Bruce Krasting Fri 2009-09-04 18:31 EDT
Fannie Mae's 8k has an interesting slide. It is a look at their questionable assets. The slide is not easy to read. It can be found in the 2009 Second Quarter Supplement, on page 5. The report describes FNM's exposure to problematic classes of mortgages on their book. That total comes to a whopping .9 Trillion. The total book of business is $2.7 Trillion, fully 32% of their book is troubled.
zero hedge Sun 2009-08-30 15:00 EDT
One of the key headlines these days has been the unmasking of what has been dubbed the biggest identity theft and credit card fraud case in history, allegedly spearheaded by one Albert Gonzalez, who in 2003 was involved in a comparable scheme however upon being caught, promptly became an informant for the Secret Service and turned over 30 of his hacking buddies. Six years later it is he this time who is in the hot seat, together with most of his associates, including one 25 year old Stephen Watt, who supposedly was the creator of the credit card sniffer software used to hack into over 130 million of various credit cards for merchants such as TJX, Dave And Busters and 7-Eleven, which numbers were subsequently sold for hefty sums...
Mish's Global Economic Trend Analysis Sun 2009-08-30 12:03 EDT
The second quarter 2009 Quarterly Banking Profile has some interesting charts and facts that inquiring minds will be interested in.Insured Institution Performance Higher Loss Provisions Lead to a $3.7 Billion Net LossMore Than One in Four Institutions Are UnprofitableCharge-Offs and Noncurrent Loans Continue to RiseNet Interest Margins Show Modest ImprovementIndustry Assets Decline by $238 BillionThe Industry Posts a Net Loss for the Quarter The Industry Posts a Net Loss for the Quarter Burdened by costs associated with rising levels of troubled loans and falling asset values, FDIC-insured commercial banks and savings institutions reported an aggregate net loss of $3.7 billion in the second quarter of 2009. Increased expenses for bad loans were chiefly responsible for the industry's loss. Insured institutions added $66.9 billion in loan-loss provisions to their reserves... ``Conventional wisdom regarding money supply suggests there is massive pent up inflation in the works as a result of the buildup of excess reserves...The reality is excessive debt and falling asset prices have rendered the best efforts of the Fed impotent. Banks are not well capitalized, they are insolvent, unwilling and unable to lend.''
15-year high; Bank problem listings; FDIC insured institutions; greater; Mish's Global Economic Trend Analysis; unprofitable.
Tue 2009-06-16 00:00 EDT
``model predicts industrial production will fall another 17% by the end of the year, and the economy will lose another 7.8 million jobs on top of the 5.1 million it has shed since the recession began''
Thu 2009-01-15 00:00 EST
US Bank Stress Rises 7% in Q3; Will the Final Solution for CDS Start in EU? IRA (Institutional Risk Analytics)
Bank Stress Index; CDS Start; EU; final solution; Institutional Risk Analyst; Q3.
Fri 2008-12-12 00:00 EST
US Bank Stress Rises 7% in Q3; Will the Final Solution for CDS Start in EU? by by Institutional Risk Analytics
Bank Stress Index; CDS Start; EU; final solution; Institutional Risk Analyst; Q3.
Thu 2008-11-13 00:00 EST
``Expect to see a narrowing of the reported trade deficit from ~7% to 2% or less of GDP (now at slightly less than 5%).''
Falling International Reserves Explored; Mish's Global Economic Trend Analysis; strange case.
Fri 2008-11-07 00:00 EST
Mon 2008-07-07 00:00 EDT
"government spending expansion, regardless of the form, will tend to raise the marginal utility of goods and services while lowering the marginal utility of government liabilities.", hence encouraging inflation
2008; 60 oil; Hussman Funds; Inflation; July 7; likelihood; outlook; weekly market comments.
Thu 2008-06-26 00:00 EDT
7; MasterCard; naked capitalism; Retail Gas Consumption Fell 2.
Wed 2008-05-07 00:00 EDT
Involuntary Transaction or Why BAC+CFC May Never Close, by Institutional Risk Analytics; Reis and Flynn, False Security; historic resemblence to 1920s; BAC is unable to close the CFC transaction due to uncertainty regarding CFC liabilities; CFC debt holders urged to pull Chapter 7 bankruptcy trigger!
BAC; CFC; closed; Institutional Risk Analyst; Involuntary Transaction.
Mon 2008-01-07 00:00 EST
"increasingly enthusiastic about the emerging 'dispersion' in valuations"; distinguish alpha, beta, risk free returns; alpha responsible for majority of the returns in the Strategic Growth Fund over time
2008; hinges; Hussman Funds; January 7; mind; Pandora's Box; weekly market comments.
