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[from amaah] Welcome to the Frozen Economy
All that's missing is the elegiac sounds of Gil Scott-Heron playing Winter in America: The people know, the people know, it's winter / Winter in America / And ain't nobody fighting cause nobody knows what to say
[from amaah] As Global Wealth Spreads, the IMF Recedes
Ghana for one has almost escaped the sometimes unbearable clutches of the IMF. Perhaps we are now "mature enough" to actually invest in infrastructure without the paternalistic attitudes and rhetoric
[from amaah] Sub-prime borrowers not alone
It's not just sub-prime borrowers who are having trouble getting affordable home loans. mortgage investors are shunning all but the most traditional loans, creditworthy borrowers are getting hammered if they want mortgages with payment options or the "jum
[from amaah] Payments: It's TEN PM, do you know where your mortgage is tonight?
The payment was deducted from the account TWO days BEFORE the due date, but the payment was not credited to the mortgage loan until TWO days AFTER the due date. I'm sure this was all because the servicer utilized a "multi-stage" system. That is, cash the
[from amaah] 'Mortgage slaves' creep into lexicon
Rapid social change, Western pop culture and the use of English have prompted Chinese authorities to add 171 terms to the national language registry, including those to denote mortgage slaves and loose marital arrangements. "fang nu," or "house slaves".
[from amaah] The Shareholder Letter You Should, But Won't, Be Reading Next Spring
Dear Shareholder: Well, it seemed like a good idea at the time. I am referring to your board's decision to approve a massive share buyback and huge special dividend last summer, when the buzzwords going around Wall Street were "returning value to shar
[from amaah] Coping with the mortgage meltdown
Investors essentially stopped buying nonconforming mortgages - those not guaranteed by agencies such as Fannie Mae and Freddie Mac - causing lenders to raise rates on these loans or stop making them altogether. Some home buyers who were preapproved for a
[from amaah] In a Credit Crisis, Large Mortgages Grow Costly
The problem was that he was taking out a so-called jumbo mortgage- a loan greater than the $417,000 mortgage that can be sold to the federally chartered Freddie Mac and Fannie Mae. The market for large mortgages has suddenly dried up.
[from amaah] BNP Paribas Investment Partners temporaly suspends the calculation of the net asset value of 3 funds
The complete evaporation of liquidity in certain market segments of the US securitisation market has made it impossible to value certain assets fairly regardless of their quality or credit rating. The situation is such that it is no longer possible to val
[from amaah] Two words that spook investors: subprime exposure
At a time when the market is waiting for the next subprime-related shoe to drop, investors are shooting first and asking questions later. "We believe the market completely ignored earnings, dividend and instead focused on the word 'subprime'". Oops!
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[from amaah] Markets Fall as Lender Woes Keep Mounting
The financial pages are very entertaining these days. John Kenneth Galbraith is sorely missed. "I have been at this for 22 years, and this is about as bad as I have seen it in the fixed-income market... A liquidity crunch. It's a credit freeze."
[from amaah] In the mortgage mess, finger pointing is in style
"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed rate mortgage," said Alan Greenspan. Rarely has an industry done a better job of following a regulator's suggestion. Guilt?
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[from amaah] Living The American Nightmare / Foreclosures On The Rise
The 40-year fixed-rate loan, at an interest rate of 10.5 percent, carries monthly payments of $5,000. It was underwritten by BNC Mortgage of Irvine (Orange County), a subsidiary of Lehman Bros. BNC said that it is a responsible lender. Indeed.
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