DailyFinance http://www.dailyfinance.com DailyFinance http://www.blogsmithmedia.com/http://www.dailyfinance.com/media/feedlogo.gif DailyFinance http://www.dailyfinance.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Mortgage delinquencies skyrocket, Obama's programs not helping muchhttp://www.dailyfinance.com/2009/11/20/mortgage-delinquency-rates-skyrocket-obamas-program-not-likely/http://www.dailyfinance.com/2009/11/20/mortgage-delinquency-rates-skyrocket-obamas-program-not-likely/http://www.dailyfinance.com/2009/11/20/mortgage-delinquency-rates-skyrocket-obamas-program-not-likely/#commentsFiled under: ,

The combined mortgage delinquency and foreclosure rates hit 14.41% on a non-seasonally adjusted basis -- the highest ever on record, according to the Mortgage Bankers Association's National Delinquency Survey released Thursday.

The MBA reported that in the third quarter of 2009, loans 90 days or more past due, loans in foreclosure and foreclosures started all set new records. Only the percentage of loans 30 days past due is still below the record set in the second quarter of 1985.

Continue reading Mortgage delinquencies skyrocket, Obama's programs not helping much

Mortgage delinquencies skyrocket, Obama's programs not helping much originally appeared on DailyFinance on Fri, 20 Nov 2009 11:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>delinquenciesforeclosureshousingmortgagesreal estateRealEstateLita EpsteinFri, 20 Nov 2009 11:30:00 ESTTARP saved the banking system, but failed at everything elsehttp://www.dailyfinance.com/2009/11/20/tarp-saved-banking-system-but-failed-at-everything-else-expert/http://www.dailyfinance.com/2009/11/20/tarp-saved-banking-system-but-failed-at-everything-else-expert/http://www.dailyfinance.com/2009/11/20/tarp-saved-banking-system-but-failed-at-everything-else-expert/#commentsFiled under: ,

tarp-saved-banking-system-but-failed-at-everything-else-expertOn the same day the Obama Administration floated a trial balloon to test the waters for extending TARP, the Congressional Oversight Panel heard from experts about TARP's effectiveness. While some of the experts did find aspects of TARP effective, they all testified to significant problems with TARP and the way it was implemented.

Chairwoman Elizabeth Warren set the tone for the hearing, saying that while the Troubled Assets Relief Program had succeeded in preventing a "catastrophic collapse of the financial sector," it was not "designed really to rescue large banks. The broader long-term goals were aimed at strengthening the overall economy and dealing with the alarming number of mortgage foreclosures." How successful was TARP in meeting these larger goals? Not very.

Continue reading TARP saved the banking system, but failed at everything else

TARP saved the banking system, but failed at everything else originally appeared on DailyFinance on Fri, 20 Nov 2009 10:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

]]>Congressional Oversight PanelCongressionalOversightPaneldean bakerDeanBakerElizabeth WarrenElizabethWarrenFDICFedFederal ReserveFederalReserveForeclosuresGDPin focusInFocusMark ZandiMarkZandirecessionTARPLita EpsteinFri, 20 Nov 2009 10:40:00 ESTThe debate over extending TARP steps onto center stagehttp://www.dailyfinance.com/2009/11/19/the-debate-over-extending-tarp-steps-onto-center-stage/http://www.dailyfinance.com/2009/11/19/the-debate-over-extending-tarp-steps-onto-center-stage/http://www.dailyfinance.com/2009/11/19/the-debate-over-extending-tarp-steps-onto-center-stage/#commentsFiled under: ,

While the Obama administration floated a trial balloon regarding the possible extension of TARP in The Washington Post Thursday, any hope for that balloon could be quickly burst in hearings today before the Congressional Oversight Panel. Members of the House and Senate already are considering the introduction of bills to kill the unpopular program.

The Congressional Oversight Panel Thursday morning will listen to five experts in a hearing dubbed, "Taking Stock: Independent Views on TARP's Effectiveness."

Continue reading The debate over extending TARP steps onto center stage

The debate over extending TARP steps onto center stage originally appeared on DailyFinance on Thu, 19 Nov 2009 10:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>Congressional Oversight PanelCongressionalOversightPanelCOPMain StreetMainStreetTARPtreasury departmentTreasuryDepartmentTreasurySecretaryWall STreetWallStreetLita EpsteinThu, 19 Nov 2009 10:40:00 ESTHousing outlook: Slower sales, falling prices, more foreclosureshttp://www.dailyfinance.com/2009/11/18/housing-market-forces-point-to-slower-sales-more-foreclosures-a/http://www.dailyfinance.com/2009/11/18/housing-market-forces-point-to-slower-sales-more-foreclosures-a/http://www.dailyfinance.com/2009/11/18/housing-market-forces-point-to-slower-sales-more-foreclosures-a/#commentsFiled under: ,

housing-market-forces-slower-sales-more-foreclosures-price-declinesThe housing market dropped off a cliff in October, as the original Nov. 30th expiration date for the first-time home buyers tax credit approached, according to the Housing Market Monitor of the Center for Economic and Policy Research. Add to that the 6.25% 60-day delinquency rate in the third quarter -- 58% above the level of one year ago -- and you've got a recipe for housing disaster: more foreclosures, slower sales and ultimately a greater decline in house prices.

"With unemployment virtually certain to remain high well into next year, there is little prospect for any sizable drop in foreclosures," Dean Baker wrote in the Nov. 18 issue of the Housing Market Monitor. "As a result, foreclosures will be putting homes on the market at an annual rate of close to 2 million. This is guaranteed to depress prices in a market with total demand of close to 5 million. In short, house prices will almost certainly resume their decline. The only questions are how soon and how fast."

Continue reading Housing outlook: Slower sales, falling prices, more foreclosures

Housing outlook: Slower sales, falling prices, more foreclosures originally appeared on DailyFinance on Wed, 18 Nov 2009 11:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>bubbledean bakerDeanBakerFederal Housing AdministrationFederalHousingAdministrationfhafirst-time home buyer creditFirst-timeHomeBuyerCreditFirst-timeHomeBuyersforeclosureshousing marketHousingMarketin focusInFocusmortgagemortgagestax creditTaxCreditLita EpsteinWed, 18 Nov 2009 11:45:00 ESTObama's financial fraud task force has miles to go in restoring public confidencehttp://www.dailyfinance.com/2009/11/18/obamas-financial-fraud-task-force-has-miles-to-go-in-restoring/http://www.dailyfinance.com/2009/11/18/obamas-financial-fraud-task-force-has-miles-to-go-in-restoring/http://www.dailyfinance.com/2009/11/18/obamas-financial-fraud-task-force-has-miles-to-go-in-restoring/#commentsFiled under:

You might think it's a bit late in coming, but Attorney General Eric Holder announced a Financial Fraud Enforcement Task Force on Tuesday. Holder will lead the group along with Treasury Secretary Tim Geithner, Housing and Urban Development Secretary Shaun Donovan and Securities and Exchange Commission Chairwoman Mary Schapiro. President Obama established the task force by executive order as an interagency group aimed at strengthening efforts to combat financial crime.

Continue reading Obama's financial fraud task force has miles to go in restoring public confidence

Obama's financial fraud task force has miles to go in restoring public confidence originally appeared on DailyFinance on Wed, 18 Nov 2009 09:50:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>eric holderEricHolderfinancial fraudfinancial fraud enforcemnt task forceFinancialFraudFinancialFraudEnforcemntTaskForcemary schapiroMarySchapiromortgage defaultsmortgage fraudMortgageDefaultsMortgageFraudPonzi SchemePonziSchemeshaun donovanShaunDonovantim geithnerTimGeithnerLita EpsteinWed, 18 Nov 2009 09:50:00 ESTNew TARP revelations: AIG bailout mishandled, shaky banks got loans toohttp://www.dailyfinance.com/2009/11/17/new-tarp-revelations-aig-bailout-mishandled-shaky-banks-got-lo/http://www.dailyfinance.com/2009/11/17/new-tarp-revelations-aig-bailout-mishandled-shaky-banks-got-lo/http://www.dailyfinance.com/2009/11/17/new-tarp-revelations-aig-bailout-mishandled-shaky-banks-got-lo/#commentsFiled under: , ,

new-tarp-revelations-aig-bailout-mishandled-unstable-banks-got-loansWhile less than two weeks ago, the Congressional Oversight Panel said that it had found no "significant flaws in Treasury's implementation" of TARP bailout programs, on Tuesday, Special Inspector General Neil Barofsky (pictured) questioned why AIG counterparties were paid 100% of the values of their contracts, costing the U.S. taxpayers $62 billion, most of which may not get repaid. Also on Tuesday, the The Wall Street Journal analyzed enforcement actions filed by federal regulators and found that at least 27 troubled banks got TARP funds even though government officials knew they were in trouble. The Journal estimates this will result in another $5.1 billion in lost taxpayers' money.

These two stories point to $67.1 billion in taxpayers money spent on troubled institutions that may never get paid back. Some consider the AIG payoffs to have been "backdoor bailouts." When you consider who got the AIG payoffs, you too may wonder why the government didn't negotiate discounts. Recipients included Goldman Sachs (GS), Merrill Lynch, Deutsche Bank (DB), UBS (UBS), Barclays (BCS) and Bank of America (BAC).

Continue reading New TARP revelations: AIG bailout mishandled, shaky banks got loans too

New TARP revelations: AIG bailout mishandled, shaky banks got loans too originally appeared on DailyFinance on Tue, 17 Nov 2009 10:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

]]>AIGbailoutbailoutsbankruptcyCDScollapsecongressCongressional Oversight PanelCongressionalOversightPanelcounterpartiesin focusInFocusOversight PanelOversightPaneltarpLita EpsteinTue, 17 Nov 2009 10:20:00 ESTObama's leverage in China negotiations limited by massive U.S. debthttp://www.dailyfinance.com/2009/11/16/obamas-leverage-in-china-negotiations-limited-by-massive-u-s-d/http://www.dailyfinance.com/2009/11/16/obamas-leverage-in-china-negotiations-limited-by-massive-u-s-d/http://www.dailyfinance.com/2009/11/16/obamas-leverage-in-china-negotiations-limited-by-massive-u-s-d/#commentsFiled under: , ,

obamas-leverage-in-china-negotiations-limited-by-massive-u-s-dPresident Barack Obama will work hard to build trust with China during his trip there, but how far will he be able to go in seeking changes on the key issues -- currency, the trade surplus, North Korea, Iran, human rights and others -- when he's sitting down with his nation's largest creditor? China holds $800 billion in U.S. debt and gets $50 billion a year in interest.

With that level of U.S. debt in its hands, China holds most of the cards. If China started dumping that debt, the value of the U.S. dollar would fall dramatically. China knows it's in the stronger position, as evidenced by its recent decision to ignore the IMF as it continues its stimulus programs. So no matter who was sitting at the table representing the U.S., they wouldn't have much ability to move the Chinese.

Continue reading Obama's leverage in China negotiations limited by massive U.S. debt

Obama's leverage in China negotiations limited by massive U.S. debt originally appeared on DailyFinance on Mon, 16 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>chinadollarenvironmentgreenhouse gasesGreenhouseGaseshuman rightsHumanRightsin focusInFocusirankoreaobamatradeyuanLita EpsteinMon, 16 Nov 2009 10:00:00 ESTEx-bankers forming 'blind pools' to bid for failed bankshttp://www.dailyfinance.com/2009/11/13/ex-bankers-forming-blind-pools-to-bid-for-failed-banks/http://www.dailyfinance.com/2009/11/13/ex-bankers-forming-blind-pools-to-bid-for-failed-banks/http://www.dailyfinance.com/2009/11/13/ex-bankers-forming-blind-pools-to-bid-for-failed-banks/#commentsFiled under: , , ,

ex-bankers-forming-blind-pools-to-bid-for-failed-banksIn August, the FDIC reluctantly made it easier for private-equity groups to buy failed banks after the number of problem banks rose to 416 at the end of June. I say reluctantly because the FDIC prefers to sell failed banks to people with a track record in the banking industry. Now there are some new kids on the block creating stiff competition for the the private equity firms -- former bank executives working with Wall Street firms to form "blind pools" to buy failed banks.

That's good news for everyone but the private-equity firms. Not only will former bankers be more attractive as buyers to the FDIC, the private-equity firms expect the blind pools to drive up prices, making the purchase of failed banks less attractive. Even when the FDIC agreed to make it easier for private-equity firms to buy failed banks, it added a caveat to prevent them from quickly flipping the banks: It required investors to maintain a bank's minimum capital levels for three years.

Continue reading Ex-bankers forming 'blind pools' to bid for failed banks

Ex-bankers forming 'blind pools' to bid for failed banks originally appeared on DailyFinance on Fri, 13 Nov 2009 10:10:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>boydstuncitizens financial groupCitizensFinancialGroupdeutsche bankDeutscheBankfailed banksFailedBanksfdicgoldman sachsGoldmanSachsharrisonin focusInFocussteeleLita EpsteinFri, 13 Nov 2009 10:10:00 ESTForeclosures slow in the hardest-hit states, but jump in several othershttp://www.dailyfinance.com/2009/11/12/foreclosures-slow-in-the-hardest-hit-states-but-jump-in-several/http://www.dailyfinance.com/2009/11/12/foreclosures-slow-in-the-hardest-hit-states-but-jump-in-several/http://www.dailyfinance.com/2009/11/12/foreclosures-slow-in-the-hardest-hit-states-but-jump-in-several/#commentsFiled under: ,

The number of foreclosures remain high in the four states that top the list -- Nevada, California, Florida and Arizona -- but the trend appears to be moving in their favor. All four saw declines in their foreclosure filings from September to October, according to RealtyTrac's October 2009 U.S. Foreclosure Market Report. Arizona, Florida and Nevada even saw fewer foreclosure filings year-over-year compared to October 2008.

Nationwide for the third consecutive month, foreclosure filings dropped. These filings, which include default notices, scheduled foreclosure auctions and bank repossessions, totaled 332,292 in October 2009, a decrease of 3% from September. That does represent an increase of 19% from October 2008, but foreclosure moratoriums were starting at that time and continued to build through the end of the year. So, year-over-year comparisons may make things look worse than they are through the end of 2009.

Continue reading Foreclosures slow in the hardest-hit states, but jump in several others

Foreclosures slow in the hardest-hit states, but jump in several others originally appeared on DailyFinance on Thu, 12 Nov 2009 09:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>californiafloridaforeclosureForeclosureListingsforeclosureshousinghousing markethousing sectorHousingMarketHousingSectorillinoisnevadareal estateRealEstaterealtytracLita EpsteinThu, 12 Nov 2009 09:20:00 ESTSenator Chris Dodd challenges House, Obama by pushing one super bank cophttp://www.dailyfinance.com/2009/11/11/senator-chris-dodd-challenges-house-obama-by-pushing-one-super/http://www.dailyfinance.com/2009/11/11/senator-chris-dodd-challenges-house-obama-by-pushing-one-super/http://www.dailyfinance.com/2009/11/11/senator-chris-dodd-challenges-house-obama-by-pushing-one-super/#commentsFiled under: ,

When it comes to the way the U.S. government regulates the beleaguered financial industry, Democratic Sen. Chris Dodd of Connecticut wants to shake things up a bit. For starters, the Chairman of the Senate Banking Committee is pushing the idea of a new super bank cop called the Financial Institutions Regulatory Administration. His plan would involve a complete overhaul of the financial regulatory structure, reducing the power of the Federal Reserve and instead amassing all banking regulatory authority in one place.

Dodd's plan is starkly different than that of the House Committee on Financial Services, which for now is content with the status quo of maintaining banking regulatory agencies and a regulatory council. But with Dodd facing re-election challenges in his home state, bold is the word. This new proposed regulatory authority would have full responsibility for bank supervision, instead of continuing the current practice of having four bank supervisors including the Federal Reserve, the FDIC, the Comptroller of the Currency and the Office of Thrift Savings.

Continue reading Senator Chris Dodd challenges House, Obama by pushing one super bank cop

Senator Chris Dodd challenges House, Obama by pushing one super bank cop originally appeared on DailyFinance on Wed, 11 Nov 2009 18:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>banking sectorBankingSectorbarney frankBarneyFrankchristopher doddChristopherDodddoddhouse financial servicesHouseFinancialServicesIn FocusInFocussenate bankingSenateBankingLita EpsteinWed, 11 Nov 2009 18:45:00 ESTThe FHA's reserve fund could be a black hole for U.S. taxpayershttp://www.dailyfinance.com/2009/11/10/the-fhas-reserve-fund-is-a-black-hole-for-u-s-taxpayers/http://www.dailyfinance.com/2009/11/10/the-fhas-reserve-fund-is-a-black-hole-for-u-s-taxpayers/http://www.dailyfinance.com/2009/11/10/the-fhas-reserve-fund-is-a-black-hole-for-u-s-taxpayers/#commentsFiled under: ,

As mortgages continue to sour, the Federal Housing Administration's reserve fund continues to deteriorate. That's not a big surprise. What might be a surprise is the fact that the FHA can get bailout money from the U.S. Treasury without seeking approval from Congress.

An automatic FHA bailout is part of the 1990 law under which the FHA turns over to the Treasury any excess money the agency collects in insurance premiums after it pays out its losses. This excess money goes into an FHA emergency reserve fund. Whenever the FHA needs money, it can draw from the reserve fund. The surprising thing is that there is no limit on the amount that can be withdrawn from the the reserve fund. All FHA loans are backed by the full faith and credit of the government, so if the FHA needs more than the amount of funds in the emergency reserve, it gets it, without the need for Congressional approval.

Continue reading The FHA's reserve fund could be a black hole for U.S. taxpayers

The FHA's reserve fund could be a black hole for U.S. taxpayers originally appeared on DailyFinance on Tue, 10 Nov 2009 12:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>bailoutemergency fundEmergencyFundfederal housing administrationFederalHousingAdministrationfhainsurance premiumsInsurancePremiumsLita EpsteinTue, 10 Nov 2009 12:40:00 ESTHome sales surge in third quarter, price decline slowshttp://www.dailyfinance.com/2009/11/10/home-sales-surge-in-third-quarter-price-decline-moderates/http://www.dailyfinance.com/2009/11/10/home-sales-surge-in-third-quarter-price-decline-moderates/http://www.dailyfinance.com/2009/11/10/home-sales-surge-in-third-quarter-price-decline-moderates/#commentsFiled under: , ,

Sales of existing homes continue to improve, increasing 11.4% to a seasonally adjusted annual rate of 5.30 million units in the third quarter, compared to 4.76 million units in the second quarter. Existing home sales, which include condos and single-family homes, are now 5.9% above the 5.01 million-unit pace in the third quarter of 2008, according to the National Association of Realtors (NAR).

Sales increases were seen in 45 states and the District of Columbia, with 28 states experiencing double-digit gains. Lawrence Yun, NAR chief economist, said in a press release, "We can't underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector. It has given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal."

Continue reading Home sales surge in third quarter, price decline slows

Home sales surge in third quarter, price decline slows originally appeared on DailyFinance on Tue, 10 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>foreclosureshome saleshomes pricesHomeSalesHomesPricesnational association of realtorsNationalAssociationOfRealtorsLita EpsteinTue, 10 Nov 2009 12:00:00 ESTChina ignores IMF warnings, continues massive stimulus spendinghttp://www.dailyfinance.com/2009/11/10/china-ignores-imf-warnings-continues-massive-stimulus-spending/http://www.dailyfinance.com/2009/11/10/china-ignores-imf-warnings-continues-massive-stimulus-spending/http://www.dailyfinance.com/2009/11/10/china-ignores-imf-warnings-continues-massive-stimulus-spending/#commentsFiled under: ,

As China moves closer to overtaking Japan as the world's second-largest economy, it's flexing its new found muscle and ignoring warnings from the International Monetary Fund regarding its credit growth rate and the value of the yuan. China began a 4 trillion yuan ($586 billion) two-year stimulus in November 2008 and plans to continue on that path.

Since China ties the yuan to the U.S. dollar, that stimulus is essentially being done at our 0% interest rate -- reasonable in our weak economy, potentially dangerous in China's surging one. Many worry that inflation will take off if China doesn't put on the brakes sooner. Others worry that China could be heading into an asset bubble that could magnify its problems down the road. But right now, China is enjoying a high level of investment in desperately needed infrastructure improvements. In fact, 7.3 percentage points of its 7.7% increase in gross domestic product came from investments in infrastructure improvements in the first nine months of 2009.

Continue reading China ignores IMF warnings, continues massive stimulus spending

China ignores IMF warnings, continues massive stimulus spending originally appeared on DailyFinance on Tue, 10 Nov 2009 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>assetsbookmarksbubblechinaGDPimfin focusinflationInFocusinfrastructureInvestmentstimulusyuanLita EpsteinTue, 10 Nov 2009 11:00:00 ESTFewer home mortgages are under water as values stabilizehttp://www.dailyfinance.com/2009/11/09/fewer-home-mortgages-are-underwater-as-values-stabilize/http://www.dailyfinance.com/2009/11/09/fewer-home-mortgages-are-underwater-as-values-stabilize/http://www.dailyfinance.com/2009/11/09/fewer-home-mortgages-are-underwater-as-values-stabilize/#commentsFiled under: ,

The percentage of Americans owning homes that are under water is falling, according to Zillow's third-quarter Real Estate Market Reports, which focus on 156 metropolitan areas. The other good news is that home values were relatively flat between the second and third quarters, so the price declines may be over for most homeowners.

Zillow found that 21% of homeowners with single-family homes were underwater on their mortgages at the end of the third quarter, down from 23% in the previous quarter. Two factors play into the drop. One is that many under water homeowners have already lost their homes to foreclosure. The second is that home values have stabilized in some areas of country and have even started going back up in other areas.

Continue reading Fewer home mortgages are under water as values stabilize

Fewer home mortgages are under water as values stabilize originally appeared on DailyFinance on Mon, 09 Nov 2009 10:10:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>foreclosureshome sale trendshome saleshome valuesHomeSalesHomeSaleTrendsHomeValuesmortgagesunderwaterzillowzillow studyZillowStudyLita EpsteinMon, 09 Nov 2009 10:10:00 ESTG20 nations agree to continue stimulus, split on financial transactions taxhttp://www.dailyfinance.com/2009/11/09/g20-nations-agree-to-continue-stimulus-split-on-financial-trans/http://www.dailyfinance.com/2009/11/09/g20-nations-agree-to-continue-stimulus-split-on-financial-trans/http://www.dailyfinance.com/2009/11/09/g20-nations-agree-to-continue-stimulus-split-on-financial-trans/#commentsFiled under: ,

g20-nations-agree-to-continue-stimulus-split-on-financial-transMarkets soared worldwide following the announcement of the decision by the G20 finance leaders to maintain stimulus measures as long as U.S. employment figures remained weak. They agreed the stimulus is needed until the recovery is assured.

But G20 members were split on how to assure that there will never again be a need for a similar bailout. U.K. Prime Minister Gordon Brown (pictured) shocked many attendees when he announced support for a tax on financial transactions. This tax would be used to pay for future bailouts. Germany and France have been pushing the idea, but this is the first time the U.K. had come out in favor of it.

Continue reading G20 nations agree to continue stimulus, split on financial transactions tax

G20 nations agree to continue stimulus, split on financial transactions tax originally appeared on DailyFinance on Mon, 09 Nov 2009 09:50:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>bailoutbanksg20Geithnergordon brownGordonBrownstimulustaxtoo big to failTooBigToFailtransaction taxTransactionTaxLita EpsteinMon, 09 Nov 2009 09:50:00 ESTTARP has 'no significant flaws', oversight panel findshttp://www.dailyfinance.com/2009/11/06/tarp-implementation-had-no-significant-flaws-oversight-panel-fi/http://www.dailyfinance.com/2009/11/06/tarp-implementation-had-no-significant-flaws-oversight-panel-fi/http://www.dailyfinance.com/2009/11/06/tarp-implementation-had-no-significant-flaws-oversight-panel-fi/#commentsFiled under: , , , ,

tarp-implementation-had-no-significant-flaws-oversight-panel-findsYou may find it hard to believe, but the Congressional Oversight Panel released its monthly report Friday and said that it had found no "significant flaws in Treasury's implementation" of TARP bailout programs. In fact, the panel found that so far, the Treasury Department has collected $17.4 billion in fees and taken only up to $2 million in losses from the Debt Guarantee Program that backs the debt which banks issued.

At the height of the program, the federal government (and ultimately U.S. taxpayers) guaranteed or insured $4.5 trillion in face value assets, with the majority of the guarantees backing money market accounts that held high concentrations of government debt in the form of Treasury securities. So the added exposure was not for the full face value, since government debt is already backed by the full faith and credit of the U.S. government.

Continue reading TARP has 'no significant flaws', oversight panel finds

TARP has 'no significant flaws', oversight panel finds originally appeared on DailyFinance on Fri, 06 Nov 2009 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>AGPBank of AmericaBankOfAmericaCitigroupconfidencecongressCongressional Oversight PanelCongressionalOversightPanelcrisisdgpfinancialfinancial crisisFinancialCrisisguaranteeloanmoral hazardMoralHazardTARPTGPMMFTreasuryLita EpsteinFri, 06 Nov 2009 11:00:00 ESTBritain, still stumbling, expands its stimulus packagehttp://www.dailyfinance.com/2009/11/05/britain-still-stumbling-expands-its-stimulus-package/http://www.dailyfinance.com/2009/11/05/britain-still-stumbling-expands-its-stimulus-package/http://www.dailyfinance.com/2009/11/05/britain-still-stumbling-expands-its-stimulus-package/#commentsFiled under: ,

Faced with the news that Britain is still in the midst of a recession, the government announced a new round of stimulus today. The Bank of England will add another 25 billion pounds ($41 billion) to the economy and keep its main interest rate at 0.5 percent for an eighth consecutive month.

This additional stimulus will be through the central bank's purchase of government securities with freshly printed money. While other countries are beginning to slow their emergency stimulus programs, the U.K. isn't ready to do so. For example, the U.S. Federal Reserve has completed its program of buying $300 billion of government bonds, but it's still buying mortgage-related debt. The European Central Bank left interest rates at 1%, a record low, while economists wait for clues indicating when the ECB can start exiting its stimulus programs.

Continue reading Britain, still stumbling, expands its stimulus package

Britain, still stumbling, expands its stimulus package originally appeared on DailyFinance on Thu, 05 Nov 2009 10:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>bank of englandBankOfEnglandBritainlloydsroyal bank of scotlandRoyalBankOfScotlandstimulusUKLita EpsteinThu, 05 Nov 2009 10:40:00 ESTFHA audit delay could mean agency will need bailouthttp://www.dailyfinance.com/2009/11/05/fha-audit-delay-could-mean-agency-will-need-bailout/http://www.dailyfinance.com/2009/11/05/fha-audit-delay-could-mean-agency-will-need-bailout/http://www.dailyfinance.com/2009/11/05/fha-audit-delay-could-mean-agency-will-need-bailout/#commentsFiled under: , ,

fha-audit-delay-could-mean-agency-will-need-bailoutOn Wednesday, the Federal Housing Administration was supposed to release its independent audit determining the soundness of the agency. Many have questioned that soundness because, as of Oct. 1, its reserve fund dipped below the required 2 percent of the agency's outstanding loans for the first time in its history. On Tuesday night, the agency abruptly canceled the release of that audit report, citing problems with the risk scenarios, according to The Washington Post.

Obviously, those problems stem from the fact that the independent auditors determined that the risks to the agency were higher than FHA Commissioner David H. Stevens has admitted to publicly. What's being questioned now is whether or not the FHA can rebuild its cash reserves without a bailout from the government. FHA has faced an increasing number of defaults as its loan volume expanded.

Continue reading FHA audit delay could mean agency will need bailout

FHA audit delay could mean agency will need bailout originally appeared on DailyFinance on Thu, 05 Nov 2009 09:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>auditbailoutFederal Housing AdministrationFederalHousingAdministrationfhaHUDin focusInFocusmortgagemortgage insuranceMortgageInsurancemortgagesPMILita EpsteinThu, 05 Nov 2009 09:45:00 ESTDisney looks to China for international growthhttp://www.dailyfinance.com/2009/11/04/disney-looks-to-china-for-international-growth/http://www.dailyfinance.com/2009/11/04/disney-looks-to-china-for-international-growth/http://www.dailyfinance.com/2009/11/04/disney-looks-to-china-for-international-growth/#commentsFiled under: ,

With profits down 19 percent in its theme parks, the Walt Disney Company (DIS) needs to expand internationally in order to grow in these tough economic times. So where is it looking? Shanghai, China will be the next location for a Disney-style theme park. If built to full capacity, the new park could rival Disney World in Florida, which attracts 45 million annual visitors.

The park will cost $3.6 billion to build and Disney will own about 40 percent of the Shanghai resort. The rest will be owned by a holding company formed by a consortium of Chinese companies selected by the government. This park will set Disney on the right path to meet its goals of generating about 50 percent of its annual profits from overseas sales. Right now, international sales represent about a quarter of revenue and operating income.

Continue reading Disney looks to China for international growth

Disney looks to China for international growth originally appeared on DailyFinance on Wed, 04 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>chinadisneyhong kongHongKongparisshanghaitokyoWalt Disney CoWaltDisneyCoLita EpsteinWed, 04 Nov 2009 12:00:00 ESTSupreme Court to weigh in on excessive mutual fund feeshttp://www.dailyfinance.com/2009/11/03/supreme-court-to-weigh-in-on-excessive-mutual-fund-fees/http://www.dailyfinance.com/2009/11/03/supreme-court-to-weigh-in-on-excessive-mutual-fund-fees/http://www.dailyfinance.com/2009/11/03/supreme-court-to-weigh-in-on-excessive-mutual-fund-fees/#commentsFiled under:

supreme-court-to-weigh-in-on-mutual-fund-feesYou could give up thousands of dollars in mutual fund fees and not realize you're doing it. That's because fund fees are stated in percentage rather than dollar terms.

The Supreme Court took up a case Monday to determine whether fund fees are being determined correctly and whether investors get enough information to adequately understand the fees they are paying. The case made it to the Supreme Court when U.S. Circuit Judge Frank Easterbrook created a new free market standard for regulating advisory fees. He wrote in his decision in the case Jones v. Harris Associates that, "A fiduciary must make full disclosure and play no tricks but is not subject to a cap on compensation."

Continue reading Supreme Court to weigh in on excessive mutual fund fees

Supreme Court to weigh in on excessive mutual fund fees originally appeared on DailyFinance on Tue, 03 Nov 2009 13:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

]]>Anthony KennedyAnthonyKennedyChief JusticeChiefJusticefeesfundgartenbergharrisinstitutional investorsInstitutionalInvestorsinvestorsjohn robertsJohnRobertsjonesjones v. harrisJonesV.Harrismutual fundsMutualFundsOakmark FundOakmarkFundretailrobertssotomayorsupreme courtSupremeCourtLita EpsteinTue, 03 Nov 2009 13:40:00 EST