asterisk2a + subprime   82

Andrew Mazzone Interviews James K. Galbraith
banks like property! more likely to lend to finance property than SME/SMB investment. because that investment is not propped up by the government. [...] min 6 subprime & credit bubble since 80's << behaviour of lenders [...] sensible people were given fraudulent debt instruments (no self-regulation, and regulators failed). [...] no prosecution because people who should have prosecuted those, didn't want to ruin their private future career. [...] min 15 - inequality and unemployment driven by inequality. [...] austerity is name of the game by the "establishment" - 20% of society that benefited from the bank bailout and reflation policy by central banks - [...] 19:15 - who do banks want to borrow in this environment?! austerity, aggregate demand shortfall, lack of confidence, volatility, uncertainty, credit bubble pain (liquidity trap) etc. [...] Solution ("an alternative way to the status quo, who made this mess): Fix Income Distribution thus Purchasing Power (aggregate demand, ie minimum wage), and restructure finance away from investment banking and speculation and derivatives towards real economy (ie tax heavily what is not real economy business) //&! James K. Galbraith on "Inequality and Instability: What's Ahead for the World Economy" - youtu.be/Mw4Bd9ols-E //&! James K. Galbraith - "The End of Normal" - youtu.be/PGFcB65l8Io
Gini  coefficient  income  distribution  1%  10%  20%  Super  Rich  property  bubble  London  rentier  rent-seeking  Help  to  Buy  Scheme  Help  to  Save  Funding  for  Lending  Scheme  underinvestment  infrastructure  investment  secular  stagnation  western  world  UK  USA  European  Union  deflation  deflationary  JAMESGALBRAITH  book  James  Kenneth  Galbraith  credit  bubble  credit  card  credit  card  debt  credit  boom  debt  servitude  speculation  speculative  bubble  speculative  bubbles  equity  bubble  reflate  reflation  GFC  recovery  austerity  Raghuram  Rajan  self-regulation  squeezed  middle  class  working  poor  Precariat  subprime  Wall  Street  regulation  regulators  Career  Politicians  politician  No  Representation  aggregate  demand  aggregate  demand  short-fall  liquidity  trap  retail  banking  investment  banking  ZIRP  NIRP  QE  Richard  Koo  inequality 
july 2016 by asterisk2a
The Fed Sends A Frightening Letter To JPMorgan, Corporate Media Yawns
At the top of page 11, the Federal regulators reveal that they have “identified a deficiency” in JPMorgan’s wind-down plan which if not properly addressed could “pose serious adverse effects to the financial stability of the United States.” Why didn’t JPMorgan’s Board of Directors or its legions of lawyers catch this?

It’s important to parse the phrasing of that sentence. The Federal regulators didn’t say JPMorgan could pose a threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.” [...] “…the default of a bank with a higher connectivity index would have a greater impact on the rest of the banking system because its shortfall would spill over onto other financial institutions, creating a cascade that could lead to further defaults. High leverage,
corporate  media  media  conglomerate  too  big  to  bail  too  big  to  fail  too  big  to  jail  TBTF  jpmorgan  jpmorganchase  USA  GFC  recovery  liquidity  trap  repo  liquidity  squeeze  economic  history  Financial  Stability  Board  FinancialCrisisInquiryCommission  crisis  crony  capitalism  Greed  shareholder  capitalism  profit  maximisation  profit  maximization  investment  banking  retail  banking  leverage  CDS  engineering  CDO  MBS  subprime  FDIC  complexity  Fed  Janet  Yellen  Wall  Street  reflate  reflation  derivatives  credit  bubble 
april 2016 by asterisk2a
Casino Jack and the United States of Money (2010)
Director: Alex Gibney / Writer: Alex Gibney //&! https://youtu.be/zY5UuWkVq8g //&! all the bad fish got away! only the shark got caught // party and campaign financiers; wall street: fossil fuel followed by the emergence of silicon valley firms. // congress does not serve american people. average citizen does not have a voice. ... congress need of money exploited, fighting each other with more and more money! getting a leg up on your opponent. who they get the money to be elected or re-elected? those who have already money! [...] public finance would end it!
USA  corruption  Greed  bribery  revolving  door  PAC  Super  PAC  presidential  election  2016  shareholder  capitalism  profit  maximisation  profit  maximization  exploitation  Washington  Lobbying  lobby  lobbyist  Career  Politicians  Jack  Abramoff  campaign  donation  campaign  finance  Party  Funding  constituency  trust  Wall  Street  shareholder  value  global  warming  environmental  damage  self-regulation  regulation  regulators  ecological  damage  GFC  Enron  Worldcom  bank  bailout  TBTF  too  big  to  fail  too  big  to  bail  too  big  to  jail  conglomerate  multinational  tax  evasion  tax  amnesty  tax  avoidance  money  laundering  influence  peddling  Special  Interest  Group  groups  vested  Fossil  fuel  industry  Silicon  Valley  subprime  No  Representation  post-racial  America  American  Dream  plutocracy  oligarchy  Super  Rich  1%  democracy  meritocracy  meritocratic  Gini  coefficient 
april 2016 by asterisk2a
Goldman Sachs to pay $5bn for its role in the 2008 financial crisis
The settlement holds the bank accountable for its ‘serious misconduct’ in falsely assuring investors that securities it sold were backed by sound mortgages // [ 7 YEARS LATER. AND THIS IS A SETTLEMENT (both parties haggled for a price)! If prosecutors would have decided to go ahead and try prosecute in court, we would have looked for an additional 7 years wait. No including going into appeals. ]
Abacus  Goldman  Sachs  misselling  self-regulation  MBS  ABS  tranching  regulation  regulators  GFC  subprime  economic  history 
april 2016 by asterisk2a
Ex-MPC member says rates will stay low until 2021 - BBC News
Blanchflower: Global economy "feels a little bit like 2008" Interest rates will likely fall further in Britain and remain at near record low levels until 2021, [...] Blanchflower described the backdrop to the committee's decision in March 2009 to cut rates to 0.5% as catastrophic. He said the MPC at the time had wished to avoid a death spiral. Britain was plunged into its deepest-ever recession in 2008 as confidence in banks collapsed and investment dried up. "We cut rates in November 2008 by 150 basis points (1.5%). It was clear that we should have cut by more but didn't because of the panic that it might have caused," he said. "It was absolutely clear that this (the financial crisis) was something we had not seen in a generation. We learned that the scale of the shock was enormous." [...] mortgage rates are 31% lower than before the crisis, while savers may have lost £106bn due to record low rates. //&! bbc.in/1YeqV87 &! bbc.in/1LGOxAf - central banks understated deflation pressure!
ZIRP  NIRP  QE  BOE  UK  global  economy  recovery  aggregate  demand  property  bubble  underinvestment  austerity  George  Osborne  speculative  bubbles  speculative  speculation  mortgage  market  macroprudential  policy  Mark  Carney  Help  to  Buy  Scheme  Help  to  Save  Right  to  Buy  Buy-to-Let  subprime  car  loan  credit  card  debt  zombie  consumer  zombie  corporations  zombie  banks  Richard  Koo  liquidity  trap  secular  stagnation  economic  history  GFC  household  debt  private  debt  consumer  debt  David  Blanchflower  Danny  Blanchflower  financial  repression  hunt  for  yield  asset  allocation  distortion  Super  Cycle  junk  bond  Gini  coefficient  deflationary  deflation  Taper  QT  monetary  policy  fiscal  policy  Pact  Schuldenbremse  BIS  ECB  Fed  BOJ  credit  bubble  PBOC  hot-money 
march 2016 by asterisk2a
Margot Robbie Explains - Imgur
I worked in the financial sector during this time period, that entire industry is fake paper being moved around in circles for fees.
subprime  Wall  Street  profit  maximisation  shareholder  value  Greed  GFC  bank  bailout  economic  history  self-regulation 
february 2016 by asterisk2a
MAXED OUT - YouTube
Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders (2006)
credit  card  debt  credit  card  car  loan  consumer  debt  NPL  household  debt  credit  credit  bubble  squeezed  middle  class  working  poor  subprime 
february 2016 by asterisk2a
Help-to-buy loan scheme nets Treasury £213m in paper profit | Money | The Guardian
[ gov is not co-owner of private property! Make away with Nurse Bursaries and other gov support for education. But support the property price! by keeping supply always lower than demand. and use policy to increase demand w subsidies! where to put their savings! & subsidy for builders ] Rising house prices across much of England mean a government scheme to help buyers of newbuild property may have made more than £200m for the Treasury in its first two-and-a-half years. The help-to-buy equity loan scheme gives buyers an interest-free loan for five years in return for a percentage stake in their property. When the home is sold, the buyer returns the same percentage of the sale price, meaning that any fall or rise in house prices affects the return. Analysis by property firm Hometrack and shared with the Guardian suggests that a surge in house prices in some areas means the total value of homes bought through the scheme since its launch in April 2013 has increased by more than £1bn.
property  bubble  UK  speculative  bubbles  Housing  Crisis  affordable  social  Help  to  Buy  Scheme  Right  to  Buy  Buy-to-Let  Help  to  Save  budget  deficit  austerity  constituency  Party  Funding  babyboomers  BOE  macroprudential  policy  mortgage  market  ZIRP  NIRP  QE  hunt  for  yield  distortion  financial  repression  household  debt  consumer  debt  credit  card  debt  Generationengerechtigkeit  generation  rent  fairness  asset  bubble  asset  allocation  NPL  subprime  Payday  Loans  car  loan  student  debt  student  loan  debt  student  loan  Tories  fiscal  policy  monetary  policy  policy  error  policy  folly  Conservative  Party  nasty  short-termism  voter  turnout  disenfranchise  disenfranchised  David  Cameron  George  Osborne  underinvestment  infrastructure  investment  productive  investment  recovery  Richard  Koo  balance  sheet  recession  deleveraging  debtoverhang  zombie  consumer  zombie  banks  zombie  corporations  secular  stagnation  Privatisation  trickle-down  economics  dogma  ideology  GFC  bank  bailout  subsidies  subsidizing  corporate  welfare 
february 2016 by asterisk2a
As growth falters, Osborne hopes Mark Carney can keep a lid on interest rates | Business | The Guardian
The chancellor faces lower GDP and lower tax receipts as a result. So it’s vital that consumers’ desire to keep spending isn’t hit by a nasty shock from the Bank [ // Confidence Fairy // ] The Bank of England has downgraded its forecasts for the UK’s GDP growth and the outlook for wages, most likely robbing the exchequer of vital income tax receipts. And without the funds to maintain pensions and health service spending, his critics will gleefully play back the speech from last November during which he declared that Britain was on the road to becoming “the most prosperous and secure of all the major nations of the world”. [...] Yet his words ring hollow when so many of the post-crash problems are still with us, from the burden of high private and public debts to Europe’s rapidly ageing population, which encourage saving over investment, and a reluctance from government and big business to boost capital spending.
George  Osborne  secular  stagnation  2016  2015  Mark  Carney  BOE  consumer  debt  household  debt  mortgage  market  subprime  credit  card  debt  zombie  consumer  UK  GDP  output  gap  productivity  job  creation  Service  Sector  Jobs  recovery  economic  history  austerity  underinvestment  business  investment  public  investment  fiscal  policy  monetary  policy  Richard  Koo  Paul  Krugman  David  Cameron  nasty  party  Conservative  Tories  short-termism  credit  bubble  debtoverhang  debt  servitude  disposable  income  discretionary  spending  marginal  propensity  to  consume  Funding  1%  financial  repression  New  Normal  constituency  babyboomers  oligarchy  Gini  coefficient  income  distribution  income  inequality  plutocracy  Super  Rich  tax  evasion  tax  avoidance  corporate  welfare  subsidies  subsidizing  income  growth  low  pay  low  income  wage  growth  economic  growth  precarious  work  Precariat  tax  credit  tax  free  income  corporate  tax  rate  minimum  wage  budget2015  Food  Bank  foreign  direct  investment  productive  investment  infrastructure  investment  demographic  bubble  western  world  USA  European  Union  ageing  population  CapEx  Capital  Expenditure  zombie  corporations  zombie  banks 
february 2016 by asterisk2a
Masters in Business: Nobel-Prize Economist Paul Krugman (Audio) by Bloomberg View
// most times conviction is lacking, trapped in the bubble, no non-conformity, too much of a comfortable life. // 28:30! Confidence Fairy >> austerity from 2010! vested interest plays big role! Policy Makers are on the side of credit, on bond holders. bond holders don't like inflationary period! ... Hyperinflation will come any day! // 31:00 econ needs to be reformulated in class rooms to be much broader subject! << see robert shiller interview! ie behaviour, sociology and psychology, irrational behaviour // 44:15 on keynes! was no left wing socialist, he tried to save capitalism! he had world changing analysis! sometimes there can not be enough demand, same with sometimes it is good to have waste vs nothing, pointless ways to spend money can have a positive effect. ie infrastructure investment - repaving roads = less private repair bills! public transportation = less drunk driving accidents. history shows fiscal stimulus gets always too early withdrawn from deficit hawks!
economic  history  GFC  Paul  Krugman  Thomas  Piketty  inequality  Gini  coefficient  income  inequality  social  mobility  income  mobility  paulkrugman  repo  bankrun  speculative  bubbles  subprime  Generationengerechtigkeit  Policy  Makers  constituency  George  Osborne  austerity  error  folly  credit  bubble  secular  stagnation  debt  servitude  Super  Cycle  Japan  Abenomics  fiscal  monetary  Richard  Koo  KennethRogoff  USA  UK  European  Union  lost  decade  lost  generation  Robert  Shiller  robertshiller  book  miltonfriedman  friedmann  JohnMaynardKeynes  keynes  Keynesianism  budget  deficit  GeorgeOsborne  fiscal  stimulus  GordonBrown  underinvestment  recovery  productivity  output  gap  liquidity  trap  ZIRP  NIRP  QE  infrastructure  investment  Richardkoo  public  investment  productive  investment  business  investment  short-termism  neoliberalism  neoliberal  Privatisation  trickle-down  economics  Super  Rich  1%  oligarchy  plutocracy  social  democracy  corporate  welfare  subsidies  subsidizing 
february 2016 by asterisk2a
Masters in Business: Yale Professor Robert Shiller (Audio) by Bloomberg View
history has proven again, markets are not efficient long-term // psychology is disreputable in econ department. // cognitive dissonance - justifying X action by looking around ... / Efficient-market hypothesis is a hypothesis for a reason; "it's a half-truth" "sometimes market moves don't reflect market news." // irrational exuberance // book fooled by randomness // 24:00 eugene phama - markets are very efficient, prices reflect all the knowledge out there, just buy the index, don't try to beat the market. buy passive index // don't play poker with your life savings. << robert shiller // 30:00 look at politics science, sociology, psychology - influence markets, people. broader disciplines. economists disregard them. // finance is about manage risk! about being a productive society and progress, and not suffer from boom and bust cycle! + financing activities ie VC gov supported R&D // & gov being a support pillar for all and not picking winners, can't forecast the future!
free  market  marketplace  efficiencies  marketplace  inefficiencies  efficient-market  hypothesis  complexity  human  Wall  Street  crowd  herd  herding  speculative  bubbles  distortion  economic  history  GFC  subprime  book  Robert  Shiller  robertshiller  behavioral  finance  behavioral  economics  finance  corporate  welfare  subsidies  subsidizing  corporate  tax  rate  R&D  Venture  Capital  Angel  Investor  Seed  Round  risk  pension  fund  pension  obligation  401k  public  pension  pension  scheme  pension  marginal  propensity  to  consume  plutocracy  Super  Rich  1%  Greed  oligarchy  self-regulation  disposable  income  discretionary  spending  negative  equity  boom  &  bust  secular  stagnation  shareholder  value  profit  maximisation 
february 2016 by asterisk2a
"The Untouchables (2013)" PBS documentary about how the Holder Justice Department refused to prosecute Wall Street Fraud despite overwhelming evidence : Documentaries
faustian pact they've made. getting funded their elections by greedy crony capitalists. and are thus beholden to their calls they make and the framework they said they would give them funding for their campaign under. // "breakdown of internal controls [...] 60% of loans in possible portfolio did not meet its own standards, were still bought, put into portfolio" - Citigroup exec // Underfunded/understaffed/non-experience/no-stars @FBI and CIA! corporates have a bigger pocket and star lawyers who know how to position and spin. And without a Whistleblower/Leak it is nearly impossible if not for the case that the accused was really stupid and left a clear trail and or incriminates himself in paperwork/communication. // "criminal intent" //&! No Regrets at Countrywide - bloom.bg/1UptWQC //&! Countrywide’s Mozilo Said to Face U.S. Suit Over Loans - bloom.bg/1RMqPEA //&! NEW SUIT - No, the US government hasn’t forgotten about Countrywide founder Angelo Mozilo - bit.ly/1lQbEfD
GFC  banking  crisis  Greed  crony  capitalism  bank  bailout  economic  history  white-collar  crime  accounting  scandal  corporate  scandal  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  oligarchy  plutocracy  Super  Rich  1%  Fraud  securities-fraud  bonuses  bonus  financial  incentive  financial  literacy  FinancialCrisisInquiryCommission  Mozilo  CountrywideFinancial  Angelo  Mozilo  subprime  NINJA  Loan  non-performing  NPL  CDS  CDO  citigroup  misselling  misrepresentation  Consumer  Protection  misleading  Positioning  PR  spin  doctor  manufactured  consent  Whistleblower  Eric  Holder  presidency  barackobama  Party  Funding  Justice  System  economic  injustice  Washington  revolving  door  accountability  due  diligence  miconduct 
january 2016 by asterisk2a
Cameron: Labour doesn’t believe in home ownership – video | Society | The Guardian
home ownership is the only wealth item in privates balance sheet. but as we know from history, dont base ur wealth on one asset. particular houses. houses/flats are there to be lived in. & maybe move out & into a new one, moving city for new or better job. property should not be prioritised as singular wealth storage // USA promoted home ownership // Tories policy is helping people save, and buy, keeping the house prices going up an up and up. // &! Complete Privatisation of housing market; Ministers want to get rid of social housing, former civil service chief to say. Lord Kerslake to say housing bill will force councils to sell off more than 100,000 homes to subsidise right-to-buy discounts - bit.ly/1Qr1FKr - The former head of the civil service will accuse government ministers this week of trying to phase out social housing altogether in favour of a new generation of “starter” homes that will be unaffordable for people on low incomes. //&! bit.ly/20lvGOp Privatisation a disaster
nasty  party  policy  folly  policy  error  Makers  generation  rent  Tories  Conservative  mortgage  market  property  bubble  Housing  Crisis  household  debt  consumer  debt  credit  card  debt  zombie  consumer  subprime  cost  of  living  standard  of  living  Help  to  Buy  Scheme  Right  to  Buy  Buy-to-Let  Help-to-Save  macroprudential  policy  wealth  distribution  wealth  management  austerity  neoliberalism  neoliberal  social  affordable  Privatisation  budget  deficit  Council  Public  Services  Services  David  Cameron  George  Osborne  budget2015 
january 2016 by asterisk2a
BBC Documentary - The Money Trap - How Banks Control the World Through Debt - YouTube
most profitable credit card debt customers are those making just the minimum payment. ... a credit card being a statement of status! retaining customers by upgrading them regularly w higher limits, new colors, new perks (they will never use). // unsecured lending - DEFINITION of 'Unsecured Loan' A loan that is issued and supported only by the borrower's creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan. // revolving debt // the higher your credit limit, the more you are likely to spend. // half of his income to just serve credit card fees and interest charges (no payments towards paying down) debt ... // banks lend irresponsibly bc they know they can get away with it, or somebody else will do it! because there is not regulation. no bank oversight. //&! The Truth about Payday Loans :Young, British and Broke - youtu.be/-yWxTvffbuE //&! Gambling/Betting Shops on Highstreet.
retail  banking  investment  banking  CDO  CDS  subprime  credit  card  debt  credit  card  financial  literacy  household  debt  mortgage  market  Payday  Loans  exploitation  debt  servitude  student  loan  debt  Bubble  property  ethics  moral  beliefs  revolving  debt  consumer  debt  debtoverhang  debt  Super  Cycle  student  debt  private  debt  status  symbol  instant  gratification  status  anxiety  socioeconomic  status  zombie  consumer  consumerist  consumerism  Protection  overdraft  materialism  crony  capitalism  capitalism  NPL  NINJA  Wall  Street  profit  maximisation  shareholder  value  bonuses  bonus  financial  incentive  incentive  creditrating  credit  creditrisk  credit  score  self-regulation  Bank  Oversight  financial  instruments  derivatives 
january 2016 by asterisk2a
The Great Unraveling Looms - Blame The 'Austrians'? | Zero Hedge
Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain's Adam Smith Institute publishes a paper by Anthony Evans that recommends the Bank of England should ditch its powers over monetary policy and move towards free banking. [...] The BIS paper will be the more influential of the two in policy circles, and this is not the first time the BIS has questioned the macroeconomic assumptions behind the actions of the major central banks. [...] Targeting nominal GDP is not a perfect answer.
credit  bubble  economic  history  BIS  GFC  QE  ZIRP  NIRP  distortion  squeezed  middle  class  secular  stagnation  working  poor  credit  card  debt  household  debt  property  bubble  consumer  debt  monetary  policy  liquidity  trap  monetary  stimulus  monetary  theory  unconventional  monetary  policy  monetary  system  China  USA  subprime  car  loan  debt  servitude  discretionary  spending  disposable  income  Student  debt  Super  Cycle  debtoverhang  sovereign  debt  crisis  debt  bubble  debt  monetisation  debt  monetization  Fed  ECB  BOE  Japan  BOJ  Abenomics  nominal  GDP  targeting  inflation  targeting  wage  growth  wage  stagnation  income  distribution  income  inequality  low  income  income  redistribution  inequality  Gini  coefficient  Super  Rich  1%  plutocracy  oligarchy  group  think  think  tank  vested  interest  interest  groups  lobbyist  lobby  Lobbying  revolving  door  Career  Politicians  No  Representation  social  democracy  democracy 
january 2016 by asterisk2a
The Deflation Monster Has Arrived | Zero Hedge
the world’s grand experiment with debt has come to an end. And it’s now unraveling. [...] The next thing is to give money to Main Street. [...] Either way, money will be printed out of thin air and given to you. That’s what’s coming next. Possibly after a failed attempt at demanding negative interest rates from the banks. But coming it is. [...] Once people lose faith in their currency all bets are off. The smart people will be those who take their fresh central bank money and spend it before the next guy.
deflationary  deflation  debt  servitude  credit  bubble  squeezed  middle  class  working  poor  secular  stagnation  UK  USA  Europe  western  world  Precariat  precarious  work  household  debt  Richard  Koo  GFC  China  recovery  property  bubble  subprime  economic  history  neoliberalism  neoliberal  Wall  Street  shareholder  value  profit  maximisation  capitalism  crony  capitalism  exploitation  Super  Cycle  consumer  debt  credit  card  debt  car  loan  student  loan  debt  debtoverhang  NPL  sovereign  debt  crisis  private  debt  debt  monetisation  debt  monetization  ZIRP  NIRP  QE  bank  bailout  distortion  capital  allocation  asset  allocation  speculative  bubbles  financial  repression  2016  2015  fiscal  policy  monetary  policy  fiat  money  fiat  currency  trust  distrust  trustagent 
january 2016 by asterisk2a
Ben Bernanke urges punishment of individual bankers - BBC News
>> Privatisation where and when it is needed. No, only if it suits their ideology and agenda. // regulatory failure. - youtu.be/Yx1P5Wz2iX4 - Ben Bernanke, John Mack Reflect on 2008 Financial Crisis >> NINJA Loan, homeownership, subprime, ... //&! Ben Bernanke on Lehman Crisis: "We Agreed to Be Vague" (Oct. 6, 2015) | Charlie Rose - youtu.be/EYGbtxzIkvw - 'lehman brothers was a sink hole. money put in from gov in a saving attempt would have resulted in being pulled out by its counterparties and creditors. and had not enough collateral and assets.'
too  big  to  jail  regulators  morality  Justice  System  injustice  Law  &  Justice  white-collar  crime  corporate  scandal  accounting  scandal  mis-selling  CDO  CDS  Interestrateswap  benbernanke  book  TBTF  too  big  to  bail  GFC  trickle-down  economics  economic  history  Super  Rich  1%  bank  bailout  banking  crisis  investment  banking  bank  crisis  retail  banking  CEO  pay  CEO  Abacus  subprime  car  loan  NINJA  fairness  Generationengerechtigkeit  austerity  budget  deficit  Student  Bubble  Wall  Street  profit  maximisation  shareholder  value  free  market  Privatisation  MervynKing  George  Osborne  David  Cameron  self-regulation  regulation  deregulation  Career  Politicians  No  Representation  revolving  door  inequality  Gini  coefficient  income  distribution  oligarchy  democracy  social  contract  political  theory  timgeithner  UK  USA  ideology  dogma  lehmanbrothers 
october 2015 by asterisk2a
The other generation rent: meet the people flatsharing in their 40s | Money | The Guardian
Number of flatsharers aged 45-54 has risen by 300% in five years, figures show, amid soaring house prices, especially in London [...] Photographer Alex Forsey, 44, is typical of the new generation of flatsharers in their 40s. He recently moved into a house in Clapton, east London, with three other people in their 20s to 40s. He said: “The most affordable one-bed flat I was shown was £1,200 a month, and it was worse than a squat. The agent tried telling me it was a bargain.” //&! ability to get interest only loan is unbelievable.
generation  rent  London  property  bubble  Supply  and  Demand  Demand  and  Supply  UK  distortion  ZIRP  NIRP  QE  asset  allocation  asset  bubble  alternative  investment  Buy  to  Help  to  Buy  Scheme  Funding  for  Lending  Scheme  excess  reserves  mortgage  market  2015  macroprudential  policy  macroeconomic  policy  microeconomic  policy  BOE  NPL  subprime  cost  of  living  cost  of  entry  living  standard  living  spaces  standard  of  living  air  pollution  noise  pollution  city  living  urbanisation  economies  of  agglomeration 
september 2015 by asterisk2a
Borrowing up amid interest rates speculation - BBC News
Mortgage brokers said that the relatively low mortgage rates on offer could be a response to a mismatch of supply and demand. "The mortgage market remains over supplied with lenders having more money to lend than there are people looking for home loans. This means criteria will have to loosen and rates will have to remain low to ensure lenders hit their volume targets," said Mark Harris, chief executive of SPF Private Clients. "For many, the main issue is not so much finding a cheap mortgage rate but being able to prove affordability to satisfy the lender and meet [the regulator's] tighter criteria."
property  bubble  mortgage  market  distortion  affordable  housing  housing  market  Crisis  UK  social  housing  generation  rent  Supply  and  Demand  Demand  and  Supply  debtoverhang  household  debt  consumer  debt  debt  servitude  disposable  income  discretionary  spending  private  debt  2015  Taper  BOE  ZIRP  NIRP  QE  Help  to  Buy  Scheme  Funding  for  Lending  Scheme  excess  reserves  unknown  unkown  unintended  consequences  subprime  macroprudential  policy 
september 2015 by asterisk2a
New US subprime boom - but this time it is for cars - BBC News
- zero hedge had chart w student loan bubble standing at 1trn, and some, as of about mid 2015, with car loans about to reach 1trn, and credit card debt. just google 'zero hedge car loan' - Blackstone says car loans are now in "untested" territory - bit.ly/1TO6Gxb - "The takeaway here is simple: under pressure to keep the US auto sales miracle alive and feed Wall Street's securitization machine (which is itself driven by demand from yield-starved investors) along the way, lenders are lowering their underwriting standards and extending loans to underqualified borrowers. [...] This cannot and will not end well." // July - With the US consumer hunkering down in 2015 and barely spending more than in the comparble period last year, the only silver lining had been auto sales driven almost entirely by access to cheap credit; - bit.ly/1QBIWc5
credit  bubble  car  loan  subprime  USA  credit  card  credit  card  debt  private  debt  household  debt  debt  servitude  debtoverhang  consumer  debt  student  loan  debt  student  loan  student  debt  Richard  Koo  zombie  consumer  status  symbol  status  anxiety  consumerist  consumerism  materialism  financial  market  financial  crisis  financial  engineering  ABS  CDS  excess  reserves  underinvestment  productive  investment  recovery  UK  western  world  ZIRP  NIRP  QE  revolving  credit  bank  bailout  bank  crisis  banking  crisis  investment  banking  retail  banking  London  2015  GFC 
september 2015 by asterisk2a
The real truth about the 2008 financial crisis | Brian S. Wesbury | TEDxCountyLineRoad - YouTube
bankers are greedy & excess speculation, is the story. Fed controls short-term interest rate through interest rate setting/Fed meetings based on fundy of American economy, // NIRP (greenspan put) post dot.com, distorts market, decision makers decisions. housing bubble w help of NIRP after dot.com & home-ownership campaign in bush years (fiscal stimulus/subsidies) 2 push that "asset." Not "home" to live in. // banks got too big to fail (their balance sheet/lending book) as liabilities (toxic assets - real downside unknown (due to complexity and day to day changes during crisis years), like CDO/CDS etc) overtook book, overall, value. Banking being actually insolvent, but how insolvent one doesn't know. Thus bad bank idea. ACCOUNTING. // Paul Volker raised rates ... was able, because USA (private household, banks, corporates) were not in a balance sheet recession. Problem was endogenous. // Deregulation + Lax accounting contributed to GFC greatly, unable to value banks books.
GFC  economic  history  fractional  reserve  banking  financial  crisis  monetary  theory  systemicrisk  Greenspan-Put  NIRP  ZIRP  negative  real  interest  rate  interestrate  dot.com  reflation  reflate  balance  sheet  recession  deleveraging  debtoverhang  savings  rate  leverage  alangreenspan  greenspan  Ben  Bernanke  benbernanke  distortion  housing  market  accounting  too  big  to  jail  toobigtofail  TBTF  financial  market  financial  incentive  speculative  bubbles  speculative  speculation  hunt  for  yield  asset  allocation  asset  bubble  TARP  subprime  QE  stresstest  timgeithner  henrypaulson  economic  model  economic  damage  macroeconomic  policy  fiscal  policy  monetary  policy  history  paulvolcker  complexity  incomplete  information  business  confidence  consumer  confidence  confidence  banking  crisis  zombie  banks  mark-to-market  Janet  Yellen 
july 2015 by asterisk2a
Bank Whistleblower Alayne Fleischmann & Matt Taibbi on How JPMorgan Chase Helped Wreck the Economy - YouTube
Eric Holder - 'banks facilitated GFC! through sub prime & co and dubious in-transparent too complex financial modelling and financial products //
GFC  economic  history  deregulation  oversight  Bank  SEC  DOJ  too  big  to  jail  toobigtofail  TBTF  lobbyist  lobby  Lobbying  Washington  revolving  door  Career  Politicians  No  Representation  subprime  financial  literacy  zombie  banks  banking  crisis  investment  banking 
may 2015 by asterisk2a
The Real Looting of Baltimore... - YouTube
- same with mortgages linked to forex/different currency than your country of residence. // // abuse of existing instruments, not using it for intended purpose // and mis-selling of instruments and products - also see PPI ( Payment Protection Insurance ) mis-selling - http://www.bbc.co.uk/news/business-30695720 // and mis-selling forex linked loans (ie to Swiss Franc) to local governemnts and cities called Interest Rate Swap Mis-selling that got exorbinant expensive following the GFC actions (NIRP) by Central Banks (black swan) // all driven by managers meeting targets, getting and wanting bigger bonuses, wanting the bosses job, ... etc driven by cottage industry of analysts 'forecasting' that profit has to rise X% etc etc. // add also For Profit Schools! in the USA targeting Veterans & other rather financially illiterate :: youtu.be/P8pjd1QEA0c // biggest debt kind - mortgage and student loan debt // financial literacy also include gambling & lottery
Baltimore  Ferguson  mortgage  market  subprime  predatory  lending  practices  ninja  mortgage  UK  USA  Capitalism  crony  profit  maximisation  shareholder  value  foreign  currency  mortgage  bailout  corruption  abuse  of  power  CDS  MBS  lobbyist  lobby  Lobbying  revolving  door  Washington  GFC  toobigtofail  too  big  to  jail  TBTF  Gini  coefficient  financial  literacy  plutocracy  income  inequality  inequality  social  mobility  income  mobility  Western  World  Thomas  Piketty  economic  history  democracy  social  cohesion  libor  rigging  scandal  PPI  scandal  bonuses  bonus  Wall  Street  Payment  Protection  Insurance  mis-selling  Interest  Rate  Swap  banking  investment  banking  banking  crisis  American  Dream  Payday  Loans  debt  bubble  Super  Cycle  student  loan  debt  StudentLoans  lottery  gambling  downward  mobility 
may 2015 by asterisk2a
Regulators Repeat Exactly What They Did During the Last Housing Boom | The Baseline Scenario
Even leaving aside the specific merits of this decision, the worrying thing is that the intellectual, regulatory, and political climate seems to be basically the same as it was in 2004: no one wants to to anything that might be construed as hurting the economy, and no one wants to offend the housing industry.
political  theory  Politics  trust  lobbyist  GFC  property  bubble  MBS  confidence  political  error  Dodd-Frank  trustagent  USA  Lobbying  barackobama  WallStreet  subprime  political  folly  regulation  Lobby  policy  error  presidency  policy  folly 
august 2013 by asterisk2a
Der Marxist und Geograph David Harvey über das Recht auf Stadt - SPIEGEL ONLINE
https://en.wikipedia.org/wiki/Gentrification >> "Urbanisierung ist ein Kanal, durch den überschüssiges Kapital fließt, um die Städte für die Oberschicht neu zu bauen. Ein machtvoller Prozess, der neu definiert, worum es in Städten geht, wer dort leben darf und wer nicht. Und er definiert die Lebensqualität in Städten nach den Maßgaben des Kapitals, nicht nach denen der Menschen." << unintended consequences froom NIRP, QE, ZIRP
Proletariat  Gentrified  class-warfare  Politics  Gentrification  city  living  unintended  consequences  neoliberal  comparative  advantage  urban  planning  subprime  political  folly  competitiveness  credit  bubble  policy  error  policy  folly  QE  NIRP  economic  history  working  poor  urbanisation  property  bubble  political  error  metropolitan  life  ZIRP  middle  class  book  Gentrifzierung  class  warfare  competition 
may 2013 by asterisk2a
BBC News - George Osborne warned by MPs over mortgage guarantee risks
Mr Osborne has said the housing market is still not functioning properly after the 2008 financial crisis, with the number of purchases by first-time buyers down 40% in the past five years. [...] >> haven't they learned anything? subprime and house price bubble created itself by state guarantees introduced by gwbush to push home owner ship. - history doesn't repeat, but rhymes - market prices though information. distortion by brining in more normally ineligible buyers. - Osborne tackling an effect of income stagnation and excessive inflation + zombie consumers and zombie banks. First-time buyers unable to put up deposit. >> http://www.zerohedge.com/news/2013-03-20/uk-discloses-home-purchase-subsidy-part-its-latest-2013-budget
microeconomic  policy  monetary  policy  complexity  asset  bubble  Mark  Carney  monetary  theory  reflation  unintended  consequences  zombie  banks  liquidity-trap  distortion  davidcameron  BOE  subprime  political  folly  policy  folly  QE  2013  Plan  B  short-term  thinking  microeconomics  disequilibrium  economic  history  gwbush  mortgage  fraud  UK  error  equilibrium  fanniemae  unconventional  monetary  policy  ZIRP  austerity  USA  housing  bubble  zombie  consumer  mortgage  market  MervynKing  subsidies  freddiemac  economics  Funding  for  Lending  Scheme  GeorgeOsborne  subsidizing 
april 2013 by asterisk2a
FraudBytes: Justice Department Admits They're Soft on Fraud
+ http://www.ritholtz.com/blog/2013/03/failure-to-prosecute-fraud-causes-economic-downturns/ " I am concerned that the size of some of these institutions [banks] becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy" --- In fact, failing to prosecute criminal fraud has been destabilizing the economy since at least 2007 … and will cause huge crashes in the future. [...] Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future.
justice  GFC  ethics  fraud  josephstiglitz  white-collar  worker  NINJA  loans  white-collar  crime  Law  &  barackobama  ponzischeme  banking  crisis  criminal  fraud  George  Akerlof  subprime  bank  crisis  lostdecade  greatrecession  moralhazard  trust  economic  history  mortgage  fraud  confidence  trustagent  white-collar  fraud  USA  greatdepression  DoJ  economics  toobigtofail  presidency 
march 2013 by asterisk2a
US-Klage gegen S&P: Details der Klageschrift - SPIEGEL ONLINE
Der Analyst scheint ziemlich baff. "Dieser Deal ist lächerlich", schreibt er einer Kollegin in einer E-Mail. "Wir sollten ihm kein Rating geben." Die Kollegin sieht das ähnlich - wenn auch nur bedingt: "Das Modell erfasst nicht mal die Hälfte des Risikos", stimmt sie zu. Aber: "Wir geben jedem Deal ein Rating… Er könnte von Kühen strukturiert werden, wir würden ihm ein Rating geben." Der saloppe Wortwechsel stammt vom April 2007, dem Beginn der US-Kreditkrise. Besagter "Deal" war ein besonders wackliges Hypothekenpapier - und die Analysten, die sich darüber lustig machen, arbeiten für Standard & Poor's (S&P), eine der drei großen Rating-Agenturen Amerikas. ist ein regelrechter Finanzkrimi: Gnadenlos enthüllt er, wie Insider lange vor anderen wussten, dass der Crash kommen würde - und trotzdem fleißig weiterzockten, um abzukassieren.
2008  GFC  creditrating  CDS  accountability  creditcrunch  WallStreet  creditrisk  corruption  subprime  CDO  ratingagencies  insider-trading 
february 2013 by asterisk2a
Standard & Poor's muss für irreführende Ratings zahlen - SPIEGEL ONLINE
Ein australisches Gericht hat Standard & Poor's wegen irreführender Bewertungen verurteilt. Die US-Agentur hatte komplizierten Finanzprodukten die Bestnote AAA verliehen. Anleger verloren 90 Prozent ihres Geldes. Das bekommen sie nun erstattet, plus Zinsen.
subprime  GFC  2012  creditrating  ratingagencies 
november 2012 by asterisk2a
Yet Another Lawsuit Against Bank Of America Over Countrywide's Legacy Toxic Mortgages | ZeroHedge
http://www.bloomberg.com/news/2012-10-24/bofa-sued-by-u-s-for-1-billion-over-alleged-mortgage-fraud.html

Bank of America Corp. (BAC) was sued by the U.S. attorney in Manhattan for allegedly engaging in a scheme to defraud Fannie Mae and Freddie Mac.

The complaint alleges that Countrywide Financial Corp., which was later bought by Bank of America, implemented a loan- origination process that generated thousands of fraudulent or defective loans that were sold to Fannie Mae and Freddie Mac, according to a statement today from the Manhattan U.S. Attorney’s Office.

>> That is what you get with blank cheque guarantee of mortgage risk.
WallStreet  government  governance  corporate  governance  toobigtofail  GFC  mortgage  market  subprime  freddiemac  FannieMea  BofA  CountrywideFinancial 
october 2012 by asterisk2a
The Student Loan Bubble In 19 Simple Charts | ZeroHedge
Crummy politicians guaranteed mortgage debt which led via little conservatism and little oversight and governance into a property bubble, etc etc - the rest is history

The same has been in the making for over 2 decades now with student debt and grants ... a bubble that will burst eventually.

http://www.zerohedge.com/news/2012-09-28/next-subprime-crisis-here-over-120-billion-federal-student-loans-default

there is now at least $122 billion in federal student loan defaults. And surging every day.

Ladies and gentlemen: meet the new subprime.
NPL  subprime  governance  lobby  oversight  lostgeneration  government  USA  Student  Loan  Bubble  debt  education  education  college  university  un-college  studentdebt  debt  StudentLoans 
september 2012 by asterisk2a
Five years on, the Great Recession is turning into a life sentence - Telegraph
Five years on it is clear that subprime was merely the first bubble to pop, a symptom not a cause. Europe had its own parallel follies. Britons were extracting almost 5pc of GDP each year in home equity by the end. Spain built 800,00 homes in 2007 for a market of 250,000. Iceland ran amok, so did Latvia and Hungary. The credit debacle was global. If there was an epicentre, it was Europe’s €35 trillion banking nexus.

There comes a point when extra debt draws down prosperity from the future. The future arrived in 2008.

A study by Stephen Cecchetti at the Bank for International Settlements concludes that debt turns “bad” at roughly 85pc of GDP for public debt, 85pc for household debt, and 90pc corporate debt. If all three break the limit together, the system loses its shock absorbers.

http://www.bis.org/publ/work352.htm

Much of the debt will have to be written off. Whether this done by inflation (1945-1952) or default (1930-1934) will be the great political battle of this decade.
politics  policy  folly  policy  error  default  scenario  inflation  reflation  debt  jubilee  economic  history  globalisation  global-economy  global  imbalances  savings  glut  creditcrunch  economic-thought  economic  model  BIS  banking  crisis  bank  crisis  balance  sheet  recession  deleveraging  debt  bubble  debtoverhang  credit  bubble  subprime  property  bubble  sovereign  debt  crisis  UK  China  USA  Europe  2012  2008  lostdecade  GFC  greatrecession 
august 2012 by asterisk2a
BBC Today Show 'We didn't expect a total meltdown'
It is five years to the day since the start of the credit crunch. Sir John Gieve, former deputy governor of the Bank of England, economist Frances Cairncross, and Danny Gabay, who runs the Fathom Financial Consulting look back at half a decade of global economic uncertainty.

-
economic  model  economic-thought  economic  history  greatrecession  subprime  debtoverhang  UK  2008  2007  creditcrunch  GFC 
august 2012 by asterisk2a
Bad Models Mistook Housing Bust for Dot-Com Bubble - Bloomberg
The problem with forecasting: it is based on the past, a past model. The world is changing ... every week, every year ...

The problem is that the macroeconometric models used by the Fed -- like those used by the Congressional Budget Office, the White House and others -- had at best a very rudimentary financial sector built into them. As a result, they took into account the macroeconomic impact from the housing bust -- but for the most part didn’t reflect the concentrated loss of wealth and degree of leverage in the financial industry.
In other words, the official models effectively ignored the very distinction that Bernanke highlighted as being crucial to distinguishing the housing collapse from the tech bust. And so the models completely missed the recession’s severity.
economic  model  economist  econometrics  subprime  bubble  dotcom  bubbles  academics  academia  economics  forecast  greatrecession  GFC  economic-thought  economic  history 
may 2012 by asterisk2a
How Housing Policy Caused the Financial Crisis - YouTube
Community Reinvestment Act = Gov guarantees and subsidies for one part of the economy.

Wallison published his version of what caused the crisis in a 93-page dissent, which argues that the meltdown was largely a consequence of government housing policy that underwrote unsustainable economic activity. He draws heavily on the research of Fannie Mae's former chief credit officer, Edward Pinto, which found that federal housing agencies drastically underreported the number of high-risk mortgages on their books. According to Wallison and Pinto, there were about 28 million high-risk mortgages in the U.S. in 2008; roughly 70 percent of those mortgages were owned by government-sponosored enterprises such as Fannie Mae and Freddie Mac.

---

My take:
Its part of the crisis, as were derivatives and structure products and securities (time of great moderation). Wrong type of regulation, leverage, lazy fair gov policies, Wall Street lobby, ...
history  public  policy  greatrecession  GFC  politics  USA  freddiemac  FHA  FannieMea  mortgage  subprime  FinancialCrisisInquiryCommission 
march 2012 by asterisk2a
"The Inequality Trap" by Kemal Derviş | Project Syndicate
The University of Chicago’s Raghuram Rajan, a former chief economist at the International Monetary Fund, tells a plausible story in his recent award-winning book Fault Lines about the connection between income inequality and the financial crisis of 2008.
Rajan argues that huge income concentration at the top in the US led to policies aimed at encouraging unsustainable borrowing by lower- and middle-income groups, through subsidies and loan guarantees in the housing sector and loose monetary policy. There was also an explosion of credit-card debt.

-
The recent work by Rajan, Stiglitz, Kumhof and Ranciere, and others explains the apparent paradox: those at the very top financed the demand of everyone else, which enabled both high employment levels and large current-account deficits.

PLUS - leverage and low interest rate environment

Stagnant incomes of US households (the 99%) is in the making since 70s. Is this Globalization effect? Playingfield gets leveled?
globalization  income-gap  income  inequality  income  USA  QE  ZIRP  Leverage  macroeconomic  policy  microeconomic  policy  mortgage  subprime  freddiemac  FannieMea  loan-guarantee  subsidies  monetary  policy  fiscal  policy  inequality  book  debt  bubble  bubble  GFC 
march 2012 by asterisk2a
Couple Lives In $1.3 Million, 4,900 Square Foot Home For Five Years Without Making A Single Mortgage Payment | ZeroHedge
"the process is broken"

The process that the gov guarantees loans, ... will never work, did never work. On both sides of the contract the will be fraud; the home buyer and the bank who gives out the mortgage.
mortgage  subprime  bubble  freddiemac  FannieMea 
march 2012 by asterisk2a
The Farce-Hole Gets Deeper: Obama's "Robo-Settlement For Votes" Cost To Taxpayers: $40 Billion | ZeroHedge
US taxpayers are expected to subsidize the $40bn settlement owed by five leading banks over allegations that they systematically abused borrowers in pursuit of improper home seizures,

a clause in the provisional agreement – which has not been made public – allows the banks to count future loan modifications made under a 2009 foreclosure-prevention initiative towards their restructuring obligations for the new settlement, according to people familiar with the matter. The existing $30bn initiative, the Home Affordable Modification Programme (Hamp), provides taxpayer funds as an incentive to banks, third party investors and troubled borrowers to arrange loan modifications.

Just to be clear: the guilty party in a fraud against taxpayers has their 'punishment' paid for by the innocent taxpayer who had the crime committed against them? ok,
lobbyist  lobby  Lobbying  fraud  accountability  transparency  2012  mortgage  subprime  settelment  barackobama  presidency  politics  USA  robosigning 
february 2012 by asterisk2a
Breakingviews: Analyzing the American Dream - YouTube
Feb 9 - Breakingviews columnists discuss the $25 bln U.S. mortgage settlement and how renters should start flexing some muscle in the housing debate.
2012  USA  mortgage  subprime  robosigning  foreclosure  settelment  barackobama 
february 2012 by asterisk2a
US To Settle Fraudclosure For $25 Billion Even As It Channels Fake Tough Guy In Meaningless Lawsuit Against Very Same Banks | ZeroHedge
but not before the one and only intervened. From the WSJ: "The Obama administration made a full-court press over the past four days to secure the support of key state attorneys general, including those from Florida, California and New York."

From the WSJ: "Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis, according to people familiar with the matter. The move would mark a stepped-up regulatory effort to hold Wall Street accountable for its sale of bonds linked to subprime mortgages in 2007 and 2008. At issue is whether the banks misrepresented the poor quality of loan pools they bundled and sold to investors, the people said."
mortgage  subprime  USA  foreclosure  barackobama  2012  settelment  robosigning 
february 2012 by asterisk2a
Bank of America Settles With DOJ Over Countrywide - YouTube
Dec. 22 (Bloomberg) -- Bank of America Corp. will pay a record $335 million to compensate Countrywide Financial Corp. borrowers who were charged more for home loans based on race and
national origin. The penalty for Bank of America, which acquired Countrywide in 2008, dwarfs the $30 million total for all previous fair-lending settlements extracted by the U.S. Department of Justice. Megan Hughes reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)
KenLewis  discrimination  2011  subprime  DOJ  settelment  CountrywideFinancial  BofA 
december 2011 by asterisk2a
U.S. banks offered deal over lawsuits: report | Reuters
(Reuters) - Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday.

The FT, citing five people with direct knowledge of the discussions, said state prosecutors have proposed settlement language in the "robosigning" cases that also might release the companies from legal liability for wrongful securitization practices.
robosigning  subprime  security  securities-fraud  securities  mortage  MBS  suit  2011  august  september  lawsuit  FHFA  settelment  fanniemae  freddiemac 
september 2011 by asterisk2a
TARPed, RETARPed, And Then DETARPed | ZeroHedge
Former Merrill Lynch CEO John Thain accurately described the problem to the FCIC in September 2010:
 "when you have a system where you pay someone for originating mortgages simply on volume and nothing happens to them if the credit quality is bad, and nothing happens to them if the borrower is fraudulent on his loan application, and nothing happens to him if the appraisal’s fraudulent, then that’s probably not a very smart system."

Some of the firms sued today had asked the Treasury and the Fed to slow the process so they could settle the claims out of court, according to a person briefed on the private conversation who spoke on condition of anonymity. The impending lawsuits were one subject of an Aug. 10 meeting at Treasury between Bank of America Chief Executive Officer Brian Moynihan and Treasury Secretary Timothy F. Geithner, the person said.

his purchase of Countrywide is now the single worst M&A transaction in history,
FHFA  FCIC  subprime  mortage  fraud  misleading  security  securities  securities-fraud  2011  Bofa  toobigtofail  CountrywideFinancial  KenLewis  merrylllynch  M&A  2008  henrypaulson  history 
september 2011 by asterisk2a
Goldman's Dan "Shitty Deal" Sparks Sued For Selling Junk, Dogs, Big old lemons, and Monstrosities | ZeroHedge
While the FHFA has targeted lawsuits at a whole bunch of employees of the 17 banks previously disclosed, nothing gives us as much amusement and frankly pleasure, as the fact that Goldman's definition of smugness - one Dan Sparks of "shitty deal" fame, is among the accused. Perhaps, even in uber crony communist America, what goes around eventually comes around. Now, if only someone can figure out how Warren Buffett's Wells Fargo, with its several hundred billion worth of Wachovia toxic biohazard, is not on the list of defendants...

That Goldman knew of the originators’ abandonment of applicable underwriting guidelines and of the true nature of the mortgage loans it was securitizing is further evidenced by how Goldman handled its own investments.
FHFA  timberwolf  goldmansachs  security  securities  fraud  subprime  mortage  securities-fraud  2011  freddiemac  fanniemae  Abacus  misleading  GSE  MBS 
september 2011 by asterisk2a
Cohan Says FHFA Pursuing All Legal Means for GSEs - YouTube
William Cohan, a Bloomberg View columnist and Bloomberg Television contributing editor, talks aboutthe possibility that large banks may be sued by the U.S. Federal Housing Finance Agency for misrepresenting the quality of mortgage securities sold at the height of the housing bubble. Cohan speaks with Matt Miller on Bloomberg Television's "InsideTrack." (William Cohan, author of "Money and Power: How Goldman Sachs Came to Rule the World," is a Bloomberg View columnist. The opinions expressed are his own. Source: Bloomberg)
FHFA  mortage  securities  securities-fraud  2011  fraud  freddiemac  fanniemae  subprime  misleading  misrepresentation  civilsuit  litigation  settelment  MBS  GSE  lawsuit  blamegame  accountability  responsibility 
september 2011 by asterisk2a
U.S. Said to Be Ready to Sue Banks Over Mortgages - NYTimes.com
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.
The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.

The FHFA was created in 2008 and assigned to oversee the hemorrhaging government-backed mortgage companies, a process known as conservatorship.
deutschebank  bofa  jpmorgan  goldmansachs  FHFA  subpoena  subprime  2011  misleading  trust  documentation  housing  bubble  housemarket  mortage  fraud  fanniemae  freddiemac  UBS  citigroup  AIG  CountrywideFinancial  merrylllynch  bailout  government  subsidizing  toobigtofail  systemicrisk  banking 
september 2011 by asterisk2a
Ben Bernanke realised printing yet more money would look desperate - Telegraph
The reality is QE has already done an awful lot of damage. America has expanded its base money supply three-fold in two and a half years – from 6pc to 18pc of national income. But even this jaw-dropping measure hasn't led to much of an expansion in monetary measures, such as M2 that include bank lending, precisely because the banks, for all the propaganda to the contrary, are still determined not to lend. They can make more money simply channelling QE money into stocks and other investments.Crucially, the banks also remain petrified of counter-party risk in the inter-bank market. Many of them, disgracefully, are still concealing vast sub-prime losses in off-balance-sheet vehicles. So they assume other banks are doing the same. Such mistrust between the banks – "we're lying, so they must be lying" – gums up the wheels of finance and starves even creditworthy firms of the funds needed to invest and create jobs.

zombi banks - same as japan +10 years ago.
transparency  Fed  benbernanke  2011  JacksonHole  QE  QE3  QE2  quantitative  easing  ZIRP  M2  moneysupply  monetary  policy  inflation  deflation  USA  UK  monetarybase  interbank  LIBOR  trust  confidence  toxicassets  subprime  zombi  banks  company  capitalism  fiatmoney  politics  barackobama  presidency  GeorgeOsborne  davidcameron  greatrecession  recovery  lostdecade  Japan  balancesheet  recession  richardkoo  deleveraging  debtoverhang  sovereign  debt  crisis  centralbanks  trichet 
august 2011 by asterisk2a
Americans Facing More Inequality, More Debt and Now More Trouble? - YouTube
Middle Class, keeping up with the Jonses.

Did America's record-high level of economic inequality in 2007 help cause the financial crisis of 2008? With Americans' borrowing back on the rise and signs that economic inequality is growing, could there be another financial crisis in the near future? Paul Solman continues his series of reports on U.S. economic inequality.
income-gap  income  inequality  debt  debtoverhang  USA  public  private  economics  living-standard  household  crisis  credit  creditcrisis  GFC  subprime  middleclass  homeownership  creditcard  payday-loan 
august 2011 by asterisk2a
Affluent Buyers Reviving Market for Miami Homes - NYTimes.com
In the meantime, the South Florida market is busy, although it offers a problematic blueprint for a national recovery. For the traditional buyer who wants to put down no more than 20 percent, loans are somewhere between tough and impossible. Many of the sales are to investors, rich people or foreign citizens benefiting from a weak dollar.

- Dollar down, wealthy outsiders in - especially urban attractive cities and escape destinations. Families and others forced to rent.
USA  housing  housemarket  urban  subprime  bubble  2011  recovery  dollar  inequality 
july 2011 by asterisk2a
Debt and Redemption (Marije Meerman, VPRO Backlight 2010) - YouTube
Debt and Redemption (Marije Meerman, VPRO Backlight 2010) - Mar 25, 2011

All over Europe, governments dressed up their accounts by buying exotic financial products from major investment banks. Then came the crash.
Debt and Redemption shows how local authorities in Italy are struggling with the disastrous aftermath of their deals. The city of Milan has decided to strike back by charging four banks with fraud. The banks, as a matter of course, deny any wrongdoing.
Marije Meerman visits Milan and the village Polino Italy and travels to the US, where she speaks to writer/journalist Matt Taibbi (Rolling Stone, Griftopia), investor/blogger Reggie Middleton (Boombustblog) and former IMF economist Simon Johnson (13 Bankers: The Wall Street Takeover and the Next Financial Meltdown).
JosephCassano  AIG  Interestrateswap  CDS  derivatives  MattTaibbi  Italy  subprime  complexity  wallstreet  Milan  goldmansachs  Greece  fraud  PIIGS  europe  ECB  history  oligopol  oligarchy  sovereign  debt  crisis  IMF  monopoly  ReggieMiddleton  speculation 
july 2011 by asterisk2a
Wall Streets Euthanasia of Industry | Michael Hudson
Last weekend’s New York Times magazine had an interview with Sheila Bair, whose five-year term heading the Federal Deposit Insurance Corp. (FDIC) expired last week. Now she can begin to tell what happened. She said that Mr. Obama promised her that he would try to prevent the mortgage frauds that were occurring, especially in subprime mortgages, and support better bank regulation. But then she would learn, just an hour before he gave a speech, that he would have changed the draft that she had seen, and took out what he’d promised her. The rewrites apparently were done mainly by Tim Geithner, who acts as a lobby for the big bank contributors. Instead of running the Treasury to benefit the U.S. economy, he’s benefiting his Wall Street constituency. Significantly, he was a protégé of Clinton Treasury Secretary Robert Rubin, who gave the name “Rubinomics” to pro-Wall Street opposition to bank regulation and a dismantling of public control over the banking system.
sheilabair  lobby  lobbyist  Lobbying  timgeithner  robertrubin  larrysummers  greenspan  Dodd-Frank  subprime  regulation  reform  wallstreet  presidency  barackobama  oligopol  pharma  industry 
july 2011 by asterisk2a
More Deutsche Bank Pain As Dexia Files $1 Billion Lawsuit Against Bank For Selling It Toxic Mortgages | zero hedge
As in Allstate's Morgan Stanley suit, Bernstein Litowitz found confidential witnesses to back its claims. For instance, the complaint quotes a witness from the mortgage-loan packager Lydian Trust Securities saying that 80 percent of the mortgage loans he reviewed in connection with Deutsche Bank offerings contained underwriting deficiencies. Deutsche Bank "really didn't care," the witness said, according to Dexia's complaint. In fact, almost 35 percent of the loans underlying Deutsche Bank mortgage-backed certificates are in default or close to it, the complaint says.
"The complaint sets forth strongly compelling facts that Deutsche Bank knew that the representations it was making to clients like Dexia were false at the time the statements were being made,"
deutschebank  mortage  fraud  subprime  suit  2011 
july 2011 by asterisk2a
Bank of America Gets Pad Locked After Homeowner Forecloses On It | digtriad.com
Bank of America filed foreclosure papers on the home of a couple, who didn't owe a dime on their home.
The couple said they paid cash for the house.
The case went to court and the homeowners were able to prove they didn't owe Bank of America anything on the house. In fact, it was proven that the couple never even had a mortgage bill to pay.
A Collier County Judge agreed and after the hearing, Bank of America was ordered, by the court to pay the legal fees of the homeowners', Maurenn Nyergers and her husband. The Judge said the bank wrongfully tried to foreclose on the Nyergers' house.
So, how did it end with bank being foreclosed on?  After more than 5 months of the judge's ruling, the bank still hadn't paid the legal fees, and the homeowner's attorney did exactly what the bank tried to do to the homeowners. He seized the bank's assets.
"They've ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, " attorney Todd Allen told CBS.
bankofamerica  foreclosure  fraud  2011  subprime  bubble  mortage  housemarket  USA  documentation 
june 2011 by asterisk2a
How A Charlotte Stripper Got Credit Suisse To Admit To Mortgage Fraud And That "Someone Should Go To Jail For This" | zero hedge
"Someone needs to go to jail on this one." And yet, nobody, not even Angelo Mozillo has, courtesy of the SEC. If there is one email thread that encapsulates all the excesses in the housing bubble, this is it. As for the rhetorical question at the end, we are confident that absolutely nobody will ever go to jail "on this one" or any other one for that matter.
Start at the bottom and read up.
mortage  fraud  Mozilo  SEC  settelment  creditsuiss  jpmorgan  BofA  deutschebank  2011  housing  bubble  excess  subprime  merrylllynch 
may 2011 by asterisk2a
Due To "Triple Damages" Under False Claims Act, Deutsche Bank Damages May Total More Than $1 Billion - Full Lawsuit Attached | zero hedge
= What do you expect from Capitalism when you Give them your Finger?! They will take your hand!

While Deutsche Bank and MortgageIT profited from the resale of these Government-insured mortgages,

"In this suit, the United States seeks treble damages and penalties under the False Claims act and compensatory and punitive damages under the common law theories of breach of fiduciary duty, gross negligence, negligence, and indemnification for the insurance claims already paid by HUD for mortgages wrongfully endorsed by MortgageIT. In addition, the United States seeks compensatory and punitive damages."
capitalism  USA  subprime  FHFA  fanniemae  freddiemac  deutschebank  mortage  government  guarantees 
may 2011 by asterisk2a
Another Inside Job - NYTimes.com
That settlement is a “shakedown,” says Senator Richard Shelby of Alabama. The money banks would be required to allot to mortgage modification would be “extorted,” declares The Wall Street Journal. And the bankers themselves warn that any action against them would place economic recovery at risk.
All of which goes to confirm that the rich are different from you and me: when they break the law, it’s the prosecutors who find themselves on trial.

"held hostage"
 the biggest obstacle to recovery isn’t the financial condition of major banks, which were bailed out once and are now profiting from the widespread perception that they’ll be bailed out again if anything goes wrong. It is, instead, the overhang of household debt combined with paralysis in the housing market. Getting banks to clear up mortgage debts — instead of stringing families along to extract a few more dollars — would help, not hurt, the economy.
fraud  2008  BofA  banking  power  money  WallStreet  corruption  FinancialCrisisInquiryCommission  financialcrisis  subprime  settelment  SEC  CFTC  Law  politics  abuse  debtoverhang  debt  public  private 
march 2011 by asterisk2a
4 Reasons Home Prices Are Likely To Keep Falling : Planet Money : NPR
It will probably be a long time before prices get back to the heights of the bubble. A study last year looked at more than a dozen financial crises from the past century, and found that home prices tend to remain below their bubbly peaks during the entire decade after each crisis.
USA  subprime  property  2011  outlook  economics  housing  forecast  history  bubble 
february 2011 by asterisk2a
Planet Money's Toxic Asset : NPR
A short film about the life and death of Toxie, Planet Money's toxic asset.
toxicassets  financialcrisis  subprime  2010  Financalmeltdown  bubble  finance  journalism 
february 2011 by asterisk2a
Merrills Downfall Provides Disclosure Lesson - NYTimes.com
Only after the housing bubble began to deflate did Merrill and other banks begin to clearly divulge the many billions of dollars of troubled securities that were linked to them, often through opaque vehicles like Pyxis.

In the third quarter of 2007, for instance, Merrill reported that its potential exposure to certain subprime investments was $15.2 billion. Three months later, it said that exposure was actually $46 billion. At the time, Merrill said it had initially excluded the difference because it thought it had protected itself with various hedges.

But many of those hedges later failed, and Merrill, the brokerage giant that brought Wall Street to Main Street, soon collapsed into the arms of Bank of America.

“It’s like the parable of the blind man and the elephant: you had some people feeling the trunk and some the legs, and there was nobody putting it all together,”
merrylllynch  bankofamerica  BofA  subprime  hedge  bubble  property  2007  2008  2009  fraud  practice  banking  SEC  FDIC  disclosure  shadowbanking 
august 2010 by asterisk2a
Citigroup Pays $75 Million to Settle Subprime Claims - NYTimes.com
Citigroup has agreed to pay $75 million to settle federal claims that it failed to disclose vast holdings of subprime mortgage investments that crippled the bank during the financial crisis.

In an unusual move, the Securities and Exchange Commission has also singled out two Citigroup executives — Gary L. Crittenden, the former chief financial officer, and Arthur Tildesley Jr., the former head of investor relations — for omitting material information in disclosures to shareholders, according to a complaint releasedThursday afternoon. .

Mr. Crittenden has agreed to pay a $100,000 fine; Mr. Tildesley will pay $80,000.

The settlement centers on events in 2007 and 2008, when Citigroup’s reported losses abruptly cascaded, eventually prompting the federal government to rescue the bank. The case is the first to focus on whether banks adequately disclosed the increasingly precarious state of their finances.
citigroup  citygroup  citibank  fraud  2010  SEC  subprime 
july 2010 by asterisk2a
Fair Game - Seeing vs. Doing on Problem Loans - NYTimes.com
“What did they do once they knew what they knew?”

As investigators delve deeper into the mortgage mess, they are finding in too many cases that Wall Street firms did nothing when they learned about problem loans or improprieties in lending. Rather than stopping practices of profligate originators like New Century, Fremont and Ameriquest, Wall Street financiers, which held the purse strings for these companies, apparently decided to simply look the other way.

Recent cases have provided glimpses of this conduct. Last week, the Financial Industry Regulatory Authority accused Deutsche Bank Securities, a unit of the huge German bank, of misleading investors about how many delinquent loans went into six mortgage securities worth $2.2 billion that the firm underwrote. Deutsche Bank underreported the delinquency rates among loans when it created the securities in 2006, Finra contends, and then sold them to investors.

business as usual
business practises
deutschebank  Finra  usa  subprime  corporate  fraud  corruption  corporation  wallstreet  business  bubble  responsibility  josefackermann  2007  2008  2010  fine  regulation  regulators  reform 
july 2010 by asterisk2a
Op-Ed Columnist - Good and Boring - NYTimes.com
Above all, Canada’s experience seems to support those who say that the way to keep banking safe is to keep it boring — that is, to limit the extent to which banks can take on risk. The United States used to have a boring banking system, but Reagan-era deregulation made things dangerously interesting. Canada, by contrast, has maintained a happy tedium.

So there’s a good chance that we’ll do nothing, or nothing much, to prevent future banking crises. But it won’t be because we don’t know what to do: we’ve got a clear example of how to keep banking safe sitting right next door.
canada  CFPA  reform  regulation  finance  banking  subprime  history  lesson  toobigtofail  leverage 
february 2010 by asterisk2a
Bank Size and the Severity of Financial Shocks - CBS MoneyWatch.com
We cannot guarantee that regulation of the financial sector will prevent all shocks. Capping bank size can help to limit the extent to which a shock is magnified if one does occur, and thus limit its ability to do damage.
subprime  regulation  CFPA  reform  usa  VolckerRule  paulvolcker  paulkrugman  leverage  banking  financialmarket  FinancialCrisisInquiryCommission  toobigtofail  Canada  2010 
february 2010 by asterisk2a
“Body Count From Goldman Actions Crosses Into Criminal Territory” « naked capitalism
Don't bet what you can not afford to lose.
.
She notes, accurately, that Goldman used AIG to hedge its bet on CDO’s, either for itself with the Abacus deals, or for its clients, with the Davis Square deal. Had AIG failed, Goldman would have been on the hook for the losses: to execute the CDO with synthetic mortgage bonds, Goldman went “long” the CDS and then turned around and went “short” with AIG, effectively taking the risk of the mortgage bonds defaulting and then transferring it to AIG.

But Ms. Tavakoli fails to note that the collapse of the CDO bonds and the collapse of AIG were a deliberate strategy by Goldman. To realize on their bet against the housing market, Goldman needed the CDO bonds to collapse in value, which would cause AIG to be downgraded and lead to AIG posting collateral and Goldman getting paid for their bet. I am confident that Goldman Sachs did not reveal to AIG that they were betting on the housing market collapse.
goldmansachs  bet  betting  aig  bailout  derivatives  CDO  mortage  MBS  toxicassets  prime  non-prime  subprime 
december 2009 by asterisk2a
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