Posts filed under “Credit”

FREDDIE MAC: Spending as if they had a good year

Fre
One of the more interesting things about the inter-tubes is that a great many things manage to find their way to the public than in the old days of public records being buried in musty court house basements .

For example, given the horrific year Freddie Mac (FRE) is having (down 53% YTD as of Friday’s close),  they probably don’t want the world to know about what appears to be a rather not inexpensive soiree at shareholders’ expense at the Ritz Carlton, via W:

It’s not a news story; it’s something I witnessed personally. Freddie Mac lost $2B last quarter and plans to lose another $2B next quarter on $9B in revenue (20% losses).

To celebrate, they threw a decadent holiday party at the Ritz Carlton in exclusive McLean, VA. They had a laser printer that printed pictures on chocolate lollipops for the kids, hors d’oeuvres, entertainment. You’d think it was the Goldman Sachs partners dinner.

Alas, it was a Government Sponsored Enterprise pissing away money right before they’re going to need a taxpayer bailout:

Freddie_ritz

Those damn tubes!

Category: Corporate Management, Credit, Derivatives

Reccession Odds: Greenspan 50%, Merrill 100%

Category: Credit, Economy, Fixed Income/Interest Rates, Media, Real Estate

Uh-Oh . . .

Shorter Fed Statement:

Cut 1/4 point federal funds rate
Cut 1/4 point discount rate
Growth slowing, inflation risks remain

Mr. Market no-likey the no-happy talk . . . Dow off 175 275 as I type this

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Complete Fed statement after the jump . . .

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Category: Credit, Economy, Federal Reserve, Fixed Income/Interest Rates, Inflation

No, Pending Home Sales Index Did Not Rise

Category: Credit, Data Analysis, Real Estate

How Big Is It?

Category: Credit, Derivatives, Real Estate

Housing Charts: Genesis of a Crisis

Category: Credit, Derivatives, Finance, Real Estate

SubPrime? So what?

I have long respected and enjoyed Jim Cramer, but jeez, could he have possibly been any more wrong than this?  Its one thing to be wrong about the future, but how about getting the present correct?

So Subprime Blows Up; So What, Says Cramer (Jim gives you the scoop on why the $500 billion market is no threat to
the market, even if it fully collapses. Added: July 16, 2007)

Geez, that makes 6,800 look good.

via ZackAttack (here)

Category: Credit, Derivatives, Video

More Trouble for Mortgage Securitizers?

Category: Credit, Real Estate, Taxes and Policy

Treasury Plan to Freeze Mortgage Rates

Category: Credit, Derivatives, Economy, Psychology, Real Estate, Taxes and Policy

Underwriting the SubPrime Crisis

Category: Credit, Derivatives, Finance