GM CEO Out, Market Quiet, Mozilovilles?

GM’s Chairman and CEO Rick Wagoner has reportedly been forced out as GM has piled up billions of dollars in losses and asked for government loans to stay alive. Wagoner was with GM for 32 years, and has been replaced by Fritz Henderson, the company’s vice chairman and chief operating officer. (Let’s hope his 401(k)

Another Mortgage Closure, Housing Starts Dismal

GM wants $17 billion more. One trader from Cantor Fitz mentioned that, “GM seems like a pension plan that occasionally makes a car somebody occasionally buys.” Citi Loan Changes First things first. Yesterday I mentioned that “CitiMortgage now requires the following minimum FICO scores on all FHA and VA loans, including FHA Streamline and VA

Auto CEOs Take Private Jets To DC To Beg For Taxpayer Money

Treasury has said from the beginning that the TARP funds will follow two primary rules: (1) Treasury needs flexibility to adapt the allocation strategy according to market conditions, and (2) funds would only be allocated to industries or firms whose failure would cause a catastrophic meltdown in global economies. It can be argued that US

WeeklyBasis 05/16/05: Fixed is Fixed, ARMs Down

Rates/Commentary, week of May 16, 2005. Fixed rates are steady over last week and ARMs are down about .125% as mortgage bonds and especially Treasury bonds have rallied. Despite the Fed raising the overnight bank-to-bank lending rate by 2% since last June, the open markets are not following this benchmark rate. Markets trend have driven