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Asia Times Puts HSBC at Forefront of Subprime Crisis

Written by Timothy Blake on October 22, 2007 under Archives, Economic Impact, International, Outside the U.S., Root Causes

On October 23rd Asia Times Online said:

For the third time since March, we are in the midst of a significant market selloff, a sharp and painful expansion of what the markets call “risk aversion”.

Ratings Cut for Bonds from 2005, 2006, later

Written by Timothy Blake on October 21, 2007 under Analysis, Archives

While many people seem critical of bond ratings, saying AAA ratings did not honestly and truthfully rate bonds correctly, S&P has lowered ratings on bonds issued as far back as 2005. Is this 20-20 hindsight, a cover-your-butt move, or simply a no-brainer? That is for you to decide. Here is what happened:

Stocks see Black Friday on mortgage blues, down 366.94

Written by Timothy Blake on October 19, 2007 under Analysis, Archives, Investors, Lenders

Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. led financial shares to their worst week since 2002 after Wachovia Corp. said loan defaults reduced profit. The banks themselves received little sorrow from average customers. Increased ATM fees, insufficient funds fees and lower interest rates caused very few to feel sorry for the banks. Investors and shareholders saw thing differently.

Radian debacle almost a soap opera

Written by Timothy Blake on October 19, 2007 under Archives, Editorial, Lawsuits, Quotable Quotes

Let face it – Americans have no love for debt collectors, don’t like it when mortgage insurance is forced upon them, and we always like to laugh at Paris Hilton. The Radian, MGIC, C-BASS dance is almost as good. MGIC posts a loss, C-BASS was almost worthless, lawsuits began and the crying towel sopped up the mortgage blues. The black eye came when this Paris Hilton-like stupidity caused people to look at these companies. Somewhat anonymous to the average American before that, Americans discovered a link between the three, a link to debt collector Sherman Financial, and much more.

HSBC attempts to profit from subprime, get sued instead

Written by Timothy Blake on October 19, 2007 under Archives, Lawsuits

A few months ago we said lawsuits would begin as investors sort out the subprime mess. What happens if fund managers discover that their bonds have been improperly rated? Take a look at what happened when HSBC tried to profit from the subprime mess. Some analysts think HSBC created part of the subprime problem to begin with, buying mortgage contracts from brokers until it was too late.

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