Chatter on the Street has JPM chief Jamie Dimon having to get new business cards very soon. The embattled bank chief is losing his chairman’s title to the banking subsidiary. Dimon retains his Chairman and CEO roles for the holding company. Not sure if this will placate the regulators in DC who have been “Whale” […]
Equity markets globally are down over 1% Monday morning on the trifecta of: US government shutdown, Italian government crisis and initiation of ObamaCare. As midnight budget deadline looms, projects of GDP falling flat for Q3 have investors piling into the 10-yr bond with yields touching 2.5% handle. Tapering is on the back burner with economic […]
September’s gold price movement has been a study in contrary trends. While gold reached $1,900 on the 2nd and has cascaded downward $243 to Friday’s close at $1,657 on the spot market. While European banks from Germany, France and Belgium are teetering on Greek default concerns the liquidity trap from overnight lending in dollars has […]
Wall Street and Washington are playing a crude joke on the US economic recovery.
Higher gasoline prices have drained over $25 billion from the US economy since September, as skyrocketing oil costs have eaten into consumer’s wallets.
But the issue isn’t supply — it’s Ben Bernanke and hedge funds.
Edited by MICHAEL GRAY As many as 13 million homes will be lost to foreclosure by 2012, but troubled borrowers seeking help from Uncle Sam are sent straight to the very same mortgage industry insiders who led the country into crisis. It’s hard to believe Uncle Sam would choose him, but Bruce Paradis, chairman of […]
By MICHAEL GRAY Up until now, large banks and mortgage servicers have stated that they used false documentation and illegal signings and notary signatures to alleviate the huge backlog of foreclosure processings. Although filing a false document with a US court would be fraudulent if you or I did it, this is only the tip […]
By MICHAEL GRAY As Wall Street banks pull back of foreclosures in lieu of fraudulent filings on the part of the processors, how far are we away from a general amnesty of first mortgages. A foreclosure motion should be challenged by every homeowner on the grounds that the banks — for the most part — […]