Bruce Krasting's blog
Smith & Wesson Shoots Straight
Submitted by Bruce Krasting on 09/10/2009 09:29 -0500Biz is booming for guns and ammo. This is not one of those 'Green Shoots' however.
SSTF Shocker - $6B August Deficit
Submitted by Bruce Krasting on 09/08/2009 16:26 -0500A big monthly deficit for the Trust Fund. This was supposed to be a 2037 problem. Not any longer.
An Insider look at Ginnie Mae MBS
Submitted by Bruce Krasting on 09/04/2009 20:48 -0500A analysis of busted Ginnie Mae MBS. This comes from a Wall Streeter who prefers to remain Anon. Scary stuff.
A Metro NYC Real Estate Horror Story
Submitted by Bruce Krasting on 09/04/2009 11:13 -0500How much money was lost in RE this morning in my neighborhood? At least $50mm. A very sad and troubling real estate deal has proved to be a wake up call.
Ten Year Note - Dodgy Investment
Submitted by Bruce Krasting on 09/03/2009 21:32 -0500Americans will have to reach into their wallets and buy some Treasuries. POMO is almost over. Someone has to buy this paper. The problem is that at the current yield the adjusted return is less than 1/2 percent per annum. Who's buying that?
Mtg.Bankers Assn. Proposal: Enlightened Self Interest
Submitted by Bruce Krasting on 09/02/2009 22:01 -0500The Mortgage Bankers Association went public with their recommendations for the mortgage industry. They want to pretend that nothing went wrong the last five years. In my view their proposal is dead on arrival.
Letter to New FHFA Director - A Proposal to Swap REO for Agency Preferred Stock
Submitted by Bruce Krasting on 09/01/2009 08:16 -0500A proposal to swap Agency Preferred shares for repossessed properties owned by the D.C. lenders. This plan could work. Everyone wins. What do you think?
Swiss "Black" Accounts – A Trillion Dollar Problem
Submitted by Bruce Krasting on 08/31/2009 08:25 -0500A respected Swiss publication puts a number on the size of Black accounts. $1 Trillion. Far more than anyone has suggested so far. Where did all this dirty money come from? The recent resolution with UBS is just the tip of this iceberg.
Big Deals and Big Balls on Wall Street - The "Pony" Trade
Submitted by Bruce Krasting on 08/29/2009 09:35 -0500A 'secret' conversation reveals some thinking and practices on Wall Street. Shocking!
What's C Worth?
Submitted by Bruce Krasting on 08/27/2009 21:04 -0500What is C's market cap these days? Bloomberg and Yahoo can't agree. I am confused too. There is a ton of shares outstanding that are not included in the current float. Buyers of the stock today are looking at 8 billion shares that would love to get sold.
US Treasury Inspector General on Agency MBS – Don’t Buy It!
Submitted by Bruce Krasting on 08/27/2009 11:00 -0500The Inspector General of the US Treasury has some negative things to say about the GSE MBS. Who looks silly? Who looks smart?
On Fannie and Freddie Common
Submitted by Bruce Krasting on 08/26/2009 10:20 -0500The silliness in junk stocks continues. What's a fair price for the Agency common? The Pref stock pricing suggests it's about 50 cents. Go figure
ZH Vs. All Comers
Submitted by Bruce Krasting on 08/22/2009 09:47 -0500ZH under assault again. This fight is getting interesting. My thoughts.
Rumors of Deals - Freddie POOPS
Submitted by Bruce Krasting on 08/20/2009 19:44 -0500Wall Street and FRE come up with another bright idea. A nothing for nothing swap. The folks at FHFA should be congratulated.
Short the CHF - Banking Secrecy Dead
Submitted by Bruce Krasting on 08/17/2009 19:25 -0500The rest of the Swiss Banking industry is closing/disclosing US account names. And they are acting fast. Where's that money going?
