September 11, 2008 – 11:16 am
On July 19, 2007 Lehman Brothers rejected suggestions that they are exposed to subprime problems. Many companies made statements in the summer of 2007, in part because their shock and disbelief caused those companies to say just about anything. Remember Countrywide in July 2007? But we had a problem with Lehman Brothers rejection of exposure to subprime as soon as soon as they said it. Lehman Brothers always loved subprime and companies like Household International. How could they possibly NOT be exposed to subprime, as their 2007 statement suggested?
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By Timothy Blake
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Posted in Quotable Quotes
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Tagged bank, Capital, commercial real estate, Countrywide, HSBC, investments, Lehman Brothers, mortgage, Quotable Quotes, real estate, SEC, subprime
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September 6, 2008 – 9:14 am
Rates of foreclosure starts were above the national average in only eight states: Nevada, Florida, California, Arizona, Michigan, Rhode Island, Indiana and Ohio. Yes, tiny Rhode Island made the top 8 list. Foreclosures can be spotted in small towns and bigger cities almost anywhere in the United States. As personal budgets are strained winter heating costs will tell a tale. In many cases it will be a tale of woe, unless jobs are restored, fuel prices decrease, and food prices return to normal.
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September 5, 2008 – 11:42 pm
Senior Bush administration and Federal Reserve officials called in top executives of Fannie Mae and Freddie Mac on Friday and told them that the government was preparing to place the two companies under federal control, officials and company executives said. The executives were told they and their boards would be replaced and shareholders would be virtually wiped out, but the companies would be able to continue functioning with the government generally standing behind their debt.
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September 5, 2008 – 11:38 pm
Orson Benn, a former VP of subprime lender Argent Mortgage is off to prison for 18 years. Argent was one of Ameriquest’s divisions. Although it doesn’t do much for homeowners, it is nice to see something has happened. Remember, if you will, that George Bush named Ameriquest’s owner, Roland Arnall, as ambassador to The Netherlands. Some say Ameriquest settled charges of predatory lending so Arnall would be confirmed as ambassador. In 2005, Ameriquest Capital and three of its subsidiaries comprised four of the 53 entities that each contributed the maximum of $250,000 to the second inauguration of President George W. Bush.
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September 4, 2008 – 10:08 am
The New York attorney general’s office is issuing subpoenas to several Bank of America Corp executives as the state broadens its probe into the bank’s marketing of auction-rate securities, a person familiar with the investigation said on Wednesday. As it should be, we say. The lawyers are coming out in droves, asking the question “Did you lose money?” Two credit Suisse brokers took auction rate securities fraud to a new level (or new low depending on your outlook) by telling investors that the securities were backed by school loans, when in fact the securities were backed by subprime mortgages.
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