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Canadian Homeowners Take Out HELOCs To Fund Subprime Purchases

Authored by Steve Saretsky via VanCityCondoGuide.com, The HELOC (Home Equity Line of Credit) has been a blessing and a curse for Canadian households. While it has helped spur house prices and simultaneously provided consumers the ability to tap into their new found equity, it has also crippled many Canadian households into a debt trap that seems […]


114 Italian Banks (Roughly 23%) Have NPLs Exceeding Tangible Assets

Authored by Mike Shedlock via www.themaven.net/mishtalk, 114 Italian banks have non-performing loans that exceed tangible capital. Ratios above 100% are signs of severe stress… The headline image is from the from ilsole24ore.com. The article is dated March 25, 2017. The translated headline reads "Here are the 114 Italian banks at risk for suffering" The image […]


One Chart Proves Auto SAAR Numbers Are Nothing More Than A Rigged, Debt-Fueled Farce

Earlier this morning the New York Federal Reserve released their quarterly consumer credit report which detailed, among other things, delinquencies rates on every type of consumer debt from mortgages to student loans.   Now, given the 4.3% unemployment rate in the U.S. (forget the ~95 million people out of the labor force for a moment) and […]


The Fed Issues A Subprime Warning As Household Debt Hits A New All Time High

After we first reported last week that US credit card debt once again rose above $1 trillion, despite a recent sharp downward revision to the data, while both student and auto loans rose to a fresh record high… … it would probably not come as a surprise that according to the just released latest quarterly […]


U.K. Litigation Cases On Defaulted Consumer Debts Soar Beyond 2008 Levels

Last month, S&P warned that UK lenders could incur £30 billion of losses on their consumer lending portfolios consisting of credit cards, personal and auto loans if interest rates and unemployment rose sharply.  Much like in the U.S., S&P warned that "loose monetary policy, cheap central bank term funding schemes and benign economic conditions" had […]


Venezuela Officially Declared In Default

Today at 11am, the ISDA Determinations Committee sits down to decide whether an event of default has occurred due to the delayed principal payment on the Petroleos de Venezuela SA, or PDVSA, bond that matured Nov. 2, in the process triggering PDVSA (and perhaps Venezuela) CDS, and officially declaring Venezuela in default. We won’t have […]


Mauldin: The Next Crisis Will Reveal How Little Liquidity There Is

Authored by John Mauldin via MauldinEconomics.com, This is something I’ve been pondering for some time. I think the next crisis will reveal how little liquidity there is in the credit markets, especially in the high-yield, lower-rated space. Dodd–Frank has greatly limited the ability of banks to provide market-making opportunities and credit markets, a function that […]


US Credit Card Debt Rises Above $1 Trillion As Student, Auto Loans Hit All Time High

Earlier in 2017, using the latest Fed data newspapers and financial media reported that US consumer credit card debt had risen above $1 trillion for the first time since the financial crisis. Ironically, just a few months later the Fed revised its data series sending the revolving credit total back under this “psychological number.” At […]


Chinese “Ghost Collateral” Scam Leads To Market “Shockwaves”, Huge Loss For Giant Commodity Trader

Back in 2014, a scandal erupted when media reports confirmed what many had previously speculated about China’s banking system: namely that much of China’s staggering loan issuance had been built (literally) upon air and that trillions in loan collateral had been “rehypothecated” between two, three or many more debtors – or never even existed – […]


Venezuela Avoids Default With Critical PDVSA Debt Payment

On Wednesday, when looking at the imminent principal payment on $842 million in debt issued by Venezuela’s state-run oil company PDVSA , we warned that the state – which had previously activated a 30-day grace period on over $586 million in interest payment due over the past month – may be bankrupt shortly for one […]


How The Elite Dominate The World – Part 2: 99.9% Of The World Live In A Country With A Central Bank

Authored by Michael Snyder via The Economic Collapse blog, Even though the nations of the world are very deeply divided on almost everything else, somehow virtually all of them have been convinced that central banking is the way to go.  Today, less than 0.1% of the population of the world lives in a country that […]


Equifax Web-Page Goes Offline Amid Reports Of New Breach

Equifax has taken one of its web pages offline as its security team looks into reports of another potential cyber breach, the credit reporting company, which recently disclosed a hack that compromised the sensitive information of 145.5 million people, said on Thursday. "We are aware of the situation identified on the equifax.com website in the […]


Millennials Have Never Been More In Debt, And It Is Creating A Major Risk For The Economy

There is a seemingly unlimited number of disconnects in financial markets these days, not the least of which is the shocking divergence in recent years between the ever plunging unemployment rate in the United States and stubbornly rising delinquencies on consumer debt. In fact, according to a note published earlier today by UBS strategist Matthew […]


Watch Live: Former Equifax CEO Faces Congressional “Public Shaming” Over Hack Farce

Former Equifax CEO Richard Smith (now retired) can expect a serious grilling this morning as he faces a congressional hearing into the utter farce surrounding the company's gross mishandling (and potential insider trading) of a cyber-security breach which has left almost 150 million people at risk. As The Washington Post reports, some lawmakers plan to […]


Bond Market Bulls Embrace China Debt Downgrade

It appears credit ratings agencies simply get no respect… Four months after Moody's downgraded China to A1 from Aa3, unwittingly launching a startling surge in the Yuan as Beijing set forth to "prove" just how "stable" China truly is through its nationalized capital markets, S&P followed suit this week when the rating agency also downgraded […]