Posts Tagged ‘credit card’

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:

Real U.S. Unemployment Is Near 16 Percent

Written by Timothy Blake on August 07, 2007 under Archives, Editorial

Kansas City — August 7, 2007 – After analyzing six years of data and holding interviews with people hit by the I.T. (information technology) bust of 2001 one theory says U.S. unemployment might be closer to 16 percent. Current formulas don’t work. The mortgage industry got into trouble because risk analysis formulas did not work for creative mortgages. I contend that unemployment formulas don’t work either. Unemployment filings don’t tell the whole story and illegal aliens will not file for unemployment.

Lack of American Savings Accounts Enabled Subprime

Written by Timothy Blake on August 03, 2007 under Analysis, Archives

Americans have little or no savings. When a family needs savings as a fall-back plan there are no savings to speak of. Money must come from other areas. Since 1994 savings as a percentage of disposable income dropped like a rock. See this chart for an alarming look at history. The subprime and predatory lending industries started in full swing by 1994, which flows perfectly with the chart referenced above. For more on this subject refer to our “History of Subprime and Predatory Lending.”

Foreclosure and Your Security Clearance

Written by Timothy Blake on August 03, 2007 under Archives, Root Causes

A nightmare is unfolding for Americans who hold security clearances, both in the private sector and in the military. The U.K. may be equally hard hit as mortgages strain family budgets. But for those that thought their mortgage broker was telling them the truth many are finding out the risks outweighed the rewards.

Subprime Mortgage Blues Spread to Prime Loans

Written by Timothy Blake on July 28, 2007 under Archives, Root Causes

On July 25, 2007 US stocks slumped the most since March after Countrywide Financial Corporation, which accounts for almost a fifth of US mortgages, said second-quarter net income tumbled 33 per cent. Stocks fell further on July 26th and 27th. But what caught my eye is that Countrywide accounts for 20 percent of the US mortgage market and their profits were down by one-third.

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