 Trillion Rollover by 2012
2010-06-30 — nakedcapitalism.com

“This Sydney Morning Herald story (hat tip reader Gordon) highlights a Bank of England report that not only points out the magnitude of the financing needs of major banks over the next few years, a daunting $5 trillion, but also indicates that US and European bank refinancings are falling short of their rollover calendar. This suggests that we may witness a combination of balance sheet shrinkage and more covert and overt funding support.”

original article

July 13, 2010 Posted by | Banking, Real Estate, Stats | Leave a comment

Were DOOMED!

We’re doomed!

2010-06-30 — worldmag.com

“Despite the happy talk coming out of the White House, there is overwhelming and terrifying evidence that we’re heading for an economic cliff next year. It’s going to happen. Make your plans accordingly.”

original article

July 13, 2010 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

   

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