Hints and tips:
...AGNC Investment Corp has $51.7bn, The Starwood Property Trust manages $28.3bn, Rithm Capital has $32bn, and the Blackstone Mortgage Trust another $26.8bn....
...These included credit card terms and conditions, and the process behind fulfilment of mortgages....
...And as we know from the last crisis, when people lose their jobs, they tend to stop paying mortgages, car loans, credit card bills and so on....
...of US and foreign government bonds, municipal debt and corporate and mortgage-backed securities — by more than $1.2bn in the quarter....
...Steve Black, the investment bank co-head in 2007, says JPMorgan’s tiny portfolio of collateralised debt obligations — the mortgage bonds that wreaked global havoc in 2008 — was key: “Our goal [generally]...
...Royal Bank of Canada, for example, which recently joined the club of the world’s most systemically important banks thanks to years of rapid asset growth, had a Canadian residential mortgage portfolio of...
...Shares of homebuilders also slipped, as the tax plan would limit Americans’ ability to deduct mortgage interest costs from their taxable income....
...The 30 companies have amassed a portfolio of more than $400bn of US corporate bonds, representing nearly 5 per cent of the outstanding market....
...He says his firm has recently “pivoted” from mortgage-related claims to oil....
...Several financial executives said they believed American consumers were resilient so they planned to increase lending through credit cards, mortgages and car loans....
...Citigroup’s best quarter for eight years was driven by a lack of one-off costs for lawsuits and solid earnings from the investment bank, with core operating revenues in the North American consumer banking...
...The class action suit was filed in 2008, shortly after AIG was rescued by the US Treasury and Federal Reserve as it racked up huge losses on insurance written on plunging mortgage securities....
...(WSJ) COMMENT ETC Strip private banks of their power to create money (Financial Times, Wolf) American state-backed mortgages are a $5tn millstone (Financial Times, Tett) The moment is right for housing...
...AIG was forced to sell a portfolio of MBS into a vehicle backed by the Federal Reserve as part of its $180bn government rescue....
...“The FDIC stopped issuing charters, period,” says Jonathan Holtaway, portfolio manager at Ategra Capital Management....
...just continuing to pay 10 per cent on the preferred shares acquired by the government in the bailout), and also that the two GSEs would have to quicken the pace at which they wind down their investment portfolios...
...Critics of the AIG rescue have noted that some of the large banks that sought and won assets from the ML III portfolio were also entities that had bought insurance on mortgage debt from AIG ahead of the...
...Homeward includes assets from various companies that fuelled the mortgage bubble, including Citigroup and American Home Mortgage....
...The Swiss bank also bought more than $13bn of mortgage-related securities in auctions earlier this year for Maiden Lane II, a separate portfolio of debt related to AIG’s bailout....
...As of Wednesday, the fair market value of Maiden Lane III’s remaining portfolio holdings was $15.5bn, according to the New York Fed....
...drag on the American economy....
...By the time of the Lehman bankruptcy the American political system was suffering from acute bailout fatigue: by September 15 2008, the US had already bailed out Bear Stearns (indirectly), Fannie Mae and...
...Maiden Lane II, another portfolio of debt from AIG’s bailout, was wound down this year after three block sales of the remaining subprime and other risky mortgage bonds....
...Efforts to sell Maiden Lane III assets come after the New York Fed sold the remaining assets in Maiden Lane II, another portfolio of mortgage debt that it acquired through AIG’s rescue, earlier this year...
...US Bancorp, the fifth largest bank in the US by deposits, offered a bullish take on the American economy, reporting higher first quarter net income of $1.3bn as consumer and commercial banking performed...
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