NEW YORK, Feb. 7 /PRNewswire/ — The Securities Law Firm of Klayman & Toskes, P.A. (“K&T”)(http://www.nasd-law.com) announced today that it continues to investigate sales of collateralized debt obligations (CDOs) from Merrill Lynch (NYSE: MER) and UBS (NYSE: UBS) to institutional investors. These firms sold billions of dollars in CDOs to investors around the world. Some […]
Bloomberg Magazine, in “Unsafe Havens”. (Hat tip to Naked Capitalism.) reports that money market funds run by Bank of America Corp., Credit Suisse Group, Fidelity Investments and Morgan Stanley owned over $6 billion of CDOs with subprime debt in June. The reason this is a serious issue is that money market funds have a $1 […]
The NYT carries this article. (Hat tip to dmarek) IF you’ve stood in line at a farmers’ market recently, you know that the local food movement is thriving, to the point that small farmers are having a tough time keeping up with the demand.But consumers who would like to be able to buy local fruits […]
In this post, Bruno commented and posted this link to reference this statement: In 2005, the top 1 percent of tax returns paid 39.4 percent of all federal individual income taxes and earned 21.2 percent of adjusted gross income, both of which are significantly higher than 2004 when the top 1 percent earned 19 percent […]
Hat tip to afferent input for this link: Morality vs. Business Decisions But this is not about morality at all. This is about business decisions. See Moral Obligations Of Walking Away and The Business of Walking Away for more on the morality vs. business decisions. In a nutshell, banks made business decisions to lend money […]
Tanta says: If you have a servicer who is doing a lot of repayment plans, and the MBA data suggests we have that, then you’re going to see a lot of delinquency statuses going “in reverse,” and you’re also going to see, unfortunately, a lot of loans going from 30-days or 60-days down straight to […]
Supplemental Appropriations: Opportunities Exist to Increase Transparency and Provide Additional Controls. GAO-08-314, January 31.
Bank Fees: Federal Banking Regulators Could Better Ensure That Consumers Have Required Disclosure Documents Prior to Opening Checking or Savings Accounts. GAO-08-281, January 31.
“What will be the consequence of losses of over $1 trillion and, possibly, as high as $2 trillion? That would wipe out most of the capital of most of the US banking system and lead most of US banks and mortgage lenders – that are massively exposed to real estate – to go belly up. […]