Video: Meredith Whitney on State Budgets, bank earnings

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Courtesy of CNBC:

Airtime: Tues. Sept. 28 2010  12:12 PM ET

The financial challenges states face could be the next systemic risk within the financial markets, according to Meredith Whitney, CEO of the Meredith Whitney Advisory Group.

Video: Meredith Whitney on State Budgets, bank …, posted with vodpod

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September 28, 2010. Tags: , , , , , , , , . Economy, Finance, Politics, Unemployment Statistics, Wall St. Comments off.

Latest HAMP details, lenders now ‘required to consider’ IOW, all voluntary and the taxpayer pays – ‘take the load off…and you put the load right on me!’

Update: Here is the press release from Treasury.

Release is at 7:00am EST….2 minute warning…

PS- Q4 GDP 5.6%, can you say double-dip ahead, oh yeah….

Personal income plunges 1.7% nationwide…I know let’s raise taxes! frakkin idjit galoops….

UPDATE: Here we go:

Banks participating in the Home Affordable Modification Program, or HAMP, now will be required to consider (MiM here, Required to consider?? Get the frak outta here!) writing down the principal for borrowers who are eligible for that program and whose mortgage debt is more than 115% of the current value of their homes. The principal would be reduced in stages over three years if the borrowers kept up on their payments.

Lenders are to receive 10 to 21 cents of federal subsidies per dollar of loan principal reduced, depending on the degree to which the borrower is underwater.

Holders of second-lien mortgages that are more than six months delinquent are to receive six cents on the dollar for writing off those loans.

Writing down principal is an additional option for lenders.

(more…)

March 26, 2010. Tags: , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

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