Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Freddie’

Dr. Doom Predicts Another $1 Trillion in Housing Losses

Posted by hkarner - 10. Dezember 2010

December 6, 2010, 2:28 pm

Giuseppe Aresu/Bloomberg News

As Nouriel Roubini heads to Athens to meet with investors and policymakers potentially about the debt crisis in Europe, the economist says he’s increasingly worried about a problem closer to home: America’s real estate mess.

The country’s real estate problems are “underappreciated,” and banks could face another $1 trillion in housing-related losses, Mr. Roubini said in a phone interview with DealBook on Monday. At the same time, he played down the issues in Ireland, Greece, Portugal and Spain, calling the matter “contained” for now.

The United States “real estate market, for sure, is double dipping,” Mr. Roubini said. “The apparent increase in prices has been fully reversed, demand is falling, and supply is going to increase.

The drumbeat of bad news grows louder. Sales of existing homes fell more than expected in October, down 2.2 percent to an annual rate of 4.43 million, the lowest level in more than a decade, according to the National Association of Realtors. After rising in the second quarter, Standard & Poor’s Case-Schiller home price index fell 2 percent in the third quarter. Den Rest des Beitrags lesen »


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The Subprime Debacle: Act 2, Part 2

Posted by hkarner - 27. Oktober 2010

Samstag, 23. Oktober 2010, 21:26:00 | John Mauldin

The Subprime Debacle: Act 2, Part 2
They Knew What They Were Selling
Warning to Mr. Robert Rubin and Management
Popping Through
It’s Time for Some Putback Payback
The Worst Deal of the Decade?
And Now to the World Series

At the end of last week’s letter on the whole mortgage foreclosure mess, I wrote:

„All those subprime and Alt-A mortgages written in the middle of the last decade? They were packaged and sold in securities. They have had huge losses. But those securities had representations and warranties about what was in them. And guess what, the investment banks may have stretched credibility about those warranties. There is the real probability that the investment banks that sold them are going to have to buy them back. We are talking the potential for multiple hundreds of billions of dollars in losses that will have to be eaten by the large investment banks. We will get into details, but it could create the potential for some banks to have real problems.“

Real problems indeed. Seems the Fed, PIMCO, and others are suing Countrywide over this very topic. We will go into detail later in this week’s letter, covering the massive fraud involved in the sale of mortgage-backed securities. Frankly, this is scandalous. It is almost too much to contemplate, but I will make an effort. Den Rest des Beitrags lesen »

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US-Regierung stützt Freddie Mac schon mit 64 Milliarden Dollar

Posted by hkarner - 9. August 2010

09. August 2010, 19:13 Uhr

Neue Geldspritze

Freddie Mac ist ein Fass ohne Boden. Der US-Hypothekenanbieter benötigt fast zwei Milliarden Dollar zusätzlich. Damit summieren sich die Staatshilfen für das Pleite-Unternehmen auf gigantische 64 Milliarden Dollar.

McLean – Erst Fannie Mae, jetzt Freddie Mac: Auch der zweite große Hypothekenfinanzierer in den USA braucht weitere Hilfen vom Staat. Wie das Institut am Montag mitteilte, ist es auf zusätzliche 1,8 Milliarden Dollar angewiesen. Den Rest des Beitrags lesen »

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MGIC, Radian Private Mortgage Insurers in Trouble: Another Hampered Business in the Subprime Aftermath?

Posted by hkarner - 13. November 2009

Fannie Mae and Freddie Mac remain liable if the mortgage and bond insurers they bought protection from fails to pay. „Fannie Mae has about US$109.5 billion of mortgage-insurance coverage in force, which represents 4% of all single-family home loans it owns or guarantees. Freddie Mac had US$63.4 billion in mortgage insurance and US$12.2 billion in bond insurance.“ Moreover, The GSEs can only buy high LTV loans if the buyer has mortgage insurance. In October 2009, S&P downgraded MGIC, the largest insurance provider for the GSEs, and placed seven other mortgage insurance companies on watch for downgrade. (Wall Street Journal)

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