Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-60039 Mon, 20 Jun 2016 17:12:46 GMT Suntrust Concedes $200K Principal Write Down To MFI-Miami Client http://implode-explode.com/viewnews/2016-06-20_SuntrustConcedes200KPrincipalWriteDownToMFIMiamiClient.html iehi-feed-60030 Sun, 19 Jun 2016 17:37:51 GMT Identity Theft Ring Foiled By TV Supergirl Laura Vandervoort http://implode-explode.com/viewnews/2016-06-19_IdentityTheftRingFoiledByTVSupergirlLauraVandervoort.html iehi-feed-59985 Sat, 11 Jun 2016 02:28:44 GMT Three Utah Based Telemarketing Firms Face $1 Trillion Dollar Fine http://implode-explode.com/viewnews/2016-06-10_ThreeUtahBasedTelemarketingFirmsFace1TrillionDollarFine.html iehi-feed-59963 Mon, 06 Jun 2016 18:57:20 GMT Is Donald Trump Channeling His Old Bromance With Roy Cohn? http://implode-explode.com/viewnews/2016-06-06_IsDonaldTrumpChannelingHisOldBromanceWithRoyCohn.html iehi-feed-59957 Mon, 06 Jun 2016 04:44:12 GMT The Trump University Scam Is A Source Of Extreme Pain For Trump http://implode-explode.com/viewnews/2016-06-06_TheTrumpUniversityScamIsASourceOfExtremePainForTrump.html iehi-feed-59955 Sun, 05 Jun 2016 19:13:24 GMT Swiss reject free income plan after worker vs robot debate http://implode-explode.com/viewnews/2016-06-05_Swissrejectfreeincomeplanafterworkervsrobotdebate.html Swiss voters rejected by a wide margin on Sunday a proposal to introduce a guaranteed basic income for everyone living in the wealthy country after an uneasy debate about the future of work at a time of increasing automation.

Supporters had said introducing a monthly income of 2,500 Swiss francs ($2,563) per adult and 625 francs per child under 18 no matter how much they work would promote human dignity and public service. Opponents, including the government, said it would cost too much and weaken the economy.

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iehi-feed-59940 Fri, 03 Jun 2016 03:50:24 GMT BofA Banker Fired After Epic Racist Facebook Rant http://implode-explode.com/viewnews/2016-06-02_BofABankerFiredAfterEpicRacistFacebookRant.html iehi-feed-59864 Tue, 24 May 2016 13:08:41 GMT MFI-Miami Attorney Gets Miami Judge To Toss Student Loan Debt http://implode-explode.com/viewnews/2016-05-24_MFIMiamiAttorneyGetsMiamiJudgeToTossStudentLoanDebt.html iehi-feed-59684 Mon, 02 May 2016 15:08:47 GMT Schwab Ditching Money Markets For Fed Drip-line Proves U.S. Under Effective NIRP http://implode-explode.com/viewnews/2016-05-02_SchwabDitchingMoneyMarketsForFedDriplineProvesUSUnderEffectiveNI.html Bye-bye money market:

``... between June and October 2016, Schwab will update the cash feature on your account(s) from the current retail prime or municipal money market fund sweep to the Schwab Government Money Fund" or the SWGXX, which "will invest at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities; under normal circumstances, at least 80% of the fund's net assets will be invested solely in U.S. government securities including repurchase agreements. "

Talk about proof positive that the Fed didn't truly RAISE rates (tighten conditions) when it went to .25% -- it LOOSENED CONDITIONS by creating new repos where it was PAYING extra money into the financial system at the new rate... and now Schwab has abandoned ship from the private money market in favor of the Fed's new money-drip.

This dovetails with the point made in the comments at the bottom of this post -- namely that this sort of "NIRP structure", once put in place by a central bank, cannibalizes the private financial market and suffocates the economy, thus "incentivizing" central banks to do more of the same. Even though the Fed isn't "officially" at negative rates (because a few bucks occasionally change hands in the other direction in the rump-Fed funds market), it's structuring the money flows in and out of itself like any negative rate central bank... i.e. it is cannibalizing the normally-functioning financial system in a way that feeds on itself...

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iehi-feed-59649 Wed, 27 Apr 2016 21:40:40 GMT Why Sam Zell ("The Grave Dancer") Is Cashing Out http://implode-explode.com/viewnews/2016-04-27_WhySamZellTheGraveDancerIsCashingOut.html iehi-feed-59590 Wed, 20 Apr 2016 15:41:24 GMT Bernie Sanders' Wife Accused Of Bank Fraud http://implode-explode.com/viewnews/2016-04-20_BernieSandersWifeAccusedOfBankFraud.html iehi-feed-59582 Mon, 18 Apr 2016 19:48:59 GMT Ex-Goldman Execs Now "Help" Foreclosure Victims Buy Homes at Usurious Rates - Mandelman Matters http://implode-explode.com/viewnews/2016-04-18_ExGoldmanExecsNowHelpForeclosureVictimsBuyHomesatUsuriousRatesMa.html "Shelter Growth paid an average of $22,000 for the homes it bought from Harbour, according to public filings and RealtyTrac. Harbour, for its part, bought most of the homes in its portfolio for an average of $8,000, through bulk sales by Fannie Mae."

...

The things is, as distasteful as this may feel and appear, Shelter Growth Capital Partners is far from being the only investment firm in this game of grotesque greed and inconceivable callousness. In fact, there are many similar firms all popping up to see if they can find themselves some poor folk to screw over... I mean to help buy back their American Dream.

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iehi-feed-59576 Sun, 17 Apr 2016 18:31:23 GMT Don't Put Fake Liens On Your Home To Stop A Foreclosure http://implode-explode.com/viewnews/2016-04-17_DontPutFakeLiensOnYourHomeToStopAForeclosure.html iehi-feed-59457 Tue, 05 Apr 2016 00:31:06 GMT Average Home Prices Are Irrelevant for You or Me | Mandelman Matters http://implode-explode.com/viewnews/2016-04-04_AverageHomePricesAreIrrelevantforYouorMeMandelmanMatters.html The average home price in California is impacted by homes in areas like San Francisco, Silicon Valley, the myriad of pricey beach communities... the OC, LA and Beverly Hills.  Those places have nothing to do with wherever it is that you live... I don't even think they have anything to do with reality as a whole.

...

Recently, I was talking to a Realtor in Southern California. He was positive that his home had gone up in value over the last year, after reading all the press reports about home values having risen. He told me his home would appraise for $550,000.

The appraisal came in at $435,000.

Another homeowner in Northern California. Last year, his home appraised for $600,000. He assumed that this year it would be worth even more... and maybe he would have been right and it would have gone up some... except that the house next door went into foreclosure and is now sitting vacant.

Today's appraised value... $525,000.

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iehi-feed-59407 Wed, 30 Mar 2016 00:48:06 GMT Sovereign Citizen Gets Word Salad Thrown Back At Him http://implode-explode.com/viewnews/2016-03-29_SovereignCitizenGetsWordSaladThrownBackAtHim.html iehi-feed-59402 Tue, 29 Mar 2016 19:47:26 GMT Seller Gets 30 Months In Federal Prison For Bank Fraud Conspiracy http://implode-explode.com/viewnews/2016-03-29_SellerGets30MonthsInFederalPrisonForBankFraudConspiracy.html iehi-feed-59248 Sat, 12 Mar 2016 16:05:28 GMT Attorney Mark Didak Who Wrote Amicus Brief in Yvanova v. New Century | Mandelman Matters http://implode-explode.com/viewnews/2016-03-12_AttorneyMarkDidakWhoWroteAmicusBriefinYvanovavNewCenturyMandelma.html iehi-feed-59244 Fri, 11 Mar 2016 21:25:38 GMT Richard Antognini, the Lawyer Who Took Yvanova to California's Supreme Court | Mandelman Matters http://implode-explode.com/viewnews/2016-03-11_RichardAntogninitheLawyerWhoTookYvanovatoCaliforniasSupremeCourt.html iehi-feed-59218 Wed, 09 Mar 2016 05:39:43 GMT Max Gardner on Yvanova v. New Century Mortgage - A Mandelman Matters Podcast http://implode-explode.com/viewnews/2016-03-09_MaxGardneronYvanovavNewCenturyMortgageAMandelmanMattersPodcast.html iehi-feed-59196 Mon, 07 Mar 2016 14:53:05 GMT California Court's Yvanova Decision Opens Door to Very Dark Room | Mandelman Matters http://implode-explode.com/viewnews/2016-03-07_CaliforniaCourtsYvanovaDecisionOpensDoortoVeryDarkRoomMandelmanM.html