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- Banks Should Forget the Moral Hazard for Now
- Michael Steinberg submits: Wells Fargo WFC published “Wells Fargo, NACA Collaborate on Programs to Benefit At-Risk Mortgage Customers” on Friday. Wells cites the Neighborhood Assistance Corporation of America’s (NACA) ability to gain insight into their customers and create effective mortgage restructuring programs to avert foreclosures. Wells will also continue to...
- External links 2008-10-19
- Is the Government's Fannie/Freddie Conservatorship Failing?
- Michael Steinberg submits: The Wall Street Journal's “Mortgage Plan Isn't Cutting Rates” summarizes the track record of Fannie Mae FNM and Freddie Mac FRE since the 79.9% solution conservatorship:The conforming 30-year fixed rate mortgage rate rose from 6.34% to 6.64%.GSE five year notes are selling for 1.5% over equivalent treasuries.GSEs...
- External links 2008-10-31
- JPMorgan Meets WaMu Homeowners, Face-to-Face
- Michael Steinberg submits: Three cheers for JPMorgan JPM! I recently wrote "Banks Need to Show Respect to Delinquent Homeowners," complaining that Wells Fargo WFC was using third party, non-profit organizations to assist in mortgage modifications, instead of dealing directly with its customers. The courts forced Bank of America BAC to...
- External links 2008-11-03
- AIG CEO Edward Liddy?s Optimistic Journey
- Michael Steinberg submits: Could American International Group AIG be as great a buy at $2 as Wachovia WB was? The market certainly has shown little faith this morning in the Federal Reserve’s new plan for AIG. AIG will be selling $40B perpetual preferred to the TARP at a 10% dividend...
- External links 2008-11-10
- Fannie, Freddie and the 4.5% Mortgage Myth
- Michael Steinberg submits: The Washington Post “Treasury Weighs Action on Mortgage Rates” reports that the Treasury is considering a plan to have banks issue 4.5% 30-year fixed rate mortgages which Fannie Mae FNM and Freddie Mac FRE purchase. The Treasury would then “possibly” fund the purchases with 3% bonds. The...
- External links 2008-12-05
- The Federal Reserve and the Velocity of Money
- Michael Steinberg submits: Two phrases we’re hearing constantly are the Federal Reserve Bank is printing money, and flooding the market with liquidity is non-inflationary because banks are not lending. Typically the Fed increases the money supply by purchasing treasuries, putting more cash into circulation. Conversely, the Fed reduces or tightens...
- External links 2008-12-14
- Why Are Mortgage Rates So High?
- Michael Steinberg submits: The premise of the question, “Why are mortgage rates so high?” is the belief that the spread between mortgage rates and treasuries is too wide based on the historical norm. Realtors are pushing for 4.5% mortgages for both purchasing and refinancing, and builders want rates below 3%...
- External links 2008-12-22
- Treasury Secretary Paulson Ousted N.J. Governor Corzine at Goldman
- Michael Steinberg submits: Jon Corzine and Hank Paulson were number one and two at Goldman Sachs GS in 1994, replacing Steve Friedman who left from exhaustion. Charles D. Ellis, author of The Partnership: The Making of Goldman Sachs, tells that the two were polar opposites. This excellent company biography traces...
- External links 2008-12-22
- AIG Now Fed's Vehicle for Buying Toxic Assets
- Michael Steinberg submits: The Washington Post from Bloomberg News "With Fed's Help, AIG Unloads $16 Billion in Credit Default Swaps" reports that American International Group AIG retired another $16B face value of credit default swaps for $6.7B by purchasing the underlying securities and canceling the contracts. The insured counterparties were...
- External links 2008-12-26
- Citi Holdings: 'Visualizing' a Growth Phase
- Michael Steinberg submits: Let’s have some fun. To paraphrase what The Marines say, we will visualize all that Citi Holdings can be. After all, Citigroup C is in no hurry to divest this fine set of assets according to CEO Vikram Pandit. Why be just Citicorp when you could be...
- External links 2009-01-18
- Fed Losing Control of Mortgage Rates
- Michael Steinberg submits: With much fanfare, the Federal Reserve started buying Fannie Mae FNM, Freddie Mac FRE and FHLB debt and MBS. Conforming 30-year mortgages rates dropped to an average 4.96 according to Freddie’s last report. The Fed was hailed for its accomplishment, and predictions came from all corners that...
- External links 2009-01-23
- Fannie and Freddie Shareholders Benefit More than Homeowners
- Michael Steinberg submits: The White House unveiled the “Homeowner Affordability and Stability Plan”, or what I call the Fannie Mae FNM and Freddie Mac FRE status quo plan, this morning. Lucky for me enough details were revealed this morning that I did not have to listen to our overexposed, overly...
- External links 2009-02-19
- FHFA Director Lockhart?s Twisted Fannie and Freddie Logic
- Michael Steinberg submits: I might have spoken too quickly on some items in my last post, “Fannie and Freddie Shareholders Benefit more than Homeowners.” I assumed that mortgage insurance would be required in President Obama’s Fannie Mae FNM Freddie Mac FRE 105% LTV refinancing scheme. FHFA Director Lockhart’s letter to...
- External links 2009-02-22
- The Government Actually Created the AIG Bonus Firestorm It Claims to Be Reacting to
- Michael Steinberg submits: The government created the firestorm on [[AIG]] bonuses to deflect anger against its own failed rescue attempt. After Congressional anger over no end in sight to the AIG bailout and demand to know which counterparty firms actually benefitted, the Administration partially capitulated. They allowed AIG to release...
- External links 2009-03-17
- Fed Crowding Out Banks as Portfolio Mortgage Lenders
- Michael Steinberg submits: Recently I wrote "The Death of Mortgage Banking and the Shadow Banking System" describing Geithner and Bernanke’s futile attempts at resurrecting the banking system that led to the current worldwide financial meltdown. Now I would like to explain the facilitators of the shadow banking system and how...
- External links 2009-04-09
- Bernanke's Backdoor to Negative Interest Rates
- Michael Steinberg submits: By now, every living cable viewing being has seen the P90X infomercial touting the fitness benefits of “muscle confusion.” Their theory is that bulk building plateaus when your muscles get used to the same movements. The secret goes, mix up your routine and you’ll get extraordinary results....
- External links 2009-04-20
- Banks Seeking Short Sale Deficiencies
- Michael Steinberg submits: A new form of restraint is evolving on future residential real estate bubbles that goes way beyond more stringent lending standards and better due diligence on borrowers. The Wall Street Journal’s “A Short Sale May Not Mean You're Home Free” reports that banks, mortgage servicers and mortgage...
- External links 2009-05-01
- JPMorgan CEO Jamie Dimon Sounds Off on the Future of Credit Cards
- Michael Steinberg submits: CEO Jamie Dimon gave us his vision of the future of credit cards during JP Morgan’s JPM Q2 conference call. Dimon predicted that JPM will incur a few years of credit card losses until the business is restructured. Even though the new regulatory environment is still evolving,...
- External links 2009-07-17
- High-Frequency Trading Winners and Losers (WSJ)
- Michael Steinberg submits: The Wall Street Journal’s “What's Behind High-Frequency Trading” provides a pretty good Q&A on how Goldman Sachs GS, Citadel and various smaller specialty firms take advantage of advanced peaks at orders, exchange rebates and flash orders that can be withdrawn in a split second. A political furor...
- External links 2009-08-02
- Citi: Financial Reverse Engineering
- Michael Steinberg submits: What do you have when the smartest guys in the room engineer a financial product so complex that it blows up? Even smarter guys that pick through the rubble and steal the diamonds. Genius creates alchemy and alchemy creates genius. Bloomberg’s “Citigroup Aims to Stop TPG Fund...
- External links 2009-10-28
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