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AIG’s Mortgage Insurance Company Has Their Ass On The Line

Tue, 13 Oct 2009 02:06:58 GMT

Bruce Kastings posted a decent article on Zero Hedge alerting readers to a suit of United Guaranty UG, a mortgage insurance subsidiary of AIG against Bank of America (really BAC’s subsidiary Countrywide Financial CFC - the mortgage lender that BAC thought was so wise to purchase in Jan 2008). The long and short of it is that United Guaranty, the mortgage insurer, is suing Countrywide Financial (for “truth-in-lending) fraud. Can anyone be surprised that the lender CFC might have been engaged in fraud?[More...]

Will MER And CFC Bankrupt BAC

Tue, 06 Oct 2009 04:17:10 GMT

Today is the tale of two story’s about BAC’s health. On the one hand Bloomberg wrote today how BAC’s purchase of Merrill was a “steal” based on company filings with the SEC. On the other hand, bank analyst wrote just the opposite on BAC’s health last night. In fact, Whalen discredited BAC’s SEC filings. And rather than being a steal, the implications of the MER and CFC acquisitions by BAC are that BAC’s equity is worth zero and bondholders might have to take a 30% or more haircut next year.[More...]

An Important Housing Market Update

Fri, 08 May 2009 15:39:11 GMT

If you've been reading my stuff for the past few years, then you've been ahead of the real estate pack every step of the way. I warned you well in advance that the housing market would implode ... that the mortgage industry would collapse ... and that virtually ...[More...]

Market Report For Friday: Apr 17, 2009

Fri, 17 Apr 2009 13:00:45 GMT

(7:11am ET) There was plenty of economic data released in the US during the day; however the equity market sidetracked until 2pm ET, when with prices at modest losing levels on the week until that point, suddenly, and for no discernable reason, there was a rally that left the indexes with small gains through Thursday. Perhaps traders were anticipating a positive quarterly report from Google (GOOG +2.4% on +151% of average daily trading volume)? After the close, the company did not disappoint, beating both revenue and EPS estimates. The company posted net income of $1.42 billion ($5.16/share), up +8% from the $1.31 billion ($4.84/share) recorded during the same period a year ago. Revenue for 1Q2009 increased +10% to $4.07 billion, from $3.7 billion, excluding traffic acquisition costs. On average, analysts had expected earnings per share of $4.93 and revenue of $4.08 billion, according to Yahoo Finance. For the first[More...]

Daily Report For Thursday, Apr 16, 2009

Thu, 16 Apr 2009 13:36:24 GMT

(8:25am ET) The main focus of traders today will be the 1Q2009 earnings report from JP Morgan (JPM), and the close scrutiny of the data and hype that will follow. After hitting a low of $14.93 in early March, JPM has rallied +118.1% to yesterday’s close of $32.56. There was a high of $34.15 on Tuesday. http://tinyurl.com/da6dcv JP Morgan reported Q1 net income of $2.14 billion, or $0.40/share, down -10% from a year earlier, but beat analysts' expectations. Revenue increased +48% to $25.03 billion. WSJ reported that CEO Jamie Dimon said the firm extended about $150 billion in new credit to consumer and corporate customers during the quarter. With a last hour rally spurred by the real estate investment trusts (REITS) ($DJR +8.7%) and Banks ($BKX +5.1%) in the Financial sector (XLF +4.8%), the US equity[More...]

Daily Report For Tuesday, Apr 14, 2009

Tue, 14 Apr 2009 14:18:59 GMT

(9:30am ET) Stocks in NY sank at the open following various negative reports from TV talking heads, though trade volume was weak on the Easter Monday. After the close, Goldman Sachs surprised with unusually positive revenue and earnings. Today, President Obama will be making a speech on the state of the economy. Traders are confused. Yesterday was pretty much a lost day in the market. Very little of consequence happened. By the close, the DJIA’s small loss (-25.57 -0.32% to 8057.81) offset the small gain in the S&P (+2.17 +0.25% to 858.73), while the NASDAQ (+0.77 +0.05% to 1653.31) was flat. The Toronto Composite (+98.50 +1.07% to 9285.6) and the Toronto Venture Board (+11.89 +1.23% to 980.86) were stronger as the metal miners and goldminers enjoyed a good day. Except for Japan’s Nikkei 225 index (-0.92% to 8842.7), prices today were strong in the major international equity markets: Australia (+2.22% to[More...]

Daily Report For Tuesday: Apr 7, 2009

Tue, 07 Apr 2009 13:31:58 GMT

(8:05am ET) Stocks closed Monday's session in NY lower on a lightly-traded day, but much higher Week over Week. Through Friday, the major market indexes saw their largest four-week gains in seventy-six years. Now the market is preparing for 1Q2009 earnings season, which gets underway today with Alcoa (AA). On Monday, the DJIA (-41.74 -0.52% to 7975.85), S&P (-7.02 -0.83% to 835.48), and NASDAQ (-15.16 -0.93% to 1606.71) could not make headway against concerns the major banks may be preparing to release negative quarterly reports. The Toronto Composite (-49.59 -0.55% to 9016.17), and Venture Board (-12.42 -1.27% to 963.17) were also down on the day, but higher Week over Week. In international equity markets today, the closing prices showed losses except for Shanghai China (+0.80% to 2439.2): Australia -1.30% to 3648.5; Hong Kong -0.46% to 14929.0; India -1.80% to 10534.9; and Japan -0.28% to 8832.9. At 7:30am ET,[More...]

Daily Report For Wednesday, Apr 1, 2009

Wed, 01 Apr 2009 14:53:00 GMT

(8:07am ET) In his absence, Bill has asked the CTAB traders fill in for him today and maybe tomorrow as well. Bill was having connectivity and other related computer issues early Tuesday morning. Perhaps the Conficker worm virus programmed to be unleashed April 1, began slithering through the Bahamas a little ahead of schedule. The final trading day of the month opened higher, with aggressive traders nimbly positioning themselves for further short gains, after a late afternoon bounce Monday, anticipating large money managers to “mark up” equities boosting their quarter end returns. This strategy paid off nicely as the S&P future rose to 807, nearly 4% off Monday’s late afternoon low of 776. However, traders expecting prices to close near the highs were disappointed, as stocks peaked near 3pm eastern, giving up a significant portion of the day’s gains. The DJIA finished up 86.9 (+1.15%) closing at 7608.92,[More...]

Daily Report For Friday, Mar 27, 2009

Fri, 27 Mar 2009 13:32:35 GMT

(8:36am ET) On Thursday, the upbeat earnings report of (Cara 100) Best Buy (BBY) served to lift the market at the open. Technologies stocks later were the basis of a closing hour rally. At the close, the DJIA (+174.75 +2.25% to 7924.56), S&P 500 (+18.98 +2.33% to 832.86), and NASDAQ (+58.05 +3.80% to 1587.00) gained for the third day in four this week. The Toronto Composite (+198.06 +2.25% to 8995.50) was in line with NY, but the Toronto Venture Board (+24.98 +2.63%to 974.02) also rallied. In the US equity market, the big winners were the Industrials (XLI +5.4%), Consumer Disretionary (XLY +4.6%) and Basic Materials (XLB +4.0%). All ten sectors were winners, but the laggards on this day were Energy +0.9% and Financials (XLF +1.2%). Within the many industry groups, there were a broad section of technology groups that were on the leader board. Lagging a bit were the Goldminers ($XAU[More...]

Daily Report For Friday, Mar 13, 2009

Fri, 13 Mar 2009 15:55:00 GMT

(9:48am ET) Equity market prices lifted pretty much from start to finish of Thursday’s session. Retail Sales, Jobless Claims and Business Inventories and comments from Barney Frank and Tim Geithner played a role in the general bullishness. The latter made comments on the dangers of ending the mark-to-market rule and instead believe subtle changes could be made in an effort to improve it. Pfizer (PFE) made a big splash with the announcement its Phase III trial of Sutent was stopped early as the drug showed a significant benefit in patients with pancreatic cancer. At the close, the DJIA (+239.66 +3.46% to 7170.06), S&P 500 (+29.38% to 750.74) and NASDAQ (+54.46 +3.97% to 1426.10) were up sharply for the second day in the past three. The Toronto Composite (+271.25 +3.39% to 8282.27) and Venture Board (+19.52 +2.37% to 843.42) were almost as strong. The winning sector by a wide margin was[More...]

EDITORIAL: State Preparing for Energy Industry Changes

Fri, 08 May 2009 17:47:00 GMT

Like the terms "CFCs" and "ozone layer" during the 1980s, "carbon footprint" has secured a prominent place in the popular lexicon.
Central to this expanding attention to carbon is coal -- Kentucky's state mineral and the source of more than 90 percent of this state's electrical power.
The importance of coal to Kentucky makes the debate at the federal level about possible caps on carbon emissions at coal-fired plants a discussion about this state's future.

: iStockAnalyst.com Symbols Feed

AIG’s Mortgage Insurance Company Has Their Ass On The Line

Will MER And CFC Bankrupt BAC

An Important Housing Market Update

Market Report For Friday: Apr 17, 2009

Daily Report For Thursday, Apr 16, 2009

Daily Report For Tuesday, Apr 14, 2009

Daily Report For Tuesday: Apr 7, 2009

Daily Report For Wednesday, Apr 1, 2009

Daily Report For Friday, Mar 27, 2009

Daily Report For Friday, Mar 13, 2009

EDITORIAL: State Preparing for Energy Industry Changes

It's Not Easy Being Green: More Green Claims Bring More Claims of Greenwashing

Tennessee Valley Authority Engineer Tackles Tough Challenges

Bank of America to Buy Merrill for $50B: Lewis Defends Purchase Price of Brokerage and Investment Bank

The Charlotte Observer, N.C., Amy Baldwin Column: One Visit Was Enough for Newlyweds

Customers Learn of Information Breach: Countrywide Financial: Ex-Worker Might Have Sold Account Details.

Big Takeover Lauded: Wachovia, BofA Shares Rally After Federal Government Announces Its Plan for Fannie Mae and Freddie Mac.

Markets Embrace Fannie, Freddie Takeover: Treasury Seizure Aims to Stabilize Housing Market, May Cost Billions.

John Allison, 60, to Retire As Head of BB&T

UPI NewsTrack TopNews - Jul 14 2008 10:53PM

Hagens Berman Files Class Action Against Countrywide

Standard & Poor's Announces Change to U.S. Index - Jun 26 2008 5:48PM

Countrywide Stockholders Approve Transaction With Bank of America

Glass Lewis Recommends Countrywide Stockholders Approve Acquisition by Bank of America

Leading Proxy Advisory Firm ISS/RiskMetrics Group Recommends Countrywide Stockholders Approve Acquisition by Bank of America

Countrywide to Hold Special Stockholders' Meeting June 25, 2008

Federal Court Upholds Derivative Complaint Alleging Federal and State Law Claims Against Countrywide Officers and Directors, According to Bernstein Litowitz Berger & Grossmann LLP - May 26 2008 10:28PM

Countrywide Executive Addresses Senate Subcommittee - Jun 1 2008 4:05PM

Bank of America, Countrywide Announce $35 Million Package to Aid Distressed Homeowners and Communities - Jun 1 2008 4:15AM

Countrywide Reports 2008 First Quarter Results

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: DONATO ROBERT J (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: MCCALLION ANNE (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: MOZILO ANGELO R (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: SAMBOL DAVID (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: SAMUELS SANDOR E (10K)

Form 4 Bartlett Kevin For: Jul 01 (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: SIERACKI ERIC P (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: MILLEMAN LAURA K (10K)

Form 4 COUNTRYWIDE FINANCIAL For: Jul 01 Filed by: GISSINGER ANDREW III (10K)

Form 4 Schakett James W For: Jul 01 (10K)