Written by Timothy Blake on January 10, 2008 under Archives, Lenders
The target date for Countrywide to report is January 29th. It will happen before the market opens. Expect to see speculation in the news before that day. On January 29th Countrywide will report earnings for the fourth quarter and the year, and the news should be interesting. Many analysts use Countrywide, Wells Fargo, HSBC and others as a bellweather. The difference between rhetoric printed as news during the period and actual results, is that results must be legal and certified.
Written by Timothy Blake on January 09, 2008 under Archives, Editorial
The Dow Jones Industrial averrage is down again today as reality sets in. Whether recognized as a recession or the end of a six-year expansion, the market does not like what millions of Americans have known since June 2007. All is not well in the United States. Some analysts look for a correction and suggest the Dow will drop to the 11,000 mark as fourth quarter results come in.
Written by Timothy Blake on January 09, 2008 under Analysis, Archives
In the UK the Prime Minister said they had a “duty” to pass on interest rate cuts after it emerged that hundreds of thousands of borrowers are still paying more following last month’s base rate reduction. What will happen in the United States? Despite UK Prime Minister Brown’s warning, leading mortgage lenders told The Daily Telegraph that future reductions would not automatically be passed to borrowers. There is nothing to suggest the United States will be any different. One bak – HSBC – is based in London and heavily invested in US subprime lending.
Written by Timothy Blake on January 08, 2008 under Archives, Editorial
Earlier in the 2007 analysts were confounded that the credit card defaults were not higher when compared to the jump in mortgage default and foreclosure. We addressed that issue, with real people’s reaction to protecting their credit cards. Now credit card defaults are on the rise.
Written by Timothy Blake on January 08, 2008 under Archives, Editorial
2007 was a banner year for the mortgage and real estate industry. Three in the top 10 of the top 100 of the dumbest investment mistakes were a direct result of a word that didn’t exist outside of the risk analysis departments or lenders’ boardrooms. Now ‘SUBPRIME’ is officially a word, compliments of 2007 and the mortgage meltdown. Now I can officially add it to my word processor spell checker and will no longer have to fight the program or hyphenate the term.
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