All The King’s Horses And All The King’s Men Could Never Hold Gold Down, Amen! - Why Gold Will Erupt - By Egon von Greyerz (19/7/12) PDF Print E-mail
Egon von Greyerz   
Thursday, 19 July 2012 09:14

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Pick Your Debt Poison - By Tyler Durden (19/7/12) PDF Print E-mail
Tyler Durden   
Thursday, 19 July 2012 09:13

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'Shadow REO': As Many As 90% Of Foreclosed Properties Held Off The Market - By AOL Real Estate (18/7/12) PDF Print E-mail
AOL Real Estate   
Wednesday, 18 July 2012 08:37

A pretty, manicured home sits six doors down from Phil Faranda's in Briarcliff Manor, N.Y.

To look at it, most passersby would think that the tidy house is occupied by a nice family that gives it a good amount of TLC: The lawn is mowed, the bushes trimmed, and the siding has what looks like a fresh paint job.

But Faranda knows better.

The bank-owned house has been vacant for 18 months, according to Faranda, a Realtor specializing in distressed properties. Just two notices taped to a window are the only indications that the home is unoccupied.

It might seem curious that such a well-maintained home doesn't have a For Sale sign on its front yard. But it's certainly not unusual.

This home is part of what's known as the "shadow REO" inventory: repossessed homes across the country that banks or investors often purposely keep off the market. The practice isn't a secret, and refraining from dumping a large inventory of foreclosures on the market helps to keep home prices from crashing.



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U.S. Report Slams HSBC's Anti-money Laundering Efforts - By Carrick Mollenkamp (18/7/12) PDF Print E-mail
Carrick Mollenkamp   
Wednesday, 18 July 2012 07:45

Reuters

A "pervasively polluted" culture at HSBC Holdings Plc allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.

While the big British bank's problems have been known for nearly a decade, the Senate probe detailed just how sweeping the problems have been, both at the bank and at the Office of the Comptroller of the Currency, a top U.S. bank regulator which the report said failed to properly monitor HSBC.

"The culture at HSBC was pervasively polluted for a long time," said Senator Carl Levin, chairman of the U.S. Senate Permanent Subcommittee on Investigations, a Congressional watchdog panel.

The report comes at a troubling time for a banking industry reeling from a multi-country probe into the manipulation of global benchmark rates. Last month, rival British bank Barclays Plc agreed to pay a $453 million fine to settle a U.S.-U.K. probe into the rigging of the benchmark interest rate known as the London Inter-Bank Offered Rate, or Libor.



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Four Reasons To Be Even Less Optimistic About The Global Financial System Than You Were Last Month - By The Economiccollapseblog (17/7/12) PDF Print E-mail
The Economiccollapseblog   
Tuesday, 17 July 2012 07:58

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