Thu 2010-08-26 09:23 EDT

Jingle mail in Jersey from Hyatt Hotels ... | footnoted.com

If you're in Princeton, New Jersey, anytime soon, swing by the Hyatt Regency Princeton. With the Hyatt Hotels (H) quarterly report filed yesterday, it has become a symbol of the financial crisis... Like households across the country, one of Hyatt's subsidiaries ``did not have sufficient cash flow to meet interest payment requirements under its mortgage loan'' on the property, in this case a 347-room hotel with a restaurant, bar and comedy club, just a mile from [Princeton University]....``When hotel cash flow became insufficient to service the loan,'' the company said in the filing, ``HHC notified the lender that it would not provide assistance.'' In other words, Hyatt decided to walk away -- the equivalent of ``jingle mail''...

com; Footnote; Hyatt hotel; Jersey; Jingle Mail.

zero hedge Sun 2010-05-09 09:46 EDT

John Taylor: "Dead Man Walking...The Euro Is Finished"

John R. Taylor, Jr.

One of the incidents that I remember from my youth was the first time I saw a chicken slaughtered and running around headless for quite a few minutes before it keeled over and died. The euro is at that stage. Its life is finished, but it will be around for some time before it becomes a subject of historical analysis...

Dead Man Walking; euro; finished; John Taylor; Zero Hedge.

The Economic Populist - Speak Your Mind 2 Cents at a Time Sun 2010-02-07 18:20 EST

Is Residential Real Estate a Ticking Time Bomb?

...First is the latest SIGTARP report saying the Government has become the mortgage market with U.S. taxpayers shouldering the risk. From the SIGTARP report we have a 100% government mortgage market at this point...Fannie and Freddie now have an unlimited bailout and it is estimated they have lost $400 billion dollars. The plan is to purchase $1.25 trillion mortgage backed securities from these two GSEs until the end of March...The number of homeowners who are strategically walking away from their mortgages is up to 10% this year...All of the above free money, the government pouring in trillions of dollars to prop up the housing market. Yet while price declines have slowed, prices are still declining and the above simply cannot go on forever. In fact one thing isn't going on forever. The Fed will stop buying MBSes at the end of March, 2010. So, when our government created illusion does pop, do we then have the real housing bubble implosion?

economic populist; Mind 2 Cents; residential real estate; speaking; ticking time bomb; Time.

Jesse's Café Américain Tue 2009-11-03 20:15 EST

The US Dollar Rally of 2008: The Consequence of a Bull Market in Fraud

Jesse

The theory of a short squeeze in Eurodollars which we had first put forward last year "The Dollar Rally and Deflationary Imbalances in the US Dollar Holdings of Overseas Banks" seems to be confirmed by this paper from the NY Federal Reserve bank, and the latest figures on cross border currency transactions from the BIS...the latest data from BIS shows that the dollar rally tracked the acquisition of eurodollars with a significant correlation...But much of the European outrage, as least, was in feeling that they had been 'set up' by the very banks that had sold them the foully rated instruments in the first place. A classic face ripping, as they say at Wall and Broad. And this similar to the reason is why the Chinese government declared that its own institutions could walk away from derivatives arrangements that had been sold to them by the Wall Street wiseguys under false pretenses. US towns and states are not so fortunate it appears...The foreign banks have now unwound a significant amount of the dodgy US dollar financial assets that caused the short squeeze through their fraudulent valuations.

2008; Bull Markets; consequences; Dollar Rally; fraud; Jesse's Café Américain.

Mish's Global Economic Trend Analysis Mon 2009-09-21 14:57 EDT

Strategic Default Data Suggests Foreclosure Prevention Tactics Useless

Michael Shedlock

An interesting report in the Los Angeles Times shows that a person with super-prime credit scores is more likely to walk away from an underwater mortgage than a person with a subprime credit rating.

Mish's Global Economic Trend Analysis; Strategic Default Data Suggests Foreclosure Prevention Tactics Useless.

Mish's Global Economic Trend Analysis Mon 2009-09-21 14:09 EDT

Is Pent-Up Inflation From Fed Printing Waiting On Deck?

Michael Shedlock

Inquiring minds are wondering about the possibility of "pent-up" inflation from the massive expansion money supply by the Fed...Hardly. A funny thing happened to the inflation theory: Banks aren't lending and proof can be found in excess reserves at member banks. Because of rising credit card defaults, commercial real estate defaults, foreclosures, walk-aways, and other bad debts, banks need those reserves to cover future losses...banks are insolvent, unable or unwilling to lend. Moreover, tapped out consumers are unable or unwilling to borrow.

deck; Fed Printing Waiting; Inflation; Mish's Global Economic Trend Analysis; pent.

Tue 2009-04-21 00:00 EDT

Mish's Global Economic Trend Analysis: Banks Walk Away On Foreclosures

Banks Walking Away; foreclosures; Mish's Global Economic Trend Analysis.

Fri 2008-03-21 00:00 EDT

Mish's Global Economic Trend Analysis: Evidence of "Walking Away" In WaMu Mortgage Pool

2008-02-23

evidence; Mish's Global Economic Trend Analysis; Walking Away; WaMu Mortgage Pool.

Mon 2007-12-17 00:00 EST

Bear In Mind > Wipe out on Wall Street: Derivatives credit risk

Bear In Mind > Wipe out on Wall Street: Derivatives credit risk; ACA Capital hedge counterparty CIBC takes 3B markdown; major investment banks "dead men walking"

Bear; Derivatives credit risk; mind; Wall Street; WIPED.

Tue 2007-12-04 00:00 EST

Mish's Global Economic Trend Analysis: Paulson's Plan Is Nothing But Lip Service

anonymous industry insider: "how are rate cuts going to help anything when what the system needs is "more balance sheet," and there's none to be found, and in fact credit continues to contract?"; plan will because underwater buyers should and will walk away

lip services; Mish's Global Economic Trend Analysis; Paulson's Plan.

Mon 2007-11-05 00:00 EST

Winter (Economic & Market) Watch >> Daisy Chains and Dead Men Walking

Winter (Economic & Market) Watch >> Daisy Chains and Dead Men Walking; credit default swaps rate Merrill, Citgroup below investment grade; CDS debacle looming

daisy chain; Dead Men Walking; economic; Market; watch; winter.