A little humor for the day…..
A little humor for the day…..
The website of W.J. Bradley tells it all:
On March 13, 2016, W.J. Bradley Mortgage Capital and related companies approved an orderly wind-down of the Company. After consulting with its advisors, the Company determined that an orderly wind-down is in the best interest of the Company, its creditors and other stakeholders.
The Company ceased operations and stopped funding new loans on March 13, 2016. It is hoped that undertaking the wind-down through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on existing customers and maximize the value of the Company’s assets.
According to the Rob Chrisman report on Mortgage News Daily, employees were toldnot to show up for work on Monday.
Further, in a memo obtained by Chrisman, employees were told, “unless otherwise informed, any work time invested on March 14, 2016 or beyond will be unpaid.”
Warren Buffett didn’t see the bubble
Of the nearly 200 interview transcripts released Friday, one of the most striking is the full transcript of a May 26, 2010, interview with Warren Buffett on the causes of the financial crisis. Mr. Buffett said he missed the housing bubble like most other Americans: “If I had seen what was coming, I would have behaved differently,” he told the commission. Asked whether monetary policy caused the financial crisis, Mr. Buffett said no. “I think the primary cause was an almost universal belief, among everybody and I don’t ascribe particular blame to any part of it–whether it’s Congress, media, regulators, homeowners, mortgage bankers, Wall Street, everybody–that house prices would go up.”
Paulson blasts Fannie, Freddie
Former Treasury Secretary Henry Paulson called the business model for Fannie Mae and Freddie Mac–private housing-finance companies with government charters–“perverse” and seemingly inconceivable. Their flaws, he said, were “flimsy capital” and a regulator with no power. The companies had a “very bad model with very bad incentives…it’s not just that the elephant was too big for the tent–the elephant was ugly!” he said.
Former Federal Reserve Chairman Alan Greenspan defended the central bank’s actions in the lead-up to the financial crisis, saying Fed officials are often no better at predicting the future than the rest of us. “Could we have done better? Yes, if we could forecast better. But we can’t,” he told the commission’s staff, adding that the Fed’s Board of Governors had got a bad rap. “Who was not culpable?” he asked. “If you wrote them down, you’d have a blank sheet of paper.”
Did Ken Lewis save the world?
That’s Mr. Buffett’s view. He points out that if the Bank of America CEO hadn’t bought Merrill Lynch in the days following the failure of Lehman Brothers, “the system would have stopped.” He muses about writing a fictional book titled “If Ken Lewis Hadn’t Answered the Phone,” telling a story about what would have happened. “It would be a hell of a book. I’m not sure what the ending would be.”
Blankfein confronts leverage
Goldman Sachs CEO Lloyd Blankfein acknowledged he didn’t understand leverage as a “meaningful metric” to gauge the financial condition of his company, according to a paraphrased June 2010 interview. “Until recently, I wasn’t even conscious of what our leverage was, in the sense of, the amount of our gross assets versus our equity,” he said. “I always thought of it in terms of risk of the way our balance sheet was run.”
This is going to be very interesting election…
Authored by Piper McGowan and originally published at The Daily Sheeple.
We all know the elite are on the warpath against Donald Trump, with everyone from pundits, to major world leaders, to the Pope speaking out against him. Newt Gingrich recently said it’s because Trump isn’t part of the secret societies and hasn’t taken the initiation rites.
Regardless, Trump has received a groundswell of support from the average conservative American, winning state primaries left and right. Ohio’s primary is coming up on March 15, and it’s a big one because it’s a “winner takes all” state.
Well now it’s being alleged that Ohio’s GOP has intentionally set up a confusing ballot in a bid to try to make sure Donald Trump does not win.
The Dem ballot has one place for voters to mark their choice for president. Period.
The Republican ballot in Ohio this year apparently has two, leaving a lot more questions than answers about whether or not voters will understand how it works.
Take a look, (via the Conservative Treehouse):
South Korea’s competition watchdog said it had fined HSBC Holdings Plc’s Hong Kong unit and Deutsche Bank AG a combined 59 million won ($50,000) for colluding on foreign exchange swap bids – its first-ever penalty for an FX derivatives-related case.
Officials at the banks agreed to avoid competition and alternately win four rounds of bidding for a company’s FX swaps in 2011, the country’s Fair Trade Commission said in a statement. It did not identify the company.
The watchdog fined HSBC 46 million won and Deutsche 13 million won. HSBC’s Seoul branch said it has cooperated fully with the Fair Trade Commission. Deutsche declined to comment.
“As the first ever FX derivatives-related case the Fair Trade Commission has uncovered and penalized, the FTC hopes price collusion against clients in the FX market will decrease through this measure,” it said.
J.P. Morgan Chase & Co. is trying to sell new securities that would pass along most of the credit risk on $1.9 billion in mortgages, in an attempt to revive a debt market that has been largely left to the government since the financial crisis.
The largest U.S. bank by assets is expected to price the residential mortgage-backed deal over the next two weeks. J.P. Morgan would hold 90% of the deal by keeping the safest parts, or the most senior tranches, and plans to sell off the riskier pieces to investors.
Banks issued trillions of dollars worth of bonds backed by home loans in the years before the financial crisis but have had trouble winning over investors burned when the market crashed. Financial institutions issued $61.6 billion in private mortgage bonds in 2015, up from $54.1 billion in 2014 but a fraction of the $1.19 trillion issued at the peak of the housing boom in 2005, according to data from trade publication Inside Mortgage Finance.