Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-54808 Wed, 27 Aug 2014 15:14:41 GMT Lost in America - Frank Bruni http://implode-explode.com/viewnews/2014-08-27_LostinAmericaFrankBruni.html Conventional wisdom has seldom been so useless, because pessimism in this country isn't usually this durable or profound... Much of this was chillingly captured by a Wall Street Journal/NBC News poll from early August that got lost somewhat amid the recent deluge of awful news but deserved closer attention. It included the jolting finding that 76 percent of Americans ages 18 and older weren't confident that their children's generation would fare better than their own. That's a blunt repudiation of the very idea of America, of what the "land of opportunity" is supposed to be about. For most voters, the national narrative is no longer plausible.

The poll also showed that 71 percent thought that the country was on the wrong track. While that represents a spike, it also affirms a negative mind-set that's been fixed for a scarily long time. As the Democratic strategist Doug Sosnik has repeatedly noted, more Americans have been saying "wrong track" than "right track" for at least a decade now, and something's got to give.

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The new jobs don't feel as sturdy as the old ones. It takes more hours to make the same money or support the same lifestyle. Students amass debt. Upward mobility increasingly seems a mirage, a myth.

... this isn't just about the economy. It's about fear. It's about impotence. We can't calm the world in the way we'd like to, can't find common ground and peace at home, can't pass needed laws, can't build necessary infrastructure, can't, can't, can't.

In the Journal/NBC poll, 60 percent of Americans said that we were a nation in decline. How sad. Sadder still was this: Nowhere in the survey was there any indication that they saw a method or a messenger poised to arrest it.

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iehi-feed-54803 Tue, 26 Aug 2014 12:49:49 GMT Goldman Sachs to pay US$3.15b to settle mortgage case http://implode-explode.com/viewnews/2014-08-26_GoldmanSachstopayUS315btosettlemortgagecase.html Goldman Sachs will pay US$3.15 billion (S$3.94 billion) to resolve claims it misled Fannie Mae and Freddie Mac on mortgage-linked securities it sold them before the US housing bust, officials said.

The Federal Housing Finance Agency (FHFA), the conservator for Fannie and Freddie, which were rescued by the government during the 2008 crisis, said that Goldman will repurchase the securities it sold to the two effectively government-backed mortgage giants between 2005 and 2007.

Goldman said the agreement will resolve "all" federal and state securities claims for mortgage-backed securities purchased by Freddie and Fannie over the period.

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iehi-feed-54774 Fri, 22 Aug 2014 14:44:17 GMT The Schizophrenic US Housing Market In One Chart http://implode-explode.com/viewnews/2014-08-22_TheSchizophrenicUSHousingMarketInOneChart.html iehi-feed-54771 Thu, 21 Aug 2014 20:40:49 GMT Don't Hold Breath for Homeowner Help in $16.5bn Bank of America deal http://implode-explode.com/viewnews/2014-08-21_DontHoldBreathforHomeownerHelpin165bnBankofAmericadeal.html iehi-feed-54766 Thu, 21 Aug 2014 13:23:24 GMT Why Bank of America deal won't cost it $17B http://implode-explode.com/viewnews/2014-08-21_WhyBankofAmericadealwontcostit17B.html iehi-feed-54743 Tue, 19 Aug 2014 15:22:33 GMT UK Property Prices Suffer 'Largest Decrease Ever' As London Real Estate Goes Into Full-Scale Collapse http://implode-explode.com/viewnews/2014-08-19_UKPropertyPricesSufferLargestDecreaseEverAsLondonRealEstateGoesI.html iehi-feed-54742 Tue, 19 Aug 2014 15:21:18 GMT More Money Down Adds to U.S. First-Time Buyer Blues http://implode-explode.com/viewnews/2014-08-19_MoreMoneyDownAddstoUSFirstTimeBuyerBlues.html iehi-feed-54704 Thu, 14 Aug 2014 14:17:02 GMT Russia Sanctions Blowback: Finland's Largest Dairy Lays Off 800, Spain Seeks EU Aid, Poland Complains To WTO http://implode-explode.com/viewnews/2014-08-14_RussiaSanctionsBlowbackFinlandsLargestDairyLaysOff800SpainSeeksE.html iehi-feed-54696 Wed, 13 Aug 2014 22:41:11 GMT El Gringo Bandito David Trott Hangs Up His Foreclosure Sombrero http://implode-explode.com/viewnews/2014-08-13_ElGringoBanditoDavidTrottHangsUpHisForeclosureSombrero.html iehi-feed-54678 Wed, 13 Aug 2014 14:11:10 GMT Fannie Mae Is Coming To Get You Barbara! http://implode-explode.com/viewnews/2014-08-13_FannieMaeIsComingToGetYouBarbara.html iehi-feed-54666 Mon, 11 Aug 2014 23:55:43 GMT Former Clients Of John M. Schwarz Demand Action From NY AG & State Bar http://implode-explode.com/viewnews/2014-08-11_FormerClientsOfJohnMSchwarzDemandActionFromNYAGStateBar.html iehi-feed-54659 Mon, 11 Aug 2014 14:10:40 GMT Inequality Is Really Hurting The Economy, S&P Warns http://implode-explode.com/viewnews/2014-08-11_InequalityIsReallyHurtingTheEconomySPWarns.html ``Now, an analysis by the rating agency Standard & Poor's lends its weight to the argument: The widening gap between the wealthiest Americans and everyone else has made the economy more prone to boom-bust cycles and slowed the 5-year-old recovery from the recession.

The rising concentration of income among the top 1 percent of earners has contributed to S&P's cutting its growth estimates for the economy. In part because of the disparity, it estimates that the economy will grow at a 2.5 percent annual pace in the next decade, down from a forecast five years ago of a 2.8 percent rate.

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The report builds on data from the Congressional Budget Office, the International Monetary Fund and academic economists to explain how income disparities can hurt growth. Many consumers tend to become more dependent on debt to continue spending, thereby worsening the boom-bust cycle. Or they curb their spending, and growth improves only modestly, as it has during the current recovery.

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iehi-feed-54635 Fri, 08 Aug 2014 13:59:14 GMT Was it worth it?  Yeah, to me it definitely was - Mandelman Matters http://implode-explode.com/viewnews/2014-08-08_WasitworthitYeahtomeitdefinitelywasMandelmanMatters.html iehi-feed-54609 Wed, 06 Aug 2014 23:17:31 GMT Bank of America set to settle mortgages case for $16bn-$17bn http://implode-explode.com/viewnews/2014-08-06_BankofAmericasettosettlemortgagescasefor16bn17bn.html Bank of America has reached an agreement in principle to pay more than $16bn in cash and consumer relief to US authorities to resolve allegations it misled investors in mortgage-backed securities, people familiar with the matter said. The bank will pay around $9bn in cash and provide $7bn in consumer relief, such as modifying home loans and refinancing mortgages, as part of the deal, these people say.

If finalised, it will be the Department of Justice's largest settlement with a single entity, exceeding the $13bn pact that JPMorgan Chase agreed last year. So far this year banks have paid more than $50bn to resolve government investigations, exceeding the total collected in the whole of 2013.

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BofA, which has already paid $9.5bn to resolve a similar lawsuit by the Federal Housing Finance Agency, last week was ordered by a US judge to pay $1.3bn more to US authorities.

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BofA has built its litigation reserves this year ahead of a potential deal with the DoJ. The bank took a $4bn legal charge in the second quarter and reported its first quarterly loss in almost three years in the first quarter after a $6bn legal charge, partly reflecting some of the FHFA settlement and its ongoing talks with the DoJ.

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iehi-feed-54602 Wed, 06 Aug 2014 14:39:51 GMT I Don't Care What the Media Says, Housing Market is Horrible, and Homeowners Still Suffering through the Loan Mod Process - Mandelman Matters http://implode-explode.com/viewnews/2014-08-06_IDontCareWhattheMediaSaysHousingMarketisHorribleandHomeownersSti.html iehi-feed-54581 Tue, 05 Aug 2014 01:07:15 GMT THE FINANCIAL SYSTEM IS PRIMED FOR A CRISIS WORSE THAN 2008 http://implode-explode.com/viewnews/2014-08-04_THEFINANCIALSYSTEMISPRIMEDFORACRISISWORSETHAN2008.html Over the last 30 years, the US has built up record debts on a personal, state, and national level. Consumers thought they were financially stable so long as they could cover the interest payments on their credit cards, states created program after program few if any of which they could afford, and the Federal Government issued $30-50 trillion in debt and liabilities (counting Social Security and Medicare). ]]> iehi-feed-54580 Tue, 05 Aug 2014 01:05:13 GMT Mortgage closing costs on the rise, national survey says http://implode-explode.com/viewnews/2014-08-04_Mortgageclosingcostsontherisenationalsurveysays.html It's no secret that purchasing a home this year is more expensive than last. But rising home prices aren't the only factor straining home buyer pocketbooks. ]]> iehi-feed-54573 Sun, 03 Aug 2014 12:35:54 GMT So you think you can flip? Proliferation of house flipping and rehab shows highlight amnesia http://implode-explode.com/viewnews/2014-08-03_SoyouthinkyoucanflipProliferationofhouseflippingandrehabshowshig.html iehi-feed-54549 Thu, 31 Jul 2014 17:22:35 GMT Bank of America ordered to pay $1.27 billion for 'Hustle' fraud http://implode-explode.com/viewnews/2014-07-31_BankofAmericaorderedtopay127billionforHustlefraud.html iehi-feed-54526 Wed, 30 Jul 2014 04:25:24 GMT The 2 Attorneys that Won $16 million Jury Verdict Against PHH Mortgage for Loan-Mod Mistreatment -- A Mandelman Matters Podcast http://implode-explode.com/viewnews/2014-07-30_The2AttorneysthatWon16millionJuryVerdictAgainstPHHMortgageforLoa.html