Daily Digest

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Daily Digest 6/23 - Banks Lending More Freely, Programs to Finance Clean Energy Catch On

Sunday, June 23, 2013, 11:20 AM

Economy

Banks Are Starting To Lend More Freely (Nervous Nelly)

It's hard to gauge exactly how banks are changing their rules. But some data indicate buyers are putting less down these days. Ellie Mae, a software provider that tracks U.S. mortgage transactions, estimates that the typical down payment for a purchase mortgage has fallen from 22% in early 2012 to about 20% in recent months. In the case of refinancing, the average amount of equity required in a loan has fallen from 35% to about 27% over that same period.

S.E.C. Has a Message for Firms Not Used to Admitting Guilt (jdargis)

In a memo to the S.E.C. enforcement staff announcing the new policy on Monday, the agency’s co-leaders of enforcement, Andrew Ceresney and George Canellos, said there might be cases that “justify requiring the defendant’s admission of allegations in our complaint or other acknowledgment of the alleged misconduct as part of any settlement.”

Fact Or Fiction: Financial Sector Thinks It’s About Ready To Ruin World Again (pinecarr)

According to sources, the overwhelming majority of investment bankers are “ready to get the ball rolling” by approving a host of complex and poorly understood debt-backed securities that are doomed to quickly default, as well as issuing startlingly high-risk loans certain to drive thousands of companies into insolvency.

Prison Sentence of Ex-Enron C.E.O. Skilling Cut by 10 Years (jdargis)

Several Enron victims wrote letters to the court protesting Mr. Skilling’s proposed reduced sentence. On Friday, Andrew Stoltmann, a lawyer who represented several victims, criticized the Justice Department for agreeing to the reduction and said it was unacceptable coming on the heels of the lack of prosecutions arising out of the financial crisis.

If Defense Contractors Are Rich, Why Aren’t Their Workers Paid? (jdargis)

Some seventy thousand cooks, cleaners, beauticians, and construction men were shipped in from across the world to do some of the conflicts’ dirtiest jobs. (Some were trafficked; some were starved; some were sexually assaulted, often with impunity.) Within hours of arriving at Kandahar Airfield to research the story, I met eight Nepalese men, construction workers, who claimed they weren’t getting paid at all. Hammering away in the hot sun with cardboard boxes over their heads to approximate shade, the men worked long hours building a new walkway directly outside the U.S. military’s public-affairs office. They showed me their contracts with Red Sea Engineers and Constructors, a DynCorp subcontractor, promising three hundred and fifty dollars a month.

Tax Programs to Finance Clean Energy Catch On (jdargis)

“It’s an idea that resonates and is catching on,” said David Gabrielson, the PACENow executive director. “I see encouraging signs in the build-out of a whole new approach to funding energy efficiency.”

Gold & Silver

Click to read the Gold & Silver Digest: 6/21/13

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

3 Comments

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1632
Crash on Monday?

http://www.zerohedge.com/news/2013-06-23/bank-international-settlements-...

This ought to cause a crash Monday! Anybody see it coming too?

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2247
Down the rabbit hole?

Thanks for the pointer to the article on ZH,  thc0655.  That's pretty surreal shtuff, coming from the BIS.  I know I'll be checking around on-line tomorrow morning to see what (if) the repercussions are.  Time to buy more Pepto!

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2840
Bank Of China Declares Moratorium On Transfers, Online Banking

From ZH

Bank Of China Declares Moratorium On Transfers, Online Banking

Pucker factor?

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