Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-54472 Thu, 24 Jul 2014 15:41:54 GMT New home sales tumble 8.1% in June iehi-feed-54458 Wed, 23 Jul 2014 16:24:07 GMT Homeowners with loan mods now face rate increases iehi-feed-54449 Tue, 22 Jul 2014 14:40:12 GMT Existing-home sales rise 2.6% in June iehi-feed-54446 Tue, 22 Jul 2014 14:29:31 GMT Flint manager warns of bankruptcy over retiree costs iehi-feed-54433 Mon, 21 Jul 2014 13:13:09 GMT The inflection point has arrived in Southern California real estate iehi-feed-54427 Sun, 20 Jul 2014 22:34:49 GMT Banks urged to warn mortgage borrowers to look at how higher interest rates will affect them (UK) iehi-feed-54424 Sun, 20 Jul 2014 21:57:36 GMT The Ongoing Rot in the Economy iehi-feed-54421 Sat, 19 Jul 2014 19:37:15 GMT David Trott's Dirty Business Secret He Doesn't Want You To Know iehi-feed-54406 Thu, 17 Jul 2014 18:15:36 GMT Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis Investors led by BlackRock, the world's largest asset manager, and PIMCO, the world's largest bond-fund manager, have sued some of the world's largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for losses surpassing $250 billion. That is the equivalent of one million homeowners with $250,000 in damages suing at one time.

The defendants are the so-called trust banks that oversee payments and enforce terms on more than $2 trillion in residential mortgage securities. They include units of Deutsche Bank AG, U.S. Bank, Wells Fargo, Citigroup, HSBC Holdings PLC, and Bank of New York Mellon Corp. Six nearly identical complaints charge the trust banks with breach of their duty to force lenders and sponsors of the mortgage-backed securities to repurchase defective loans.

Why the investors are only now suing is complicated, but it involves a recent court decision on the statute of limitations...

iehi-feed-54398 Thu, 17 Jul 2014 15:19:58 GMT Bank of America takes $4 billion litigation hit; Settles With AIG iehi-feed-54394 Wed, 16 Jul 2014 19:21:54 GMT BofA Said to Reiterate $13 Billion Offer in U.S. Talks iehi-feed-54388 Wed, 16 Jul 2014 01:37:38 GMT JPMorgan pulls back from mortgage lending on foreclosure worries JPMorgan Chase & Co, the second-largest U.S. mortgage lender, is backing away from making home loans to less creditworthy borrowers after losing faith in its ability to recover much money from foreclosing on homes, even with government guarantees... "The cost to take a customer through the foreclosure process is just astronomical now," Kevin Watters, chief executive of JPMorgan Chase's residential mortgage banking business in New York, told Reuters in an interview.

If other lenders choose the same path as JPMorgan, it could become more difficult for people to secure financing to buy homes, even though government programs are intended to help credit flow to these borrowers, said Christopher Mayer, a professor of real estate finance at Columbia University.

iehi-feed-54374 Tue, 15 Jul 2014 13:14:05 GMT Pee-Wee Trott's Gilded Play House iehi-feed-54362 Mon, 14 Jul 2014 14:33:53 GMT Citi: Where A $7 Billion Fine Makes Your Shares Go Up 4% iehi-feed-54361 Mon, 14 Jul 2014 14:22:37 GMT Citi to pay $7 billion in Justice settlement iehi-feed-54359 Mon, 14 Jul 2014 13:33:04 GMT BofA's Skirting Of The National Mortgage Settlement Creates Nightmare For Couple iehi-feed-54356 Sat, 12 Jul 2014 20:02:30 GMT Crisis in Atlantic City: Trump Casino pulling out iehi-feed-54341 Fri, 11 Jul 2014 19:58:41 GMT Wells Fargo Earnings Miss on Mortgage Rate Rise, Ending 17-Quarter Run iehi-feed-54321 Thu, 10 Jul 2014 14:49:05 GMT Muni Fund Collapses To Record Lows As Puerto Rico Risk Rises iehi-feed-54318 Wed, 09 Jul 2014 19:10:29 GMT China buys $22bn worth of US homes, leads global pack, As Foreigners Take 7% of US Market