AIG: The Main CDS Insurer for Greek Government Debt?

February 20, 2010 – 8:58 am

Yves Smith and I received a tip at the weekend from a friend who reads the German press regularly about credit default swaps (CDS) on Greek government debt. Read Yves’ piece based on that article here. Below is mine.

Previously, I had mentioned the CDS exposure of the hapless German Landesbanks (banks owned by the individual German states or Länder – hence the term Landesbank). These same companies lost enormous amounts of money in the subprime meltdown – and apparently they have all sorts of other toxic exposure like Greek CDS still on the books.

So I find it interesting that the German daily Frankfurter Allgemeine is focussing instead on the AIG CDS connection to Greece. Here’s

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Quicken 2010 50% Off Coupon Code

February 20, 2010 – 2:57 am

Quicken also sent me a 50% off link to all their 2010 products. Offer good only until 2/22/10. The following Special Offer Code was included in the e-mail: 6321762157. Download version might be better if you plan on returning?

Note: Offer applies only to purchase of Quicken Deluxe, Premier, Home & Business, or Rental Property Manager when you order directly from Intuit by February 22, 2010, 11:59 PM PST.

If you’re not 100% satisfied, return Quicken 2010 software with your dated receipt within 60 days of purchase for a refund of the purchase price (return shipping and handling charges are not included). <

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Poor black women most likely to be evicted?

February 19, 2010 – 8:54 pm

The New York Times article: A Sight All Too Familiar in Poor Neighborhoods cites University of Wisconsin research by Matthew Desmond on trends in Milwaukee inner-city rentals for uncovering some startling insights – such as Women from largely black neighborhoods in Milwaukee constitute 13 percent of the city’s population, but account for 40 percent of those legally evicted. . Why is this demographic so prone to eviction?

Marriage is an exception among the poor, and single mothers need larger, more expensive housing than single men.

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Late payments on home loans see record level in 2009 fourth quarter

February 19, 2010 – 2:18 am

A recent report shows that a precursor to home foreclosure saw a marked increase during the fourth quarter of 2009.

According to TransUnion, the number of home loans that are 60 or more days past due increased for the 12th straight quarter at the end of 2009. The 6.89 percent delinquency rate reported for that final quarter is the highest ever, the firm noted.

In comparison to the third quarter, when delinquency rates were at 6.25 percent, the fourth quarter was up 10.24 percent.

Along with posting the largest rate, the fourth quarter was the first time in three consecutive monitoring periods that the rate of increase for delinquency rates on home loans did not slow down.

Nationally speaking, the increase is tied to a seasonal phenomenon when consumers have less money to spend because of holiday expenditures, which is coupled with them awaiting their tax returns, said F.J. Read more…

How to avoid Jurassic technology

February 18, 2010 – 8:03 am

I’m the poster child for investing in technology right before it becomes obsolete.

My husband and I got our iPhones, and then the third-generation version came out. We bought a big-screen television just before flat-screen versions became affordable. Way back in the mists of time, I invested in a really good turntable — only to watch vinyl disappear from store shelves a few months later.

I’m getting tired of buyer’s remorse, so I turned to the ultimate source of technological wisdom — CNET — to give me the scoop on how to future-proof my TV, phone and music player purchases.

The following advice from CNET Editor-at-Large Brian Cooley won’t put you on the bleeding edge of technological advancement.

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A Closer Look at Simon’s Offer and General Growth’s Response

February 17, 2010 – 9:34 pm

Yesterday’s $9 per share bid from Simon Property Group (SPG), even if it does not materialize, is very good for General Growth Properties’ (GGWPQ.PK) shareholders and for GGP to remain as a standalone independent entity.

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