Tags: Credit + Economy + investing + LIBOR + Mortgages
LIBOR, the London Interbank Offering Rate, is broken and must be fixed. It seems that participating banks that set the LIBOR are reporting mysteriously divergent borrowing costs. UBS for example, which has reported $38 billion in write-offs related to the mortage crisis, has
May 27, 2008 - Economy, Markets - 0 Comments
Tags: Economy + Federal Reserve + housing + Interest Rates + Markets + Mortgages + Taxes
Federal Reserve chairman Ben Bernanke once again gave a sobering speach to update us on the credit crisis. Basically he said it that delinquencies and foreclosures would continue for some time principally for three reasons: (1) there was an on-going imbalance in supply and demand for housing (2) about one and a half million Adjustable
March 5, 2008 - Economy, Politics - 0 Comments
Tags: Bloomberg + GAO + Ginnie Mae + Mortgages
It’s bad enough to think that there’s a some probability that Ginnie Mae can’t produce ownership records on some volume of its mortgages, but consider also that Ginnie Mae, the government agency who guarantees mortgage loans, just maybe be a ticking time bomb ready to implode from its bureaucratic sleep. According to the Bloomberg News article last Friday, February 22nd, numerous lenders […]
February 24, 2008 - Markets, Politics - 0 Comments
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