From Greg Gordon at McClatchy Newspapers: How Goldman secretly bet on the U.S. housing crash In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop…
From the WSJ: CIT, Icahn Reach Tentative Deal Over Lender’s Restructuring As part of further discussions with CIT, Mr. Icahn has agreed to back down while the company restructures in bankruptcy court . … The company plans to file for bankruptcy in New York as soon as Sunday night or…
CR Note: This is a guest post from albrt. In re Olga: of Bankruptcy and Foreclosure. An article by a person named Morgenson appeared in the New York Times last weekend , calling to our collective attention a New York bankruptcy case that adds to our collective knowledge of…
No surprise … Press Release: Capmark Financial Group Inc. Seeks To Restructure Balance Sheet Through Chapter 11 Reorganization Process Capmark Financial Group Inc. (“Capmark”) today announced that Capmark and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S.…
One Hundred, so far…. The pig still in the python Working its way through. by Soylent Green is People FDIC Press Release : Partners Bank, Naples, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. … As of…
While we wait for the 100th bank failure of 2009 … Click on graph for larger image in new window. From Doug Short of dshort.com (financial planner). Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500. The S&P was off…
From the American Bankruptcy Institute: Consumer Bankruptcy Filings Surge Past One Million During First Nine Months of 2009 Consumer bankruptcies totaled 1,046,449 filings through the first nine months of 2009 (Jan. 1-Sept. 30), the first time since the 2005 bankruptcy overhaul that filings have surged past the 1 million mark…
From Bloomberg: Wealthy Families Succumb to Bankruptcy as Real Estate Crashes Wealthy individuals’ Chapter 11 bankruptcy filings jumped 73 percent in the second quarter from a year earlier, according to the National Bankruptcy Research Center, a research firm in Burlingame, California. More individuals or families with at least $1,010,650 in…
Here is a graph of bankruptcy filings vs. mortgage delinquencies (including homes in foreclosure process) by state for Q2 2009. Click on graph for larger image in new window. The bankruptcy filings data is from the American Bankruptcy Institute . The mortgage delinquency data is from the Mortgage Bankers Association…
From the NY Times: Adjustable Mortgages Loom as Threat to Housing Recovery (ht Shnaps, Ann) When Harvey Clavon took out an exotic mortgage to refinance his home in Santa Clarita, Calif., three years ago, he thought he knew what he was doing. Mr. Clavon, 63, was planning to sell the…