Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-60746 Mon, 26 Sep 2016 15:06:32 GMT Wells Fargo Created A Decade Of Hell For Michigan Homeowner http://implode-explode.com/viewnews/2016-09-26_WellsFargoCreatedADecadeOfHellForMichiganHomeowner.html iehi-feed-60738 Sun, 25 Sep 2016 18:08:40 GMT Former employees file class action against Wells Fargo http://implode-explode.com/viewnews/2016-09-25_FormeremployeesfileclassactionagainstWellsFargo.html Two former Wells Fargo & Co (WFC.N) employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired.

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Former employees Alexander Polonsky and Brian Zaghi allege Wells Fargo managers pressed workers to meet quotas of 10 accounts per day, required progress reports several times daily and reprimanded workers who fell short.

Polonsky and Zaghi filed applications matching customer requests and were counseled, demoted and later terminated, the lawsuit said.

While executives at the top benefited from the activity, the blame landed on thousands of $12-per-hour employees who tried to meet the quotas and were often required to work off the clock to do so, the lawsuit said.

Employees with a conscience who tried to meet quotas without engaging in fraud were the biggest victims, losing wages, benefits and suffering anxiety, humiliation and embarrassment, the lawsuit said.

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iehi-feed-60737 Sun, 25 Sep 2016 18:03:36 GMT Whistleblowing Wells Fargo loan officer describes years of fraudulent, criminal culture in the bank http://implode-explode.com/viewnews/2016-09-25_WhistleblowingWellsFargoloanofficerdescribesyearsoffraudulentcri.html iehi-feed-60732 Sat, 24 Sep 2016 16:08:36 GMT Canadian Housing Bubble, Debt Stir Financial Crisis Fears http://implode-explode.com/viewnews/2016-09-24_CanadianHousingBubbleDebtStirFinancialCrisisFears.html iehi-feed-60719 Thu, 22 Sep 2016 14:36:41 GMT With Mortgage Rates So Low, Why Are So Many People Still Renting? http://implode-explode.com/viewnews/2016-09-22_WithMortgageRatesSoLowWhyAreSoManyPeopleStillRenting.html iehi-feed-60716 Thu, 22 Sep 2016 14:26:09 GMT House-Flippers Turn to the Crowd for Quick Cash. What Could Go Wrong? http://implode-explode.com/viewnews/2016-09-22_HouseFlippersTurntotheCrowdforQuickCashWhatCouldGoWrong.html iehi-feed-60705 Tue, 20 Sep 2016 13:56:22 GMT Housing crisis is weakening the bonds between generations http://implode-explode.com/viewnews/2016-09-20_Housingcrisisisweakeningthebondsbetweengenerations.html Living apart in this way is making it harder for younger and older generations to look after each other, putting a bigger strain on the NHS. Age segregation also reduces people's opportunities to find work and makes it harder for people to see different generations.

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Nigel Wilson, chief executive officer of Legal & General, which supported the research, said that the housing crisis had created "an intergenerationally unfair society". 

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iehi-feed-60703 Tue, 20 Sep 2016 13:49:28 GMT "The Big Short's" Steve Eisman Reveals What The Next Big Short Is http://implode-explode.com/viewnews/2016-09-20_TheBigShortsSteveEismanRevealsWhatTheNextBigShortIs.html iehi-feed-60682 Sat, 17 Sep 2016 14:08:00 GMT China's Housing Gets Scarily Expensive http://implode-explode.com/viewnews/2016-09-17_ChinasHousingGetsScarilyExpensive.html ... in the past few years, with economic growth sluggish, the planners became much more tolerant of rising prices, even as signs of a bubble emerged. Official data shows the price-to income-ratio hitting 9.2 at the end of 2015; housing prices have continued to rise significantly since. All this has led to some widespread distortions.

China's homeowners have come to see near double-digit real-estate returns as a birthright, a bet on par with death and taxes. According to one study, more than 70 percent of Chinese household wealth is in housing. Investors believe there's an implicit guarantee that the government won't let home prices drop, even as many buildings sit empty.

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In urban China, the average price per square foot of a home has risen to $171, compared to $132 in the U.S. In first-tier cities such as Beijing and Shenzhen, prices have increased by about 25 percent in the past year. A 100-city index compiled by SouFun Holdings Ltd. surged by a worrisome 14 percent in the last year. Developers are buying up land in some prime areas that would need to sell for $15,000 per square meter just to break even.

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iehi-feed-60678 Sat, 17 Sep 2016 01:36:54 GMT Resurgence of PMI Puts Pressure on FHA http://implode-explode.com/viewnews/2016-09-16_ResurgenceofPMIPutsPressureonFHA.html PMI's volume of origination increased in the second quarter by 56 percent to $72 billion, the highest quarterly volume since the first quarter of 2008.  When it reported this, the Urban Institute noted that, "if the shift back to PMI takes away a significant part of FHA's lower credit risk business it could put pressure on FHA's balance sheet, possibly pushing the agency to lure higher quality business back with another premium cut."

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Kaul says that in 2016 there has also been an increase in originations by large lenders of low-downpayment mortgages outside the FHA due to new programs from the GSEs (Fannie Mae and Freddie Mac.) These products allow for down payments as low as 3 percent along with reduced mortgage insurance. While these loans were introduced nearly 20 months ago there was no big move toward them because FHA still had a price advantage. The April restructuring of PMI premiums changed this, giving lenders an alternative. This, he says, was especially appealing to those "already wary of the FHA's heavy enforcement."

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iehi-feed-60675 Fri, 16 Sep 2016 14:37:36 GMT Deutsche Bonds "Dropping Like A Stone" As 'Most Dangerous Bank In The World' Plummets http://implode-explode.com/viewnews/2016-09-16_DeutscheBondsDroppingLikeAStoneAsMostDangerousBankInTheWorldPlum.html iehi-feed-60669 Wed, 14 Sep 2016 16:02:49 GMT Paradise Lost: Why the Good Times Are Over for Global Bonds http://implode-explode.com/viewnews/2016-09-14_ParadiseLostWhytheGoodTimesAreOverforGlobalBonds.html The global bond market has slipped its central-bank anchor. The days of bond nirvana, where seemingly every month brought lower yields--and higher prices--are over for now... But the rally pushed bond valuations to extraordinarily stretched levels. And now the tide has turned: Long-dated bond yields have shot higher. Thirty-year U.S. Treasury yields have risen 0.23 percentage point in a week.

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The move has its roots in Japan, as disappointment with BOJ inaction at the end of July caused a selloff in Japanese government bonds. Then markets were disappointed again by the European Central Bank last week. Now both the ECB and BOJ are working on potential changes to their policy mix: In both cases, investors fear they will be less supportive of long-dated bonds. That has global consequences: The rally in U.S. Treasurys was part of a global move; the backup is just the same. If it were fears around the Fed driving the market, it would be short- and intermediate-maturity bonds that would be suffering more.

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iehi-feed-60655 Tue, 13 Sep 2016 14:17:04 GMT Attorney Nick Wooten is Suing Banks in Illinois for Breaking Into Homes | Mandelman Matters http://implode-explode.com/viewnews/2016-09-13_AttorneyNickWootenisSuingBanksinIllinoisforBreakingIntoHomesMand.html iehi-feed-60653 Tue, 13 Sep 2016 02:54:40 GMT NYC Sees Decline in Luxury Condo Sales in Current Market http://implode-explode.com/viewnews/2016-09-12_NYCSeesDeclineinLuxuryCondoSalesinCurrentMarket.html New York City is seeing a definite decline in the sale of luxury condos in the current economic market.  As of this year, the sales volume of luxury apartments and buildings, loosely defined as any real estate holdings priced over $4 Million, has declined sharply by 25% in the first five months of 2016, in comparison to the same sales period last year.

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mid-range real estate units are becoming more and more popular. In June of this year, condos priced between $500,000 and $999,000 only took an average of 4.7 months to sell. This is considerably faster than the current market average of 8.6 months for real estate units to sell, which has held true for the last 10 years,

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iehi-feed-60643 Sun, 11 Sep 2016 13:25:07 GMT The Single Best Tool for Downsizing in Retirement is Called: HECM-for-Purchase | Mandelman Matters http://implode-explode.com/viewnews/2016-09-11_TheSingleBestToolforDownsizinginRetirementisCalledHECMforPurchas.html iehi-feed-60627 Fri, 09 Sep 2016 15:10:20 GMT Deutsche Bank nearing mortgages settlement with U.S. authorities: sources http://implode-explode.com/viewnews/2016-09-09_DeutscheBanknearingmortgagessettlementwithUSauthoritiessources.html iehi-feed-60617 Tue, 06 Sep 2016 17:26:49 GMT Home Sales Plunge: A Good Reason to Panic? http://implode-explode.com/viewnews/2016-09-06_HomeSalesPlungeAGoodReasontoPanic.html iehi-feed-60616 Tue, 06 Sep 2016 14:42:05 GMT Will Millennials save the housing market? http://implode-explode.com/viewnews/2016-09-06_WillMillennialssavethehousingmarket.html iehi-feed-60604 Sun, 04 Sep 2016 18:21:08 GMT Experts "Don't Want to Be Alarmist" About "Breather" in LA's "Nuanced" Housing Market; Which "May Peak in A Year" http://implode-explode.com/viewnews/2016-09-04_ExpertsDontWanttoBeAlarmistAboutBreatherinLAsNuancedHousingMarke.html iehi-feed-60583 Thu, 01 Sep 2016 22:31:16 GMT "Making Home Affordable" Con Arist-Scammed Widow Gets 11th-hour Reprieve | Mandelman Matters http://implode-explode.com/viewnews/2016-09-01_MakingHomeAffordableConAristScammedWidowGets11thhourReprieveMand.html In short, what Kevin Carter/Rasher/Fox was doing was telling people that he worked for the Treasury Department and "HUD Making Home Affordable," which incredibly, was the name of his company.  He'd tell homeowners that he had gotten their loans modified and then instruct them to send their payments each month to his address via cashier's checks made out to HUD Making Home Affordable... his own bank account.

After two years, give or take, the bank would foreclose on the home and sell it at a trustee sale... and that's when the couples that Kevin scammed would discover that they'd been scammed.  They thought that they'd been making their payments on time each month, only to learn the hard way that they were paying Kevin Carter/Rasher... and no one else.

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