Deloitte report – Financial Services Industry: 2009 Accounting, Financial Reporting, Tax and Regulatory Update – 229 pages – good reference – thanks Marty Rosenblatt – from Deloitte
————
Voros: Nine biggest banks really didn’t need our bailout – Drew Voros – WELLS FARGO executives just couldn’t wait any longer or it would run the risk of looking like a laggard, like something was wrong. When Citigroup, the weakest link of America’s nine largest banks that were bailed out, announced Monday morning its was joining other banks in repaying $25 billion in TARP money, San Francisco-based Wells became the lone major bank in the country not to reimburse taxpayers. – Silicon Valley Mercury News
————
Wells Fargo and JP Morgan Chase Report Growth in 15-Year Mortgage Market – … As evidence of this trend, the Mortgage Bankers Association reported that 15-year fixed rate loans accounted for nearly one in five refinance applications in October. That was up from 9.1% in 2008 and 7.5% in October 2007 … – American Banking News
————
CRE Losses Won’t Threaten Life Insurers’ Ratings Unless Values Fall More Than Expected – Moody’s expects US insurers’ commercial mortgage losses to grow, but not to result in many rating downgrades unless commercial property values fall much further than expected. – Research Recap
————
Obama should create debt commission, Greenspan says – Says Greenspan: “Our nation has never before had to confront so formidable a fiscal crisis as is now visible just over the horizon.” – USA Today … The Oval
————
Ginnie Mae Issues $1.2 Billion of Reverse Mortgage MBS – Reverse Mortgage Daily
————
Fannie Mae Predicts Strong Recovery for Housing Next Year – … According to the forecast, existing home sales are expected to rise by 10 percent next year, compared to an estimated 3.1 percent gain this year, while new home sales are projected to rise by 26 percent in 2010 compared to an estimated 19 percent drop in sales this year … – UPI.com
————
Dear Mr. Geithner, Let Me Teach You Something – By Ron Coby – Americans are pointing a finger right back at you – … Mr. Geithner, let’s start your education by simply looking at the number of zeros in $100 trillion. Are you ready for this? You better sit down because it should blow your mind away: $100,000,000,000,000. … – Minyanville
————
Ben Bernanke, Repo Man – Elizabeth Macdonald – worth reading – talks about difficulties of draining excess reserves by Fed and that rates will rise – Fox Business
————
Plan B Economics: Uncommon Knowledge – Thoughts on 2010… – As long as governments can borrow at virtually zero cost to support ailing economies, nominal stock market returns will continue to be positive. However, when rates on government securities rise, the market will feel the real cost of saving the economy. This will mark a turning point in the recovery. – Plan B Economics