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…
From the WSJ: Bankruptcy Filing Near for Taylor Bean A bankruptcy filing is “imminent” for Taylor, Bean & Whitaker Mortgage Corp., lawyers representing the mortgage lender said in a federal court filing last week. … Meanwhile, an internal email at Taylor Bean dated Monday, Aug. 10, referred to a new…
From the Independent: Banks take the blame as 33,000 are declared insolvent More than 33,000 people were declared insolvent during the second quarter of the year, official statistics revealed yesterday, the highest number ever recorded. … Almost 19,000 people were declared bankrupt during the second quarter of the year ……
Note: Comments working! Thanks Ken! From Bloomberg: CIT Bond Advisers Said to Push for Bankruptcy After August Swap (ht Bob_in_MA) Even if CIT succeeds in getting 90 percent of the $1 billion of floating-rate notes due Aug. 17 swapped at a discount, the advisers will seek a so-called pre-packaged…
From Bloomberg: Subprime-Mortgage Loss Forecast Is Raised by Standard & Poor’s Standard & Poor’s again boosted its projections for losses from U.S. subprime mortgages backing securities … Losses on loans backing 2006 securities will reach an average of about 32 percent of the original balances, while losses for similar 2007…
From CNBC: CIT Talks Now Include Possible Financing in Bankruptcy CIT Group’s talks with many lenders have transitioned primarily to how the company would receive financing once it files for bankruptcy, CNBC has learned. Although talks are continuing on financing outside of bankruptcy, sources said that discussions are also focused…