Foreclosures

Foreclosures

Germany's NordLB Bank: "40% Of Our Shipping Loan Book Is Non-Performing"

Germany's second-largest shipping lender, German Landersbank NordLB warned it was facing a loss of “more than €1bn” this year, as a result of the latest shoring up of reserves against losses on its portfolio of shipping loans, and that a whopping €8 billion, or 40%, of its shipping loan book was now non-performing.

Interview With Jim Bianco: "The Elite Opinion Does Not Count Anymore"

"The fundamental underpinnings of the long term bull market are at risk... interest rates have gotten way ahead of themselves... The market is banking on the idea that the Trump presidency is going to be a giant reflation trade... We will see if that’s what they get..."

What The Hell Is Suddenly Going On With Foreclosures?

The total number of homes with foreclosure filings jumped 27% in October from September, when they’d been at the lowest level since 2006. It was the biggest jump in monthly foreclosure filings since August 2007.

America Is The Poisoned Chalice

It’s private debt, consumer debt, that will offer the winner his or her poisoned chalice. With 94 million Americans not counted as part of the workforce, and untold million others in jobs that pay hardly or no living wage, with so many millions of jobs that no longer pay sufficient or even any benefits, consumer spending has nowhere to go but down. In an economy where that spending is good for 70% of GDP, taking spending power away from people is deadly. The only way people have been able to either keep up appearances or even just make ends meet is going into debt.

The Standard Of Living Of The Irredeemables Continues To Plunge As 'Not So Hidden' Inflation Soars

With real wages stagnant below 1.5%, rising energy costs, soaring medical costs due to Obamacare, record high home prices and rent expense due to the Fed, the average new car price at a record $34,000, and food prices rising steadily, the standard of living of the irredeemables continues to plunge. But at least our taxes will be going up if Hillary and the establishment have sufficiently rigged the election to insure her victory. Sit back and enjoy our journey to third world status.

More Confessions Of An Economic Hit Man: "This Time, They’re Coming For Your Democracy"

"Back in my day we were pretty much limited to what we called the third world, or economically developing countries, but now it’s everywhere. And in fact, the cancer of the corporate empire has metastasized into what I would call a failed global death economy. This is an economy that’s based on destroying the very resources upon which it depends, and upon the military. It’s become totally global, and it’s a failure."

Wells Fargo To Be Sanctioned By DOJ For Improperly Seizing Soldiers' Cars

And the hits just keep on coming. The full court press on Wells Fargo continues, on the heels of California's sanctions, Bloomberg reports the bank is now facing a Justice Department sanction over improperly repossessing cars owned by members of the military, according to two people with knowledge of the investigation.

NAR Stumped As Existing Home Sales Slide Continues; Lack Of Household Income Growth Blamed

"It's very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed levels a year ago," said the NAr's Larry Yun. "While recent data from the U.S. Census Bureau (shows that household incomes rose strongly last year, home prices are still outpacing incomes."

America The Illiterate

We live in two Americas. One America, now the minority, functions in a print-based, literate world. It can cope with complexity and has the intellectual tools to separate illusion from truth. The other America, which constitutes the majority, exists in a non-reality-based belief system. This America, dependent on skillfully manipulated images for information, has severed itself from the literate, print-based culture. It cannot differentiate between lies and truth.

Existing Home Sales Crush Recovery Narrative, Plunge Most Since Nov 2015

Following yesterday's 7 standard deviation beat in New Home Sales, Existing Home Sales for July missed expectations by 2 standard deviations dropping 1.64% YoY - the first annual decline since Nov 2015. The blame for this collapse - according to NAR's Larry Yun - is "frustratingly low inventory levels."