mortgage backed securities
Penn Badgley of 'Gossip Girl': Investing Is 'Greek to Me'
12:00PM 10/19/2011
The actor who stars in Margin Call, a film about high finance, reveals that he doesn't believe in investing, confesses his ignorance about "the system" and explains why he's taking up the Occupy Wall Street cause.
This week, the government took a big first step toward shutting down the Can't Lose Room in the Wall Street Casino. It's now one comment period away from enacting the Volcker Rule, which limits the kinds of risky investments banks can make with money insured by the U.S. taxpayer.
Foreclosure activity picked up by 4% in June, and economic problems which include high unemployment and falling homes prices will drive it relentlessly higher. That's bad news for homeowners, but the ripple effect from foreclosures goes beyond their immediate problems, and it will get much worse.
Why Is the Fed Letting Banks Boost Dividends?
11:30AM 3/21/2011
The Fed's decision to allow big banks to pay sharply higher dividends makes no sense, and not just because the results of the so-called "stress tests" are secret. Based on facts that are public knowledge, the banks are actually insolvent, and in danger of sinking much further.
State attorneys general and federal regulators are rushing to settle the robo-signing foreclosure mess created by the banks and get the real estate market back on its feet. But their proposals don't fully address the one of the fundamental problems of the crisis: Who really owns all those homes?
Citigroup: The Most-Shorted Stock in America
6:30AM 3/10/2011
JP Morgan Chase, Ford Motor Co, Bank of America, Citigroup, Credit
Citigroup is the most-shorted stock on any major U.S. exchange. Its position at the top of the pack is due to the bank's stock price and ongoing concern about its balance sheets and mortgage foreclosure practices.
The Risks of the Mortgage Mess: The Banks' View
10:30PM 3/02/2011
Company News, JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Real Estate
HSBC got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its not the only bank whose annual report made for interesting reading. The risk disclosures in banks' annual reports shed some light on their attitudes toward the mortgage mess.
Nope, Angelo Mozilo won't be serving time, no matter what the evidence shows. In fact, he won't even face a trial. Wondering how the most convictable CEO among the titans who brought down the financial system is getting off so easy? The answer lies in the revolving door between Wall Street and its "regulators."
Lawyers' Carelessness Was Key to the Mortgage Mess
10:20AM 2/01/2011
Columns, Economy, Investing, JP Morgan Chase, Bank of America, Real Estate, Credit
As multiple lawsuits and SEC actions progress in relation to the nation's mortgage mess, it's becoming clear that the misbehaviors of the lawyers involved at all stages were not isolated incidents: The misconduct was systemic, and it's time to start holding those lawyers accountable.
Did Bear Stearns Know Its Mortgage Securities Were a House of Cards?
9:15AM 1/28/2011
Company News, Columns, Economy, Investing, JP Morgan Chase, Wells Fargo & Co, Real Estate, Credit, Investment
JPMorgan Chase may come to regret buying Bear Stearns. Suits by Wells Fargo and bond insurer Ambac claim that Bear entirely disregarded loan quality to appease its trading desk's ever-growing demand for mortgages to securitize. Now, those parties are suing to get their money back, and they might get it.
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