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The $1,387,796,500,000 Off-Balance Sheet Securitized Real Estate Loan Question
With all the hoopla around fraudclosure, it appears that pundits seem to be forgetting one important thing: namely, the fact that in addition to the $6.8 trillion in loans and leases in bank credit (per latest H.8) which is kept on the ponzi books (those afforded the mark-to-unicorn treatment by the FASB), there is also this little thing known as off-balance sheet securitization. And while the Fed was good enough to force the reclassification of around $400 billion in securitized consumer loans to bank books in March, the question of why a far greater number of securitized real estate loans continue to be carried off the bank books is (or should be) suddenly rather timely. Especially since the number is rather large: some $1,387,796,500,000 as of October 6 (seasonally adjusted) which also represent the bulk of off balance sheet holdings. Perhaps some of those very vocal advocates of how this whole mortgage crisis is nothing but a storm in a teacup can provide for a definite accounting method of how these nearly $1.4 trillion in securitizations will not be impaired. As otherwise the investing public may get some very nasty ideas that not all is well in off-balance sheet world and that this whole overture is nothing but a way to streamline the implementation of TARP 2...
Visual representation of said loans:
Source: H.8
h/t Geoffrey Batt
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"$1,387,796,500,000"
Don't worry, o'brother. The almighty FED will pay that for us.
No need for TARP 2 or 3 or 4..... The Cesspool Bank, other wise known as the FED, will take your fraudulent, toxic MBSs and toss them on the compost pile known as their "balance sheet". In return, banksters will get full value in electronic credits which can be used to buy government debt with a 2% guaranteed spread. The government will sprinkle the newly created "money" throughout the land (like liquid pig shit) to fertilize the dying green shoots. Banksters will "own" the government, plus pay themselves billions in bonuses for their clever ability to generate profits from recycling shit. We now live under "BANKSTER RULES" get used to it.
The Pledge of Malfeasance
"I pledge malfeasance to the logo of the Banana Republic of America and to the deceit for which it stands, one fraud, under Lloyd, concealable, with bribery and injustice for all."
- Assumptionblindness
The Pledge is to be recited not with hand over heart, but facing away, stooped over, grasping ankles.
Yes, just like this:
http://www.youtube.com/watch?v=qdFLPn30dvQ
Hey you don't like living under BANKSTER RULES? Then get the fuck outa our house. Plus pay your back mortgage payments, plus the fuckin vig! Shut the fuck up, don't make a big deal out of this.
http://www.youtube.com/watch?v=E4VxewepbYk&feature=related
You got it and this guy put it to song...http://www.youtube.com/watch?v=AmBjG7ALvjc
That's a very punchy paragraph. Love it. Some questions however: (Not just for you, but anyone who wants to take a stab at them, I guess)
1) isn't there a point where the Fed runs out of other people's money? Forgive me a brief relapse from a myopic national perspective, but won't foreign capital go somewhere else eventually? Isn't there a point when not only the global capital, but also the Fed/Congress/Treasury can't tap the beleaguered tax-payer any further? What happens to the banks then?
2) if you're the banks, why waste time on "dying green shoots". Won't they just take the money going to China, India, Brazil, etc.
I guess my point is that capital can be very stupid in the short-term, but long-term it's never wrong. How long 'til the Fed and the banks it represents, are eventually left high and dry?
No need for "other people's money" when you can print your own. FED is now the second largest holder of Treasury debt, behind China for a couple more weeks. No real capital is being created or used, this is just a classic debasement of currency. The FED has thrown in the towel on "maintaining" the value of the dollar.
Dr. Marc Faber said, "It took the Federal Reserve almost 100 years to devalue the dollar 97%, the next 97% won't take as long."
Real wealth, the means of production, is shifting to China, India and Brazil, this is the Globalist plan. There is a big club and you ain't in it:
http://www.youtube.com/watch?v=acLW1vFO-2Q
Thank you. Very enlightening. Carlin: funny as hell, scary as hell, all at the same time. (Something's wrong with audio on this link, however)
Can I have that in 1s, 5s, and quarters please....
With such gargantuan deficits, off balance sheet crookery, and unwieldy credit problems...
The globe continues to buy U.S. Treasuries hand over fist.
In fact, real interest rates are now negative on the short end.
The clamoring for Uncle Gorilla loans is unprecedented.
October 2010 Real Interest Rates
Date 5 yr 7 yr 10 yr 20 yr 30 yr 10/01/10 -0.07% 0.27% 0.75% 1.49% 1.61% 10/04/10 -0.10% 0.24% 0.72% 1.49% 1.59% 10/05/10 -0.19% 0.16% 0.65% 1.40% 1.54% 10/06/10 -0.29% 0.04% 0.52% 1.31% 1.43% 10/07/10 -0.27% 0.06% 0.53% 1.34% 1.48% 10/08/10 -0.37% -0.03% 0.45% 1.27% 1.42% 10/11/10 NaN% NaN% NaN% N/A N/A 10/12/10 -0.34% 0.00% 0.49% 1.32% 1.46% 10/13/10 -0.44% -0.07% 0.44% 1.25% 1.41% 10/14/10 -0.49% -0.12% 0.41% 1.23% 1.36% 10/15/10 -0.38% -0.02% 0.50% 1.32% 1.42% 10/18/10 -0.39% -0.04% 0.47% 1.29% 1.39% 10/19/10 -0.40% -0.05% 0.44% 1.22% 1.35%Globe = federal reserve.
HTF do you have a negative interest rate? Does the Treasury 'pay the purchaser' of said Treasuries to make said purchase?
I thought our artificial interest rates already had a "negative" effect
"Real interest rate" ie, net of inflation, but yes, we are getting there.
Other way around...the purchaser, in effect, pays the issuer. And yes, it is incredible inasmuch as it amounts to the wholesale destruction of (rather than the addition to) capital. It is the black hole of capital; so BB better watch what he's doing b/c its destructive power is indiscriminate.
.
Thanks, WS. I get it now.
Friggin' nuts.
That's the whole point of the Fed's moves. They need negative interest rates to create their "wealth effect". More money will be forced into investment (small business, etc.) and equities. The theory is, that creates more household wealth in which to spend, which creates more demand, which creates more jobs to keep up with demand.
At least that's what they're hoping they'll accomplish.
They need negative interest rates to keep the banks afloat ...
And the beautiful thing is that there are no side effects.
Unless you think handing free properties to megabanks at public expense is a problem.
correct me if i'm wrong, but it appears that this phenomenon is moving up the curve ...?
Why?
Just playing the bubble until it bursts?
Faith in the U.S. government and the dollar in times of global deflation?
One last harvesting of the American taxpayer?
Need for dollars to buy oil?
Battling the Fed for supremacy in the race to the bottom in the currency wars?
Stupidity?
What's you're take?
What else are you going to do with the immense supply of USDs that is out there? When we talk about global interest in Treasuries, we need to keep in mind that it is USDs, not Euros, or yuan, that are swapped for Treasuries. Treasuries are just a place to park USDs, and earn a bit of interest. Then they go back to being free-swimming USDs.
Is 1.4 trillion dollars still considered real money? It's so hard to tell with how fast hte numbers climb...
<sarc>Hmmm...more than a bailout, less than the yearly deficit. Tough call. </sarc>
Toxic sludge, mmmmmmm
http://www.rsterling.com/services/articles/hazardous_waste.jpg
Is the 1.4 trillion what the fed is currently holding?
Is not Skilling doing hard time for this exact same offense? Sucks to be early.
Enron was chump change. By the time these guys get caught, the jails will be too full for them, and they're counting on that.
Ever play poker with a guy who gets in the whole, goes double or nothing a few times and gets so underwater at the end he expects his friends to let him off? I think this is so big now they all know the end game is a currency reset and debts wiped off the book. That's why no real people are buying in anymore. The rest is countries playing a stupid game of monopoly to control exchange rates.
+1, Yup.. Lawyers are not only personally involved with they're own
issues. All 50 AG's, scratch that.. All lawyers on deck to sort out the
mess..
But, It will never get sorted out.. Nor could the markets handle the languishing pace of litigation. Its over.. "Reset" will start creeping into MSM
vernacular after the silly season.
I tell you what keeps crossing my mind lately...nothing.
These contracts and counter contracts, side bets, hedged, wedged, promised, etc. with ambiguous or even non existent assets...nothing. Not only are the dollars backed by nothing, our whole economic system is a NAKED SHORT. I'll pull a guess out of my ass because that is all I am capeable of doing. Bet we have 1 unit of value in existence for every 1,000 units of value listed on the books. It has to evaporate because it is bullshit. It looks like wealth/collateral, but it ain't. Physical possession could become 9/10ths of the law.
Listening to Rickards the other day on Kingworld news, he was saying, between Fort Knox (yea, I know, probably another naked short), and all the gold we hold physically for others, and our mining, USA is to gold what SA is to Oil. He says we will probably seize it all and then say "Fuck you." That would be a hell of a reset, eh?
+1
Keiser said the other day that the US is contemplated seizing the gold held at lease in the NYFED before the next crisis. 6k tonnes there and 8k tonnes at Knox. Even if it is all Tungsten, who will ever tell? I bet even Ron Paul would not NARQ. This has been one of the big reasons I think that killing the dollar is an inside job (that and the fact that Bernanke openly admits a weak dollar policy). Once this all comes down, whenever that is, the US will still have all the "gold". This is why China is letting the blood of the ponzi corpse as long as possible; they need to change their blood for gold still, and so does everybody. The farce will continue this way until either the people wake up, or they are enslaved onto the land that they were bourne. The end result will be so similar, as we will once again be reliant on ourselves without easy technology, it will be a travesty if we give away our freedom/let it be taken from us.
Agree. How anyone underestimates the criminality of these folks these days is beyond me.
Of course, you are exactly right, although the actual ratio is difficult to determine.
Most who write about this either purposely mislead or don't know WTF they are talking about and further confuse the situation. Really, little actual betting is taking place, as it is mostly insider knowledge.
Someone securitizes debt, then issues financial instruments on the liability side. Someone buys one of those securitized financial instruments, listing it on the asset side, then generating further securitized financial instruments based upon that "asset" on the liability side. This spreads out and multiplies exponentially.
That was the first exponential layer. Next someone generates credit default swaps based upon one of those loans (which means at least two counterparties). This spreads upwards in an inverted root system (tree on bottom, roots projecting outward on top), and a various points one of those counterparties or issuers, wishes to back out of that "risk" and thus generates new financial instruments, generating new CDSes with further counterparties, etc.
This is Exponential Layer Number 2, with further exponential layers made up of instruments based upon clusters of those CDSes, and further instruments based upon clusters of those clusters of CDSes: Exponential Layers Numbers, 3, 4, 5, ad infinitum.
And then there are those side securitized debt instruments......
And then some clown always claims that deleveraging is a hoax!!!!!
But that is how one comes under the boot of those debt-financed billionaires and debt-financed trillionaires.
There's room at Guantanamo. No, really!
Tyler,
It seems you have a typo. Let me correct it for you.
Better!
TARget Practice II. Time to clean, load and Lock. The band is putting away the instruments--payday has arrived. America-it is fish or cut bait time. Milestones
Will it be on the back of another crISIS? I just do not think people will go for it, again, for the umpteenth time.
Mr LH
I agree that "the people" might not "go for it".
But what makes you or I think that "we the people" have anything other than a ceremonial "say" in how this country is operated? It seems to me everything the international banking cabal has demanded they in fact have received.
What will stop them from continuing to get what they want?
All "the people" have to do is act like those 'sissy' french and stand up for themselves. How many more months of hundreds of thousands of Americans declaring bankrupcy will it take? I really think that if there is another crisis, it all goes kaboom. Are the oilgarchs ready for that? Are they ready for anything? I think not, and I think that this foreclosuregate is the end all. I mean, now nobody knows who owns what house. Property rights, the one thing AMerica had going for it that the 3rd world did not, are in effect gone! What will people do if the Fed "owns" all the houses? Bow down and pay rent with monie earned from farming on facebook farmville? And then we can begin analyzing the supply side of the curve and you know where that leads. We are heading right for the crux, and we have to go for it. This is Luke blasting the Death Star. Foreclosuregate is the Death Star. We have to remake the whole system now.
Or................
Congress can pass a law making Fraudclosure all better. It will take years before it makes its way to the Supreme Court. By then it's all over but the shouting. Even the Supreme Court has recognized in other rulings that though a law may be un-consitutional, sometimes the damage is done and even they can't reverse it.
It's a page drawn from the old time playbook.
As much as I would like to see this all come tumbling down, the powers that be aren't going to just walk away. What use is the power they have if they don't try and use it? The question is this. Are WE going to exercise "we the people" power or not? They are going to play "bluff" and they're ready to back up their bluff. Are we?
This is what I'm expecting...
The lameduck Dems (oxymoron) during the lame duck session will pass a $200 Get Out of Jail Free Fauxclosure waiver/amnesty bill for the banks.
This thought isn't going over well here on ZH. As much as I believe we all need hope, the last thing we need is false hope. The powers that be consistently have shown us they're willing to go to the mat to get what they want.
If FraudClosure can bring them down, why would we possibly hope or believe they will just roll over and die? And why would we hope and believe that the fawning corporate press, aka mainstream media, will do anything other than their job which is to obstruct and distract?
Think about what it would take: well-informed, well-educated people, capable of critical thinking and that are willing to die for a just cause.
Then think about the U.S. citizenry. How many out there are, to use your words "willing to go to the mat." Maybe a few thousand, give or take?
I could be wrong, but it looks like easy pickin's for TPTB. The fog is too thick, the patriots too few.
Speaking of which who here cares to pay their mortgage anymore?
I want my HARPP too....Housing Appropriation Reparation Payment Plan from the Fed!
Timmay just announced his new HUMP program for home owners...
Chump Change...and I'm a Monkey! wait...what balance sheet, what are those?!
If you're a Monkey, I'm a Monkey's uncle. :>)
Thanks for stopping by Ruth.
Mark-to-Unicorn...stealing that Tyler :)
Mark to Mark David Chapman
lol
and just like Chapman, the government is killing the wrong people first.
MSM chanting on Senate Chamber steps: "TARP2! TARP2!..."
Chris "Douche Bag" Dodd emerges from the chamber...
Dodd: "On my way out the Senate door... As a (air quotes) 'Friend of Tangelo'..."
"My lame duck Senators and I are here to announce..."
"The 'Troubled Ass-Holes Re-Looting Program 2'..."
To wild cheers from the idiot MSM... while CNBC Anchorettes gush wildly in their chairs...
while CNBC Anchorettes gush wildly in their chairs
LOL!
Yeah! [Gushes, shakes pom-pom]
Funny stuff.
The Movie
TARP-2 Re-looted.
Bernanke wearing shades, "There is no dollar." Inside the theatre were a group of politicos and banksters. They were here to watch Bernanke's new movie, "The Ponzi". "Pass the popcorn you fat 'tard!" Yelled Lloyd at Fwank. "I wove dat wine! Don't you wuv dat wine?" Squeled Bawknee Fwank with glee from the audience, as Bernanke walked around the Oracle's room with his same, 'I am a little high on Methadone' expression he always has.
"So, are you the one?" She asked. "Yes." He replied. "Funny, you were suppossed to say no. It would represent your current phase of the hero cycle; that you do not know you know." "Oh. Then no, I am not the one." She looked at him puzzled. "Are you just saying that?" "Look, I do not have a lot of time, just tell me where my printing press is." "Well I do not know!" "Shit! You are the Oracle, you are supposed to know everything!" He thought maybe he should call LawWrench Summers and let him know the Oracle had let him down, but he only got his answering machine. "This is Larry, I will be on a holiday for the forseeable future. Please do not try and contact me." Bernanke did not know what to do, but because he thought he was the chosen one, jumped out the window in an attempt to fly. "Oeou uh uh!" Said the Oracle as she lunged after him, but it was too late. Bernanke landed on the ground with a thud, and with 36 broken bones, he gave the Oracle the thumbs up. He tried to walk away, but it was no use, his legs were broken. "What a dumb son of a...."
"...as Bernanke walked around the Oracle's room with his same, 'I am a little high on Methadone' expression he always has. "
+5
Too fucking funny!!
He does look a little bit blissed out.
(repost from POMO comment section) Update on Portugal.
For all those that asked me to keep you posted, here's the latest:
1) Last night the leader of the opposition set down 10 demands the govt. must concede or else he won't pass the austerity budget. These demands are basically to tone down the planned spending cuts and tax hikes.
2) Today the govt postponed the budget vote until November (it was supposed to be by the end of October). Not a good sign IMO.
3) The war of words between the (discredited and corrupt) socialist PM and the leader of the opposition (surely the next PM) has escalated. They both called each other liars publicly and now refuse to negotiate without witnesses present.
4) Meanwhile the govt still hasn't disclosed how much spending has already gone on in 2010. The only certainty appears to be that spending has increased instead of decreasing. The opposition says the government is hiding the true extent of its financial predicament. The Socialists in power have a slim majority which is not enough to pass the austerity measures through parliament.
5) Many former Finance Ministers have appeared on TV stating publicly that it is better to get the IMF/EFSF in right away before spending gets out of hand and the country erupts into a political crisis. Also, the former leader of the IMF team that came to Portugal in 1983 was also interviewed on TV and advised the Portuguese govt to invite in the IMF ASAP.
6) Due to Presidential elections in January, parliamentary elections cannot be called before Spring 2011 at the earliest, which means any political crisis (highly likely) will be a serious affair.
7) The biggest unions in the country have united and will hold a general strike on the 24th of November.They promise to hold the biggest strike in Portuguese history and paralize the country. (Look at France to get a taste of how tough it will be to implement austerity in welfare state EU).
To sum up: Portugal will inevitably have to be bailed out by the IMF/EFSF. It's no longer a question of if, but when. In Portugal the proverbial shit is hitting the fan.
Hope you guys find this info useful. It's all factual except my opinion in the 2nd to last sentence.
Isn't Socialism great?
Cheers
Thanks for the update.
The Portuguese government has only one option left - Benfica will have to sign Cristiano Ronaldo from Real Madrid.
I predict that soon the government will ask Ronaldo for a bailout ;-)
No way Benfica can afford him.
Many thanks. I have to wonder though, why are the unions waiting till Nov 24 to strike against a budget that is scheduled to be adopted before then? Is that because they actually support the socialist government and think they'll get an austerity that's more to their favor than the austerity they would get from the opposition? Just guessing.
Anyway, I'm with your call completely. And for Ireland - I guess everybody knows they're not coming back to the bond market - and for Spain.
It's a good question. I thought the same thing, although I don't really know how these union guys think.
Yesterday I saw an older lady on TV (a civil servant) yelling at the 2 union leaders as they were delivering their strike notice to the Ministry of Labour (sounds so 1984 lol).
She basically yelled at them to "get a job" and "quit ruining this country". Since the TV crew was around, they tried to debate with her telling her they were working to defend workers rights. She said she was a civil servant and many of them don't want to work because of people like them (union leaders). You should have seen the shock on their face when one of "their own" turned on them like that. They told her she was attacking her own class (these guys still live in the cold war mentality), whereas she just kept yelling at them "get a job."
Hilarious stuff but also an indication of how tense the situation is becoming day by day.
Time to draw on those 382 tons of gold. Or maybe they were already sold in promise of future bailout.
Thanks for the post, keep 'em coming... :)
It appears to me, this is a nice abuse of MSM from Germany to devalue the EUR without printing.
It would also be interesting to see how many of those loans are current and who exactly is making the payment on them.
IMO TARP 2 is useless, redundant and politically inexpedient when the Fed just does what it damn well pleases anyway. Why would politicians even bother to go through the hassle of debating TARP 2 when the Fed can secretly bail out all the banks with freshly created US dollars and not bother to tell anyone... and pretend through the captive MSM that it never happened.
The entire system is such a fraud that it has reach a massive and continuous "guffaw" on the "joke is on us" meter.
To me the question should be:
TARP II vs. QE 2.
If it is a given that QE 2 will happen (and is priced in), will the POMO's flow to the TARP side of the equation or will the flow to the equity inflation side...
Politically, I'm not sure that they can do TARP II AND QE 2... Where's the greater risk?
The Fed has committed themselves to QE 2 = Equity Inflation thinking that the fauxclosure issue would fly onder the radar, but alas the banking issues have come front and center AGAIN and will have to be dealt with...
Will the Fed drop out of their QE 2 "Prevent Defense" trying to keep equities aloft and drop into a "Cover 2" zone defense for the banks, allowing equites to fend for themselves, think that they can come back to that like they did in '08?
QE2 will fund TARP2
So if QE funds TARP, what does that mean for equities?
No idea, TPTB will pick winners and losers. I prefer not to play there game and only invest in real world assets. You can do this through equities, but remember to choose one with little to no debt because if the credit markets lock up they won't be able to roll their debt and could wipe out equity value.
I'll go out on a limb and guess that TBTF banksters will survive and prosper despite any MBS issues. Record breaking bonuses will be paid to top banksters for their ability to turn shit into gold. The banksters will give the whores in D.C. some money to go "buy a new dress and shut the fuck up". Pimping ain't easy.
We will continue to live under "BANKSTER RULE".
"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."
- Napoleon Bonaparte, 1815
I can't argue against that. I'm with you and Napoleon on this one.
The real problem is that there aren't enough small time crooks out there.
Would any one like to buy (on credit) a made up title to something I don't own? I promise low interest rates.
If everyone just quit getting bogged down by things with "real value" and just went to straight pretend time, dept could be the new monetary system, it's not what you got, but what you don't, and who you sold it to at an interest. WEEEEEEE!
Harry how high will the rug need to be raised to sweep this under ...
Same rug with the same stuff being swept under it. Just ZH attaching some numbers to it.
How can they sweep $6.8 trillion under a rug...?
What will happen to the bond market? How will they sell a 6 trillion dollar bailout to the public for the same banks that started this in 2007 & those same banks have been implicated in massive fraud in the mortgage market.....
Like selling 500 k condo's in vegas, not going to happen ....
good call, ty
How in the hell did off-balance sheet accounting even begin? Anyone have a history on that?
I'm wondering the same thing. If I never hear those words again (viz. "Off Balance Sheet") it will be too soon.
I know that the LBJ administration (or was it Nixon?) first started doing this off-balance sheet crap when the privatized/off-loaded FNMA & FHLMC so that they could fund the Vietnam War and the "Great Society" social spending. So add "off-balance sheet" to the list of evil things cooked up by the Feds.
It started as the fairly honest and rational process of defeasance - offsetting bond liabilities with other bonds of similar or better quality. See wiki or investopedia if you really want the details. Like much else in the modern world, it got stretched to the breaking point.
Wish I could keep two sets of books ;-)
I'd be over capitalized 2 !!
Question to Americans: will the November 2 elections change anything? Summarized, will the GOP victory be a problem for the markets and the bank cartel?
no way in hell anything will change. Of all of the "Tea party" candidates, not one names a federal department they will get rid of. Government spending will not be cut, taxes will rise, and the currency wars will continue. I don't see how changing some of the shipmates from the US sinking ship will do much of anything.
Nothing ever changes due to elections in the US. If anyting, the neocons will be back in power, yay.
I'll ponder that as I light up a doobie on Nov 3.
Nope. No change.
Not enough Paul Ryans.
Maybe after the reset.
You scaredy cats: Help is on the way!
Deform ... er...what? ... oh, REform Bitches!
The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve System will host a two-day symposium on October 25 and 26, 2010, on mortgages and the future of housing finance. Federal Reserve Board Chairman Ben Bernanke will deliver opening remarks, and FDIC Chairman Sheila Bair will be the keynote luncheon speaker.
Chairman Bair said, "The housing sector, one of the main engines of our economy, has seen positive signs, but there are many hurdles yet to overcome. It is very clear that as a country we need to aggressively examine the incentives of our system of mortgage finance to ensure that the problems that contributed to the financial crisis are addressed. It will be difficult to restore stability and normalcy to the housing finance system - and thus the broader economy - without reform. Over the next two days we will hear from experts across the housing spectrum to help identify solutions to these vital issues."
Experts from the public, private and academic sectors will participate in the symposium to discuss mortgage finance, foreclosures, loan modifications, and securitizations. Chairman Bernanke's opening remarks and Chairman Bair's luncheon address will be webcast on Monday, October 25 beginning at 8:30 a.m. EDT through the luncheon keynote. You can view the webcast at http://www.vodium.com/MediapodLibrary/index.asp?library=pn100472_fdic_housingfinance.
The media are welcome and encouraged to attend the symposium. Please RSVP to Greg Hernandez, FDIC Office of Public Affairs, atGHernandez@fdic.gov or call (202) 898-6984.
This event is free and open to the public. However, seating is limited and pre-registration is required. However, seating is limited and pre-registration is required. The symposium will be held at the FDIC Virginia Square facility located at the L. William Seidman Center, 3501 N. Fairfax Drive, Arlington VA, 22226-3599, C Building Auditorium.
Attachment: Conference Agenda http://www.fdic.gov/bank/analytical/cfr/oct2010-conf.html
Oh, then there is this (most likely already posted on ZH): Schiff Vs. some dumb-ass Keynesian named Henwood http://www.youtube.com/watch?v=7E5YS-tMeuY
Psssst, Sheila.
The word on the street is the big banks are a fraud and banksters have milked billions from this scheme.
Any chance for a word or two on this?
She did on Sunday. Regarding foreclosures, she said "it's just an issue with the process". Foreclosures will continue despite the rule of law, we now live under "BANKSTER RULES".
I'm pretty sure she'd hold you down while the bankers took turns.
Might wanna find a different champion.
A friendly bull, tagged PT840 .40Cal says otherwise.
I believe those are the same private ABS we've been discussing so much here. Looks like it's all the mortgages sold to Remics by commercial banks, whether residential or commercial. Does not include mortgages sold to Remics by mortgage companies, even if those are part of bank holding companies, as in Countrywide.
I guess it also must not include mortgages sold by banks to GSEs, or else the number would be much bigger.
Regional banks like WFC are now flying.
ES futures within a hairsbreadth of making new highs for the move.
This ponzi would make Bernie proud.
Rails breaking out to new highs
O/T -- Time magazine blog section gives props to ZH --
Will the Federal Reserve Cause a Civil War?
Read more: http://curiouscapitalist.blogs.time.com/2010/10/19/will-the-federal-reserves-next-meeting-lead-to-civil-war/#respond#ixzz12uwQhNXI
Good to see that. Still using ZH as a polar extreme to set up a continuum, but heck, good to see it anyway. Needs to become a household word.
On the one hand, any publicity is good publicity. On the other hand, that story is a typical hit piece and concedes a little (temporary) ground in order to give the reader the impression that it's being "fair", then rams its preordained and biased point home.
In this case, one of those points is that the "ZeroHedge crazy" is....well.....crazy.
We're living through "crazy" (interesting) times, why should anyone be surprised to find crazy people and crazy ideas floating around?
Be of good cheer. The MSM news rags are getting wafer thin. Soon, they shall be gone with the wind.
Ask Tyler how rich you get selling ad space these days. I don't even buy the Wall Street anymore, unless I want to destroy a perfectly good white shirt.
A new research paper from the Fed is imminent.
Title: Why rampant and widespread fraud is beneficial to a consumption-based economy.
Thesis: Savers are putting the global economic order at risk. A solid bedrock of large scale thievery, compelled by avarice and gluttony, typically produces above average consumption and is therefore not only beneficial to economic expansion but preferential to society at-large.
Funny, but mostly sad because it could be a real paper.
There are plenty of papers of that type. Only they're passed around privately among "think tanks" and are considered "research" papers.
+1000
Does not the already delayed FASB 166/167 capital raise take place in Jan of 2011?
How they going to pull that off.
So twentieth century of you to notice rules and laws and stuff. Ben and Timmy have it knocked.
They are going to issue a new CDO based on rainbows and unicorn farts. AIG will insure the whole thing, the banks will count it as capital, Arthur Andersen will audit, and Bernie Madoff will sign the rep letter. There, are you happy?
Shit, I don't drink enough for this market;)
When the MOST prudent of Savers, (those who adhered to standards consistent with those who survived the Great Depression of the 1930s), are targeted for elimination with Sheriffs and Dogs, THAT will be when the guns come out.
There will be NO DOUBT as to the inalienable right to do so.
No quarter will be given, and none will be expected, a Hobbesian denouement.
Mighty big teacup.
Looks like the banks are getting serious about mortgage mods.
http://www.foxnews.com/us/2010/10/20/shattered-dreams-new-class-warfare/
Cat is out of bag.
First blackrock/met life ship 40 billion back to BoA, next the pension funds/european holders will send some jingle mail to JPM/MS/CITI ...
Hey there, don't forget the Terminator Seed.
BofA owns the controlling interest in BlackRock (via Merrill Lynch), which owns the controlling interest in Monsanto, which means they have access to.....
THE TERMINATOR SEED.
Now that should scare everyone shirtless......(please subtract the "r" --- this was an off-the-balance sheet error).
If only they could cross corn and kudzu, they could end world hunger.
Looks like Hank Paulson was right when he realized $700 billion was just a down payment.
Think about Paulson for a moment - isn't it becoming all that much clearer precisely why he was so concerned about getting all this stuff off the banks' books, why he came out like a rocket asking for relief fom the "toxic assets"? Not only were the MBS assets toxic then for purely credit reasons, he knew they were toxic because they were a mess, and riddled with fraudulent origination and construction, not to mention duplication when one mortgage was pledged to several different MBSs and by operation of the factory to CDOs. He knew then what we now know.
Tyler- i think this is the wrong number and its too low. I'll try to confirm later. This number is actually the smallest and most likely portion of securitized real estate loans that might be considered not 'off balance sheet' - these are the loans where the seller retained some interest in typically in the form of servicing rights, and it includes both CRE and RRE. I'd guess, again don't have it in front of me, but RRE off balance sheet is probably 2 or 3 times that size and CRE by itself is probably about 1/2 that total size. CRE, I'd argue, is even more susceptible because over the last 5-7 years the major Trustees (Wells, LaSalle - these mergers with their new parents resulted in a lot of changing of Trustees on deals), Servicers (BOA, Wachovia), and Originators (BOA, Wachovia) have merged - so now two companies, and their subsidiaries serve as virtually all parties on the deals. How is that off balance sheet.
Obviously its appropriate to exclude Agency and true '3rd party' deals.
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.
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