Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us 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.''

...

"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. 

...

[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 iehi-feed-53648 Fri, 04 Apr 2014 14:03:36 GMT Nomi Prins | The Real Vice-President of the United States Is Wall Street http://implode-explode.com/viewnews/2014-04-04_NomiPrinsTheRealVicePresidentoftheUnitedStatesIsWallStreet.html ``The Justice Department chose not to criminally prosecute the chairmen from Goldman or JPMorgan Chase (both of whom ranked in the top twenty for Obama's career campaign contributors) or from anywhere else for creating faulty CDOs, trading against them, dumping them on less knowledgeable investors, or otherwise speculating with capital supposedly siphoned off for more productive and less risky purposes.'' ]]> iehi-feed-53640 Thu, 03 Apr 2014 14:48:50 GMT Did Michigan Dems Just Slap Victims Of Illegal Foreclosures In The Face? http://implode-explode.com/viewnews/2014-04-03_DidMichiganDemsJustSlapVictimsOfIllegalForeclosuresInTheFace.html iehi-feed-53622 Mon, 31 Mar 2014 02:55:46 GMT February Pending Home Sales Continue Slide http://implode-explode.com/viewnews/2014-03-30_FebruaryPendingHomeSalesContinueSlide.html iehi-feed-53610 Fri, 28 Mar 2014 20:51:49 GMT Goldman Sachs Must Face Lawsuit Over 2007 Mortgage Bonds http://implode-explode.com/viewnews/2014-03-28_GoldmanSachsMustFaceLawsuitOver2007MortgageBonds.html iehi-feed-53605 Fri, 28 Mar 2014 20:09:02 GMT Citi Fails Fed Stress Test ... The REAL Story http://implode-explode.com/viewnews/2014-03-28_CitiFailsFedStressTestTheREALStory.html iehi-feed-53596 Thu, 27 Mar 2014 16:21:04 GMT Hedge Funds Unlikely Saviors for New York-Area Homeowners - Bloomberg http://implode-explode.com/viewnews/2014-03-27_HedgeFundsUnlikelySaviorsforNewYorkAreaHomeownersBloomberg.html ``American Homeowner Preservation, a Chicago-based investment firm, purchased the mortgage for less than half of what Ragusa owed. Chief Executive Officer Jorge Newbery called the father of three in August with an offer: Pay $5,000 and the company will drop the foreclosure case and erase the more than $100,000 of unpaid principal and penalties amassed.

"They're a lot more flexible than a bank," said Ragusa, 48, who ran into financial trouble after losing his job in collections for a cable company in 2007. "They can work with you because they're a private company and they can basically set their own rules." ''

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