Archive for November, 2007

Worst housing crisis since the Great Depression

Written by Timothy Blake on November 04, 2007 under Archives, Economic Impact, Opinion

Some are calling it the worst housing crisis since the Great Depression. More than 635,000 foreclosure notices were filed during August, September and October, double the number from the same period last year, according to RealtyTrac Inc., a mortgage data company.

Statements about mortgage losses don’t add up

Written by Timothy Blake on November 03, 2007 under Archives, Editorial

What do Henry Paulson, Charles Prince, and Stephen Green have in common? Obviously it is the ability to say what they wish was true in the face of what they think is true. In other words these executives are front runners for the “quotable quotes” section after their statements fall flat. Shades of Countrywide saying “…we have $45 billion and plenty of liquidity so there is nothing to worry about…”

$10 billion write downs for HSBC and Merrill Lynch?

Written by Timothy Blake on November 03, 2007 under Archives, Economic Impact, Investors, Lenders

Thus far write-downs in excess of $10 billion (USD) has been the playground of HSBC. Predictions, if they are correct, show HSBC will have some company in that lofty arena. Shares of Merrill Lynch & Co. fell almost 8% Friday in their biggest one-day decline since the aftermath of the Sept. 11, 2001 terrorist attacks, after Deutsche Bank downgraded its stock and predicted the Wall Street giant might have to write down as much as $10 billion in relation to the subprime mortgage crisis.

HSBC mortage and customer service questioned

Written by Timothy Blake on November 02, 2007 under Archives, Lenders, Your Answers

The bank with the largest subprime losses to date, HSBC, is the subject of customer input today. At the same time a spot check of HSBC credit card customer satisfaction shows a 77 percent disapproval rating. Watchdog organization Household – HSBC Watch, established in 1999, receives customer reports and publishes the reports after a brief editor review.

What the world doesn’t need – Bear Sterns rumor

Written by Timothy Blake on November 01, 2007 under Archives, Opinion

Add to perceptions that greedy Americans caused the subprime crisis and this article is just what the world doesn’t need at this time. Besides, the man is 73 years old. Here it is so you can decide:

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