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- David Merkel on Life Settlements
- Rolfe Winkler, CFA submits: Sunday’s NYT piece about life settlements — selling a life insurance policy to a third party, who collects on it when you die — sparked much conversation in the blogosphere. Felix helpfully points out that there’s actually not much news in the story as the...
- External links 2009-09-08
- Death of a Lender: Why It Matters
- Rolfe Winkler, CFA submits: Wednesday evening, Reuters’ Jon Stempel reported that Taylor, Bean & Whitaker has ceased lending. That makes TBW #351 on the Mortgage Lender Implode-o-Meter. Questions swirl about what happened. One possibility seems to be that the company just couldn’t manage its own growth....
- External links 2009-08-06
- Congressman Warns Chinese to Expect Bigger U.S. Deficits
- Rolfe Winkler, CFA submits: From Breitbart: China Airs Fears on U.S. Debt, Dollar According to Lawmaker Senior Chinese leaders have privately voiced fear over the soaring US budget deficit and are increasingly looking to diversify from the dollar, a Republican congressman said. by Rolfe Winkler, CFA
- External links 2009-06-09
- Mortgage Rates: New High for 2009
- Rolfe Winkler, CFA submits: From Bloomberg: U.S. Mortgage Rates Jump to Highest Since December Fixed U.S. mortgage rates jumped to the highest level this year, signaling the Federal Reserve’s plan to lower borrowing costs has stalled. by Rolfe Winkler, CFA
- External links 2009-06-05
- Chinese Company Buys GM's Hummer
- Rolfe Winkler, CFA submits: LA Times: GM’s Hummer brand to be sold to Chinese company ht OM GM said it has an agreement to sell Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co. It did not disclose the price or other terms, but said it expected...
- External links 2009-06-03
- FDIC Won?t Rule Out Banks as Buyers of Toxic Assets
- Rolfe Winkler, CFA submits: During a press conference Wednesday, FDIC Chairwoman Sheila Bair was asked about this morning’s WSJ report that banks are lobbying to buy assets under Geithner’s toxic asset plan, the PPIP. She says banks will not be able to bid on their own assets,...
- External links 2009-05-28
- BankUnited Is Number 34; Guaranty Financial Next?
- Rolfe Winkler, CFA submits: Thursday afternoon, FDIC took BankUnited BKUNA’s assets into receivership. It is the 34th bank to fail in 2009. The Deposit Insurance Fund will absorb an estimated $4.9 billion in losses, which represents 57% of the total deposits BKUNA had as of May 2....
- External links 2009-05-22
- A Portrait of the Mortgage Ax, Not Falling
- Rolfe Winkler, CFA submits: Edmund Andrews’ Sunday confession in the NYT ended with the following line: Eight months after my last payment to the bank, I am still waiting for the ax to fall. by Rolfe Winkler, CFA
- External links 2009-05-20
- Guaranty Financial Group: On the Rocks
- Rolfe Winkler, CFA submits: Guaranty Financial GFG should be included in OA’s “bank death watch.” With $15 billion in assets and $11.6 billion in deposits as of 12/31, Guaranty Bank would be the largest bank failure in 2009.* Reader Andrew tipped us off to their second “notification...
- External links 2009-05-17
- Sean Egan: Solving the Credit Crisis
- Rolfe Winkler, CFA submits: No surprise, Sean Egan, founding partner of Egan-Jones Ratings Service, thinks a big part of solving the credit crisis is switching from an issuer-pay to an investor-pay credit rating system, which is how his firm is structured. But the fact that he’s talking his...
- External links 2009-05-12
- Freddie Is 'Profitable' - But Watch Those Non-Performing Assets
- Rolfe Winkler, CFA submits: Late Friday Freddie Mac FRE surprised markets by reporting a profit and by not requesting additional bailout money from Treasury. Before we celebrate, however, let’s consider a few revealing footnotes from the company’s quarterly filing. But first, some key financial ratios. ...
- External links 2009-08-10
- SEC vs. Bank of America: More Toughness Needed
- Rolfe Winkler, CFA submits: In the Bank of America Merrill Lynch BAC bonus imbroglio, the SEC has proposed a settlement in which, once again, the defendants neither admit nor deny wrongdoing. Once again, the corporation would pick up the fine while responsible individuals escape uninjured. And once...
- External links 2009-08-12
- Colonial Gone: Did FDIC Tip Its Hand?
- Rolfe Winkler, CFA submits: FDIC will seize Colonial CNB and sell its assets to BB&T BBT. This is the largest bank failure since WaMu last fall. Reuters: The Federal Deposit Insurance Corp is taking Colonial BancGroup Inc into receivership and will sell the struggling lender’s branches and...
- External links 2009-08-14
- Deutsche Bank Breaks the Buck
- Rolfe Winkler, CFA submits: A week ago, I wrote about Paul Volcker’s call for money market funds to stop using the $1 NAV. In conditioning investors to believe their principal isn’t at risk, money funds can be very dangerous, systemically-speaking. When the buck gets broken … Investors panic:...
- External links 2009-09-03
- Little Light at the End of FDIC's Long Tunnel
- Rolfe Winkler, CFA submits: There’s good news and bad news in the FDIC’s quarterly profile of the banking sector. The good news is that FDIC has more resources than you think to handle the problem banks on its radar. The bad news is that the too-big-to-fail banks aren’t on...
- External links 2009-08-27
- Bank of America and the Infamous 'Disclosure Schedule'
- Rolfe Winkler, CFA submits: At the bottom is the SEC’s latest brief for Judge Rakoff. Having gone through BofA’s, one finds –publicly disclosed for the first time — the “disclosure schedule” that outlined bonuses BofA had agreed Merrill could pay: by Rolfe Winkler, CFA
- External links 2009-08-25
- BofA Submits Brief to Rakoff: You Be the Judge
- Rolfe Winkler, CFA submits: Two weeks ago, Judge Jed Rakoff refused to approve the $33 million settlement between Bank of America BAC and the SEC. He said he wanted more facts and ordered the parties to file briefs to that effect by today. BofA published its brief...
- External links 2009-08-24
- Yet Another Not-So-Small Purchase by the Fed
- Rolfe Winkler, CFA submits: There are 9.5 weeks left before the end of October, when the Fed plans to end its $300 billion Treasury purchase program. As I wrote last week, the Fed is running low on ammo if it plans to make its money stretch all the...
- External links 2009-08-24
- Gold Demand Declines in Q2, But Still High
- Rolfe Winkler, CFA submits: Last week, the World Gold Council released demand statistics for gold for the second quarter. From the press release pdf: Investment demand for gold remained very strong in the second quarter of 2009, rising 46% on year earlier levels as investors continued...
- External links 2009-08-23
- Friday's Bank Failures, and DIF Details
- Rolfe Winkler, CFA submits: Another big one bites the dust. Guaranty is the 81st failure of the year. Plus two more in Georgia. Below, Friday evening’s failure news, I’ve got more detail about the Deposit Insurance Fund, including an interesting tidbit about why FDIC collected...
- External links 2009-08-23
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