Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-53759 Wed, 23 Apr 2014 13:30:34 GMT The American Middle Class Is No Longer the World's Richest http://implode-explode.com/viewnews/2014-04-23_TheAmericanMiddleClassIsNoLongertheWorldsRichest.html The numbers, based on surveys conducted over the past 35 years, offer some of the most detailed publicly available comparisons for different income groups in different countries over time. They suggest that most American families are paying a steep price for high and rising income inequality.

Although economic growth in the United States continues to be as strong as in many other countries, or stronger, a small percentage of American households is fully benefiting from it. Median income in Canada pulled into a tie with median United States income in 2010 and has most likely surpassed it since then

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iehi-feed-53753 Wed, 23 Apr 2014 03:19:53 GMT U.S. home sales slip to a 20-month low http://implode-explode.com/viewnews/2014-04-22_UShomesalessliptoa20monthlow.html iehi-feed-53752 Wed, 23 Apr 2014 00:48:19 GMT Moving in with parents becomes more common for the middle-aged http://implode-explode.com/viewnews/2014-04-22_Movinginwithparentsbecomesmorecommonforthemiddleaged.html The number of Californians 50 to 64 who live in their parents' homes has surged in recent years, reflecting the grim economic aftermath of the Great Recession.

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The jump is almost exclusively the result of financial hardship caused by the recession rather than for other reasons, such as the need to care for aging parents, said Steven P. Wallace, a UCLA professor of public health who crunched the data.

Many more young adults live with their parents than those in their 50s and early 60s live with theirs. Among 18- to 29-year-olds, 1.6 million Californians have taken up residence in their childhood bedrooms, according to the data.

Though that's a 33% jump from 2006, the pace is half that of the 50 to 64 age group.

The surge in middle-aged people moving in with parents reflects the grim economic reality that has taken hold in the aftermath of the Great Recession.

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Long-term unemployment is especially acute for older people. The number of Americans 55 and older who have been out of work for a year or more was 617,000 at the end of December, a fivefold jump from the end of 2007 when the recession hit, according to the Bureau of Labor Statistics.

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"I said 'Mom, I'm so sorry but I don't know what to do,'" she said. "I dreaded it. If it wasn't for my boys I wouldn't have done it. I would have lived in my car."

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iehi-feed-53744 Tue, 22 Apr 2014 05:14:27 GMT Failed Banker Chosen as Alabama CU Regulator http://implode-explode.com/viewnews/2014-04-22_FailedBankerChosenasAlabamaCURegulator.html ``Moore's profile also said she was executive vice president and chief operations officer at Colonial Bank and Colonial BancGroup from 2000 to 2003, and served from 1987 to 1996 as an audit manager at Coopers & Lybrand, which merged with PriceWaterhouse in 1998.

Colonial's colossal failure prompted the first lawsuit filed by the FDIC against a failed bank's accountants, according to court records and media reports.

"Colonial's closure was triggered by the discovery that its largest mortgage banking customer, Taylor Bean & Whitaker Mortgage Corp., had committed a massive, multi-year fraud against Colonial, resulting in financial statements that grossly misstated Colonial's true financial condition," according to a lawsuit filed Oct. 31, 2012 by FDIC against PwC, which served as the bank's external auditor and Crowe Horwath, which provided internal audit services.''

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iehi-feed-53743 Tue, 22 Apr 2014 05:13:31 GMT Fargo foreclosure manual on trial | New York Post http://implode-explode.com/viewnews/2014-04-22_FargoforeclosuremanualontrialNewYorkPost.html ``At a hearing in lower Manhattan on April 8, Judge Allan Gropper admitted the manual into the bankruptcy case of a local homeowner in foreclosure, and he approved a request by his lawyer to be allowed to dig deeper.

Now Wells must produce a witness with knowledge of the manual who can answer lawyer Linda Tirelli's questions under oath.

Tirelli is alleging that endorsements on the homeowner's note are "fraudulent in nature." A note is an IOU to the bank, while a mortgage ties a given property to the loan.''

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iehi-feed-53741 Mon, 21 Apr 2014 13:52:07 GMT New York Appellate Court Rules In Favor Of MFI-Miami Client http://implode-explode.com/viewnews/2014-04-21_NewYorkAppellateCourtRulesInFavorOfMFIMiamiClient.html iehi-feed-53732 Fri, 18 Apr 2014 14:06:15 GMT Rents Soar Out of Affordability Range for Middle Class http://implode-explode.com/viewnews/2014-04-18_RentsSoarOutofAffordabilityRangeforMiddleClass.html iehi-feed-53731 Fri, 18 Apr 2014 13:53:48 GMT Nomi Prins on Nature of Bankers' Power http://implode-explode.com/viewnews/2014-04-18_NomiPrinsonNatureofBankersPower.html iehi-feed-53723 Wed, 16 Apr 2014 18:22:16 GMT Why Crony Capitalist Brats Make Me ILL - David Stockman http://implode-explode.com/viewnews/2014-04-16_WhyCronyCapitalistBratsMakeMeILLDavidStockman.html During 2012 Levin's 14-person team of speculators apparently made a $2.0 billion profit on a short-term bet on about $7.5 billion of busted loans and bonds-- mainly the smoking remnants of sub-prime CDOs and private labor MBS. As head of the trading group, Leven's share was apparently the aforesaid $119 million, and this swell outcome was truly a gigs-to-riches story.

... in an honest two-way market, no one in their right mind would bet $7.5 billion on financial drek using high leverage and minimal hedges. And no 30-year old would be given leave to close his eyes and bet the ranch, as apparently Levin did, based on merely the "housing recovery" word clouds being emitted by the monetary politburo and its echo-boxes in the financial press.''

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iehi-feed-53721 Wed, 16 Apr 2014 18:16:46 GMT Haunted by soured mortgages, Bank of America loses $276 million http://implode-explode.com/viewnews/2014-04-16_HauntedbysouredmortgagesBankofAmericaloses276million.html iehi-feed-53719 Wed, 16 Apr 2014 18:09:16 GMT The Best SEC [Retirement] Speech Ever http://implode-explode.com/viewnews/2014-04-16_TheBestSECRetirementSpeechEver.html iehi-feed-53717 Tue, 15 Apr 2014 17:44:54 GMT Tom Deutsch of the ASF on Eminent Domain & Loan Modifications -- A Mandelman Matters Podcast http://implode-explode.com/viewnews/2014-04-15_TomDeutschoftheASFonEminentDomainLoanModificationsAMandelmanMatt.html iehi-feed-53711 Tue, 15 Apr 2014 16:20:02 GMT Lending Drops to 17-Year Low as Rates Curb Borrowing: Mortgages http://implode-explode.com/viewnews/2014-04-15_LendingDropsto17YearLowasRatesCurbBorrowingMortgages.html iehi-feed-53688 Fri, 11 Apr 2014 01:06:32 GMT Vietnam Sentences Corrupt Bankers To Death By Firing Squad http://implode-explode.com/viewnews/2014-04-10_VietnamSentencesCorruptBankersToDeathByFiringSquad.html ``American bankers who brought on the 2008 global financial collapse, by and large, didn't get indicted, or face any significant consequences for their actions. In fact, many of them even got huge bonuses.

That wouldn't have been the case in Vietnam, another nation struggling with corrupt and unscrupulous bankers.

During a recent cleanup of Vietnam's financial sector, the strictly authoritarian nation sentenced three bankers to death by firing squad in the past six months alone.''

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iehi-feed-53674 Tue, 08 Apr 2014 19:31:17 GMT Citigroup to Pay $1.13B to Settle Investor Claims http://implode-explode.com/viewnews/2014-04-08_CitigrouptoPay113BtoSettleInvestorClaims.html iehi-feed-53672 Tue, 08 Apr 2014 12:34:38 GMT Apparently White House is PLEASED with HAMP and Housing? - Mandelman Matters http://implode-explode.com/viewnews/2014-04-08_ApparentlyWhiteHouseisPLEASEDwithHAMPandHousingMandelmanMatters.html iehi-feed-53671 Mon, 07 Apr 2014 23:18:56 GMT Financial typhoon warning for Hong Kong http://implode-explode.com/viewnews/2014-04-07_FinancialtyphoonwarningforHongKong.html Before the crisis, China had never represented more than 10pc of the total external claims of Hong Kong-based financial institutions, but with the implosion of the West, the island's exposure to the mainland has rocketed and, as of late last year, stood at 49pc of claims.

Much of the rise has come from the rapid growth of the offshore subsidiaries of China's largest state-controlled banks, which have increasingly used Hong Kong as a base for sourcing foreign currency funding to pump back into the domestic economy.''

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"This is a PRC town," says one senior Hong Kong-based banker. "A decade ago if you heard someone speaking Mandarin you assumed they had accidentally walked over the border, today you can't get a good job unless you speak it."

Andrew Scott, professor of economics at London Business School, says the danger to Hong Kong from its exposure to a Chinese crash is clear. "Hong Kong banks are definitely exposed to the mainland through significant lending and are very dependent on the People's Republic of China central bank for liquidity in renminbi.

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iehi-feed-53670 Mon, 07 Apr 2014 23:10:28 GMT Zombie Mortgage Land! Lowest Mortgage Origination Volume on Record (And Average Loan in Foreclosure Now 2.6 Years Past Due) http://implode-explode.com/viewnews/2014-04-07_ZombieMortgageLandLowestMortgageOriginationVolumeonRecordAndAver.html iehi-feed-53663 Sun, 06 Apr 2014 17:20:41 GMT Welcome to Feudalfornia: the golden sarcophagus and the investor http://implode-explode.com/viewnews/2014-04-06_WelcometoFeudalforniathegoldensarcophagusandtheinvestor.html The current sales volume is lower than what we saw in the early 1990s.  In fact, current sales are the lowest since the market imploded a few years ago.  What gives? The current trend was driven by low inventory, investor demand, and house lusting buyers.  As investors pull-back and affordability falls, it is natural to expect volume to naturally pickup as it has.  Yet California is largely becoming a renter state. 

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[But now] the investor crowd is pulling back: "Prices have gotten to the stage where we cannot buy a house, renovate it, rent it and still make a reasonable return," said Peter Rose, a spokesman for Blackstone, which owns roughly 41,000 rental houses nationwide. "There was a moment in time where it made sense."

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iehi-feed-53662 Sun, 06 Apr 2014 16:46:18 GMT Foreclosure Mill Attorney Goes Nuts After Judge Rules Against Him http://implode-explode.com/viewnews/2014-04-06_ForeclosureMillAttorneyGoesNutsAfterJudgeRulesAgainstHim.html