Hints and tips:
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...At some point, these companies won’t be able to keep servicing their debts....
...Confidence isn’t high, but the fact that they have money, they’re spending their money, they have $2tn still in the savings and checking accounts. Businesses are in good shape. Home prices are up....
...It’s not going to be debt holders, which are the Fed and the Federal Home Loan Bank of San Francisco. They are secured creditors who hold collateral against their loans....
...Further reading: The Restructuring Process — Buchheit et al. (2019)Government bonds since Waterloo — Meyer et al. (2021)The aftermath of sovereign debt crises: a narrative approach — Esteves et al. (2021...
...“We need to move quickly in spite of the geopolitical situation we’re facing — indeed, because of it,” he said....
...“If I think of the amount of pressure I’m under as a deposit taker and the care and attention I have to take when providing unsecured lending to younger people, it is staggering me that Klarna et al are...
..., Emin et al) with buildings by Ando, Rogers, Piano, Niemeyer and Nouvel....
...“We’re looking at a minimum population contraction of 10 per cent for the year,” Nasser al-Shaikh, a former head of Dubai’s department of finance, tweeted in April....
...And unlike Li Yonghong, who lost control of AC Milan to Elliott after he failed to repay €300m in high-interest loans, Lopez told the FT that he is personally liable for the loan rather than the club itself...
...Many of the companies have arrangements with peers in which one company guarantees a loan for another to convince banks to lend more....
...“We’re all in it together,” bankers told clients — but rumours swirled that the politically connected mega-rich had already got their money out, even as customers could withdraw only $200 per week in cash...
...Andrew Garthwaite et al at Credit Suisse has had a fiddle about with the model portfolio, resulting in insurers getting a push....
...Last summer, Freddie Mac, the home loans guarantor propped up by US taxpayers a decade ago after the subprime housing crisis, backed a $550m loan to the building’s owners — Moinian Group, among New York’...
...Back in the “old” town — viz: 1980s — we’re suddenly in an Indian city (more than 70 per cent of Dubai’s population is from the subcontinent)....
...that has effectively said, in the face of humanitarian disasters, We’re going to do very little”....
...– ignored “pervasive” deficiencies in the underlying loan pools and the servicing of the loans....
...(Bloomberg) - How Goldman (et al)’s aluminium warehousing cost American consumers $5bn in three years. (New York Times) - The commodities supercycle is still ending....
...That figure pales against the total value of the US housing market – $23.7tn at the end of 2012, according to Zillow – but it could grow exponentially if Blackstone et al are able to get their hands on cheap...
...What do you plan to do to cover the increase in taxes and reduction in your take-home pay?”...
...- Five hits from Scott Sumner, on the eurozone, FOMC, et al....
...Notwithstanding this central bank resolve and despite QE, OMT, et al., we remain strategically cautious. Our stubbornness is quite simple – fundamentals....
...Outside the EU, Russia, Turkey et al. are also vulnerable to “optimisation of risk-weighted assets,” to use the euphemism plastered all over eurozone banks’ Q3 results presentations....
...Familied in social housing will be able to buy their homes at a discount of up to 50%, with receipts re-invested in new housing projects. 12.54 Businesses with turnover of less than £50m will have access...
...There’s also a question over loan modifications — more on which here. So, $47bn in soured RMBS heading Bank of America’s way? Not so fast. We’re with Yves Smith on this one....
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