The Fed met with all of the lucky 19 financial institutions to go over the stress test results. According to the WSJ some meetings were over in 60 minutes or less and others went on for hours. According to the Journal, several of the banks evidenced a need for more capital but no one yet […]
Archive for April 24th, 2009
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Friday Failures
Posted by Tom Lindmark on April 24th, 2009
It was a big week for the FDIC. Here are the links to the closures this afternoon. First Bank of Idaho, Ketchum, Idaho First Bank of Beverly Hills, Calabassas, California Michigan Heritage Bank, Farmington Hills, Michigan American Southern Bank, Kennesaw, Georgia Note that the FDIC was not able to pawn the First Bankof Beverly Hills […]
Spain’s Unemployment Rate Soars
Posted by Tom Lindmark on April 24th, 2009
The unemployment rate in Spain at the end of the first quarter rose to 17.4%. That’s up from 13.9% at the end of the year. The country is on the verge of uncontrollable downward spiral as they appear to be running out of the financial capacity to stimulate the economy. The deficit is expected to […]
Did Chrysler’s Lenders Blink?
Posted by Tom Lindmark on April 24th, 2009
Chrysler’s secured bank lenders have returned to the bargaining table with a new proposal. From the NYT: The latest proposal by the lenders’ steering committee would give the creditors about 54 cents on the dollar for their holdings, or $3.75 billion, as well as the 40 percent equity stake. The proposal also drops creditors’ demands […]
Stress Test Methodology
Posted by Tom Lindmark on April 24th, 2009
If you really have nothing better to do with your time, here is the Fed’s release of the methodology behind the “stress test.” I’m only posting this because everyone else is and I have no intention of reading it unless paid a great deal of money.
New Home Sales And Some Other Real Estate Info
Posted by Tom Lindmark on April 24th, 2009
New home sales as reported by the Census Bureau were 356,000 units for March versus 358,000 units in February. Months of supply was 10.7. I highly recommend that you take a look at a post on Calculated Risk regarding these numbers. He has his usual in-depth analysis and then presents his conclusion as to the […]
