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IMF Sees Slowdown of Entire World Economy

Written by Timothy Blake on October 17, 2007 under Archives, Editorial, International, Opinion

It’s not often that profit making, with little regard to long lasting effects, can effect the entire world. But that is what the International Monetary Fund is saying today. The disarray in global credit markets will slow down economic growth around the world next year, the International Monetary Fund said on Wednesday, warning that the crisis has clouded near-term prospects. Look for international banks to tune up as they start singing the mortgage blues.

MGIC Sings Mortgage Insurance Blues

Written by Timothy Blake on October 17, 2007 under Archives, Economic Impact

MGIC Investment Corp., the largest U.S. mortgage insurer, posted its first quarterly loss in 16 years and said it won’t be profitable in 2008 as foreclosures increase from record levels. The net loss of $372.5 million, or $4.60 a share, was the worst quarter for MGIC. Consider the bad exposure and MGIC is singing the mortgage blues. Their disputes with Radian did not help matters, as many Americans discovered a relationship between MGIC, Radian, and debt collectors.

Expect HFC, Beneficial Finance Closings as HSBC Cuts Back

Written by Timothy Blake on October 17, 2007 under Analysis, Archives, Job Losses, Lenders

Analysts at Household – HSBC Watch think HSBC learned from the recent subprime crisis, regardless of what they tell Knight Vinke and other activists. After studying HSBC and Household International for many years Household – HSBC Watch thinks HSBC will make a move soon. Changes must look like they are HSBC’s idea, not forced by others. Saving face is important to HSBC. From a business and profit standpoint this is what should happen soon:

Wells Fargo Net Credit Loss at $892 Million, HSBC Cross-selling

Written by Timothy Blake on October 16, 2007 under Archives, Lenders, Opinion

Wells reported net credit losses of $892 million, up 35 percent from a year earlier. About half of the increase stemmed from home equity loans, where lower housing prices caused steeper than expected losses, Chief Credit Officer Mike Loughlin said. There is a way to increase profits, however, and Wells Fargo found the way.

Citi, JPMorgan Chase, BofA to create SIV’s to help market

Written by Timothy Blake on October 15, 2007 under Archives, Definitions, Economic Impact, Government Positions, Investors

The stock market was down sharply Monday as news that major U.S. banks will set up a fund to help bail out the credit markets stirred concerns about bad debt. Bonds fell after an upbeat economic reading. The stock market’s pullback follows concerns about debt but also as investors also await third-quarter reports due this week from more than 80 members of the Standard & Poor’s 500 index. In addition, oil pushed to new highs.

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