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AEI Subprime VI Charlie: Complete Annotated Transcript
2009-12-16 08:01:00 3:18:42 And I think the classic definition of quantitative easing is that the size and composition of a central bank’s balance sheet influences financial markets and the economy over and beyond the level of the policy rate. [slide 4] There’s a couple of things to notice about the definition. First, if you hold to ...
By: HousingDoom
Rodrigue Tremblay: A Fed Panic and a Massive Bailout of American Banks paid
2007-09-22 09:01:00 It’s been about a month, and now Rodrigue Tremblay is back with another installment [1] of his thoughts on the new American Empire. Housing Doom is once again honored that he has given us permission to re-post his latest article. Always controversial, Professor Tremblay leaves no stone unturned in his search for insight into to what’s ...
By: HousingDoom
Trend-busters! Foreign Cenbanks Surge Into Debt - Fed Report
2007-09-21 09:01:00 Foreign central banks were net strong net buyers of US obligations in the week ending September 19. They bought both treasuries and agencies, with treasuries and the total result both being the strongest we’ve seen since starting following the data series from early April. With the US dollar steadily losing value against most ...
By: HousingDoom
Bring on the Clowns (they?re all we?ve got)
2007-09-19 16:01:00 Jan-Martin writes from Germany … "Very telling if you have to watch the "Comedy Central" to get good business news coverage and someone who is willing to ask the obvious."
By: HousingDoom
Canada?s Artful Dodger Makes a Pit Stop
2007-09-13 20:30:00 Good luck trumped good planning on this one. A quirk in Canada’s rules for Commercial Paper meant that most of the weight of the crisis fell on companies, not the banks. This has given David Dodge, Canada’s soon-to-retire central banker, precious time to orchestrate an orderly unwinding of all these opaque deals. ...
By: HousingDoom
9/11 ?007 ? Monza Banking Stalks The City
2007-09-10 09:01:00 Feeling lucky? "The lottery of London’s £70bn rollover week".[1] "As we reveal today [Sunday Sept 9th], an estimated £70bn worth of European commercial paper that has not yet been caught up in the crisis is due to expire between September 11 and 19. Ordinarily, this would present little problem. Companies borrowing money by issuing commercial paper ...
By: HousingDoom
Peter Schiff- Federal Money Will Just Make the Situation Worse
2007-09-03 09:01:00 Peter Schiff speaks with CNN about federal intervention in the market correction:
By: HousingDoom
Voice of the Mountains
2007-08-26 22:30:00 There may be a time for irony on housing bubble blogs, but this isn’t it. The news is filtering in [1] from Buncombe County in western North Carolina, and it’s pretty grim. David Kanis is a mortgage broker and branch manager of the local Ashford Mortgage Advisors brokerage. He writes a regular ...
By: HousingDoom
US Debt Selloff - Bleeding Diminishes But Still Significant
2007-08-24 09:05:00 Is this any way to finance a trade deficit? According to the weekly Reuters report,[32] foreign central banks continued to sell off US obligations at the rapid pace last week of over $1.5 billion per day. This result for the period August 16th to 22nd inclusive was slightly less negative than the previous ...
By: HousingDoom
Rodrigue Tremblay: Financial Bankruptcy, the US Dollar
2007-08-24 09:01:00 Again Housing Doom is pleased to re-post an article [1] by Montreal based economist, humanist and political figure Rodrigue Tremblay. Professor Tremblay sends (I’ve extracted the relevant parts, the second paragraph might serve as an Abstract) … "… Thanks for your note and the article about the housing problems in Cleveland. As I mention in ...
By: HousingDoom
Sorry, Charlie! Subprime Mortgages Like Subfresh Fish Seize Up Debt
2007-08-22 09:01:00 Once the customer loses faith in what’s in the can, you’re dead. Canada’s been there before. Twenty two years ago, in what came to be called the TunaGate Scandal, a government inspector failed canned fish from a New Brunswick packing plant based on a subjective "smell test." With millions of cans of ...
By: HousingDoom
Bill Maloni?s Back - And So Is Super-Freddie
2007-08-16 09:03:00 Doom’s favourite retired Fannie Mae lobbyist is back today in fine form, and will have up a post in a few moments. Bill Maloni comes out swinging at OFHEO head Jim Lockhart, Karl Rove, even the President. Indeed nobody standing in the way of immediate GSE portfolio cap relief is safe from ...
By: HousingDoom
Impliciter and Impliciter
2007-08-13 09:01:00 Just what is the implicit guarantee on agency debt? Doom North’s trusty 1963 Compact Desk Edition of Webster’s New World Dictionary has suggested though not plainly expressed; implied. necessarily involved though not apparent; inherent. without reservation; absolute. Right. The DND MILSPEC 7th Concise Oxford helpfully adds virtually contained (in), which sounds more like Bernanke’s fervent prayer than enlightenment. ...
By: HousingDoom
Impliciter and Impliciter
2007-08-13 09:01:00 Just what is the implicit guarantee on agency debt? Doom North’s trusty 1963 Compact Desk Edition of Webster’s New World Dictionary has suggested though not plainly expressed; implied. necessarily involved though not apparent; inherent. without reservation; absolute. Right. The DND MILSPEC 7th Concise Oxford helpfully adds virtually contained (in), which sounds more like Bernanke’s fervent prayer than enlightenment. ...
By: HousingDoom
Text of Lockhart / Schumer letter on GSE portfolio caps
2007-08-11 15:50:00 Many thanks to Housing Wire for providing this link to a PDF image of the letter on GSE portfolio cap relief from OFHEO Director Lockhart to Senator Schumer. Housing Doom has taken the liberty of transcribing the entire text of the letter as follows. ————-212;————-;————&#-8212;——— August 10, 2007 DELIVERED BY FACSIMILEAND FIRST CLASS MAIL The Honorable Charles E. ...
By: HousingDoom
Subprime Credit Liquidity Crisis - Mortgage Banker?s Perspective
2007-08-11 09:01:00 Housing Doom welcomes mortgage banker Jon Miller, who was generous enough to contribute his perspective on the present challenging environment in his sector. Jon’s discussion is highly technical, but if we’ve learned nothing else these last few months, complexity is at the heart of many of the problems in the housing market today. ...
By: HousingDoom
Are Fannie & Freddie Blowing Their Caps?
2007-08-09 09:01:00 Stunned silence initially greeted Tuesday’s post wherein I laid into Bill Maloni’s GSE Blog about GSEs, systemic risk, and the Bean-Neugebauer Amendment to the pending regulatory reform legislation. Well, just about the time I was sitting down to tea that morning, Doomer G started getting reports from the Wall Street Journal and elsewhere ...
By: HousingDoom
Bill Maloni Replies
2007-08-07 20:01:00 My post from earlier today was a critical response to this timely effort [1] by fellow blogger Bill Maloni. Twist and I always enjoy Bill’s passionate and insightful opinions from a GSE-centric perspective. He’s been posting take-no-prisoners articles at his "Bill Maloni’s GSE Blog" since early spring. Highly recommended, even though ...
By: HousingDoom
GSEs Unchained? Let?s Think Hard
2007-08-07 09:01:00 Yikes! It was a bull stampede through the markets all day Monday, and cordial Housing Doom antagonist Bill Maloni was in the thick of it. The electrons had barely cooled down on his call to unleash the GSEs [1] when Fannie Mae’s stock went nuts following a WSJ report [2] [3] that ...
By: HousingDoom
Bill Who?
2007-08-06 21:15:00 While "none of these developments is pleasant for the lenders and financial firms most directly affected, one cannot help being impressed with the even-handedness of it all. Until we receive clear evidence that basically sound financial decisions and arrangements were disrupted by erratic and irrational market forces, I believe we should conclude that this year’s ...
By: HousingDoom
Bill Maloni - Would They Take Back Their Letter, If They Could?
2007-08-03 09:01:00 Folks, if IndyMac’s CEO Michael Perry is right- we all need to start paying a lot more attention to what is happening with the GSEs: [Fannie, Freddie & Co.] [Currently] it’s “difficult'’ to trade even AAA-rated mortgage bonds that aren’t guaranteed by government-chartered Fannie Mae and Freddie Mac, or federal agency Ginnie ...
By: HousingDoom
Foreigners Fled Treasuries But Gorged On Agencies Last Week
2007-07-27 09:05:00 Q: What do you get when you cross a tiger with a parrot?A: I don’t know, but when it talks, you better listen. Since mid May, Doom has been following the Thursday Reuters reports on net buys by foreign central banks of US debt obligations, treasuries and agency debt. Last week [28] the agencies ...
By: HousingDoom
Credit Contraction: It?s Payback Time
2007-07-26 19:31:00 ?Only buy something that you?d be perfectly happy to hold if the market shut down for 10 years.? ...
By: Ponderthis...
AEI March 28th Subprime Seminar - Guide to Doom Transcripts
2007-07-23 09:01:00 AEI’s March 28, 2007 Subprime Seminar - XII Doom is very proud to present our completed unofficial transcript of AEI’s March 28th seminar on the Subprime Mortgage Crisis.[1] This conference was considered sufficiently important that a follow-up session [2] has been scheduled for October. As well, about three weeks ago the AEI finally ...
By: HousingDoom
Credit Contraction Explained
2007-07-20 22:37:00 Check out this great article by M.A. Nystrom on how credit is created during booms and destroyed during busts. The reality is, overextension of credit during booms is what leads to the subsequent bust periods, and is a natural part of the risk adjustment process. Trying to end this cycle just creates larger ...
By: Ponderthis...
Where?s the Risk? Whalen Presentation Curiously Timely
2007-06-15 09:01:00 AEI’s March 28, 2007 Subprime Seminar - VIII This unofficial transcript of Chris Whalen’s talk given at AEI’s March 28th seminar on the Subprime Mortgage Crisis [1] completes Doom’s effort as far as the main presentations go. There remains a four minute discussion among the panel members and a couple of longish sections of ...
By: HousingDoom
Did Chris Whalen Nail This Or What?
2007-06-14 19:40:00 I’m continuing work on Doom’s unofficial transcript of AEI’s March 28th seminar on the Subprime Mortgage Crisis [1] as fast as MP3 and Professor Dvorak allow. This morning I was just finishing up the draft transcript for Chris Whalen’s presentation and, well … Chris Whalen [0:49:49]: Imagine I’m a trader in a hedge fund. ...
By: HousingDoom
Subprime To Dominate 2008 Election
2007-06-14 09:01:00 ===============================- ANOTHER HOUSING DOOM AD == Doomers in DC should mark Thursday October 11, 2007 on their calendars. Back by popular demand — Alex Pollock, Nouriel Roubini, and the whole gang are doing a repeat performance. For details see AEI’s event site for "Deflating Housing Bubble II: Not Just Subprime".=================-============ AEI’s March 28, ...
By: HousingDoom
A Good Start ? Pollock & Bagehot Tee It Up
2007-06-09 09:01:00 AEI’s March 28, 2007 Subprime Seminar - VI Doom’s effort to produce a complete transcript of AEI’s March 28th seminar on the Subprime Mortgage Crisis [1] is now about one half done. The plan from this point is to start at the beginning and work through the segments not yet covered. Seminar moderator ...
By: HousingDoom
Early Pay Defaults Drove the Subprime Crisis - Zimmerman Transcript
2007-06-07 12:20:00 AEI’s March 28, 2007 Subprime Seminar - V For many of the people involved, the high point of AEI’s March 28th seminar on the Subprime Mortgage Crisis [1] was UBS researcher Tom Zimmerman’s 25 minute presentation and PowerPoint slide show.[2] His two key points are simple enough. Eroding house prices, or House Price ...
By: HousingDoom
Amendment Dares Not Speak Its Name
2007-05-24 09:01:00 Doomers will recall that we have been covering H.R. 1427, the GSE reform bill, in posts on May 12th (note especially comment #5 under that post) and May 18th. Special attention has been paid to the Bean-Neugebauer amendment, a bi-partisan effort to water down any new regulator’s ability to monitor systemic risk arising from ...
By: HousingDoom
Congress to GSEs ? Got Rope?
2007-05-12 09:01:00 Hat tip to occasional Doom reader and Ben’s stalwart Neil (Got popcorn?) for the title idea. Doom has been avidly watching the rise of new housing blogger Bill Maloni [1] over the last couple of months. This former Fannie head lobbyist and now self-proclaimed independent commentator is clearly still in ...
By: HousingDoom
Securitization on Trial - Bert?s First Question
2007-05-07 09:01:00 AEI’s March 28, 2007 Subprime Seminar - III I - A Slightly Off-Beat Question, April 5, 2007 II - Subprime Spillover Discussion - and a Bit of Business, April 7, 2007 Almost every homeowner knows that a mortgage is a complicated beast, but have you ever given a thought to the people who ...
By: HousingDoom
Subprime Grief: Now Entering Stage Three - Negotiation
2007-04-18 09:01:00 So many auctions in the country:that mad roll of syllables blowing infrom all directions, the heart’s true musicplaintive and crude, … [1] The humorous video about "stages of grief" that Jan-Martin linked to on April 12th had a serious purpose. Precious few diehards [2] are still in Denial about the widespread foreclosure ...
By: HousingDoom
A Confusion of Credit Contraction Evidence
2007-01-22 07:43:01 ========================= This may be a Doom first, an advertisement. Doomers who will be near Tucson Thursday evening should take note of this event from the Arizona Daily Star Business Calendar (published Jan 12th). Thursday…Economic Outlook and Developments in Mortgage Markets — Berger Auditorium, McClelland Hall, University of Arizona, 1130 E. Helen St. ...
By: HousingDoom
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