The US housing market will face another retreat while mortgage-backed securities and Treasurys are likely to go through a “material” correction, Meredith Whitney, CEO of Meredith Whitney Advisory Group, told CNBC Tuesday.
Remember that $700 billion in TARP? It was dwarfed by other government programs including one from the Federal Reserve. The Federal Reserve went from a non-existent player in the mortgage backed security market a year ago to owning $904 billion of the mortgage backed securities today. But we don’t seem to be getting or seeing [...]
The Federal Reserve is stepping up its scrutiny of commercial real estate loans at smaller banks, where delinquency rates have risen sharply.
” The collapse in commercial real estate is preventing Federal Reserve Chairman Ben S. Bernanke from declaring the economy and financial markets are healed.”
“I’ve got it now… so, the Federal Reserve recommends that consumers contact an attorney when involved in contract disputes with banks, but the California legislature is about to pass a law saying that lawyers can’t charge a client a fair retainer when taking on such clients, which will effectively eliminate a consumer’s ability to retain legal counsel? Do I have that right, or am I missing something?”
” Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.”
Mt. Laurel, N.J.-based Sterling Banks Inc. has entered into an agreement with state and federal regulators where it must assess its senior management’s qualifications and its oversight of the bank’s loan portfolio and capital position.
Sterling, the holding company for Sterling Bank, said in a release Monday that it had entered into an agreement with the Federal Reserve Bank of Philadelphia and the New Jersey Department of Banking and Insurance based on findings in an examination of the bank that began in January.
… how do you square [the rally] with the fact that earnings are dropping like a stone on a year-over-year basis, revenues (the more important indicator of economic activity) are down double-digits on average, and consumer purchasing power (as measured by tax receipts, down 22% at a federal level year over year, the worst since the Depression) is in the toilet?
We’re told this is “money was on the sidelines” and “people are rushing in.”
But the statistics say otherwise: Only $400 billion has shifted out of money market accounts. ”
” Bill Maher talks to Niall Ferguson about Ron Paul’s bill to audit the central bank and Elliot Spitzer’s recent comments that the Federal Reserve is a giant Ponzi scheme.”
“Wall Street banks are reaping outsized profits by trading with the Federal Reserve, raising questions about whether the central bank is driving hard enough bargains in its dealings with private sector counterparties, officials and industry executives say.”
The Federal Reserve on Thursday advanced proposals designed to make it easier for Americans with mortgages, or shopping for them, to better understand how the loans work.
The Bailout Funds (ie. TARP Funds) were to be used to help “struggling” banks get a cash infusion so that they would continue to lend money to consumers to keep the economy going. At least this is what our pal “Hank” Henry Paulson said to us American citizens and Congress to sell this craziness to us. You know, it was an emergency and in order for the US economy to survive, we gotta get these banks liquid so that they’ll continue to lend. All that…
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