Corporate Loans to Highly Leveraged Companies Proliferate

By: Friday December 21, 2012 8:30 am

This seems like a great time for banks to start loosening their lending standards. After all, household balance sheets are strengthening, and with mortgage rates so low, they can better afford the loans. Oh wait, you’re not talking about banks loosening their lending standards to individual homeowners? Only to corporations? Never mind. Regulators are concerned [...]

NYT Reports on Investor Purchases of Foreclosed Homes for Rental Conversion

By: Tuesday December 11, 2012 9:15 am

I touched on this before, but this New York Times piece exposing the next bubble, the bulk purchase of foreclosed homes by private equity firms and hedge funds for rental units, is really critical. Basically the same people who were present at the creation of the original bubble are driving the boat in this second [...]

Hostess Liquidation Approved, Along With $1.8 Million in Executive Bonuses

By: Friday November 30, 2012 7:00 am

A federal judge has blessed the Hostess liquidation, after labor and management failed to reach agreement on an equitable solution. This isn’t surprising at all; management was basically set up to liquidate the company and strip the assets. Twinkies and Ding Dongs will survive; the company has solicited several offers for the brands. It’s just [...]

Tallying Up the Revolving Door: Weep Not for Our Ex-Pols

By: Thursday November 8, 2012 10:44 am

In case you were wondering what all those retiring and defeated lawmakers do with themselves once banished from Capitol Hill, I have a simple answer for you: they get paid. Take Tony Blair, the former British prime minister. In September, Mr. Blair was called to Claridge’s hotel in London to mediate a renegotiation of the [...]

Investor Purchases of Foreclosed Properties Continue

By: Wednesday October 3, 2012 11:00 am

Yestreday, Fannie Mae sold off another chunk of its foreclosed properties as part of a pilot program to process bulk sales to investors who will rent them out in the short term. The beneficiary was a private equity firm. The Cogsville Group, a New York-based firm led by former professional soccer player Donald Cogsville, reached [...]

News Leaks of $1 Billion Blackstone Investment in Foreclosed Properties… Just in Tampa Bay

By: Monday September 24, 2012 8:20 am

I’ve been obsessed lately with the growing evidence of the next speculative housing bubble – the mass quantities of distressed and foreclosed properties being scooped up by hedge funds and other institutional investors, who plan to rent them out for a few years. We see the shift to single-family home rentals in the American Community [...]

The Worst Idea in the World: Securitizing Rental Revenue

By: Sunday August 26, 2012 10:20 am

The last financial crisis can be blamed in large part on runaway securitization. Wall Street giants sliced and diced mortgage loans into bonds that they sold around the world. They claimed that they diversified the mortgage pools so that even a few defaults would not undermine the value of the securities, and they offered tranches [...]

Housing Market Shifting Into Dangerous Equilibrium

By: Thursday August 23, 2012 7:08 am

Existing-home sales rose slightly in July, and while the numbers are still at a historical low, this has spurred a new round of optimism over the housing market. At the same time, the fragility of the market can be seen in the report by the National Association of Realtors that applications for home mortgages fell [...]

Romney Attended Board Meetings of Bain Investments After He “Left”

By: Friday July 13, 2012 6:55 am

Mitt Romney’s problems over when precisely he left Bain Capital continue to pose a problem for him. He contradicted himself on two separate forms to two federal agencies, both of which carry a perjury statute. He told the SEC from 1999-2001 that he remained the CEO and sole shareholder of Bain Capital, and he told [...]

Romney Hounded By Continuing Revelations About Bain Capital

By: Monday June 25, 2012 8:30 am

You could either read this as Mitt Romney being defined as a soulless corporate raider early enough for him to have trouble reversing it, or the set of stories on Romney’s early career at Bain Capital coming out too early to be a factor in the Presidential race because nobody’s tuning in at this stage. [...]

At Bain, Romney Invested in Companies That Shipped Off American Jobs

By: Friday June 22, 2012 10:55 am

The big story of the day is a deeply reported piece by Tom Hamburger, showing that Mitt Romney’s Bain Capital in many ways invented the cottage industry of shipping US jobs overseas. During the nearly 15 years that Romney was actively involved in running Bain, a private equity firm that he founded, it owned companies [...]

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