IEHI Feed: The Hedge Fund Implode-o-Meter http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-65102 Wed, 11 Dec 2019 19:56:26 GMT Select Portfolio Servicing Selling Personal Homeowner Information http://hf-implode.com/viewnews/2019-12-11_SelectPortfolioServicingSellingPersonalHomeownerInformation.html iehi-feed-65101 Tue, 10 Dec 2019 16:13:12 GMT FHFA Is Prepping For Massive Fannie Mae And Freddie Mac IPO http://hf-implode.com/viewnews/2019-12-10_FHFAIsPreppingForMassiveFannieMaeAndFreddieMacIPO.html iehi-feed-65100 Mon, 09 Dec 2019 19:39:43 GMT Hudson Valley Home Values Are Too Damn High Says NYS Comptroller http://hf-implode.com/viewnews/2019-12-09_HudsonValleyHomeValuesAreTooDamnHighSaysNYSComptroller.html iehi-feed-65099 Sat, 07 Dec 2019 22:52:07 GMT Jury Rules You Can Call Elon Musk a "Pedo" http://hf-implode.com/viewnews/2019-12-07_JuryRulesYouCanCallElonMuskaPedo.html doesn't rape underage boys? For sure? This seems like the true and just outcome.]]> iehi-feed-65098 Sat, 07 Dec 2019 19:40:11 GMT Bizarro New York Banker Goes Berserk Killing Family In Murder-Suicide http://hf-implode.com/viewnews/2019-12-07_BizarroNewYorkBankerGoesBerserkKillingFamilyInMurderSuicide.html iehi-feed-65097 Fri, 06 Dec 2019 15:14:01 GMT Detroit Man Going To Prison For Stealing $800K In Government Benefits http://hf-implode.com/viewnews/2019-12-06_DetroitManGoingToPrisonForStealing800KInGovernmentBenefits.html iehi-feed-65096 Thu, 05 Dec 2019 17:54:11 GMT The repo market is `broken' and Fed injections are not a lasting solution, market pros warn http://hf-implode.com/viewnews/2019-12-05_TherepomarketisbrokenandFedinjectionsarenotalastingsolutionmarke.html "The big picture answer is that the repo market is broken," said James Bianco, founder of Bianco Research in Chicago, in an interview with MarketWatch. "They are essentially medicating the market into submission," he said. "But this is not a long-term solution."

This chart shows the more than $320 billion of total repo market support from the Fed since Sept. 17, when for the central bank began pumping in daily liquidity after overnight lending rates jumped to almost 10% from nearly 2%.

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The goal was to keep banks flush as they deal with month-end funding issues, corporate tax payments, and the deluge of Treasury debt being sold by the federal government to fund its deficit.

Shortly thereafter, former New York Fed markets group head Brian Sack, now director of global economics at hedge fund D.E. Shaw Group, coauthored an article saying that the Fed could get a better control of overnight rates if it were to boost banking system reserves by purchasing $250 billion of Treasury debt.

But the Fed's total support already has eclipsed that threshold with the expansion of daily operations, the introduction of longer-term loans, and its balance sheet expansion through monthly T-bill purchases.

"This is now far bigger than anyone thought this was going to be," Bianco said. "I think they're hoping the market will magically fix itself. I don't see why it would.

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"The Fed really hasn't figured out the problem," said Bryce Doty, a senior portfolio manager at Sit Fixed Income in Minneapolis. "But they kind of have created their own problem."

By that, Doty meant the Fed's rescue operations have worked in terms of supplying banks with quick and cheap funding, but less so when it comes to luring them back to funding each other.

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iehi-feed-65095 Thu, 05 Dec 2019 01:24:49 GMT Musk Tells Libel Jury He's Worth $20 Billion, But Lacks Cash, Despite Paying $50k To Dig Dirt On Thai Rescuer http://hf-implode.com/viewnews/2019-12-04_MuskTellsLibelJuryHesWorth20BillionButLacksCashDespitePaying50kT.html Musk's wealth came up in the second day of his testimony before a federal jury in Los Angeles where the Tesla Inc. and SpaceX chief executive is on trial over a tweet in which he referred to a British cave expert as a "pedo guy."

After an unsuccessful objection from his lawyer, Musk told the jury he has Tesla stock, and SpaceX stock, with debt against those holdings, and his net worth is about $20 billion. But contrary to public opinion, he said, he didn't have much cash. Musk finished testifying after a total of about six hours on the stand over two days.

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In September, Musk revealed in court documents that one of his trusted

aides, Jared Birchall, paid $50,000 to hire a private investigator who looked into Unsworth. Attorneys for Unsworth said the investigator was offered a $10,000 bonus if he was able to confirm nefarious behavior -- which was never paid.

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Birchall testified he hired James Howard, who later turned out to be a conman.

After Howard came up with what later turned out to be fake dirt on Unsworth, such as that he had been visiting Thailand since the 1980s and that he met his wife when she was a teenager, Birchall, using the name James Brickhouse, told Howard to leak the information to media in the U.K.

"I believed him to be a credible investigator," Birchall told the jury. "I understood these things to be facts. I asked him to share facts."

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iehi-feed-65093 Tue, 03 Dec 2019 23:04:05 GMT Manhattan Luxury Condo Sales Moving Slowly, Even With Freebies http://hf-implode.com/viewnews/2019-12-03_ManhattanLuxuryCondoSalesMovingSlowlyEvenWithFreebies.html Extell Development gave Israeli investors a peek into how well its condos are selling in New York, and the message is clear: When trying to offload luxury apartments, throwing in concessions helps, but not enough to clear inventory in a market brimming with high-priced competition.

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Even Extell's lower-priced luxury offerings are struggling to find an audience. At One Manhattan Square on the Lower East Side, just 202 of the project's 815 units were spoken for as of the end of September, the filing shows. Sales started four years ago.

At that building, Manhattan's largest new condo tower, Extell has tried several experiments to lure buyers, including allowing them to rent a unit while having their monthly payments go toward an eventual purchase. Another program allows takers to put down a 10% deposit and live in their apartments for free -- not including utilities -- on the promise that they'll take ownership within a year or forfeit their money.

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iehi-feed-65092 Tue, 03 Dec 2019 14:14:34 GMT South Florida Tax Return Preparer Facing Civil Fraud Claims By The Feds http://hf-implode.com/viewnews/2019-12-03_SouthFloridaTaxReturnPreparerFacingCivilFraudClaimsByTheFeds.html iehi-feed-65091 Mon, 02 Dec 2019 14:03:12 GMT Bank Of America Foreclosure Mill May Have Altered Mortgage Documents http://hf-implode.com/viewnews/2019-12-02_BankOfAmericaForeclosureMillMayHaveAlteredMortgageDocuments.html iehi-feed-65090 Sun, 01 Dec 2019 14:11:12 GMT Personal Loan Debt Outpacing Student Loan And Credit Card Debt http://hf-implode.com/viewnews/2019-12-01_PersonalLoanDebtOutpacingStudentLoanAndCreditCardDebt.html iehi-feed-65089 Fri, 29 Nov 2019 16:09:28 GMT Deutsche Bank Executive Who Signed Off On Trump Loans Kills Himself http://hf-implode.com/viewnews/2019-11-29_DeutscheBankExecutiveWhoSignedOffOnTrumpLoansKillsHimself.html iehi-feed-65088 Tue, 26 Nov 2019 13:05:18 GMT Embattled Wells Fargo Bank Busted Again Overcharging Fees http://hf-implode.com/viewnews/2019-11-26_EmbattledWellsFargoBankBustedAgainOverchargingFees.html iehi-feed-65086 Mon, 25 Nov 2019 12:32:44 GMT Long Island Ponzi Scheme Victims Get Their Money Back http://hf-implode.com/viewnews/2019-11-25_LongIslandPonziSchemeVictimsGetTheirMoneyBack.html iehi-feed-65085 Fri, 22 Nov 2019 09:01:53 GMT Former Deutsche Bank Executive Ordered To Pay $500K For RMBS Fraud http://hf-implode.com/viewnews/2019-11-22_FormerDeutscheBankExecutiveOrderedToPay500KForRMBSFraud.html iehi-feed-65084 Thu, 21 Nov 2019 23:50:58 GMT The World May Have a Bigger Problem Than a Potential Recession http://hf-implode.com/viewnews/2019-11-21_TheWorldMayHaveaBiggerProblemThanaPotentialRecession.html For OECD Chief Economist Laurence Boone, the worry is that the world could continue to suffer in the decades to come if authorities offer short-term fiscal and monetary fixes as the only response.

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The pessimism about the deep seated problems in the global economy contrasts with more upbeat signals coming from financial markets, where investors are increasingly betting on an upswing next year depending on the latest twists in trade talks.

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iehi-feed-65082 Thu, 21 Nov 2019 11:25:03 GMT Manhattan AirBNB Turned Out To Be NYCHA Tenement Housing http://hf-implode.com/viewnews/2019-11-21_ManhattanAirBNBTurnedOutToBeNYCHATenementHousing.html iehi-feed-65081 Thu, 21 Nov 2019 09:53:52 GMT South Florida Foreclosure Alert! Foreclosure Spike By 109 Percent! http://hf-implode.com/viewnews/2019-11-21_SouthFloridaForeclosureAlertForeclosureSpikeBy109Percent.html iehi-feed-65080 Wed, 20 Nov 2019 02:38:24 GMT The Future of Banking Is ... You're Broke | WIRED http://hf-implode.com/viewnews/2019-11-19_TheFutureofBankingIsYoureBrokeWIRED.html Better banking isn't a bad idea, nor is it a tough sell. There's definitely an ambient frustration with the megabanks that have destroyed the global economy, bilked consumers with fake accounts and hidden terms, propped themselves up on the comfortable elbow of your overdraft fees, routinely discriminated against people of color, and on and on and on. I mean, there really should be a mission to take customers away from these companies. At minimum, it's smart to capitalize on all of this well-earned consumer rage.

Still, it's deeply depressing to attend a large gathering of executives, founders, and industry veterans, as I did at October's Money 20/20 conference, and hear the same, somber message repeated over and over again: The future of money will be predicated on the fact that the personal finances of the next generation are as fragile as a Fabergé egg. This, according to attendees and speakers, is both a problem and an opportunity. No one bothered mentioning that the sick state of the nation's finances isn't technology's problem to solve.

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