IMF: Banks Need More Capital – By Alain Sherter – IMF officials speaking at the annual Davos conclave warn that global banks need to raise more money, noting that they face a “wall” of maturing debt in coming years. – Bnet
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The looming deleveraging challenge – Susan Lund, Charles Roxburgh, and Tony Wimmer – Several major economies are likely to face imminent deleveraging. If history is any guide, it will be a lengthy and painful process. – McKinsey Quarterly
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interesting presidential approval chart from Casey’s Daily Dispatch – take a close look at this
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Treasury Streamlines Its Mortgage Program – By DAVID STREITFELD – … The Treasury Department announced on Thursday that it was streamlining the Making nyHome Affordable program in the hope of increasing the number of successful modifications … Starting June 1, mortgage companies participating in the program will be required to collect a borrower’s financial documents as part of the initial application process. … In another change, instead of having to submit their W-2 tax statement, borrowers will submit two pay stubs and an electronic form allowing access to their tax returns. … – NY Times
Administration tightens documentation requirements for mortgage relief – By Renae Merle – … Starting June 1, borrowers must prove they qualify for the mortgage help upfront, providing two pay stubs and other paperwork before their payments can be lowered. The change attempts to prevent a repeat of the current backlog of borrowers who received mortgage relief after a phone conversation with their lender but did not satisfy the government’s documentation requirements within three months. … – Washington Post
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Paulson Says Russia Urged China to Dump Fannie, Freddie Bonds – By Michael McKee and Alex Nicholson – Russia urged hina to dump its Fannie Mae and Freddie Mac bonds in 2008 in a bid to force a bailout of the largest U.S. mortgage-finance companies, former Treasury Secretary Henry Paulson said. Paulson learned of the “disruptive scheme” while attending the Beijing Summer Olympics, according to his new memoir, “On The Brink.” - Bloomberg BusinessWeek
China housing: Mania on the Mainland – By Dexter Roberts – Think the U.S. real estate bubble was bad? China’s could be worse – Bloomberg BusinessWeek
Obama Housing Rescue Threatened by Foreclosures, Unemployment – By Kathleen Howley - talks about foreclosures, mods, principal reduction, more – Bloomberg BusinessWeek
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Stock Tax May Reduce U.S. Trading Volume 90%, Interactive Brokers CEO Says – By Nina Mehta and Whitney Kisling – Taxing equity trades may reduce U.S. stock market volume by 90 percent, Interactive Brokers Group Inc. Chief Executive Officer Thomas Peterffy said. – Bloomberg
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New Money Market Rules Will Eliminate Yield Advantage – Michael Terry – Well, it is done: The SEC has regulated and reformed the money market industry. Here are some outtakes from their release (my comments in bold) … – Seeking Alpha
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