Pickle Real Estate

Reading Between the Head-Lines

Fed Names Recipients of $3.3 Trillion in Crisis Aid

2010-12-02 Bloomberg.com

The Federal Reserve, under orders from Congress, today named the counterparties of about 21,000 transactions from $3.3 trillion in aid provided to stem the worst financial panic since the Great Depression.

Bank of America Corp. and Wells Fargo & Co. were among the biggest borrowers from one program, the Term Auction Facility, with as much as $45 billion apiece. Some aid went to U.S. units of foreign institutions, including Switzerland’s UBS AG, France’s Societe Generale and Germany’s Dresdner Bank AG. The Fed posted the data on its website to comply with a provision in July’s Dodd-Frank law overhauling financial regulation.

“We owe an accounting to the American people of who we have lent money to,” Richmond Fed President Jeffrey Lacker said today in an interview on Bloomberg Radio’s “The Hays Advantage,” with Kathleen Hays. “It is a good step toward broader transparency.”

Full Article Here

December 2, 2010 Posted by | Banking, Investments, Lending, Stats | Leave a comment

The Housing Double-Dip is Here

2010-12-01 businessinsider.com

The chart (below) depicts the annual returns of the U.S. National, the 10-City Composite and the 20-City Composite Home Price Indices. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 1.5% decline in the third quarter of 2010 over the third quarter of 2009. In September, the 10-City and 20-City Composites recorded annual returns of +1.6% and +0.6%, respectively.

Read more:

December 2, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

The Nine Most “Inconvenient” RoboSigning Admissions BofA Would Love To Disappear

2010-11-15 ZeroHedge.com

As if the fact that the world economy has once again taken a turn for the worse (rising inflation in China, sinking everything in Europe, endless QE in the US) wasn’t enough, that pesky problem of robosigning and fraudclosure just refuses to go away. And even though the major banks are doing their best to remove any reference of this problem, which will eventually be the final nail in the coffin sealing the first truly global great depression, from the mainstream media, here is a sampling of some of the choicest admissions by robosigners, which will continue to serve as the basis for thousands of lawsuits (both RICO and otherwise) to come. While we know that BofA’s Reps & Warrantees reserve is woefully underfunded (with everyone and their grandmother now seeking to putback RMBS to BofA, anything less than ‘infinity’ is underfunded), we hope Bank of America has set up a sufficiently large legal expenses reserve. It will need it.

1. ‘Just Sign The Documents

Video deposition of alleged robosigner Crystal Moore of Nationwide Title Clearing. Deposition taken by attorney Christopher Forrest of The Forrest Law Firm in Pinellas County, Florida, Nov. 4, 2010

2. A Vice President At More Than 20 Companies

Part 2: Video deposition of alleged robosigner Bryan Bly taken by attorney Christopher Forrest in Pinellas County, FL on Nov. 4, 2010.

3. “Just Look For My Name, And Then Sign”

“Do you have any understanding as to what that term means, ‘for good and valuable consideration’?”
“I don’t usually read the docs when I sign.”
“So it’s not part of your job to review the document. Your job is just to sign it.”
“Just look for my name, and then sign.”

4. No Experience Necessary

“What did you study [in the one year of college]?”
“Nothin’. It was just the basic.”
“General courses?”
“Do you have any other additional training or education in banking or finance?”
“Real estate?”



5. Signing 5,000 Documents Per Day At Less Than A Minute Each

“Can you tell me on any given day how many assignments or other documents you sign?”
“Are you looking for a ballpark average?”
“Ballpark. I certainly don’t expect you to remember exactly.”
“I’d say 5,000.”
“Would that be an average day for you?”
“That would be average.”
“Would it be fair to say that during your tenure at NTC you’ve probably signed an excess of 50 or 60 thousand documents?”
“Could be higher than that?”
“With signing so many on any given day, can you estimate for me the amount of time you spend on any given document?”
“Less than a minute.”
“When you’re presented with a document to sign or notarize, do you take any steps to verify any of the information contained in the document?”
“Not in the body.”
“When you say ‘not in the body’ are there any other steps that you take?”
“I’m just looking to make sure it’s been fully signed.”
“Would it be accurate to say that you are presented with a stack of documents to sign, and your practice is to look at the document, see if it’s been signed, affix your signature to it and then move on to the next document?”



6. A Disturbing Lack Of Experience

“When you say ‘financial’ are you referring to matters relating to banking?”
“No. We don’t do mortgages in my country. … I don’t have any idea about mortgages when I started here.”



7. A Strange Definition Of A Mortgage

“Did you take any steps to verify any of the information contained in this assignment before you signed it?”
“Do you ever take any steps to verify any of the information in the documents you sign at NTC?”


“What is your understanding of what exactly is a mortgage?”
“When somebody goes to buy a house, they take a loan. And then the mortgage is their paying the banks bank.”
“Can you tell me what your understanding is of the term ‘promissory note’?”
“That’s just the note. Like it says the interest rate and stuff like that on it.”



8. Management May Have Electronically Signed Documents For One Employee

“Do you play any role in the creation of the documents to which your signature is electronically affixed?”
“No role.”
“Do you have any idea what documents or how many documents your signature has been electronically affixed to?”
“Do you ever review those electronic documents after your signature has been affixed?”
“So would it be accurate to say that entire process takes place outside of your presence and knowledge?”
“That would be fair.”


“You play no role in the determination as to whether or not you should be signing the document physically, or whether your electronic signature should be inserted?”
“Who makes that decision?”
“That would be someone in management.”
“So someone else in management is making a decision as to whether or not to use your signature to affix it electronically to a document?”
“And you have no role in that process?”



9. Signing More Than 50,000 Documents

“Have you signed assignments or other documents as vice president of any other companies?”
“What companies have you signed as vice president?”
“I don’t know.”
“You can’t recall any?”
“Mm-mm [No].”
“Can you estimate for me the number of different companies that you’ve signed assignments as vice president?”
“I don’t know.”
“Can you estimate for me how many assignments or other documents in total during your tenure at NTC you signed as an officer or a vice president of a company?”
“I don’t know.”
“Is it more than 10?”
“More than 500?”
“More than 5,000?”
“More than 20,000?”
“More than 50,000?”
“And out of those 50,000, the only company that you can recall signing as a vice president or an officer is City Residential Lending?”


All Videos Here:

November 15, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Global Fed bashing casts shadow over G-20

2010-11-09  CnnMoney.com

Growing criticism of U.S. Federal Reserve policy is fueling global tensions as leaders of the world’s largest economies prepare to meet in South Korea Wednesday.

Last week the Fed announced it would pump another $600 billion into the U.S. economy through the purchase of long-term Treasuries, a move known as quantitative easing, or “QE2,” since it is the second round of such purchases.

The move sparked fears that it could reignite inflation pressures, cause a new global asset bubble or spark a so-called “currency war” in which nations devalue their own currencies to keep their own exports competitive.

President Obama will hear those complaints later this week when he arrives at the G-20 meeting in South Korea, a summit of heads of state of the world’s leading economies.

The harshest criticism came Friday from German Finance Minister Wolfgang Schäuble, who told reporters at a conference that, “With all due respect, U.S. policy is clueless.”

“It’s not that the Americans haven’t pumped enough liquidity into the market,” he said. “Now to say let’s pump more into the market is not going to solve their problems.”

Original Article Here

November 9, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Goldman: Real Cost Of Fed “Easing” Will Exceed $2 Trillion — Gold Hits Record High

2010-11-05 Infowars.com

Goldman Sachs anticipates that the real cost of the second round of quantitative easing will be in excess of $2 trillion and will continue well into 2012, while other prominent economists have denounced the Fed’s actions.

The Fed announced yesterday that it would purchase $600 billion in Treasury securities in a statement that left open the possibility of the real cost rising much higher.

“The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.” the statement read.

As pointed out by Tyler Durden at the Zero Hedge blog, Goldman Sachs has predicted that the real cost of the Fed’s plan will sky rocket.

“We believe that the program will grow significantly beyond the initial $600 billion” remarks Goldman’s Jan Hatzius.

Original Article Here


November 5, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment

Bank Holiday Rumors Swirl Amidst Currency Crisis

2010-11-05 Infowars.com

With the world on the verge of a currency war as the Federal Reserve follows through on its dollar-killing quantitative easing program, rumors are once again swirling of a “bank holiday,” during which US citizens will be prevented from withdrawing money or at least limited in the amount of the withdrawal they can make.

The bank holiday is rumored to be set for next week, with Thursday November 11 pinpointed as the likeliest date.

According to radio host Steve Quayle, a pastor was told by one of the managers of a prominent east coast bank that banks would close for an undetermined amount of time, and that when they reopened, “all withdrawals

Original Article


November 5, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment

Is the FED going to lead us to rabid inflation?

Financial upheaval has been matched by political upheaval, and we can only hope that Congressman Ron Paul and his son, Senator in waiting Rand Paul, can build momentum to finally cut out the cancer that is destroying America – by ending the Fed for good.

November 5, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Foreclosure timeline exceeding 500 days in some states

2010-11-04  Truthaboutmortgage.com

Foreclosure timelines continue to increase, thanks in part of the recent robosigning allegations and related moratoria, according to the September Mortgage Monitor report released byLender Processing Services.

The average number of days mortgages are delinquent in five judicial states (New York, Florida, New Jersey, Hawaii and Maine) now exceeds 500 days.

Judicial foreclosures generally take longer to process because they are handled through the courts, and we all know how that goes…

Full Article Here:

November 4, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment

Countrywide purchase keeps costing Bank of America

2010-11-04  Charlotteobserver.com

For Bank of America, Countrywide Financial is turning into a fixer-upper home that keeps needing one more budget-busting repair.

In January 2008, then-chief executive Ken Lewis called the Charlotte bank’s $4billion deal to buy the troubled lender a “compelling value.” But nearly three years later, the mortgage unit created by the acquisition is a major headache for Lewis’ successor, Brian Moynihan, and the bank’s shareholders.

Read more: http://www.charlotteobserver.com/2010/11/04/1810176/countrywide-purchase-keeps-costing.html#ixzz14M186V9Z

November 4, 2010 Posted by | Banking, Foreclosure, Lending, Real Estate, Stats | Leave a comment

BofA’s Moynihan `Surprised’ by New York Fed Loan Putback Demand

2010-11-03  -Bloomberg.com

“Bank of America Corp. Chief Executive Officer Brian T. Moynihan said he was surprised when the Federal Reserve Bank of New York and investors sent a letter pushing the firm to repurchase soured mortgages pooled into securities.”


original article


November 4, 2010 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

Lawsuit Alleges that MERS Owes California a Potential $60-120 Billion in Unpaid Land-Recording Fees

2010-10-25 Zerohedge.com

“MERS is facing class-action lawsuits and civil racketeering suits around the country and their members are being individually named in all these suits. One suit alleges that MERS owes California a potential $60 billion to $120 billion in unpaid land-recording fees.” 

original article

October 25, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

And Here’s Another One: Georgia

2010-10-25 market-ticker.org
“MERS does not have the authorized power to send a valid notice of foreclosure within the State of Georgia for those deeds where it is “solely a nominee” and does not have the authority or power under Georgia law to foreclose on a property or engage in an auction of sale on such property where is is “solely a nominee” on such deeds.”

 original article

October 25, 2010 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

Law Expert: MERS Mess Could Have “a Massive Effect on the Economy”

Law Expert: MERS Mess Could Have “a Massive Effect on the Economy”

2010-10-18 – Fire Dog Lake news desk

“So I had a pretty incredible conversation last night with Christopher Peterson, the law professor and Associate Dean for Academic Affairs at the University of Utah, who wrote two illuminating Law Review articles about MERS, the shell entity that created an electronic database for the trading of mortgages. I’m going to do my best to summarize the findings of the interview, but I want to stress two things that I learned – 1) this is very heady stuff, tied up in contract law and all sorts of associated legal issues, 2) absolutely nobody in this country knows with any certainty how this is going to play out.

With that as a base, here’s the gist of the conversation.”

original article

October 21, 2010 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

strategic default driven by future home prices, default costs

strategic default driven by future home prices, default costs
2010-10-20 — thetruthaboutmortgage.com

“Borrowers thinking about walking away from their homes voluntarily don’t necessarily give up because the mortgage balance exceeds the value of their homes, according to an Economic Letter titled “Underwater Mortgages,” from the Federal Reserve Bank of San Francisco.”

original article


October 21, 2010 Posted by | Lending, Stats | Leave a comment

PIMCO, Blackrock, NY Fed Seek to Force BofA to Repurchase $47 Billion in Soured Mortgages; Viral Nonsense on “Show Me the Note” and “ForeclosureGate”

PIMCO, Blackrock, NY Fed Seek to Force BofA to Repurchase $47 Billion in Soured Mortgages; Viral Nonsense on “Show Me the Note” and “ForeclosureGate”
2010-10-20 — blogspot.com

“At long last, the real issue regarding soured mortgages has stepped up to the plate. The misguided focus on “ForclosureGate” is but a sideshow compared to Pimco, NY Fed Said to Seek BofA Mortgage Repurchases”

original article


October 21, 2010 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

“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

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


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

Bloodbath tomorrow in the stock market?

2010-05-20 Zerohedge.com

Bloodbath tomorrow in the stock market?


The correction, soon to be crash, is here: the market had a bigger relative open to close move today than it did on May 6. We closed at the day’s lows on massive volume, despite definitive central bank intervention, regardless whether it was the SNB, the ECB, or the Fed. The central planners have lost control of the market, and all thanks to the inevitable collapse of hyper capitalist Keynesianism coming out of the formerly most communist country in the world. A day of ironies. And it’s not over. Futures are already down another 4 handles. The correction is coming, and it will be a bloodbath. The Fed can not push rates lower. It will print. It is inevitable. It is our destiny.

Update: Futures now 7 handles lower. 46 point move in ES: that is almost a 5% move in the S&P for now.

May 20, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

The Fed “Owns Credit-Default Swaps … On Debt Owed by California and Nevada. So the Fed Would Profit If One of Those States Defaulted on its Debt.”

2010-05-13  Washingtonblog.com

What about this one folks…….. “The Fed also owns credit-default swaps — basically, insurance policies that pay off if a borrower defaults on a loan. It holds swaps on the debt of Florida schools, and on debt owed by California and Nevada. So the Fed would profit if one of those states defaulted on its debt.”

Full Article and Comments Here

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

Ron Paul: Euro Bailout Will Lead To Currency Collapse

2010-05-10 PrisonPlanet.com

As Europe is bailed out to the tune of nearly $1 trillion dollars, Congressman Ron Paul warns that the constant monetization of debt, allied with taxpayer-funded bailouts, will inevitably lead to runaway inflation and the collapse of paper currencies.

Under the terms of the Federal Reserve’s credit swap deal with the EU – in addition to an additional IMF bailout of which U.S. taxpayers will be picking up 20 per cent ($57 billion dollars) of the tab, Paul pointed out that not just taxpayers but “anybody that buys anything” will be funding the European bailout because of the attendant inflationary consequences.

“The prices are going up already, producer prices are going up, the cost of living will go up so everyone in American will suffer and eventually the whole world will suffer because we cannot carry the whole world with our dollar,” Paul told Fox Business, adding that eventually people will lose confidence in the dollar.

The Congressman agreed with the host that the bailouts would lead to the crash of paper currencies, noting that last week’s stock market turmoil was accompanied by gold acting as a currency rather than just reacting to the value of the dollar.

Full Article Here

May 10, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

The Fed’s Hollowing Out Of US Banks

2010-04-29   Daniel Amerman.com


Have the Federal Reserve’s unprecedented market and banking interventions fundamentally weakened America’s banks?   In this article, we will illustrate how the Federal Reserve has been hollowing out the US banking system.  We will show how the Fed has been creating a banking industry shell that looks strong on the surface, but is increasingly empty beneath that facade, with less and less economic strength, and an ever greater reliance on the Federal Reserve’s monetary creation ability.

Using a single loan as an example, we will explore in step by step detail how almost 10 percent  of US bank assets have been hollowed out, with former investments in the economy being replaced by excess reserve balances at the Federal Reserve. On paper, these balances are the highest quality assets which a bank can own, yet in economic reality, they represent an investment in nothing at all.

Few articles explained the dangerous process of creating an almost entirely artificial mortgage market in 2009, and almost none have explored how participating in this process has transformed US banks in 2010.  When you finish, you may find yourself looking at the new US banking system in a very different way, as well as understanding the powerful economic and personal investment implications.

Full Article Here:

April 29, 2010 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

Willem Buiter Issues His Most Dire Prediction Yet: Sees “Unprecedented” Fiscal Crises, US Debt Inflation And Fed Monetization

2010-04-29  Zerohedge

Doomsday scenarios from the establishment periphery always come fast and furious, especially in our day and age when bankrupt sovereigns are the norm, not the exception. And the “faster and furiouser” these come, the more steadfast the core is in refuting that the reality is much, much worse than portrayed on the mainstream media. Which is why we were very surprised when we read Willem Buiter’s latest Global Economic View (recall that he works for Citi now). In it the strategist for the firm that defines the core of the establishment could not be more bearish. In fact, at first we thought that David Rosenberg had ghost written this. Once the apocryphal truthsayers such as Buiter become mainstream within the mainstream, it is only a matter of time before the marginal opinion shifts to match that of those who have been prognosticating doom all along (for all the right reasons). In the below piece, Buiter presents a game theory type analysis, which concludes that the US and other sovereigns will soon be forced into fiscal austerity. Among his critical observations (we recommend a careful read of the entire 68 pages), are that the US is highly polarized, and that the Fed, which is “the least independent of leading central banks” would be willing to implement “inflationary monetisation of public debt and deficits than other central banks.” The next step of course would be hyperinflation. And Buiter sees America as the one country the most likely to follow this route. Most troublingly, Buiter predicts that a massive crisis is the only thing that can break the political gridlock in the US in order to fix the broken US fiscal situation. Must read.

Full Article Here

Full Report Here (68 pages)

April 29, 2010 Posted by | Banking, Foreclosure, Investments, Real Estate, Stats | Leave a comment

The Economic Policy Error Behind the Stock Market Rally and the Next Phase of the Financial Crisis

2010-04-29  Jesse Cafe’ Blog

The strategy of the Bernanke Federal Reserve and of the Obama Administration’s economic team is fairly clear: prevent the bank failures of the 1930’s by propping up the biggest banks with huge infusions of publicly subsidized capital, and hope that they start lending again as the economy recovers. It is a variation of the ‘trickle down’ theory of economics adjusted by the perceived Fed policy errors of the first Great Depression, with little from the New Deal programs.

Bernanke is famously a student of the first Great Depression, even as General Joffre, the architect of the Ligne Maginot, was a student of the first World War. And Larry Summers is remarkably similar to Marshal Pétain. Tim, on the other hand, seems to be a student of very little, not even apparently of the tax code which he administers, except perhaps the art of being a manservant, a valet to the powerful.

Failure number one of course is that the banks that they chose to support are not responsible commercial banks engaged primarily in lending to small business and localized activity. Those banks are the local and regional banks that are failing in record numbers. The banks they chose to save are those who have heavily contributed to the campaign coffers and job prospects of Washington politicians. Goldman Sachs, for example, is a glorified hedge fund dedicated to speculation and enormous amounts of leverage. One only has to look at the source of their profits to understand what it is that they do with their capital and energy. And it is largely from ‘trading.’

Full Article Here

April 29, 2010 Posted by | Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Ron Paul On ‘An Act Of War’

2010-04-26  Eurasiareview.com

Statement of Congressman Ron Paul – United States House of Representatives –  on Motion to Instruct Conferees on HR 2194, Comprehensive Iran Sanctions, Accountability and Divestment Act – April 22, 2010

Mr. Speaker I rise in opposition to this motion to instruct House conferees on HR 2194, the Comprehensive Iran Sanctions, Accountability and Divestment Act, and I rise in strong opposition again to the underlying bill and to its Senate version as well. I object to this entire push for war on Iran, however it is disguised. Listening to the debate on the Floor on this motion and the underlying bill it feels as if we are back in 2002 all over again: the same falsehoods and distortions used to push the United States into a disastrous and unnecessary one trillion dollar war on Iraq are being trotted out again to lead us to what will likely be an even more disastrous and costly war on Iran. The parallels are astonishing.

We hear war advocates today on the Floor scare-mongering about reports that in one year Iran will have missiles that can hit the United States. Where have we heard this bombast before? Anyone remember the claims that Iraqi drones were going to fly over the United States and attack us? These “drones” ended up being pure propaganda – the UN chief weapons inspector concluded in 2004 that there was no evidence that Saddam Hussein had ever developed unpiloted drones for use on enemy targets. Of course by then the propagandists had gotten their war so the truth did not matter much.

We hear war advocates on the floor today arguing that we cannot afford to sit around and wait for Iran to detonate a nuclear weapon. Where have we heard this before? Anyone remember then-Secretary of State Condoleeza Rice’s oft-repeated quip about Iraq: that we cannot wait for the smoking gun to appear as a mushroom cloud.


Full Article Here

April 29, 2010 Posted by | Real Estate, Stats, Uncategorized | Leave a comment

Auroroa was pumping out up to 300 billion dollars a month in liars’ loans.

2010-04-21 – Ritzhold.com

” We have known for decades that these are frauds. We have known for a decade how to stop them. All of the major regulatory agencies were complicit in that statement, in destroying it. We have a self-fulfilling policy of regulatory failure because of the leadership in this era.

We have the Fed, the Federal Reserve Bank of New York, finding that this is three card monty. Well what would you do, as a regulator, if you knew that one of the largest enterprises in the world, when the nation is on the brink of economic collapse, is engaged in fraud, three card monty? Would you continue business as usual?

That’s what was done. Oh they met a lot — they say “we only had a nuclear stick.” Sounds like a pretty good stick to use, if you’re on the brink of collapse of the system. But that’s not what the Fed has to do. The Fed is a central bank. Central banks for centuries have gotten rid of the heads of financial institutions. The Bank of England does it with a luncheon. The board of directors are invited. They don’t say “no.” They are sat down.


Instead, every day that Lehman remained under its leadership, the exposure of the American people to loss grew by hundreds of millions of dollars on average. Auroroa was pumping out up to 300 billion dollars a month in liars’ loans. Losses on those are running roughly 50% to 85 cents on the dollar. It is critical not to do business as usual, to change.”

Full Transcript Here

April 21, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

A Few Articles on Goldman Sachs

2010-04-19 – Calculated Risk

Several articles tonight …

From Gretchen Morgenson and Landon Thomas Jr. at the NY Timmes: A Glare on Goldman, From U.S. and Beyond

“We request that S.E.C., with all due haste, pursue investigations into the remaining 24 Abacus transactions for securities fraud, evaluate the extent of any receipt, by Goldman Sachs, of fraudulently generated A.I.G.-issued credit default swap payments, and vigorously pursue the recovery of such payments on behalf of the U.S. taxpayer,” the [Representatives Elijah E. Cummings and Peter DeFazio] wrote to Mary L. Schapiro, the head of the [S.E.C.], in a letter dated April 19. Mr. Cummings and Mr. DeFazio are still gathering signatures from other members of Congress to add to their letter, so it has not yet been sent.

From Trish Regan at CNBC: Pursuing Banking Fraud is ‘Top Priority’: SEC’S Khuzami

In the Securities and Exchange Commission’s first public statement since its press conference announcing charges against Goldman Sachs on Friday, S.E.C. Enforcement Director Robert Khuzami told CNBC, “We have brought and will continue to pursue cases involving the products and practices related to the financial crisis.” … a wide range of cases are currently being investigated.

From Carrick Mollenkamp, Serena Ng, Scott Patterson, and Gergory Zuckerman the WSJ: SEC Investigating Other Soured Deals

The Securities and Exchange Commission … is investigating whether other mortgage deals arranged by some of Wall Street’s biggest firms may have crossed the line into misleading investors.

From Edward Wyatt at the NY Times: S.E.C. Puts Wall St. on Notice

In the last few years, the Securities and Exchange Commission seemed like the cop in the doughnut shop, sitting idly by while the likes of Lehman Brothers and Bernard L. Madoff ran amok.

In interviews this weekend, Mary L. Schapiro, the commission’s chairwoman, and Robert Khuzami, its new director of enforcement, said the agency was stepping up both its rule-making and its investigations in the wake of the financial crisis.

And from John Emshwiller at the WSJ: Countrywide Probe Shows Signs of Life

Federal criminal investigators looking into the collapse of Countrywide Financial Corp. have been calling witnesses before a grand jury, say people familiar with the matter. Such a step suggests that the investigation of the one-time mortgage giant, which has been continuing for about two years, could be moving closer to a resolution.

April 19, 2010 Posted by | Banking, Investments, Stats | Leave a comment

Rolling Stone Magazine article “Looting Main St.”

Wow. What a crazy read.

“….There was so much money to be made bilking these dizzy Southerners that banks like JP Morgan spent millions paying middlemen who bribed — yes, that’s right, bribed, criminally bribed — the county commissioners and their buddies just to keep their business. Hell, the money was so good, JP Morgan at one point even paid Goldman Sachs $3 million just to back the fuck off, so they could have the rubes of Jefferson County to fleece all for themselves…..”

Full Article Here

April 14, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Loans slump may point to house price fall

2010-04-12- smh.com

Our Country is currently doing 50,287 loans a month per article above.  These include all types of home loans, purchases, refinances, construction loans, HELOC’s, etc.  This does not mean 50,287 homes have been sold or taken off of the market.

Our same Country is losing 290,631 homes a month to foreclosure.  These numbers do not include the hidden inventory nor does it include all the mortgages that will adjust in 2010, 2011, 2012 causing the foreclosure number to go up and removing even more potential buyers.  I always go back to the fact we were at an all time high of homeownership in our country’s history before the bust.  Where do we plan to find more buyers?  We have lost close to 5 million buyers because they lost their homes to foreclosure.  Minimum lending requirements require you to be 3 years removed from a foreclosure discharge date before they will be able to buy again.




Full Article Here

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

BofA to have 45,000 foreclosures per month by December of 2010.

2010-04-08 – irvinehousingblog.com

“Lenders are trying to figure out how their massive Ponzi Scheme collapsed. They are relearning lending again because everything they thought they knew was wrong. When you get down to the heart of the matter, borrowers are carrying too much debt which is killing them financially and emotionally”

I attended a local Building Industry Association conference on Friday 26 March 2010. The west coast manager of real estate owned, Senior Vice President Ken Gaitan, stated that Bank of America, which currently forecloses on 7,500 homes a month nationally, will increase that number to 45,000 homes per month by December of 2010.

Full Article Here

April 12, 2010 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

IVE BEEN HIDING FOR Q1 – 2010 It seems…. (but now I’m back)

I apologize to everyone about the lack of updates. Work has been…. well…. work. It seems transactions take 3 – 4x as long and nearly 9 of 10 are either Short Sales or Bank Owned real estate.  It seems that the banks are controlling the market, the interest rates and now, most of the real estate for sale.  We have tax credits expiring, we have the FED’s backing out of buying Mortgage Backed Securities, we have hundreds of billions $$$ in loans left to adjust and we have an ENORMOUS pool of Commercial Rela Estate scheduled for default in the next 4 years. Things are about to get really interesting, so I’ll get back on my horse and keep you all up-to-date.

Happy Navigating, Jason Pickle

April 12, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Weekly Initial Unemployment Claims: 457,000

2009-12-03Calculated Risk Blog

“In the week ending Nov. 28, the advance figure for seasonally adjusted initial claims was 457,000, a decrease of 5,000 from the previous week’s revised figure of 462,000 [revised from 466,000]. The 4-week moving average was 481,250, a decrease of 14,250 from the previous week’s revised average of 495,500.

The advance number for seasonally adjusted insured unemployment during the week ending Nov. 21 was 5,465,000, an increase of 28,000 from the preceding week’s revised level of 5,437,000. The 4-week moving average was 5,541,500, a decrease of 75,750 from the preceding week’s revised average of 5,617,250.”

Full Article Here

December 4, 2009 Posted by | Foreclosure, Investments, Lending, Stats | Leave a comment

Dubai Shows Limits of Government Rescues, Roubini’s Das Says

2009-11-30 Bloomberg.com

Nov. 27 (Bloomberg) — The worldwide decline in equities spurred by Dubai’s efforts to reschedule its debt is a sign that government spending alone won’t be enough to protect financial markets, according to Arnab Das of Roubini Global Economics.

Stock volatility will probably jump as countries and companies default on loans, said Das, the head of market research and strategy at RGE, the advisory firm founded by economist Nouriel Roubini.

Shares slumped from Shanghai to Brazil and European shares fell the most in seven months yesterday after Dubai World, the government investment company burdened by $59 billion of liabilities, sought to delay repayment on much of its debt. Governments have spent, lent or guaranteed $11.6 trillion and central banks held interest rates near zero percent to end the first global recession since World War II.

“We’re bound to see a rise in risk aversion,” Das, who is based in London, said in an interview. “The Dubai situation signifies that although the major central banks around the world have stabilized the financial system, they can’t make all the excesses simply disappear. We still have to work out those balance sheet stresses. The recovery is proceeding, but significant challenges still lie ahead.”

Full Article Here

December 3, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Dubai Defaults – Deflation In Action – Watched Pot Theory Revisited

1009-11-29 Mish’s Global Economic Blog

Global stock markets endured heavy selling on Thursday as investors were spooked by the spectre of a default by Dubai and after a febrile foreign exchange market saw the yen surge to a 14-year high against the dollar.

The turmoil caused a flight to less risky assets. Gold, which had challenged $1,200 in Asian trading, fell back from its highs and money flowed into havens such as German government bonds.

US markets are closed for the Thanksgiving holiday, but electronic trading of the benchmark S&P 500 equity futures contract showed a potential drop on Wall Street of 2.2 per cent.

As the European trading day progressed it became clear it was Dubai World’s difficulties that had hit a particular nerve, reminding investors of the lingering damage wrought by the financial crisis.

Full Article Here

December 3, 2009 Posted by | Investments, Lending, Stats | Leave a comment

Case-Shiller Still Predicts Massive 45% Fall From Today’s Values

2009-11-24 MLImplode.com

The 10 major cities in the Standard & Poor’s/Case-Shiller home price index have risen 5% from their April low, but the index is still predicting a massive 45% fall from today’s values.

The index is still showing a current loss of 30% from the high in June 2006. Based upon a trend generated from the actual prices of 1987 to 1997, and generated forward in a linear projection, the index will fall a total of 62% before it reaches the trend norm.

Full Article Here

November 25, 2009 Posted by | Foreclosure, Lending, Real Estate, Stats | Leave a comment

Geithner Bond Wise Men Bury Warning as Options Rise


“The options market shows investors are growing increasingly wary that U.S. debt sales may push yields higher even as inflation remains in check.”

Full Article Here

November 20, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

Investors strategize for Fed’s exit from MBS market


“Investors who reaped robust gains in U.S. mortgage-backed securities by piggy-backing on the Federal Reserve’s $1.25 trillion buying program are bracing for the end to the central bank’s support — and positioning themselves for a new round of profits as prices cheapen.”

Full Article Here


November 20, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

$30 billion home loan time bomb set for 2010

2009-09-21  sfgate.com

“Next year, many option ARM payments will begin to readjust, slamming borrowers with dramatically higher monthly mortgage bills. Analysts say that could unleash the next big wave of foreclosures – and home-loan data show that the risky loans were heavily used in the Bay Area.”

Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

Next Bubble to Burst Is Banks’ Big Loan Values

2009-08-13  Bloomberg.com

While Regions may be an extreme example of inflated loan values, it’s not unique. Bank of America Corp. said its loans as of June 30 were worth $64.4 billion less than its balance sheet said. The difference represented 58 percent of the company’s Tier 1 common equity, a measure of capital used by regulators that excludes preferred stock and many intangible assets, such as goodwill accumulated through acquisitions of other companies.Wells Fargo & Co. said the fair value of its loans was $34.3 billion less than their book value as of June 30. The bank’s Tier 1 common equity, by comparison, was $47.1 billion.

Full Article Here


September 23, 2009 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

Hussman on Post Crash Dynamics


“Fundamentally and technically, those expecting the S&P to recover to peak 2007 levels anytime soon are in for a rude awakening. Such is the nature of Post-Crash Dynamics.”
Full Article Here

September 23, 2009 Posted by | Foreclosure, Stats | Leave a comment

ING’s Alt-A RMBS Portfolio Turns 21% Delinquent


 ” ING Group posted a EUR 71m ($100.9m) profit in Q209 after three consecutive quarters of losses, despite a decrease in the value and performance of its residential mortgage-backed securities (RMBS) portfolio. ”

Full Article here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

The Next Fannie Mae


Is anyone on Capitol Hill or the White House paying attention? Evidently not, because on both sides of Pennsylvania Avenue policy makers are busy giving the FHA even more business while easing its already loosy-goosy underwriting standards. A few weeks ago a House committee approved legislation to keep the FHA’s loan limit in high-income states like California at $729,750. We wonder how many first-time home buyers purchase a $725,000 home. The Members must have missed the IG’s warning that higher loan limits may mean “much greater losses by FHA” and will make fraudsters “much more attracted to the product.”
Full Article Here

September 23, 2009 Posted by | Banking, Investments, Stats | Leave a comment

Housing prices sink as underwater number rises


“Two reports out say if you’re thinking of buying, wait. The prices are going to continue to drop. The reason they offer are the same: Continuing increases in the number of homes worth less than their current mortgages.”

Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Deflationary Debt Destruction Must Run Its Course


“My vacation back to the US surprised and confounded many of my old friends: they know I moved back to park my wealth in dollars. Incredulously they asked how I could possibly not believe the US government, along with their crony partner the Federal Reserve, will not devalue the dollar to “settle” our debt with foreign lenders. A normal default (since we all know there is no way to possibly pay this debt back, nor is their enough capital in the world to buy our newly needed “financings”) isn’t palatable, they say, so the only direction for the dollar is down. I agree, but only in the long run. “

Full Article Here:

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Entering the Greatest Depression in History


” While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which dwarf the housing bubble burst of 2008. Indicators show that the next possible burst is the commercial real estate bubble. However, the main event on the horizon is the “bailout bubble” and the general world debt bubble, which will plunge the world into a Great Depression the likes of which have never before been seen.”
Full Article Here

September 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Banks Expected to Collect $38 Billion in Overdraft Fees in 2009


Today’s Financial Times highlights a possible target of regulatory action: bank overdraft fees. And those fees are not distributed the proverbial 80/20 pattern, with 20% of the accounts contributing 80% of the activity, but 90/10. And that 10%, not surprisingly, is in consumers with the lowest credit scores.

And not surprisingly, the biggest banks are the ones with the most aggressive fees.

Full Article here


September 23, 2009 Posted by | Banking, Investments, Stats | Leave a comment

Quelle Surprise! The Fed is Reporting Losses on Its Bear Stearns and AIG SPVs

2009-07-20  NakedCapitalism.com

“Readers may recall that during the heat of bailout battle, the Federal Reserve got into the fancy finance business, relying on the sort of deal structuring sometimes used to try to turn toxic odd pork scraps into barely-digestible sausage, the procedure used for pigs so dead that merely putting lipstick on them just won’t do.

The items in question are Maiden Lane, the vehicle used to backstop JP Morgan’s purchase Bear Stearns, and two sons of Maiden Lane created for dodgy AIG exposures. The bank was permitted to move some particularly fragrant collateral from Bear over to the Fed for a loan of $30 billion. The arrangement got reworked on the fly, and in the end, the Fed loan was reduced to roughly $29 billion as JP Morgan agreed to assume $1.15 billion of risk. The assets were placed in a holding company to be managed by BlackRock.”

Full Analysis Here

July 21, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Congressman Stearns: Mr Paulson How Do You Have Any Credibility?

It’s about time that people start asking the tough questions.

July 21, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

U.S. Rescue May Reach $23.7 Trillion, Barofsky Says

2009-07-20  Bloomberg.com


“U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

“TARP has evolved into a program of unprecedented scope, scale and complexity,” Barofsky said in testimony prepared for a hearing tomorrow before the House Committee on Oversight and Government Reform.

Treasury spokesman Andrew Williams said the U.S. has spent less than $2 trillion so far and that Barofsky’s estimates are flawed because they don’t take into account assets that back those programs or fees charged to recoup some costs shouldered by taxpayers.

“These estimates of potential exposures do not provide a useful framework for evaluating the potential cost of these programs,” Williams said. “This estimate includes programs at their hypothetical maximum size, and it was never likely that the programs would be maxed out at the same time.”

Full Article Here

July 20, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Ron Paul On Fed Audit: We Will Not Be Stopped

2009-07-09  PrisonPlanet.com

“Congressman Ron Paul has vowed that he will not be stopped in his effort to audit the Federal Reserve, as he slammed Senate authorities for blocking the bill earlier this week.

Appearing on Fox News’ Freedom Watch with Judge Napolitano Paul referred to Senate authorities blocking Jim DeMint’s attempt to attach the legislation, which already has 250 co-sponsors in the House, as a provision to a spending bill as a “facade”.

Full Article Here


July 20, 2009 Posted by | Banking, Investments, Stats | Leave a comment

PMI Expects Lower Housing Prices in 2011

2009-07-o7  Housingwire.com

“Home prices will be lower in two years compared to Q109 for much of the country’s metropolitan statistical areas, (MSAs) according to an economic trends report released by PMI Mortgage Insurance Co.”

Full Article Here

July 20, 2009 Posted by | Banking, Foreclosure, Lending, Real Estate, Stats | Leave a comment

Agency MBS (Mortgages)? Better Read This!

2009-06-29  Denninger.net

“Mad props once again to Zerohedge who shone the bright light on Freddie’s latest screed. I’m not going to take from their discussion of The Fed buying up paper at what will (almost certainly) lead to ruinous losses – you can find that there. Rather, I am going to look at some of the internals from the document published that they didn’t focus on.”

Full Analysis Here

July 20, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Wary of dollar, China wants super-sovereign currency

2009-06-26 Forbes.com

China’s central bank renewed its call on Friday for the creation of a super-sovereign reserve currency to reduce the dollar’s global domination, which it said had worsened the financial crisis.  In its annual financial stability report, the central bank did not mention the dollar by name but said it was a serious defect that one currency should tower over all others.  “An international monetary system dominated by a single sovereign sovereign currency has intensified the concentration of risk and the spread of the crisis,” the People’s Bank of China said.

Full Article Here

July 20, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment

Delinquencies on US Auto-backed Securities Jump 22%

2009-06-27  ResearchRecap.com

“Prime auto U.S. ABS delinquencies jumped 22% on a monthly basis in May, while net losses improved 17% in May over April clouding expectations for the coming summer months, according to Fitch Ratings. The improvement in net losses was mostly a result of seasonal patterns and losses remain near record high levels.”
Full Article here

July 20, 2009 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

Roubini: No confidence in government exit strategy

2009-06-26 Bloomburg:

In this Bloomberg segment Dr. Nouriel Roubini shares his thoughts on why pundits proclaiming the stabilization of the housing market are wrong and why the current policy path is unsustainable and likely to have a messy exit. My favorite part? The idea of our debt ballooning from 40% GDP to 80%. Lovely. Can you say bust?

July 20, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

Alt-A and Pay Option ARMs Fueled out of State Buying

2009-06-10  Dr Housing Bubble.com

If you want further proof how horrific these products are, take a look at how many of the Alt-A and pay Option ARM products originated with a second lien.  That is, low down or nothing down fantasy buyers.  In California, there are currently floating around 186,917 Alt-A mortgages with a second lien on them.  You can rest assured that 90 to 99 percent of these loans will implode in the upcoming months.  This is where your piggy back loans and 80-10-10 crap came about.  I remember when zero down was a crazy way to suck in unknowing investors to thousand dollar seminars but it actually became a mainstream way to buy a home.

Before you even wonder how safe these loans are 41.6 percent of California Alt-A mortgage holders already have one late in the last 12 months!  Keep in mind that most of this junk hasn’t even hit recast points and nearly half are already late with one payment:

Full Article Here:

June 10, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | 2 Comments

Mish’s Global Economic Analysis speech at Google

Google Tech Talk
May 6, 2009


Presented by Mike “Mish” Shedlock.

Mike “Mish” Shedlock is author of one of the most read economics blogs on the Internet: Mish’s Global Economic Trend Analysis http://globaleconomicanalysis.blogspot.com.

Mish gave an @Google talk, sharing his perspective on the state of the global economy (housing, the stock market, commodities, etc.) He also provides his interesting story about how he started blogging, and the impact that it has had on his life personally and professionally.

In January, Time.com ranked his site the #1 based on a rounded set of criteria http://www.time.com/time/business/article/0,8599,1873144-3,00.html. From the article:

“Although Mish is not an economist by training, he adroitly gets into the thick of economic data. Mish uses observations made by those in major media, so-called experts and government officials and serves up analysis based on his impression of their relevance and validity. The author is not afraid to attack conventional wisdom.”

June 8, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Optimistic Unemployment and Housing Forecasts Looking Downright Silly

2009-06-07   Mish’s Global Economic Blog

Please consider unemployment forecasts. The Fed forecast unemployment at 8.4% in 2009 and the “adverse forecast” was at 10.3% in 2010.

Hello Ben, in case you did not notice, Jobs Contract 17th Straight Month; Unemployment Rate Soars to 9.4% and Bankruptcy Filings Reach 6,000 A Day.

Full Analysis Here

June 8, 2009 Posted by | Foreclosure, Real Estate, Stats | Leave a comment

Some Wonder If Bond Market Has Reached Its Tipping Point

2009-06-07  Kiplinger.com

A 27-year bull market in bonds is over and a brutal bear market is under way, says Tom Atteberry, co-manager of FPA New Income. That’s bad news for bond investors, particularly those holding Treasurys and municipal IOUs.

Atteberry, who spoke with us at the annual Morningstar Investment Conference in Chicago, says there is good reason to believe that the run-up in Treasury yields that began late last year will continue. Atteberry says he’s seeing anecdotal evidence that Chinese investors, huge holders of Treasurys, are beginning to sell their government-bond stakes. “They are very, very nervous” about the Federal Reserve purchasing Treasury debt because of the move’s potential for stoking inflation, one of the prime enemies of bond holders.

Full Article here


June 8, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

Mortgage Meltdown, More Pain To Come

2009-05-31  Mish’s Global Economic Blog

Yale University economist Robert Shiller has often dazzled audiences with a chart showing home prices from 1890 to present. Someone even used Mr. Shiller’s chart to make a YouTube video that puts its viewer on a roller-coaster ride over peaks and valleys in home pricing. It’s a bumpy ride.

Now another economist, Thomas Lawler, says Prof. Shiller’s chart is “bogus.” Mr. Lawler says Mr. Shiller cobbled together data that are inconsistent and sometimes unreliable. Mr. Shiller defends his work and accuses Mr. Lawler of making “wild allegations.”


Full Analysis Here

June 2, 2009 Posted by | Banking, Foreclosure, Real Estate, Stats | 1 Comment

Bolivia in the 80’s vs. The U.S now??

In the 1980s, Bolivia and much of Latin America went through a painful period of hyperinflation that brought the country to the brink of collapse.

June 2, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

Dr. Ron Paul – German hyperinflation 1/16/09

June 2, 2009 Posted by | Banking, Stats | 1 Comment

So Yesterday was a HUGE day as Real Data on Housing Poured in

3 Fascinating articles.  Woooooaah Nelly, it seems as things were not as rosy as we thought for the last month.

Mortgage Delinquencies, Foreclosures, Rates Increase

Bloomberg: http://www.bloomberg.com/apps/news?p…mO8&refer=home

“Mortgage delinquencies and foreclosures rose to records in the first quarter and home-loan rates jumped to the highest since March this week as the government’s effort to fix the housing slump lost momentum.”

Mortgage Marekt Seizes Up

Mish’s Global Economic Blog: http://globaleconomicanalysis.blogsp…-locks-up.html

“With respect to yesterday’s episode in the mortgage market — yes, it is as bad as you can imagine. Yesterday, the mortgage market was so volatile that banks and mortgage bankers across the nation issued multiple midday price changes for the worse, leading many to ultimately shut down the ability to lock loans around 1pm PST. This is not uncommon over the past five months, but not that common either. Lenders that maintained the ability to lock loans had rates UP as much as 75bps in a single day.”


Denninger.net: http://market-ticker.denninger.net/a…e-On-Fire.html

“To put this in a bit more simple form, this means that while the banks are claiming to be increasing loss provisions, loans are going bad faster than their provisioning is increasing – which means they’re reporting “profits” that are false, as provisions for bad loans hit earnings. So we can take some more off those “reported earnings”, as much as another $6-10 billion dollars.”

May 29, 2009 Posted by | Banking, Foreclosure, Lending, Real Estate, Stats | Leave a comment

Peter Schiff on Fox News “Gold will break $1000 soon”

Fox News

“Peter Schiff talks about the price of gold and a possible run for Chris Dodd’s Senate seat. According to this report at Time yesterday, since markets crashed last fall, there have been a dearth of media outlets asking Peter to speak about how things are going to get even worse.”

May 27, 2009 Posted by | Banking, Investments, Stats | Leave a comment

How Far From the Bottom?

2009-05-27 Ritzhold.com

” Searching for the housing bottom, with Barry Ritholtz, FusionIQ CEO and the Fast Money traders.”

Full Video here

May 27, 2009 Posted by | Banking, Foreclosure, Investments, Real Estate, Stats | Leave a comment

Economic casualties pile into tent cities

2009-05-06 USAtoday.com

The homeless include a startling number of first-time homeless, she says. We asked them what industries they were involved in. The majority were talking about construction, the housing industry, real estate. There was a direct correlation to the housing market crash.

Full Article Here

May 11, 2009 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

The capital well is running dry and some economies will wither

2009-04-27  Telegraph.co.uk

Unless this capital is forthcoming, a clutch of countries will prove unable to roll over their debts at a bearable cost. Those that cannot print money to tide them through, either because they no longer have a national currency (Ireland, Club Med), or because they borrowed abroad (East Europe), run the biggest risk of default.

Traders already whisper that some governments are buying their own debt through proxies at bond auctions to keep up illusions – not to be confused with transparent buying by central banks under quantitative easing. This cannot continue for long.

Full Analysis Here

April 28, 2009 Posted by | Banking, Lending, Real Estate, Stats | Leave a comment

Is That Recovery We See?

2009-04-11   Ritzhoild.com

Is That Recovery We See?
By John Mauldin

  • Is That Recovery We See?
  • Those Wild and Crazy Analysts
  • The Shadow Inventory of Homes
  • Commercial Real Estate Starts a Long, Slow Slide
  • P/E Ratios Go Negative!
  • The Effect of Earnings Surprises
  • Corporate Earnings and Recovery in Recessions
  • The Implosion in Social Security

The market, we keep hearing and reading, is telling us that there is recovery around the corner. And pundits point to data that seems to suggest the worst is behind us. The leading economic indicators, while still down significantly, seem to be in the process of bottoming. There is a large amount of stimulus in the pipeline. Mark-to-market has been modified. Housing seems to be finding a bottom, if you look at the rise in sales from January. And so on.”

Full Analysis Here

April 13, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Gerald Calente – The World’s #1 Trends Forecaster

www.trendresearch.com – Meet Gerald Calente

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente. New York Post

Read this terribly frightening article Greald wrote about the economy to come.

“It’s going to be very bleak. Very sad. And there is going to be a lot of homeless, the likes of which we have never seen before. Tent cities are already sprouting up around the country and we’re going to see many more.”  …..

“We’re going to start seeing huge areas of vacant real estate and squatters living in them as well. It’s going to be a picture the likes of which Americans are not going to be used to. It’s going to come as a shock and with it, there’s going to be a lot of crime. And the crime is going to be a lot worse than it was before because in the last 1929 Depression, people’s minds weren’t wrecked on all these modern drugs – over-the-counter drugs, or crystal meth or whatever it might be. So, you have a huge underclass of very desperate people with their minds chemically blown beyond anybody’s comprehension.”

Full Article Here

April 13, 2009 Posted by | Stats | Leave a comment

Close Look at the Accelerating Rate of Unemployment

2009-04-09 Mish’s Global Economic Blog

The trend in unemployment is unmistakably up and accelerating. Let’s start with a discussion of widely followed data followed by many additional charts that you may not have seen before.

Here is a closeup from Jobs Contract 15th Straight Month; Unemployment Rate Soars to 8.5% courtesy of the BLS.

Full Analysis Here

April 9, 2009 Posted by | Stats | Leave a comment

California Foreclosures About To Soar

2009-04-09 ZeroHedge Blog

The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium — this wave is so big I would not put it past them trying it. 

CA foreclosure background – in mid-2008 the foreclosure wave was artificially held back as a result of the CA law SB1137 enacted in Sept 2008. This also kept NOD’s and NTS’s at much lower levels than the actual defaults that were occurring. Other bubble states and several banks/servicers also went on random moratoria and the foreclosure wave was held back for the past six months. But just like so many other intervention and moratoria in the past, the problem just comes out the other side even more violent than if they would have done nothing. Adding insult to injury, the GSE’s announced this week that they were coming off moratorium, which could increase foreclosures by 20-25% alone.


Full Article Here

April 9, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Moyers Interview: Sharing the Blame for the Economic Crisis?


Must Watch!

Bill Moyers Journal
Sharing the Blame for the Economic Crisis?…
William K. Black, former senior bank regulator

3 parts


April 9, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Be Prepared for “Extraordinary Circumstances”

2009-04-02 Mishes Global Trends

The last words you want to see in an appropriations bill from Congress are the words “in case of an emergency” or their twin sister “in the event of extraordinary circumstances“.

When you see those words it is a near certainty that an “emergency” or that “extraordinary circumstances” are right around the corner.

Full Article Here

April 3, 2009 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

House of Cards, Hour Long Special on CNBC

Excellent explanation of what happened between 2001 and today. I caught a glimpse of CNBC’s documentary on the financial crisis called “House of Cards” just now and I highly recommend anyone who’s interested on how we got ourselves into such trouble to watch it.

From what I’ve seen, it at least explains:

  • How it was a credit crisis to a stock market crisis to a economic crisis.
  • What a CDO is and Alan Greenspan’s take on it.
  • What some people have done to warn it and how others knew things were going to be bad.

The show, House of Cards, is going to be on CNBC and premiers tonight (2/12/2009) at 8:00pm ET and 12:00am ET.

Or you can view this entire special online here:


February 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

The Short and Simple Story of the Credit Crisis.


February 23, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Lots of Reactions on Obama/Housing Plan

Pulled from various sites/blogs:

The Economist

Robert Reich

Felix Salmon at Portfolio.com

Calculated Risk

February 19, 2009 Posted by | Foreclosure, Stats | Leave a comment

Obama’s Plan Aimed at Helping Troubled Homeowners

2009-02-18 – WSJ.com

Homeowner Affordability and Stability Plan

Executive Summary

The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country.

· Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates.

· Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure.

· Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent.

1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affortdable

2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners

3. Supporting Low Mortgage Rages by Strengthening Confidence in Fannie Mae and Freddie Mac.

The Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs. The key components of the Homeowner Affordability and Stability Plan are:

See Full Plan Here

February 18, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Total Bailout Tab, To Date…

2009-02-17 –  Ritzhold.com

“Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through Feb. 10, the government has made commitments of nearly $8.8 trillion and spent $2 trillion. Here is an overview, organized by the role the government has assumed in each case.”

See Chart Here

February 18, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Stimulus Bill Signed

2008-17-08  –  NYTimes.com

“President Obama has not ruled out a second stimulus package, his press secretary, Robert Gibbs, said on Tuesday, just before Mr. Obama signed his $787 billion recovery package into law with a statement that it would “set our economy on a firmer foundation.”

Full Article Here

February 18, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Inconvenient Debt: A Detailed Look at the Latest Monetary Base Figures

On his FOX News show, Glenn Beck went back and showed in detail the chart that he had previously showed on his show. Here he is showing the latest Adjusted Monetary Base chart from the St. Louis Federal Reserve Bank. Never in the history of the country has the monetary base increased this much so rapidly. If this continues, inflation will go out of control.

February 5, 2009 Posted by | Stats | Leave a comment

Economist Roubini: The U.K. is NOT Iceland

2009-01-25 – calculatedriskblog.com

“In many ways the UK looks more like the US than Iceland: a housing and mortgage boom that got out of control; excessive borrowing (mortgage debt, credit cards, auto loans, etc.) and low savings by households; a large and rising current account deficit driven by the consumption boom (and private savings fall) and the real estate investment boom; an overvalued exchange rate; an over-bloated financial system that took excessive risks; a light-touch regulation and supervision system that failed to control the financial excesses; and now an ugly financial and economic crisis as the housing and credit boom turns into a bust. This will be the worst financial crisis and recession in the UK in the last few decades.”

Full Article Here

January 28, 2009 Posted by | Investments, Stats | Leave a comment

Bankruptcy Courts May Be Allowed To Consider MALPRACTICE

2009-01-26- Housingdoom.com

This infuriates me… “There has been a “foreclosure prevention” idea that has been kicked around for awhile now. It is to allow bankruptcy judges to alter mortgage loan terms and even to reduce a borrower’s principal balance. I have not seen a short, concise name for this suggested mortgage “cram down” program so I would like to suggest one of my own”

Original Article Here

January 28, 2009 Posted by | Foreclosure, Investments, Stats | Leave a comment

Volcker Group’s recommendations for financial reforms

Paul Volcker is “the last honest guy” in the world, according to one of the foremost critics of the financial industry, Martin Mayer. Volcker was the guy who beat inflation in the early 1980s by raising interest rates as high as 18%. He also warned against the repeal of Glass-Steagall and many other excesses of our financial economy.

Another heavy hitter is Domingo Cavallo, the guy who beat inflation in Argentina by pushing through the currency board regime that took monetary policy out of the hands of the Argentine authorities.

But you’re right that others in this Group of 30 were indeed present at the scene of the crime. The signature right next to Volcker’s on the report is Jacob Frenkel’s, the vice chairman of AIG.  Excerpts from the report are below. ————–

“All systemically significant financial institutions, regardless of type, must be subject to an appropriate degree of prudential oversight.” [this would include investment banks and insurers]

“Large, systemically important banking institutions should be restricted in undertaking proprietary activities that present particularly high risks and serious conflicts of interest…” [Prop trading should be outlawed entirely for commercial banks.  They’ve got their hands full just measuring the credit risk of their loan books.]

“To guard against excessive concentration in national banking systems…limits on deposit concentration should be considered at a level appropriate to individual countries.” [Too bad the government’s chosen method for resolving failed banks is to kick their assets upstairs to a bigger balance sheet, concentrating deposits even more.  E.g. B of A—Countrywide, JPM—WaMu and Wells Fargo—Wachovia.]

etc, etc…. see the reports below.

30 Page Report can be downloaded here for free.

Full Report can Be Purchased Here for $49.

January 16, 2009 Posted by | Investments, Stats | Leave a comment

US fiscal policy: the Keynesian fallacy on steroids

The government’s attempt to spend (read borrow) our way out of this situation may lead to a total collapse of the dollar.

The Fed meeting minutes released today sure paint a picture of a Federal Reserve with very little regard for how to unwind these measures or what the long term consequences could be. I think a collapse in dollar assets is a very real concern after years of being considered nearly lunatic fringe talk.

Willem Buiter wrote a great piece on this.

Analysis of Destroying the Dollar


January 6, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Peter Schiff vs the Federal Reserve – LIVE!

Peter Schiff speaks directly to Federal Reserve members on CNBC.

Among other unpleasant observations, Peter calls the U.S. a banana republic and mocks the Fed with ‘the idea’ of exporting prosperity via printing endless money (debt) to the rest of the world!

This should be a real thrill for those of us that want to see the money masters face that we know the truth about our multi-fractional reserve ponzi scheme banking system.

January 6, 2009 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment

Peter Bernstein’s biggest worry? The dollar


 “As as has been argued here previously, Schumpeter was right: creative destruction is necessary for a capitalist economy to thrive. The business cycle can’t be inflated into oblivion. In attempting that during his years at the Fed, Greenspan allowed financials to grow too large. Now they have to fail, but they can’t be allowed to. In Bernstein’s words: there’s too much debt, but reducing it “quickly” will “bring down the whole system.” Presumably the only solution is to bring it down slowly. That may just happen if we’re lucky. Despite the government’s efforts to reflate the debt bubble, it is deflating as banks deleverage. My personal belief is we won’t be lucky. The stupendous growth of U.S. liabilities, via bailouts and the Fed’s growing balance sheet, will lead to a large fall in the value of the dollar. A view I think Bernstein shares…”

 original article

January 6, 2009 Posted by | Banking, Investments, Stats | Leave a comment

Printing Money – And The Steep Price That Comes With It

2008-12-29 – NY Times

“We got into this mess to a considerable extent by overborrowing,” said Martin N. Baily, a chairman of the Council of Economic Advisers under President Clinton and now a fellow at the Brookings Institution. “Now, we’re saying, ‘Well, O.K., let’s just borrow a bunch more, and that will help us get out of this mess.’ It’s like a drunk who says, ‘Give me a bottle of Scotch, and then I’ll be O.K. and I won’t have to drink anymore.’ Eventually, we have to get off this binge of borrowing.”

Full Article Here

January 6, 2009 Posted by | Banking, Investments, Stats | Leave a comment

Quite Possibly The Scariest Housing-Related Chart Ever

This chart is the average decline of home values in CA since peak years. What will 2009 bring? When will this stop?  This is terrifying.

January 6, 2009 Posted by | Stats | Leave a comment

Fed Ponders Issuing Debt to Finance Its Mushrooming Balance Sheet

This is a difficult one to wrap my head around. But the idea that they are trying to create a different class of debt is very troubling. The resulting confusion can’t be good for investors who were fooled by GSE AAA ratings based on “implicit” guarantees.


Move Presents Challenges: ‘Very Close Cousins to Existing Treasury Bills’


The Federal Reserve is considering issuing its own debt for the first time, a move that would give the central bank additional flexibility as it tries to stabilize rocky financial markets.

Government debt issuance is largely the province of the Treasury Department, and the Fed already can print as much money as it wants. But as the credit crisis drags on and the economy suffers from recession, Fed officials are looking broadly for new financial tools.

Fed officials have approached Congress about the concept, which could include issuing bills or some other form of debt, according to people familiar with the matter.

It isn’t known whether these preliminary discussions will result in a formal proposal or Fed action. One hurdle: The Federal Reserve Act doesn’t explicitly permit the Fed to issue notes beyond currency.

Full Article Here

December 12, 2008 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

Majority of Modified Loans Fail After 6 Months, Regulator Says

Bloomburg – 2008-12-08

“Most U.S. mortgages modified by lenders to help keep struggling borrowers in their homes fell back into delinquency within six months, the chief regulator of national banks said. ”

Almost 53 percent of borrowers whose loans were modified in the first quarter of this year re-defaulted by being more than 30 days overdue, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington.

Full Article Here

December 8, 2008 Posted by | Foreclosure, Lending, Stats | Leave a comment

NFP: Joblosses Even Worse Than Reported

By Barry Ritholtz – December 8th, 2008, 6:34AM

Over the past few years, we have railed at the prettyfied numbers that come out of BLS regarding NFP job creation and the unemployment rate. From the Birth Death Adjustment to the understated unemployment rate, the official data (and corresponding headlines) painted a very misleading picture of what was going on. No conspiracy, mind you — just a creeping bias that has slowly distorted the data.


Hence, the past few years of aberrational, credit-driven economic growth was hidden from the public view. Many (tho not all) of Wall Street Economists were too hapless or cowardly to point this out. And some even cheerleaded the absurdity of the “Goldilocks” BLS data. Some simply declared the US a Nation of Whiners.

With the economy now in a full blown recession, and the Housing and Credit crisis getting worse, it hardly semed necessary to pile on BLS. Until Friday’s report. As bad as it was, looking beneath the headline data hows that it was worse — much worse — than reported. Consider the following:  

Full Article Here

December 8, 2008 Posted by | Stats | Leave a comment

Hanks Bad Gamble – CRITICS: Rescue Plan Bungles Make Profits Less Likely

2008-12-02 – NYpost.com

“All we’ve created is dead banks, not true value in their stock,” said Paul Miller, a banking analyst with FBR Capital Markets.

Of course the government just buying common equity stakes wouldn’t be so great either, unless they were going to get serious about taking an active stake in management, and forcing increased consumer lending.

But then, what exactly would we be left with? Not a private free market, that’s for sure. Almost makes one pine for New Deal-era direct consumer lending programs and work programs.

There seem to be no good solutions — no matter what Hank does, there are very serious (if not fatal) flaws with the plan. And by continously shifting plans, even more confusion is added, which is toxic to the market. Hank and Ben seem to want to do a little bit of everything, without really committing anything, which seems to be a horrible recipe for success.

Or maybe its just that every intervention is a bad intervention. Is this all really better than just letting the system fall apart so something new can take its place? As far as the list of things we were trying to prevent, the stock market has already collapsed (though it could go further), mortgage lendering is still too constrained for most people (given prices), and consumer lending is still being choked off. What exactly are we gaining from all this intervention and “official” uncertainty?

Full Article Here

December 2, 2008 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

Private Mortgage Insurance Applications Continue Slide

2008-12-01 —thetruthaboutmortgage.com

“Private mortgage insurance volume sunk further in October as defaults continued to rise, the Mortgage Companies of America (MICA) said today.” 

Full Article Here

December 2, 2008 Posted by | Banking, Foreclosure, Stats | Leave a comment

Peter Schiff, he was right the whole time 2006 – present

I sure wish some of the foolish talking heads on our televisions could be held accountable for misinformation.  But hey, it is the news, since when have we pushed for accuracy.  Peter Shiff has tried and tried to speak to the masses about the upcoming crisis and the true net effects it could have on the entire economy.  But instead of listening, it was easier to laugh and ridicule.  Watch the video for yourself.  

November 25, 2008 Posted by | Banking, Foreclosure, Investments, Lending, Stats | Leave a comment