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Proposed Legislation: Fannie And Freddie Are Here To Stay – There Is No Alternative

Since the US government nationalized the two GSEs in 2008 in a $187 billion bailout of the mortgage giants, there have been consistent calls for them to be wound down and for the private sector to fill the void. As we discussed, this view is, or was, shared by new Fed Chairman, Jay Powell. Mr. […]


Abracadabra – Uncovering The Fed’s ‘Magnificent Fraud’

Authored by James Howard Kunstler via Kunstler.com, And so, as they say in the horror movies, it begins…! The unwinding of the Federal Reserve’s balance sheet. Such an esoteric concept! Is there one in ten thousand of the millions of people who sit at desks all day long from sea to shining sea who have […]


QE Unwind is Really Happening: Fed Assets Drop To Lowest Level In Over Three Years

Submitted by Wolf Richter of Wolf Street The Fed’s balance sheet for the week ending December 6, completes the second month of the QE-unwind. Total assets initially zigzagged within a tight range to end October where it started, at $4,456 billion. But in November, holdings drifted lower, and by December 6 were at $4,437 billion, […]


Signs Of The Peak: These 10 Charts Reveal An Auto Bubble On The Brink

U.S. auto sales have hovered well north of replacement rates for several years now on the back of an improving labor environment and more importantly an extremely accommodating financing market characterized by $0 down, 0% interest loans to subprime borrowers, with perpetually longer maturities to help manage monthly payments…because if your monthly payment is $500 […]


Housing Bubble 2.0: All-Cash Offers Increasingly Required To Compete In Overheating Markets

Back in 2005, anyone with a modest amount of startup capital and a dream could become a millionaire flipping houses.  The complete disregard for the underlying risk building up in what was later exposed as one of the biggest pricing bubbles in history resulted in investors dominating a market that had previously been reserved for […]


Second Cockroach: Canadian Mortgage Lender Crashes After Admitting Mortgage Fraud

Back in April/May, Canada's biggest mortgage lender, Home Capital Group, crashed its way into the headlines, coming clean over its balance sheet-full of liar loans, suffered a bank run, and was forced  to take emergency liquidty from taxpaying pensioners, and was eventually bailed out by good old Warren Buffett. "Probably nothing…" Well just when everyone […]


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 […]


Meet New Fed Chair Jerome Powell, In His Own Words

It’s official: according to most news sources, tomorrow Trump will announce that Fed governor Jerome “Jay” Powell is Janet Yellen’s replacement as the next bank-friendly Fed chair. Since Powell has served as Federal Reserve governor for the past five years, starting May 2012, he has had ample opportunities to express his views about the policies […]


Trump Picks Powell To Be Next Fed Chair

According to The Wall Street Journal, President Trump has picked Jerome Powell to be the next Federal Reserve Chair. The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank, according to a person familiar with the matter. The president […]


What Bubble? Sacramento Housing Development Selling $425,000 Pads With No Money Down

There were plenty of bad actors that contributed to the housing crisis in 2009…the banks that underwrote mortgages for people that they knew couldn’t afford the home they were buying and then turned around and sold those loans to unsuspecting insurance companies via RMBS structures…the high school janitor making $50,000 a year who suddenly figured […]


Here We Go Again: Sacramento Sells $425,000 Pads With No Money Down

There were plenty of bad actors that contributed to the housing crisis in 2009…the banks that underwrote mortgages for people that they knew couldn’t afford the home they were buying and then turned around and sold those loans to unsuspecting insurance companies via RMBS structures…the high school janitor making $50,000 a year who suddenly figured […]


More Bad News For Autos: Wells Fargo Car Loan Originations Crash To All Time Low

Joining the Q3 roster of banks that beat yet which all surprised investors with a cautionary red flag (for the other banks this involved a drop in FICC trading revenue and a sharp increase in loan loss reserves), moments ago Wells Fargo also reported better than expected Q3 EPS of $1.04 (exp. $1.03) which however […]


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 […]


3 Uncommon Signs That An Economic Collapse Could Happen Soon

Originally published The Birch Gold Group, via Alt-Market.com, As stocks continue to climb and the U.S. economy sustains its third longest period of expansion in history, market forecasters are seeking clues for when our next crisis may strike. So far, three uncommon signals have them worried. Here’s an explanation of the three uncommon signs causing […]


“Innovative Mortgages”: Lennar Lures Millennials With Offer To Repay Student Loans

Homebuilder Lennar has come up with a genius strategy to partially eliminate the massive bubble in student loans that has crippled recent graduates and forced them into a life devoid of the American dream of home ownership…it’s a “two birds with one stone” kind of solution.  Yes, rather than struggle to make those monthly student […]