Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-50879 Tue, 21 May 2013 15:26:04 GMT Washington Signals Deep Dollar Concerns -- Paul Craig Roberts http://implode-explode.com/viewnews/2013-05-21_WashingtonSignalsDeepDollarConcernsPaulCraigRoberts.html iehi-feed-50878 Tue, 21 May 2013 15:15:42 GMT This Time, Gold Bugs May Have a Point - Barron's http://implode-explode.com/viewnews/2013-05-21_ThisTimeGoldBugsMayHaveaPointBarrons.html iehi-feed-50877 Tue, 21 May 2013 15:00:57 GMT Caterpillar North America Sales Collapse Suggests US Economy Back To 2010 Levels http://implode-explode.com/viewnews/2013-05-21_CaterpillarNorthAmericaSalesCollapseSuggestsUSEconomyBackTo2010L.html iehi-feed-50876 Tue, 21 May 2013 14:57:50 GMT Rickards: Bernanke Has No Exit Plan http://implode-explode.com/viewnews/2013-05-21_RickardsBernankeHasNoExitPlan.html iehi-feed-50874 Tue, 21 May 2013 14:52:09 GMT Federal COA Rulings Could Make 5 Years Of Non-Judicial Fannie/Freddie Foreclosures Unconstitutional http://implode-explode.com/viewnews/2013-05-21_FederalCOARulingsCouldMake5YearsOfNonJudicialFannieFreddieForecl.html iehi-feed-50871 Tue, 21 May 2013 14:24:06 GMT Alabama Slamma' -- Not for Better, Far Worse... As Foreclosures we Chart http://implode-explode.com/viewnews/2013-05-21_AlabamaSlammaNotforBetterFarWorseAsForeclosuresweChart.html ``We seem to be having a national recovery in much of the media, but in the states themselves the numbers are refusing to cooperate. I guess if you can have a "jobless recovery," then you can probably have a national recovery without states being involved.

According to a wonderfully dizzying article on AL.com -- All Alabama, the southern state is facing some roadblocks to the recovery of its housing market. According to words used in the article's headline, "foreclosures are crippling the state's housing market, despite a national trend."

Ready to have some fun? Here goes...

''

]]>
iehi-feed-50868 Tue, 21 May 2013 07:11:09 GMT Mt. Gox accused of violating US money transfer regulations as Bitcoin Crackdown Begins http://implode-explode.com/viewnews/2013-05-21_MtGoxaccusedofviolatingUSmoneytransferregulationsasBitcoinCrackd.html The warrant alleges that Mt. Gox failed to register as a "money transmitting business" in accordance with 18 U.S. Code 1960. Violators can be fined and sentenced up to five years in prison.

...

How bitcoin exchanges fall under U.S. federal and state law had been somewhat in question. But in March, FinCEN issued guidance specific to virtual currencies, stating that exchanges are required to register but users are exempt.

Which apparently makes them retroactively in violation...

]]>
iehi-feed-50867 Tue, 21 May 2013 06:53:46 GMT Former FHLB Prez: Fed Should Be Broken Up http://implode-explode.com/viewnews/2013-05-21_FormerFHLBPrezFedShouldBeBrokenUp.html ``Pollock said the Fed's current operating status could be accurately characterized by the following:

It's too big, with over $3.3 trillion in assets, it's too leveraged at 60 to 1, it's extremely short-funded and it's "a frequent contributor through its interest rate and money-printing action of gigantic systemic risk."

"Therefore, it follows pretty clearly from the same logic that we should break up the Fed," said Pollock... [who] noted that when Congress was setting the foundation for the modern Federal Reserve in 1913, lawmakers "thought they were creating a 'federal' structure of 12 regional 'reserve banks,' not a monolithic central bank."

]]>
iehi-feed-50866 Tue, 21 May 2013 06:51:24 GMT Exiting QE could 'undermine the recovery', IMF warns http://implode-explode.com/viewnews/2013-05-21_ExitingQEcouldunderminetherecoveryIMFwarns.html Central banks, including the Bank of England, strayed into "unchartered waters" by cutting interest rates to near-zero and launching billions of pounds of quantitative easing, and they will find the exit "difficult to control", the IMF said. "The market response [to a rise in interest rates] will be less predictable ... possibly for several months or even years."

...

The IMF also confirmed earlier work by the Bank that warned of large losses on central bank balance sheets. In a shock scenario, under which rates would need to rise by six percentage points, losses on the current £375bn QE programme in the UK could reach 4.5pc of GDP -- or £70bn. Even under a "likely case" scenario where rates rose by four percentage points, the loss would be £50bn.

]]>
iehi-feed-50863 Tue, 21 May 2013 05:24:49 GMT JPMorgan Must Face Dexia s Mortgage Suit, Judge Rules http://implode-explode.com/viewnews/2013-05-21_JPMorganMustFaceDexiasMortgageSuitJudgeRules.html ``The nation's biggest bank will have to face allegations by Dexia, which says it lost hundreds of millions of dollars after buying $1.6 billion in residential mortgage-backed securities from JPMorgan Chase, Judge Jed Rakoff of the U.S. District Court in Manhattan ruled Friday.'' ]]> iehi-feed-50862 Tue, 21 May 2013 05:23:30 GMT As Housing Markets Recover, Wall Street Beats Families To Homes http://implode-explode.com/viewnews/2013-05-21_AsHousingMarketsRecoverWallStreetBeatsFamiliesToHomes.html ``These investment firms are acquiring vast quantities of homes, fixing them up, and then marketing them as rentals. They arrive at auctions or home sales bearing cash, which gives them a competitive edge on millions of ordinary would-be buyers like the Gilbertsons, who must finance their purchase using borrowed money. These cash buyers are also more likely to pay above asking price, local brokers say, which is contributing to the overall price increase.

One company, Invitation Homes, funded by the hedge fund Blackstone, has over the past year spent $4.5 billion to purchase about 25,000 homes in formerly distressed housing markets, including 4,000 properties here in the Phoenix area. ''

]]>
iehi-feed-50861 Tue, 21 May 2013 05:21:33 GMT The slow-going process of compensating victims of housing violations http://implode-explode.com/viewnews/2013-05-21_Theslowgoingprocessofcompensatingvictimsofhousingviolations.html ``In 2011, Wells Fargo agreed to compensate up to 10,000 borrowers after the Federal Reserve found the bank was steering them into subprime loans even though they qualified for better mortgages. But no borrowers have received money yet.

Last year, Bank of America agreed to pay some borrowers between $1,000 and $5,000 for what the Justice Department called lending discrimination. The agency said the bank illegally asked some would-be home buyers who relied on disability income to provide a doctor's letter verifying the severity of their ailment. But it's still unclear how many people will ultimately be paid. There isn't a full list of the victims.''

]]>
iehi-feed-50860 Tue, 21 May 2013 05:18:31 GMT Dimon has little to lose in shareholder vote http://implode-explode.com/viewnews/2013-05-21_Dimonhaslittletoloseinshareholdervote.html iehi-feed-50857 Tue, 21 May 2013 02:44:41 GMT What Makes a Mortgage a "Bad Loan?" I'm Confused. http://implode-explode.com/viewnews/2013-05-20_WhatMakesaMortgageaBadLoanImConfused.html ``What makes a loan a "bad loan?" I know there are lending practices defined as being predatory in nature that result in "bad loans," but that's not what I'm talking about.

According to the Center for Responsible Lending, "Predatory lending describes unfair, deceptive, or fraudulent practices of lenders during the loan origination process." So, when we talk about predatory loans, we're talking about loans originated with any or all of the following being involved...''

]]>
iehi-feed-50856 Mon, 20 May 2013 17:44:26 GMT Dear Class of '13: You've been scammed - Brett Arends's ROI http://implode-explode.com/viewnews/2013-05-20_DearClassof13YouvebeenscammedBrettArendssROI.html It's the cost, stupid... How on earth do colleges today ramp up costs to $40,000 a year?

...

How high will it go? Try this: The College-Industrial Complex says that degrees are still worth it because those with B.A. degrees will earn a lot more over the course of their lifetimes, and should pay for that. They point to U.S. Census data showing those with bachelor's degrees earning on average $26,000 a year more than those with just a high-school diploma.

Using that logic, they could justify charges approaching $500,000 for a college degree.

]]>
iehi-feed-50855 Mon, 20 May 2013 17:38:47 GMT John Hussman - "Not In Kansas Anymore" http://implode-explode.com/viewnews/2013-05-20_JohnHussmanNotInKansasAnymore.html iehi-feed-50854 Mon, 20 May 2013 17:31:37 GMT Art Cashin - Money Supply Going Parabolic http://implode-explode.com/viewnews/2013-05-20_ArtCashinMoneySupplyGoingParabolic.html iehi-feed-50853 Mon, 20 May 2013 17:29:39 GMT Maguire - Physical Gold In Massive Bull Market http://implode-explode.com/viewnews/2013-05-20_MaguirePhysicalGoldInMassiveBullMarket.html iehi-feed-50852 Mon, 20 May 2013 17:25:43 GMT The Foreclosure Bowl: Connecticut Finally Makes it Into Top 10 - Mandelman Matters http://implode-explode.com/viewnews/2013-05-20_TheForeclosureBowlConnecticutFinallyMakesitIntoTop10MandelmanMat.html iehi-feed-50851 Mon, 20 May 2013 17:11:02 GMT Foreclosure Surprise! Stomping on Maryland Homeowners - Mandelman Matters http://implode-explode.com/viewnews/2013-05-20_ForeclosureSurpriseStompingonMarylandHomeownersMandelmanMatters.html ``... the new mediation law went into effect in August of 2010... and foreclosures are now spiking by triple digit numbers as summer is starting in 2013, right?  So, where was everyone in 2010, 2011 and 2012?  The way Dumdum and WUSA 9 are making it sound, these foreclosures aren't new... they're part of a backlog that's been stuck in the mud of mandatory mediation for almost three years?'' ]]>