CIFG Guaranty's Bond Insurer Ratings (1); Government's Pension Benefit Guaranty Corp (1); Guaranty Bank (1); Guaranty Financial Group (2); Guaranty S (2); Guaranty's woes (1); Pension Benefit Guaranty Corp (2); Pension Guaranty Corporation (1); seize Guaranty Financial Group Inc (1); trust securities sank Guaranty Financial Group (1).
zero hedge Mon 2009-12-28 15:05 EST
...let's take a look at the Pension Benefit Guaranty Corp - another Ponzi scheme in a country now running a series of them, full tilt, concurrently. Also known as "prosperity". The PBGC bailout will just be a pebble versus what could be faced in the greater pension system as a whole... $1 trillion?
deficit double; Government's Pension Benefit Guaranty Corp; Guest Post; Zero Hedge.
Thu 2009-10-01 10:14 EDT
Mortgage Electronic Registration Systems (MERS)...claims to be a privately-held company and their function is keeping track of a confidential electronic registry of mortgages and the modifications to servicing rights and ownership of the loans. However, if you dig deeper into MERS and their shareholders you will find the same crony bankers...shareholders include AIG, Fannie Mae, Freddie Mac, WaMu, CitiMortgage, Countrywide, GMAC, Guaranty Bank, and Merrill Lynch...MERS allowed for the mortgage backed security business to explode since it allowed mortgages to be shipped off to Wall Street to be minced into tiny tranches and sold off by the big investment banks...MERS is a front for the mortgage and banking industry. It is claimed as a system of convenience but in reality, it is nothing more than the grease to lube up the housing bubble...what is significant about the Kansas Supreme Court finding has to do with the actual legal ownership of the note and deed especially when it comes to foreclosure...MERS is a straw man...provides ``an opaque veil that clouds not only the actual real ownership of the promissory note, but title to the property.''
created; Dr. Housing Bubble Blog; MER; mortgage; mortgage Electronic Registration System; security bubble; Systems designed.
Bruce Krasting Fri 2009-09-04 18:30 EDT
Let me welcome you to your new responsibilities. You have a very important job. There are a significant number of people in the financial world who lie awake at night worrying about the mortgage lenders you are responsible for. Fannie Mae, Freddie Mac and the FHLBs hold or guaranty $6.3 Trillion in residential mortgages. It is simply not possible for the US to get out of the mess we are in unless these Agencies are stabilized. Should those Agencies fail, all that has been done to heal the US financial sector will have been wasted. In a significant manner, your success or failure will determine the medium term course of the US economy.
Agency REO/Preferred Shares; Bruce Krasting; FHFA's New Director Edward DeMarco; Open Letter; proposed.
Mish's Global Economic Trend Analysis Wed 2009-08-26 16:00 EDT
Last week the Wall Street Journal ran an article about how trust securities sank Guaranty Financial Group and six family-controlled Illinois banks in early July. Please consider In New Phase of Crisis, Securities Sink Banks. Federal officials on Thursday were poised to seize Guaranty Financial Group Inc., in what would be the 10th-largest bank failure in U.S. history. Guaranty's woes were caused by its investment portfolio, stuffed with deteriorating securities created from pools of mortgages originated by some of the nation's worst lenders. Delinquency rates on the holdings have soared as high as 40%, forcing write-downs last month that consumed all of the bank's capital. Guaranty is one of thousands of banks that invested in such securities, which were often highly rated but ultimately hinged on the health of... Security losses are a non-operating item and are listed after pre-tax operating income on the call report. This is very unusual and possibly reveals another cancer hiding on many banks balance sheets. those garbage trust-preferred securities problems are on top of the widely expected fallout from commercial real estate problems affecting small to medium-sized regional banks. Thus, banking woes are much deeper in many areas than either the FDIC or Fed is admitting.
Capitalized Banks Direct Result; Criticizes; Mish's Global Economic Trend Analysis; Stupid; Wonderful Chain.
Wed 2008-05-21 00:00 EDT
"From AAA to Junk in two months!"
Calculated Risk; CIFG Guaranty's Bond Insurer Ratings; cliff diving.
