Author Archive

Subprime problem spreads to credit card concerns

Written by Leatherneck on August 09, 2007 under Archives, International, Investors

U.S. subprime issues were again felt in Germany as British investors pulled back. A rippling wave might build to tsunami proportions in weeks to come as more companies are singing the mortgage blues. As the ripple moves from subprime to Alt-A, and to credit card asset-backed securities, caution is the mode of the day as investors open their eyes to what their holdings are really worth. By Thursday morning, reports were coming in from Holland, France, Germany, Australia and England. Here is an example:

Dutch merchant bank losses from asset-backed securities

Written by Leatherneck on August 09, 2007 under Archives, Definitions, International, Investors

Many people have asked why I predicted an implosion on or about August 15th. First let me be prefectly clear that I did not believe problems were contained to subprime, as we were told in earlier reports. Nor did I believe problems were contained to the United States, as others would like us to believe. In fact my partner and I tracked subprime and predatory loans every day since 1999, often receiving reports from borrowers. The problem is spreading to asset-backed securities and the credit card market. My position is supported by this article:

French bank freezes funds, subprime may spread to Europe

Written by Leatherneck on August 09, 2007 under Archives, Economic Impact, International

Concerns that U.S. subprime problems might spread to Europe caused suspended fund redemptions. When the French asre singing the U.S. mortgage blues the problem does not appear to be contained, as was stated in earlier by some. Here is the report — NEW YORK, Aug 9 (Reuters) – A safety bid drove U.S. government securities prices sharply higher on Thursday when French bank BNP Paribas suspended redemptions in three funds and the European Central Bank was forced to inject extra funds into the system in a quick overnight tender. France’s biggest listed bank, BNP Paribas, said it froze 1.6 billion euros ($1.17 billion) in three of its funds, citing U.S. subprime mortgage sector problems.

Atlanta Loses HomeBanc in mortgage lender fallout

Written by Leatherneck on August 08, 2007 under Archives, Lenders

HomeBanc is singing the mortgage blues. Turmoil in the industry hit Atlanta when Atlanta-based HomeBanc Corp. announced it was closing its mortgage loan business, HomeBanc Mortgage Corporation, and selling some assets. The Atlanta Journal and Constitution reported that HomeBanc lent approximately $5 billion in 2006 mainly on Georgia and Florida properties. The company is filing for bankruptcy protection.

Is Alberto’s Puppet Master Pulling Henry Paulson’s Strings?

Written by Leatherneck on August 08, 2007 under Archives, Editorial

We all had time to digest Henry Paulson’s comment that subprime woes are contained.  The problem spread to Alt-A mortgages, and as Germany will confirm, the problem spread around the world.  I’m almost 60 years old, and was lied to about Agent Orange, Gulf War Syndrome, Watergate, second mortgages, Iraq, and a few more.  What makes anyone think the average person on the street gets the truth?

Newer Entries »

Our Sponsors

<
Our Partners Selected Articles


© Copyright 1998 - 2012 Mortgage Crisis Daily | 49 queries in 0.331 seconds.