Monthly Archives: April 2008

Merrill Lynch’s Mortgage Mess

Bloomberg reports on the departure of Scott Soltas from Merrill Lynch. Soltas headed Merrill’s global mortgage operation. The bloke is only 46 but he took the retirement package offered him. Nice knowing you, mate. Merrill Lynch lost almost $32 billion … Continue reading

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Interest Rates Can’t Go Any Lower

Don’t expect any more cuts after today’s little one. The Federal Reserve has little space to maneuver. The dollar is weak and inflation is picking up. Monetary policy has reached its limits. Here’s a column: Will This Be the Last … Continue reading

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US Housing Market Loses $536 Billion In February

Half a trillion wiped out in a month? It looks that way when you examine what happened in February in America’s housing market. Housing prices were down almost 3%. No bottom in sight? We’re looking at the top 20 housing … Continue reading

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Getting Into Debt To Stay Afloat

A wiser move would be to reduce expenses. Instead Americans are turning to different loans. Can’t pay your mortgage? Turn to a credit card. Not a good long-term strategy. Not such a good short-term one either. What’s causing this trouble? … Continue reading

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American Economic Confidence Limp

Will the tax rebate and a coming mortgage bail-out be the viagra the economy needs? Or will lower interest rates help businesses stand tall? Consumer confidence is way down notes this New York Times article. Foreclosures are way up. Economic … Continue reading

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Recovery In Sight

There’s a lot of bad news about the economy but we’re not in a recession. The stock market is doing fine. We have hope. Lower interest rates should heat up the economy later this year. Still, don’t expect a high-revving … Continue reading

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Bottoming Out Of The Mortgage Mess

Countrywide just reported a loss near one billion dollars. A federal government bail-out is coming. Even prime borrowers are hurt by the subprime crisis. It’s particularly bad in California. Doesn’t everything start here, including the subprime crisis? Real estate prices … Continue reading

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British Banks Reluctant To Loan

The Labor government is working to restore confidence among banks over lending to one another. The Bank of England governor testified before parliament. He wants a second five-year term as leader of the UK’s central bank. Mervyn King says he … Continue reading

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I’m Live On My Refinance Cam!

From my live chat: YourMoralLeader:  hi Emma! YourMoralLeader:  I’m a sensual semite! Emma:  Hey Luke! YourMoralLeader:  hi YourMoralLeader:  what have i missed? Emma:  Nothing… it’s dead in here without you. YourMoralLeader:  aww YourMoralLeader:  i thought it was dead without you … Continue reading

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Congress Expects To Pass Mortgage Relief By July

Barney Frank is all optimistic a deal will be reached. President Bush isn’t so excited about all this additional mortgage relief. He’d rather let the market do its thing. The Democrats and many Republicans want the FHA to expand its … Continue reading

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