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President Barack Obama is considering a mix of spending programs and tax cuts to respond to widening job losses that would amount to an additional economic stimulus without carrying that label.
The discussion of the initiatives, including a boost in transportation spending and an extension of an expiring tax credit for first-time homebuyers, comes as the White House is balancing rising concern about unemployment and a budget deficit the Congressional Budget Office estimates will total $1.6 trillion for 2009, and $1.4 trillion in 2010.
Administration officials have told allies in Congress that a broader transportation bill, and extensions of a homebuyer tax credit and unemployment benefits are all on the table, a Senate aide said.
A U.S. Federal Reserve report found that banks in the country are slow to take losses on their commercial real estate loans that have been hit by slumping property values and rental payments, the Wall Street Journal said.
Citing a Sept 29 presentation made by Fed analyst K.C. Conway to banking regulators, the paper said the report's remarks suggested that regulators were preparing for a rerun of housing-related losses that plagued many banks after the residential property bubble burst.
Mortgage Applications UpFannie, Freddie to Aid BanksJulius Baer to Buy ING Swiss Private BankSantander Raises $8.05 Billion in Record Brazil IPO
According to the paper, the report said that the most "toxic" loans on bank books were interest-only loans, which get no benefit from amortization, since it requires borrowers to repay interest but no principal.
The Journal said the report also stated that banks have been slow to absorb the losses on their loans, partly due to "capital preservation" concerns.
More at Link...
Latvia on the brink
Commentary: Troubles for Baltic economy might not spread -- but could
LONDON (MarketWatch) -- It's never good news when a government bond auction fails. It's particularly bad news when an auction fails for a note maturing in just six months. And it's really bad news when there isn't any bid at all.
Yet that's what happened Wednesday when Latvia tried to sell close to $17 million of paper.
It's not hard to figure out why.
$1.9M NONPERFORMING MORTGAGES SELLING REGARDLESS OF PRICE!
Auction Includes (3) Nonperforming Loan Pools Secured by Real Property Located in Arizona And Wisconsin.
These Loans Were Originated Between 2006 & 2009 by Two Mortgage Warehouser’s Which Were Funded by a Recently Failed Bank Institution. The FDIC has Agreed to Remove All of Their Priority Liens.
Pool A consists of (4) loans secured by real property in Peoria, Glendale & (2) in Marana, Arizona.
Pool B consists of (4) loans secured by real property in Superior, Phoenix, Tuscon & Park, Arizona.
Pool C consists of (6) loans secured by real property in Racine, Kenosha, Luck & (3) in Milwaukee, Wisconsin.
Bidding is available online at www.tarbid.com. Online Bidding will end at 12PM, CST, October 21, 2009. 10% Buyers Premium.
Originally posted by DaddyBare
reply to post by Hx3_1963
You do know people who trade in gold are looking 6 months to one year ahead and these prices,(expected to top 1500 soon) make a statement on how they see things going...
care to venture a guess on where they see the markets being in six months?
More at Link...
Jobless lose lifeline as Senate stalls
NEW YORK (CNNMoney.com) -- As thousands of jobless Americans lose their weekly unemployment checks every day, Congress is still debating who should qualify for a benefits extension.
The House passed a bill last month lengthening benefits by 13 weeks for those in high-unemployment states. While Senate leaders said at the time they would act soon, the proposal has languished as Democrats argue over the terms.
Meanwhile, 400,000 people ran out of benefits in September and another 208,000 are set to lose them this month, according to the National Employment Law Project.