Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us 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 iehi-feed-55680 Wed, 17 Dec 2014 22:14:34 GMT Convicted Mortgage Fraud Kingpin Attempts Shawshank Style Prison Break http://implode-explode.com/viewnews/2014-12-17_ConvictedMortgageFraudKingpinAttemptsShawshankStylePrisonBreak.html iehi-feed-55590 Fri, 05 Dec 2014 15:37:11 GMT ECB paralyzed by split as irreversible deflation trap draws closer http://implode-explode.com/viewnews/2014-12-05_ECBparalyzedbysplitasirreversibledeflationtrapdrawscloser.html iehi-feed-55551 Sun, 30 Nov 2014 14:40:14 GMT This FHA Foreclosure Defense Strategy Stops Lenders In Their Tracks http://implode-explode.com/viewnews/2014-11-30_ThisFHAForeclosureDefenseStrategyStopsLendersInTheirTracks.html iehi-feed-55550 Sun, 30 Nov 2014 14:37:22 GMT A Record 62K Detroit Properties Owing $326M In Taxes Going To Auction In 2015 http://implode-explode.com/viewnews/2014-11-30_ARecord62KDetroitPropertiesOwing326MInTaxesGoingToAuctionIn2015.html iehi-feed-55549 Sun, 30 Nov 2014 14:35:32 GMT Detroit's Squatter Pandemic Is Chasing Away Millions In RE Investment http://implode-explode.com/viewnews/2014-11-30_DetroitsSquatterPandemicIsChasingAwayMillionsInREInvestment.html iehi-feed-55503 Fri, 21 Nov 2014 23:31:38 GMT Love Them or Loathe... Him? Ron Lieber on Reverse Mortgages - Mandelman Matters http://implode-explode.com/viewnews/2014-11-21_LoveThemorLoatheHimRonLieberonReverseMortgagesMandelmanMatters.html iehi-feed-55502 Fri, 21 Nov 2014 18:29:49 GMT De Blasio Hires Convicted Mortgage Scammer As NYC's Ebola Cleanup Czar http://implode-explode.com/viewnews/2014-11-21_DeBlasioHiresConvictedMortgageScammerAsNYCsEbolaCleanupCzar.html iehi-feed-55495 Thu, 20 Nov 2014 21:10:50 GMT Gold Demand Explodes 'Round The World (ROUNDUP) http://implode-explode.com/viewnews/2014-11-20_GoldDemandExplodesRoundTheWorldROUNDUP.html Here is a round-up of stories from the last few days showing (in contrary to a few curious news stories) demand for physical gold exploding around the world in response to unusually low prices.

  • Eric Sprott: Global Gold Demand Is Overwhelming Supply -
    We see almost 60 tons a week being delivered on the Shanghai Gold Exchange. Well, you start annualizing 60 tons a week you're talking 3,000 tons a year now. We saw 94 tons of gold go into India in September. We saw the Russian Central Bank buy 37 tons of gold in September. I mean I could come up with numbers that might suggest that we've got 400 tons a week of demand. And we only got 230 tons a week of mine supply. And I've only gotten to three data points. I haven't even gone to the rest of the world.
  • Who's Feeding China's Gold Hunger? -
    This year the Chinese have started to import more gold directly into the mainland, circumventing Hong Kong. Unfortunately China itself doesn't publish gold trade data -- as they prefer to keep the world uninformed about their gold hunger not to influence the price. China openly changed import policy in April (from 1:14):
  • India Precious Metals Import Explodes In October -
    Despite all efforts from the Indian government to curtail India's demand for precious metals -- for example a 10 % import duty on both gold and silver, the Indian people continue to put their savings in a store of value they consider being prudent; precious metals.
  • Low UAE gold prices set off buying surge -
    ... the ongoing softness in global gold prices are prompting more shoppers to snap up more of the metal in its various forms. According to estimates from the local jewellery trade, retail offtake for the full year in the UAE could be up by 15-20 per cent in volume terms (in kilograms) compared with 2013. If only the second half of the year is taken into account, which was when prices started to show real weakness, volume gains could even be in the 40 per cent range.
  • `Gold Wars' - Swiss Gold Shenanigans Intensify Prior To November 30 Vote -
    The Swiss National Bank (SNB) and establishment parties went "all in" during the week and intensified their campaign. They suggested that passing the Swiss Gold Initiative would be a `fatal' for Switzerland and would be positive only for speculators.
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iehi-feed-55427 Thu, 13 Nov 2014 20:59:06 GMT Vito Corleone's New York Mansion On The Market For $2.89 Million http://implode-explode.com/viewnews/2014-11-13_VitoCorleonesNewYorkMansionOnTheMarketFor289Million.html iehi-feed-55401 Mon, 10 Nov 2014 17:04:49 GMT "Land mines" threaten housing recovery, could trigger surge in defaults | Mandelman Matters http://implode-explode.com/viewnews/2014-11-10_LandminesthreatenhousingrecoverycouldtriggersurgeindefaultsMande.html iehi-feed-55393 Sun, 09 Nov 2014 13:03:49 GMT Banks Urge Investors To Buy For-Profit College Stocks http://implode-explode.com/viewnews/2014-11-09_BanksUrgeInvestorsToBuyForProfitCollegeStocks.html iehi-feed-55369 Thu, 06 Nov 2014 15:19:42 GMT Screwing Our Vets Is an American Tradition | Richard Zombeck http://implode-explode.com/viewnews/2014-11-06_ScrewingOurVetsIsanAmericanTraditionRichardZombeck.html ``Fourth Quarter's management company, Burgwyn Residential Management Services, LLC are now the subject of a HUD complaint filed by Mitchell and 10 other disabled vets with the help of Lacefield and Coleman, LLC.

According to The Denver Post, Fourth Quarter Apartments receives a 20-year subsidy of $201,600 annually from a local non-profit. Additionally, according to a March 2014 Denver City Council meeting agenda, they could be receiving an additional $584,457 every year from the city of Denver.

Earlier this month, the tenants of Fourth Quarter Apartments, with the help of Lacefield and Coleman Fair Housing Advocates, LLC, a firm that helps homeowners and tenants with Fair Housing and Fair Lending complaints, filed multiple complaints with HUD against the property management company, Burgwyn Residential Management Services, LLC and property manager Jill Montgomery.''

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