Hints and tips:
...Some hope a bigger fillip to Britain Inc will come from lower oil prices, but that is a vain hope....
...Shares of some of the largest funds invested in the residential mortgage-backed securities market tumbled after two companies — Invesco Mortgage Capital and MFA Financial — said that they had been unable...
...Mortgage availability at higher LTVs has fallen by c85% while with more than 8m workers furloughed, we are cautious about incremental demand....
...Overnight, the Federal Reserve had spent $85bn to bail out the huge insurance company AIG, which had unwisely guaranteed much credit now sitting on banks’ books....
...The UK-based company, whose shares trade at 560 times 2019 forecast earnings, should feel right at home as it launches in America’s Golden State....
...US court told PwC cut corners in Colonial audit Control+C, Control+V....
...“The Chinese economy is slowing down and this is a structural slowdown so we don’t think there will be a V-shaped recovery any time soon. There’s no quick fix.”...
...The Washington-based institutions guarantee home loans....
...When the home buyers failed to pay their debts, the mortgage-bond bulls wound up shirtless and the unprepared credit insurers lost the ability to digest solid food....
...The performance was boosted by holding mortgage-backed debt not guaranteed by US government agencies which benefited from an improved housing market....
...As of the end of December, 77 per cent of Fannie Mae’s single family home book of businesses was made up of loans it had purchased or guaranteed since the beginning of 2009....
...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....
...on a pool of government-guaranteed mortgages that it currently holds in its portfolio… it is hoped that they will help discover a market price for default risks that are currently borne by the taxpayer....
...Issuance of mortgage bonds backed by non-government guaranteed loans – so-called “private label securitisation” – dried up after the housing bubble burst in 2008....
...As part of the settlement, the mortgage companies may forgive loan principal on non-government guaranteed mortgage-backed securities....
...Last week, BofA said that 60 per cent of the $4.75bn in first-lien mortgage principal it has thus far agreed to forgive would come from non-government guaranteed loans that were packaged into bonds and sold...
...(Financial Times) Average home prices in the US increased 2.2 per cent from April to May....
...The certificates were put into hundreds of shopping carts and wheeled from AIG to their new home, the fortresslike building that houses the New York Fed....
...Even in its home market, the bank only ranks sixth in what is the most publicly exposed part of investment banking....
...Funding III, which was comprised of securities tied to home mortgages....
...While many proprietary traders have made the switch to hedge funds, prosperity is far from guaranteed....
...To restore stability, the eurozone needs to institute jointly guaranteed eurozone bonds underpinned by ironclad and enforceable centralised fiscal discipline; eurozone-wide deposit insurance; and mandatory...
...Both are held by the Scottish Mortgage Investment Trust....
...There is no maximum amount of “credits” the banks can earn from reducing principal on mortgages not guaranteed by the government that have been bundled into securities, Mr Donovan said....
...transfer of US taxpayer wealth to the biggest US lenders, whose “second mortgages” are subordinate to the debt owned or guaranteed by Fannie Mae and Freddie Mac....
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