Implode-Explode Heavy Industries news feed

Bankers Meet With Lawmakers to Influence Senate Overhaul Bill

Thu, 18 Mar 2010 14:13:46 GMT

" About 800 bankers fanned out across Capitol Hill yesterday, pressing lawmakers to resist creation of a consumer-protection office, shield national banks from state laws and maintain Federal Reserve oversight of smaller lenders."

Wells Fargo extends debt relief to 2nd mortgages

Thu, 18 Mar 2010 14:12:10 GMT

"Facing criticism over the slow progress of its foreclosure-prevention efforts, the Obama administration has struck deals with two giant banks that would extend mortgage relief to homeowners with second mortgages."

Dodd’s Chief Counsel Bought Financial Stocks During 2008 Crisis

Thu, 18 Mar 2010 14:10:32 GMT

"Senate Banking Committee Chairman Christopher Dodd’s chief counsel in 2008 traded stock in Morgan Stanley, Wells Fargo & Co., American International Group Inc. and other rescued companies as the panel considered legislation to address the credit crisis, according to her financial disclosure form filed with the Senate."

Report: Madoff Was Attacked, Injured In Prison In Dec.

Thu, 18 Mar 2010 14:08:17 GMT

"Despite a raft of denials from all parties, it seems that Bernard Madoff’s December hospital stay really was due to a prison beating."

The new foreclosure trend - non-foreclosures

Thu, 18 Mar 2010 14:07:15 GMT

" From the recent Lender Processing Services report(.pdf) comes the chart shown below depicting the latest foreclosure trend - non-foreclosures. That is, where borrowers stop making mortgage payments but stay in the house."

Zero inflation in February

Thu, 18 Mar 2010 14:05:16 GMT

"The Labor Department reported zero inflation for the month of February as rising prices for medical care and education were offset by sharply lower costs for energy and apparel. This comes after a 0.2 percent increase in January and marks the eleventh straight month that the price index did not drop after a series of steep declines beginning in late-2008."

U.K.’s Six Biggest Banks’ Mortgage Approvals Fall

Thu, 18 Mar 2010 14:04:01 GMT

" he number of loans granted to buy homes fell to 48,000 from 49,000 in January, according to a seasonally adjusted sample from the Bank of England’s lending panel released in London today. The value of mortgages rose to 5.6 billion pounds ($8.6 billion) from 5.1 billion pounds in the previous month."

Emaar to Finish Dubai Apartment Towers Two Years Late

Thu, 18 Mar 2010 14:02:49 GMT

" Emaar Properties PJSC, the builder of the world’s tallest skyscraper, expects to complete two Dubai apartment towers at least two years late, according to a letter sent to buyers."

TARP Inspector Barofsky Puts HAMP Under the Microscope

Thu, 18 Mar 2010 14:01:22 GMT

" Neil Barofsky, special inspector general to the Troubled Asset Relief Program (TARP), initiated an audit of the Home Affordable Modification Program (HAMP), according to a letter from Barofsky’s office to Sen. Jeff Merkley (D-Ore.)."

Top Mortgage Servicers Set for More Incentive Payments from HUD

Thu, 18 Mar 2010 13:58:18 GMT

"The US Department of Housing and Urban Development (HUD) released a new round of eligibility requirements to determine if a lender is eligible for more incentives in 2010."

"Hitman" Tommy Hearns now in foreclosure

Thu, 18 Mar 2010 13:56:34 GMT

"I'll never forget those "glory days" of welterweight and middle-weight boxing back in the 1980s when grown men would crowd around 19 inch TVs to watch fights on pay-per-view involving Hearns, Sugar Ray Leonard, Roberto Durán, and Marvin Hagler."

Bank of England fretting about 'zombie households'

Thu, 18 Mar 2010 13:54:21 GMT

"Charlie Bean, deputy governor of the Bank of England, is worried about zombie households. That, at least, is one of the lines buried away in his speech to Cambridge Univerisity alumni last night, which is well worth reading in its entirety."

Volcker: Regulators Can't Be Trusted To Act

Thu, 18 Mar 2010 13:52:25 GMT

"Former Federal Reserve Chairman Paul A. Volcker criticized bank regulators Wednesday, saying Congress needs to specifically act to rein in Wall Street and the nation's megabanks because the regulators won't do it on their own."

Obama Says East Jerusalem Housing Plan 'Not Helpful'

Thu, 18 Mar 2010 13:50:44 GMT

"srael announced the plan for 1,600 homes in east Jerusalem last week, triggering condemnations from senior U.S. officials. Palestinians claim the area as a future capital and want the project canceled before entering indirect peace talks with Israel through U.S. mediators."

Loonie Luge: That Dow Car You’re On Ain’t The One That’s Moving

Thu, 18 Mar 2010 13:47:57 GMT

Now in my misspent youth I spent enough time at the MBTA's Park Street Station to realize that you can be sitting in a car and be whizzing along at a pretty good clip with the wind howling through the window, look down and see the ground just sitting there.
Advice to equities investors … don't look down.

China Home Prices Unlikely to Drop, H.K. Builders Say

Thu, 18 Mar 2010 13:43:13 GMT

"China’s property prices won’t plunge this year, two of Hong Kong’s biggest developers with operations on the mainland said yesterday, as the World Bank joined economists and hedge fund managers warning of a bubble."

foreclosure backlog in full effect

Thu, 18 Mar 2010 13:41:35 GMT

" By now, we’ve heard plenty about the so-called shadow inventory, which is the pending supply of homes owned by banks and lenders that aren’t on the market for various reasons."

Armani Said to Delay Hotel in Dubai Tower by More Than a Month

Thu, 18 Mar 2010 13:38:56 GMT

" Giorgio Armani’s first hotel, due to open in Dubai’s Burj Khalifa today, will be delayed by more than a month, said two people with knowledge of the plan. The luxury hotel, occupying 10 floors of the world’s tallest building, is now scheduled to open on April 22, said the people, who declined to be identified because there hasn’t been an official announcement. "

Japan Commercial Land Prices Slump to Record on Economy, Credit

Thu, 18 Mar 2010 13:37:13 GMT

" Japanese commercial land prices fell to the lowest in at least 36 years as developers faced tighter credit markets and the recession discouraged buyers."

Jobless Claims in U.S. Decreased By 5,000 Last Week

Thu, 18 Mar 2010 13:35:47 GMT

" Fewer Americans filed first-time claims for jobless benefits last week for the third consecutive time, a sign the labor market is gradually improving along with the economy."