Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-58316 Sun, 29 Nov 2015 02:18:29 GMT Florida Statute Of Limitations Law Cited In 5th DCA Ruling iehi-feed-58292 Mon, 23 Nov 2015 18:50:54 GMT Tight inventories, rising prices hurt U.S. home sales iehi-feed-58272 Fri, 20 Nov 2015 23:16:39 GMT Fat Lady Sings In Ted Visner's Wagnarian Opera iehi-feed-58265 Thu, 19 Nov 2015 20:42:40 GMT Is A Detroit Law Firm Bilking Deutsche Bank Bondholders? iehi-feed-58238 Sun, 15 Nov 2015 16:00:53 GMT Whistleblower at HBOS attacks ‘ludicrously bad' City regulation Earlier evidence Moore had given to the Treasury select committee in 2009 had been so damning it led to a fresh examination of the role of Crosby, and forced his resignation as deputy chairman of the then City regulator, the Financial Services Authority.

When Moore's allegations were first aired at the select committee, Crosby had insisted there was no substance to them. A report -- commissioned from the bank's auditors, KPMG -- concluded that he lost his job because of personality clashes inside the lender and not that Crosby sacked him because of warnings that HBOS was "going too fast". Crosby has since handed back his knighthood and 30% of his pension, and keeps out of the public eye.


But [Moore's] ire is not only aimed at HBOS officials and non-executive directors. John Griffith-Jones, the boss of the Financial Conduct Authority, the current City watchdog, should quit, he says, because he was formerly chairman of KPMG, auditor of HBOS, as well as a string of other banks.

iehi-feed-58235 Fri, 13 Nov 2015 22:03:40 GMT Big Consumer Disappointment #2: New Home Buyer Recovery Fails To Materialize A quarter of first-time buyers said their biggest challenge was saving for a down payment. Of those, a majority said student loans were the main obstacle... although lenders are loosening home-loan requirements, some are still eschewing borrowers who would qualify under the mortgage-finance company's guidelines but are on the riskier end of the credit spectrum.. [also,] a large number of first-time buyers and other borrowers aren't applying for loans because they don't think they would qualify, even if they are likely to get approved.

"Among millennials and people generally, folks are living more conservatively than they did in the past. They are managing their affairs in a very cautious way," [Fannie Mae's] Mayopoulos said. "What we're experiencing is a little bit of a natural reaction to this very difficult economic period that we went through."

Economists also said rents, which have jumped 20% over the last five years, have made it difficult for younger households to put money aside [, plus] tenants ... are paying rents "considered commensurate with a mortgage payment" to live near good restaurants, shorten their commutes and enjoy amenities such as having their trash picked up right outside their doors.''

But the following is the most hilarious, schadenfreude-stoking part, for us:

Many economists predicted 2015 would be the year when first-time buyers would finally make a comeback, as job and income growth accelerated, mortgage rates remained low and the memory of seeing relatives battered by the housing bust started to fade.

"I thought we would see some pick up in the first-time buyers given that the economy has been expanding for years," said Lawrence Yun, NAR's chief economist. But "there are some hurdles to overcome."

Yes, you read that right: NAR cheerleader (woops, sorry, cheer-conomist) Lawrence Yun is stumped -- STUMPED -- that the foundation of the housing market has not come roaring back from the great recession. Well, maybe he should have spent a little of the past seven years forcing himself, Clockwork Orange-style, to read ML-Implode occasionally, and he would have known that the foundation of the economy simply has not come back -- and probably never will, until our monetary and banking system are up-ended. Had he noted this simple truth (which many other, actually-competent economists have noted), he would not be surprised that first time home buyers have not swooped in and played their part getting the housing market "animal spirits" flowing again...

iehi-feed-58231 Fri, 13 Nov 2015 16:04:19 GMT LoanDepot Sign of the Top: IPO market is fizzling. Here's why that's good news. iehi-feed-58221 Thu, 12 Nov 2015 14:49:59 GMT Deutsche Bank Forced To Pay $2M To Homeowner iehi-feed-58215 Wed, 11 Nov 2015 18:31:51 GMT Crackpot Squattor Ted Visner Found Guilty In 20 Minutes By Jury iehi-feed-58162 Wed, 04 Nov 2015 14:54:06 GMT In Mortgages, Here We Go Again? Not Quite iehi-feed-58158 Wed, 04 Nov 2015 00:52:51 GMT Did Wells Fargo Employee Steal $16,700 from Customer? iehi-feed-58157 Tue, 03 Nov 2015 22:46:58 GMT Family Convicted in $3.8M Straw Borrower Scheme iehi-feed-58151 Tue, 03 Nov 2015 15:36:39 GMT Freddie Mac Posts $475M Loss in 3Q; No Dividend Payment The head of the federal agency that oversees Fannie and Freddie raised the possibility that future quarterly losses could mean they would have to receive further government aid. Volatile interest rates and reduced capital cushions for the two companies, under their agreements with the government, "will likely make both enterprises increasingly susceptible to the possibility of quarterly losses that could result in draws" from the Treasury, Mel Watt, director of the Federal Housing Finance Agency, said in a statement Tuesday.

Watt noted that Freddie's third-quarter loss wasn't due to a deteriorating risk profile of mortgages or an increase in losses related to repayment risk, but rather to volatility in interest rates as reflected in accounting. "Freddie Mac continues to fulfill its obligations to support the housing finance market, and provide liquidity and access to mortgage credit," Watt said.

iehi-feed-58138 Sun, 01 Nov 2015 19:04:16 GMT BAC Settles MERS Lawsuit With Bond Holders iehi-feed-58137 Sun, 01 Nov 2015 16:22:56 GMT Black Business Owners Purged From Michigan Bank iehi-feed-58122 Fri, 30 Oct 2015 14:59:09 GMT Ocwen Shares Continue To Plummet iehi-feed-58118 Fri, 30 Oct 2015 13:08:54 GMT Why investors are shorting Canada's housing market iehi-feed-58117 Thu, 29 Oct 2015 22:47:03 GMT Have Central Banks Lost Their Way? - Stephen S. Roach iehi-feed-58115 Thu, 29 Oct 2015 17:47:39 GMT Pending Sales of Previously Owned U.S. Homes Unexpectedly Fall iehi-feed-58096 Tue, 27 Oct 2015 18:49:41 GMT Miami-Dade Cop sentenced to 48 months in federal prison