April 29, 2008 – 11:26 pm
Yesterday we were presented with a report that ut a glossy shine on the subprime crisis. In part – and the main emphasis on the report – was that the worst was over for the subprime crisis. We questioned the validity of the report, seen nationally and on Google News. Today, we are told the [...]
April 19, 2008 – 12:26 pm
Citigroup reported Friday a first-quarter net loss of 5.1 billion dollars, hurt by at least 12 billion dollars in write-downs amid soured subprime investments, and said it would cut an additional 9,000 jobs. Will Citigroup look for reasons to raise credit card rates, as we see with other banks involved with subprime? Although Citigroup has [...]
April 17, 2008 – 10:37 am
I read an interesting quote today; “Some people got put in mortgages they never should have been in,” said Donald Marron, who works for the White House Council of Economic Advisers. That is an understated and belated acknowledgement if ever I saw one. It is also ambiguous and says nothing. The problems are not explained [...]
By Timothy Blake
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Posted in Archives, Editorial
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Tagged Archives, Editorial, government, investor, Lenders, liar loans, mortgage, OCC, SEC, speculator, subprime
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If the family budget is already strained or an adjustable rate mortgage increase is just around the corner a realistic view of reality is required. What many people do not realize, and many homeowners find alarming, is that a refinance into an ARM only saved about $100 per month on average. After a reset the [...]
George Soros, the hedge fund legend and billionaire philanthropist, said on Wednesday the subprime mortgage crisis is likely to cause global losses of over $1 trillion. The International Monetary Fund (IMF) issued a similar guess, and Soros seems to agree with the assessment. What started out as an experiment in the United States certainly blew [...]
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