Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-56312 Mon, 16 Mar 2015 14:00:45 GMT Greek currency crisis calls for controlled exit iehi-feed-55479 Wed, 19 Nov 2014 17:23:44 GMT U.S. housing starts fall 2.8% in October iehi-feed-55458 Tue, 18 Nov 2014 16:04:41 GMT Russia May Go For Its Own Space Station, Walk From ISS iehi-feed-55190 Fri, 10 Oct 2014 02:02:37 GMT BofA Reportedly Cutting Back 1000 Jobs in Mtg Fulfillment; Adding To Loss Mit This just in from a reader:

BOA just shut down all fulfillment jobs (over 1000) in Jacksonville FL site and announced a majority of us will be converted to loss mit. As a DE underwriter, I am patiently waiting to see if they pay my salary to be a Hamp Underwriter. This shows the economy is sucking, Hamp was ended 2 years ago, and now it is panic mode at Bank of America.

The economy is still in the toilet, you say? We are shocked... SHOCKED...

iehi-feed-55095 Sat, 27 Sep 2014 13:56:47 GMT Doug Noland: What We Know iehi-feed-49938 Thu, 14 Feb 2013 13:08:59 GMT Homeward Residential warns of 370 layoffs iehi-feed-49937 Thu, 14 Feb 2013 13:07:26 GMT Edward Jones Mortgage closing in Minn., 214 employees affected Edward Jones Mortgage notified the Minnesota Department of Employment and Economic Development that 214 Minnesota workers could lose their jobs.

The St. Louis Park operation will close March 7, according to an employee who answered the phone Wednesday, the Minneapolis/St. Paul Business Journal reports.

Edward Jones Mortgage, which stopped offering mortgages Jan. 11, is a subsidiary of San Francisco-based Wells Fargo (NYSE: WFC), according to SEC filings, and a joint venture with St. Louis-based investment firm Edward Jones.

iehi-feed-49843 Fri, 08 Feb 2013 13:26:33 GMT The relentless punishment of the American saver. Fed policy has encouraged spendthrift attitude and yield seeking behavior from Americans. How bad have things gotten? High yield bonds (i.e., junk bonds) were yielding something like 20+ percent in 2008. Today they are pulling in 5 percent or what a standard CD was yielding in the early 2000s. Are we really in such a stable market? We are in a period of exuberance and Greenspan can tell us how that went in the early part of the 2000s. ]]> iehi-feed-47516 Sat, 15 Sep 2012 16:56:12 GMT Wells Fargo Retracts Help For Dying Woman, Plans To Foreclose 6 Days Before X-mas iehi-feed-47491 Fri, 14 Sep 2012 17:16:18 GMT Is Wells Fargo Run By The Catty Ladies From TV's Dynasty? iehi-feed-47404 Wed, 12 Sep 2012 18:13:00 GMT Dead Homeowners Are Like Dead Interns, They Haunt Politicians On Election Day iehi-feed-47371 Tue, 11 Sep 2012 19:12:34 GMT FDIC Sues Banks and Depositors Over MBS Fraud iehi-feed-47341 Tue, 11 Sep 2012 04:50:24 GMT Did Romney Finance Chair Advise Clients To Steal Money From School Children? iehi-feed-47297 Mon, 10 Sep 2012 00:48:13 GMT MFI-Miami Client Spanks Linda Orlans, Scores Free House From Fannie Mae iehi-feed-46014 Sun, 29 Jul 2012 00:57:22 GMT Beverly Hills witnesses a 23 percent annual decline in home values -- Low interest rates do not mean long-term housing prices will go up. Just look at Japan and their historical interest rates. The press has been talking about the housing bottom for all of 2012. Of course they rarely discuss that prices have been pushed up thanks to the record low interest rates. However, expensive areas in California are seeing prices fall. By how much? The 90210 Beverly Hills zip code is down over 23 percent in one year. This is interesting because many of the home buyers in this market are cash buyers so low interest rates have little impact on their purchasing of say a $2.5 million home. Yet many mid-tier and upper-tier areas continue to fall in spite of the FHA and low interest rate buying frenzy ]]> iehi-feed-44798 Tue, 03 Jul 2012 23:13:32 GMT Ally Exiting Warehouse Lending, Stays in Correspondent iehi-feed-43468 Thu, 26 Apr 2012 21:34:22 GMT MetLife Gets Out Of Reverse Too (Premium Bulletin) iehi-feed-41421 Thu, 12 Jan 2012 13:46:44 GMT Foreclosure filings hit four-year low in 2011 iehi-feed-39728 Wed, 12 Oct 2011 23:01:04 GMT Premium Bulletin: MetLife Mortgage, PMC, Direct Mortgage, Provident and more... iehi-feed-39727 Wed, 12 Oct 2011 21:55:43 GMT Metlife Plans To Sell (Forward) Mortgage Business Metlife has just released the following dispatch; posted below in entirety (besides the legalese):

NEW YORK, October 12, 2011 -- Metlife, Inc. (NYSE:MET) announced today that, in addition to its previously announced decision to explore a sale of MetLife Bank, N.A.'s depository business, the company will now also explore a sale of the Bank's forward mortgage business.

Today's uncertain marketplace and regulatory environment require a tremendous amount of resources -- both in terms of people and capital -- to effectively compete in and profitably grow the forward mortgage business. Doing so would divert these resources away from MetLife's primary focus on its global insurance and employee benefits businesses. As previously noted, exiting the depository business and deregistering as a bank holding company will also enable MetLife to operate within the same regulatory framework as other insurance companies.

MetLife Bank began originating forward and reverse mortgages in 2008 through its MetLife Home Loans division.

MetLife Home Loans will continue to originate forward mortgages while the business is being marketed for sale. The company also remains committed to continuing to service all of its mortgage clients.

MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MefLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit