Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-56486 Fri, 10 Apr 2015 14:04:40 GMT Leave Octogenarians at Home - Stop evictions after 80. | Mandelman Matters http://implode-explode.com/viewnews/2015-04-10_LeaveOctogenariansatHomeStopevictionsafter80MandelmanMatters.html iehi-feed-56388 Thu, 26 Mar 2015 14:11:29 GMT SEC proposes rule aimed at monitoring high freq. trading more closely http://implode-explode.com/viewnews/2015-03-26_SECproposesruleaimedatmonitoringhighfreqtradingmoreclosely.html iehi-feed-56215 Wed, 04 Mar 2015 17:43:52 GMT Mortgage Lenders Cause Another Homeowner Death http://implode-explode.com/viewnews/2015-03-04_MortgageLendersCauseAnotherHomeownerDeath.html iehi-feed-56204 Mon, 02 Mar 2015 19:00:32 GMT MFI-Miami Calls On The FDIC To Fast Track Investigations Of Sterling National Bank http://implode-explode.com/viewnews/2015-03-02_MFIMiamiCallsOnTheFDICToFastTrackInvestigationsOfSterlingNationa.html iehi-feed-56170 Thu, 26 Feb 2015 15:27:43 GMT London Real Is The Web Series Every Entrepreneur Should Be Watching http://implode-explode.com/viewnews/2015-02-26_LondonRealIsTheWebSeriesEveryEntrepreneurShouldBeWatching.html iehi-feed-56150 Tue, 24 Feb 2015 17:23:42 GMT Quicken Loans Chairman "Dapper Dan" Gilbert's Voyeurism Fetish In Detroit http://implode-explode.com/viewnews/2015-02-24_QuickenLoansChairmanDapperDanGilbertsVoyeurismFetishInDetroit.html iehi-feed-56125 Fri, 20 Feb 2015 18:55:58 GMT As Goes California's Housing Market, So Will Go the Nation's | Mandelman Matters http://implode-explode.com/viewnews/2015-02-20_AsGoesCaliforniasHousingMarketSoWillGotheNationsMandelmanMatters.html iehi-feed-56118 Fri, 20 Feb 2015 15:44:38 GMT Is Attorney John M. Schwarz Trying To Flee New York W/ Client Cash? http://implode-explode.com/viewnews/2015-02-20_IsAttorneyJohnMSchwarzTryingToFleeNewYorkWClientCash.html iehi-feed-56107 Thu, 19 Feb 2015 16:43:49 GMT The Foreclosure Crisis is Behind Us? Where?  Who says? | Mandelman Matters http://implode-explode.com/viewnews/2015-02-19_TheForeclosureCrisisisBehindUsWhereWhosaysMandelmanMatters.html iehi-feed-56087 Mon, 16 Feb 2015 15:36:12 GMT Did "Dapper Dan" Gilbert & Quicken Loans Contribute To Detroit's Blight? http://implode-explode.com/viewnews/2015-02-16_DidDapperDanGilbertQuickenLoansContributeToDetroitsBlight.html iehi-feed-56042 Mon, 09 Feb 2015 16:55:19 GMT Men In Detroit Are Forced To Re-Use Girlfriend's Engagement Ring From Her Ex-Husband http://implode-explode.com/viewnews/2015-02-09_MenInDetroitAreForcedToReUseGirlfriendsEngagementRingFromHerExHu.html iehi-feed-56041 Mon, 09 Feb 2015 14:41:41 GMT Study This Book If You Want To Be Successful At Fighting Foreclosures http://implode-explode.com/viewnews/2015-02-09_StudyThisBookIfYouWantToBeSuccessfulAtFightingForeclosures.html iehi-feed-55965 Tue, 27 Jan 2015 22:49:53 GMT Hungary DIDN'T Get Hit By Swiss De-Pegging - Orban Kicked Out Predatory Franc Loans And Has Muzzled Banksters http://implode-explode.com/viewnews/2015-01-27_HungaryDIDNTGetHitBySwissDePeggingOrbanKickedOutPredatoryFrancLo.html This comes courtesy of Jim Willie at the Hat Trick Letter, as a tip from a Hungarian subscriber of his:

"As collateral damage, the Polish and Hungarian exposure has come to the fore, as they hold significant Swiss bank mortgages on property."

Jim, you need to know that amongst the Eastern European nations Hungary is the only one that does not have a property mortgage CHF exposure at all anymore! None.

You are right, we did, and actually it was widespread, but the Orban government with uncanny forsight and great courage has taken on the entire banking sector and neutralized all of it in three waves over a two year period and completed the termination of those loan shark mortgages just a couple of months ago. Talk about timing...

- First wave: the Orban governement forced the banks to allow those who could come up with the money to pay off their mortgages at the exchange rate when those CHF denominated loan shark mortgages incured. Those who had the means scraped all resources, family members chipped in from uncles to grandmothers to come up with the balance. This is when I had paid off my sister's mortgage also.

- Second wave: those who were unable to take advantage of this opportunity, the government established a mandatory exchange rate barrier. Voluntary for the debtors, mandatory for the banks. Basically they extended the payment period at a fixed exchage rate.

- Third wave (and this turned out to be VISIONARY) : the Orban government forced the banks to convert ALL foreign currency denominated property mortgages into Hungarian Forint (HUF) mortgages. Note that this took place just a couple of moths before the CHF depeg.

- Also note that the HUF is not pegged to any currency including USD, EUR etc. Orban wrote into our constitution years ago (and took a lot of heat for it in the EU) that our national currency is the Hungarian Forint. This may also turn out to be a visionary decision given what the near term future may hold for us all.

- Once on the subject, note also that Orban even wrote into our constitution that we are GMO free zone.

- What we have left in CHF are auto loans and consumers loans, but those are maturing soon, so those were left untouched for now. But the elephant in the room has been dealt with.

- The Polish and Romanian governments officially requested expert help from the Orban cabinet to advise them on the details how they did it because they are facing the full impact of the CHF depeg.

- And Orban even did all this very cleverly, hiding behind Supreme Court rulings. He started by calling on the Supreme court to rule on details of this whole issue...

- Didn't destroy the banks, didn't anger them to the point of no return, just went to the very limit (and then some more) without fatal consequences to himself or to us. Mind you, we may well get a colored revolution this coming spring as a payback for revolting all the time.

- One more thorn in their side is that Orban practically nationalized our Central Bank (by the way, happens to be the most beautiful building in the World, built in 1902 ....) hence the 2,5% loans that businesses can take advantage of these days, amongst a range of other beneficial policies.

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iehi-feed-55956 Mon, 26 Jan 2015 21:06:29 GMT California Settles With OCWEN For A Meager $2.5 Million http://implode-explode.com/viewnews/2015-01-26_CaliforniaSettlesWithOCWENForAMeager25Million.html iehi-feed-55932 Thu, 22 Jan 2015 19:14:22 GMT Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is "Sorry" For "Overzealousness" http://implode-explode.com/viewnews/2015-01-22_HedgeFundManagerLoses998In9MonthsTellsInvestorsHeIsSorryForOverz.html iehi-feed-55904 Tue, 20 Jan 2015 13:51:30 GMT ‘Twas the Night Before Christmas -- 2014 (A Political & Social Year-in-Review) | Mandelman Matters http://implode-explode.com/viewnews/2015-01-20_TwastheNightBeforeChristmas2014APoliticalSocialYearinReviewMande.html iehi-feed-55831 Fri, 09 Jan 2015 18:47:31 GMT Predatory Payday Lender Accused Of Dodging GOP Bill Collectors http://implode-explode.com/viewnews/2015-01-09_PredatoryPaydayLenderAccusedOfDodgingGOPBillCollectors.html iehi-feed-55719 Mon, 22 Dec 2014 21:25:53 GMT NYDFS & OCWEN Reach Deal: $150 Million Fine W/ CEO Erbey Shown The Door http://implode-explode.com/viewnews/2014-12-22_NYDFSOCWENReachDeal150MillionFineWCEOErbeyShownTheDoor.html iehi-feed-55710 Mon, 22 Dec 2014 00:10:33 GMT Pandemonimium Breaks Out As Treasury Releases New TILA Guidebook http://implode-explode.com/viewnews/2014-12-21_PandemonimiumBreaksOutAsTreasuryReleasesNewTILAGuidebook.html iehi-feed-55696 Fri, 19 Dec 2014 16:04:17 GMT Russia's Top 10 Problems http://implode-explode.com/viewnews/2014-12-19_RussiasTop10Problems.html