Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-63642 Sun, 18 Feb 2018 20:51:01 GMT "The Home Builder Rationalization" http://implode-explode.com/viewnews/2018-02-18_TheHomeBuilderRationalization.html The multi-family segment has been a drag on the construction sector for several years now, despite the occasional spike up in either permits or starts, or both... [But] according the National Association of Home Builders (NAHB), they have been over the past few months rarely ever more confident than now. You have to go back to the late nineties for similar expressed levels of optimism; the NAHB's index suggests that its members are more positive now than at any time during the housing mania.

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The problem with that result is obvious; they aren't building at a rate anywhere close to either the nineties or the height of the bubble. On a population-adjusted basis, the disparity is even greater.

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[The lack of] growth in household formation may not threaten to reverse the low-growth in home construction, but it sure does explain why more homes aren't being built. There is no additional demand above what appears to be minimal growth in home stock (which also helps explain the pullback in apartment construction around the "rising dollar" downturn; that it confirmed there isn't likely to ever be more than minimal growth).

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There are any number of surveys particularly of young adults describing the restlessness of this situation, and therefore if those stuck in it had the means they would change their circumstances if possible. In droves. It can be construed as a social trend, but it's often done so because by and large in the mainstream there isn't an economic problem according to Economists.

Maybe that in the end is what builders are so happy about. They see only a very small probability of a substantial decrease in their business while at the same time noting that any day now young Americans in light of full employment will start to move out of their parents' basement all at once. Like other similar rationalizations, the longer it goes where that hasn't happened, the more certain they have become that it will -- tomorrow for sure.

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iehi-feed-63641 Sun, 18 Feb 2018 18:25:37 GMT Wall Street's Regulators Move Deeper Into Darkness Under Trump http://implode-explode.com/viewnews/2018-02-18_WallStreetsRegulatorsMoveDeeperIntoDarknessUnderTrump.html ... All of the above [failures of transparency in the wake of the 2008 Financial Crisis] occurred under the Obama administration. It's getting worse under President Trump. Yesterday Bloomberg News reported that the SEC is now settling cases against banks and hedge funds without issuing press releases as it has historically done, ostensibly to save the firms embarrassment and deny the public the ability to see that wrongdoing continues unabated on Wall Street despite the huge fines following the financial crash. Last month, Susan Antilla and Gary Rivlin wrote an in-depth report for The Intercept showing how Trump's SEC is allowing more secrecy in what Wall Street itself has to report to the public.

Now the U.S. Treasury, headed by the former foreclosure king, Steve Mnuchin, has announced it plans to hold a secret meeting of the Financial Stability Oversight Council (F-SOC) next Wednesday, February 21. F-SOC was created under the Dodd-Frank financial reform legislation of 2010 to make sure the financial collapse of 2008 would never happen again. That collapse was the worst economic event for the United States since the Great Depression of the 1930s. Given the financial devastation to citizens from that collapse, the public has every right to know about any new financial stability threats facing the nation.

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[Meanwhile,] the 24/7 cable news programs are consumed with investigating Russia. We're not saying that's not important but it's happening while nothing is being reported about the growing dangers on Wall Street. The Republican-led Congress is consumed with funding wars against foreign terrorists. But it was neither Russia nor foreign terrorists that dealt America the two worst financial and economic crises in its history: the 1929-1932 and 2008-2010 Wall Street collapses and ensuing economic calamities. These occurred from well-documented illegal acts by Wall Street firms as their Federal regulators wore blindfolds.

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iehi-feed-63636 Fri, 16 Feb 2018 22:48:58 GMT FL Judicial Candidate Faces Ethical Concerns Over Ties To Loan Mod Scam http://implode-explode.com/viewnews/2018-02-16_FLJudicialCandidateFacesEthicalConcernsOverTiesToLoanModScam.html iehi-feed-63632 Wed, 14 Feb 2018 23:09:12 GMT Rumored-Struggling HNA Group of China sells Upper East Side NYC mansion for $90M http://implode-explode.com/viewnews/2018-02-14_RumoredStrugglingHNAGroupofChinasellsUpperEastSideNYCmansionfor9.html HNA bought the 18,860-square-foot mansion at 19 East 64th Street from art heir David Wildenstein in April 2017 for $79.5 million and planned to use it as an office. The company funded the deal with a $50 million mortgage from Ullico.

Bloomberg recently reported that HNA plans to sell $4 billion worth of U.S. properties to help pay off its mounting debt. That includes office tower 245 Park Avenue, which the company bought for $2.2 billion in May.

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iehi-feed-63629 Wed, 14 Feb 2018 20:14:20 GMT Top ICE Lawyer Busted For Stealing Immigrants' Identities http://implode-explode.com/viewnews/2018-02-14_TopICELawyerBustedForStealingImmigrantsIdentities.html iehi-feed-63621 Fri, 09 Feb 2018 04:02:18 GMT Foreclosure Tsunami Hits New York State http://implode-explode.com/viewnews/2018-02-08_ForeclosureTsunamiHitsNewYorkState.html iehi-feed-63620 Thu, 08 Feb 2018 23:16:12 GMT Airbnb Was Just Quietly Banned In Detroit. http://implode-explode.com/viewnews/2018-02-08_AirbnbWasJustQuietlyBannedInDetroit.html iehi-feed-63590 Thu, 01 Feb 2018 22:14:45 GMT You'll Never Guess Who's Pushing Homeownership Higher http://implode-explode.com/viewnews/2018-02-01_YoullNeverGuessWhosPushingHomeownershipHigher.html iehi-feed-63585 Thu, 01 Feb 2018 05:42:58 GMT Court upholds constitutionality of Consumer Financial Protection Bureau http://implode-explode.com/viewnews/2018-02-01_CourtupholdsconstitutionalityofConsumerFinancialProtectionBureau.html A federal appeals court has upheld the constitutionality of the Consumer Financial Protection Bureau's structure, a decision that preserves the agency's independence in the face of challenges from business interests and conservatives. The D.C. Circuit Court of Appeals ruled 7-3 on Wednesday that a provision in the 2010 Dodd-Frank law that limits the president's ability to remove the CFPB director during his or her five-year term does not violate the president's authority to appoint and remove executive branch officers.

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[Critics] argue that its single-director structure and funding outside the congressional appropriations process -- it is financed by the Federal Reserve -- make it unaccountable, a core issue at the heart of the court case.

The case is separate from another legal battle that's raging over the leadership of the agency.... The same court that ruled in Wednesday's decision will hear English's appeal to halt any further action by Mulvaney as acting director.

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Mulvaney has taken a number of steps to rein in the bureau since he took over, including reconsidering the CFPB's rule curbing payday lending and requesting no additional funding from the Fed for the bureau for the second quarter of fiscal year 2018.

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Wednesday's decision involved a case brought by PHH Corp., a New Jersey mortgage service provider that the CFPB targeted for an enforcement action in 2015. PHH challenged the bureau's leadership structure in court and initially won a ruling in its favor.

But the bureau's appeal preserved its single-director leadership -- as opposed to a bipartisan commission that some critics would prefer -- before Cordray left to run for governor in Ohio.

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Gupta, who also represents English in her challenge to Mulvaney, said the court's decision to send PHH's fine back to the CFPB for review cast doubt on whether the case would be appealed again to the Supreme Court.

"I could see an argument that they got what they asked for and so they don't have the ability to take this to Supreme Court," he said.

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Gupta argued that Wednesday's ruling could hold implications for English's case.

"It does have implications for the case, no question, because this is a resounding affirmation of the independence that Congress wanted for this agency," he said. "The White House OMB director is effectively running the agency."

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iehi-feed-63578 Tue, 30 Jan 2018 15:25:17 GMT Home prices surge to new high, up 6.2% in November http://implode-explode.com/viewnews/2018-01-30_Homepricessurgetonewhighup62inNovember.html The supply crisis in the housing market is not letting up, and consequently neither are the gains in home values.

National home prices continued their run higher in November, rising 6.2 percent annually on S&P CoreLogic Case-Shiller's most broad survey, up from 6.1 percent in October. Another S&P index of the nation's 20 largest housing markets showed a 6.4 percent gain, higher than analysts had expected.

Prices nationally are now 6 percent higher than their 2006 peak, while those in the top 20 markets are still 1.1 percent lower.

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iehi-feed-63558 Wed, 24 Jan 2018 21:19:28 GMT BofA Refuses To Give Elderly Man His Money Then Kicks Him To The Curtb! http://implode-explode.com/viewnews/2018-01-24_BofARefusesToGiveElderlyManHisMoneyThenKicksHimToTheCurtb.html iehi-feed-63551 Mon, 22 Jan 2018 17:47:39 GMT Assemblywoman Pamela Harris Indicted For Defrauding Government Agencies  http://implode-explode.com/viewnews/2018-01-22_AssemblywomanPamelaHarrisIndictedForDefraudingGovernmentAgencies.html iehi-feed-63544 Sat, 20 Jan 2018 17:34:38 GMT Jersey Shore's Mike Sorrentino AKA The Situation Pleads Guilty To Tax Evasion http://implode-explode.com/viewnews/2018-01-20_JerseyShoresMikeSorrentinoAKATheSituationPleadsGuiltyToTaxEvasio.html iehi-feed-63543 Sat, 20 Jan 2018 16:38:53 GMT Felony Lane Gang Leader Indicted For ID Theft and Bank Fraud http://implode-explode.com/viewnews/2018-01-20_FelonyLaneGangLeaderIndictedForIDTheftandBankFraud.html iehi-feed-63533 Thu, 18 Jan 2018 04:54:46 GMT Ataris Bassist Michael Davenport Accused Of Running $27M Fraud Scheme http://implode-explode.com/viewnews/2018-01-17_AtarisBassistMichaelDavenportAccusedOfRunning27MFraudScheme.html iehi-feed-63518 Sun, 14 Jan 2018 15:09:19 GMT Caliber Home Loans Busted Selling Client Information To Sex Predators http://implode-explode.com/viewnews/2018-01-14_CaliberHomeLoansBustedSellingClientInformationToSexPredators.html iehi-feed-63512 Fri, 12 Jan 2018 20:29:32 GMT SCAM ALERT Serenity Financial Services Sends Out Deceiving Solicitation http://implode-explode.com/viewnews/2018-01-12_SCAMALERTSerenityFinancialServicesSendsOutDeceivingSolicitation.html iehi-feed-63503 Thu, 11 Jan 2018 14:48:48 GMT Court: Trump Gets to Defang CFPB http://implode-explode.com/viewnews/2018-01-11_CourtTrumpGetstoDefangCFPB.html iehi-feed-63502 Thu, 11 Jan 2018 01:47:42 GMT Three Sinister Schemes Creditors Will Use To Screw You http://implode-explode.com/viewnews/2018-01-10_ThreeSinisterSchemesCreditorsWillUseToScrewYou.html iehi-feed-63489 Sun, 07 Jan 2018 19:00:26 GMT The CFPB Lists The Most Hated Banks http://implode-explode.com/viewnews/2018-01-07_TheCFPBListsTheMostHatedBanks.html