It is the 20th of August 2017

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Italy Bails Out Two Failed Banks; Cost To Taxpayers: $17 Billion

Two weeks after the first, and biggest, European bank bail-in took place under the relatively new European bank resolution mechanism, the EBRD, when Spain's Banco Popular wiped out the holders of its most risky securities, including equity and AT bonds, and then selling what was left of the bank to Santander for €1 - a process that took place without a glitch -  Italy may have just killed any hope of a European banking union, when the bailout of two small banks made a "mockery" of Europe's new regulation.

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Millions Of Americans Just Got An Artificial Boost To Their Credit Score

Back in August 2014, we first reported that in what appeared a suspicious attempt to boost the pool of eligible, credit-worthy mortgage and auto recipients, Fair Isaac, the company behind the crucial FICO score that determines every consumer's credit rating, "will stop including in its FICO credit-score calculations any record of a consumer failing to pay a bill if the bill has been paid or settled with a collection agency. The San Jose, Calif., company also will give less weight to unpaid medical bills that are with a collection agency." In doing so, the company would "make it easier for tens of millions of Americans to get loans."

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Furious Bank Run Leaves Canada's Largest Alternative Mortgage Lender On Verge Of Collapse

After two years of recurring warnings (both on this website and elsewhere) that Canada's largest alternative (i.e., non-bank) mortgage lender is fundamentally insolvent, kept alive only courtesy of the Canadian housing bubble which until last week had managed to lift all boats, Home Capital Group suffered a spectacular spectacular implosion last week when its stock price crashed by the most on record after HCG revealed that it had taken out an emergency $2 billion line of credit from an unnamed counterparty with an effective rate as high as 22.5%, indicative of a business model on the verge of collapse .

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Nursing Home Owner Pleads Guilty To Spending Medicaid Funds On Strippers, Casinos, Pet Care

Johnnie Mac Sells, 52, the owner of a suburban St. Louis nursing home where 60 residents had to be rescued after food ran out and trash piled up, has pleaded guilty to federal charges for stealing $667,000 from Medicaid and spending it on strippers, gambling and other things. Sells pleaded guilty Wednesday to two counts of health care fraud, the St. Louis Post-Dispatch reported. He could get up to three years in prison when he's sentenced July 25 and he has to pay back what he stole.

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Greece Is In Trouble Again: Bonds, Stocks Plunge As Bailout Talks Collapse; IMF Sees "Explosive" Debt

It may - or may not - shock readers to learn that Greece is once again on the verge of collapse.

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