Archive for September, 2008

(AFX UK Focus) 2008-09-29 23:05 UPDATE 1-Mortgage markets hit; US bailout plan voted down (Interactive Investor)
NEW YORK, Sept 29 (Reuters) - U.S. mortgage-related markets fell or lagged rallies in Treasury debt on Monday as turmoil spread through the banking system and lawmakers shot down a $700 billion plan to free the market of bad debt. The U.S. House of Representatives unexpectedly rejected the Emergency Economic Stabilization Act seen by many investors as crucial to shoring up bank balance sheets. …

(AFX UK Focus) 2008-09-26 06:41 Buying bad home loans would beat bailout -JPMorgan (Interactive Investor)
NEW YORK, Sept 25 (Reuters) - Buying $1 trillion of delinquent home loans at steep discounts would be a more direct way to break home price declines and rising foreclosures than the U.S. Treasury’s proposal to soak up troubled securities, JPMorgan Chase & Co. analysts said.

THE WORLD today!
——————————————————————————— 1. US-Presidential Election 2008 and the cost of failed policies of Republican President Bush Barack Obama, winning more than 2206 delegates (including 441 superdelegates) has succeeded to clinch the Democratic Presidential nomination and Clinton, the most successful female Presidential candidate in US history, ended her courageous campaign with an emotional speech, asking her voters to get behind Obama, endorsing his nomination and giving her full support to him. Oba

Reports: UK set to nationalize 2nd bank (CNN)
LONDON, England (AP) — The troubled mortgage lender Bradford & Bingley is to be nationalized and sold off in parts, British media reported Sunday.

THE FINTAG NEWSLETTER @ 29 September 2008
FINTAG COMMENT This is getting too easy. On Friday we noted the potential demise of Fortis. Despite my calls for JP Morgan to take it over, it has been nationalised. The board said it was in fine shape whereas it was rotting away nicely. In July we noted the potential nationalisation of Bradford & Bingley. That has now happened although Santander gets to take away the best bits for a bargain whilst us UK taxpayers get to keep the nice mortgage book. In fact every single large financial failure

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UK set to nationalize B&B bank, may sell savings (Reuters via Yahoo! News)
Britain’s government will nationalize troubled mortgage lender Bradford & Bingley and is discussing the sale of its savings book and branches, people in the banking industry familiar with the matter said.