GLG News by Sub-Prime Lending Experts

Anthony CatanachDirectorDI2 Associates, LLC

What Have the Accountants Done For Us Lately?

November 19, 2009

Analysis of:Systemic risk legislation threatens FASB’s independence | www.accountingweb.com

Debates about the causes of the recent financial crisis have yet to focus on the inability of financial institution independent auditors to provide adequate oversight over management’s valuations of financial instruments.

John SalomoneManaging DirectorStructured Finance International, LLC

Not All Real Estate Is the Same - 4 Different Issues

November 9, 2009

Analysis of:Handling real estate loans will be a tough act | www.dallasnews.com

Real estate financing and refinancing poses 4 different levels of risk for lenders and owners, based on the project life cycle and its financing and overall structure. Broad statements about the looming problems are just that "broad statements" Real estate market participants must look at each transaction within the context of the 4 kinds of Real Estate Finance Structures, if they want to properly assess financing and refinancing values, issues and risk.

Duncan MacDonaldConsultantDuncan McDonald

Retail discounts won't revive our economy

November 9, 2009

Analysis of:Catering to the Recession Mentality | online.wsj.com

The article is about the struggle of retailers to lure consumers to stop worrying about the economy and start spending again. Their bait is aggressive discounting. The question not only is whether it will work but whether other factors will wipe out the best laid discounts.

Duncan MacDonaldConsultantDuncan McDonald

Loss of arbitration of cardholder disputes could sink card industry

October 15, 2009

Analysis of:Turmoil in Arbitration Empire Upends Credit-Card Disputes | online.wsj.com

Although the article is about an investor's failed bet on arbitration of card disputes, the bigger fail will belong to the card industry -- the 1 billion bank and private label cards held by 200 million consumers. Issuers of those cards have all but lost the right require arbitration and the enormous protection arbitration brings against class actions. With the NAF gone kaput and the AAA refusing to fill the void, issuers now face massive, potentially crippling new risks .

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Capitalize Social Change

October 7, 2009

Analysis of:Climate Change: How to Invest for the Possibility | seekingalpha.com

The social awareness of climate change presents an opportunity to capitalize on firms providing net benefits to the global carbon footprint.

Duncan MacDonaldConsultantDuncan McDonald

Threats to make CARD Act worse and to regulate interchange fees

October 6, 2009

Analysis of:Banks Face Pressure to Bend on New Agency - American Banker Article | www.americanbanker.com

The article is about the wrangling in Congress to enact a so-called "Consumer Protection Agency." But it carries a threat to bankers. If they don't stop trying to block a CPA, Congress will enact piecemeal bills that will prevent card issuers from being able to reprice in response to the CARD Act and will regulate interchange pricing downward.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

Lower Rates, While Great, Do Little For Jumbo Lending

October 1, 2009

Analysis of:Real Estate Outlook: Mortgage Rate Dip Impacts Housing | realtytimes.com

The Realty Times article reflects the positive effects of lower interest rates on mortgage originations and home purchases, but fails to note the failure of said rates to transcend the conforming/conventional markets into the jumbo markets. The implications of this failure are that many homeowners in the higher cost states (CA, NY, MA, etc.) still cannot get competitive financing; thus, driving home prices down further.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

It is all in the "W"

September 28, 2009

Analysis of:KB Home Loss Narrows on Fewer Write-Downs | online.wsj.com

KB, a lower cost builder, is benefitting from the perception that we have hit the bottom. We have not. Thus, the peak of the inside of the "W" is about to wane.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

JPMorgan, the man who encouraged lending

September 26, 2009

Analysis of:How to Stop a Credit Card Payment Increase | www.mainstreet.com

During the last major financial meltdown or depression, JPMorgan, the man who encouraged lending by laying down the gauntlet to his peers, single handedly stimulated the economy. He knew that the severe times dictated new and severe lending techniques. I believe there is going to be an even LARGER backlash to Chase and American Express and other credit card lending institutions, that continue in the business of credit card lending, and continue alienating the high FICO borrowers.

Joseph ChathamPresidentChatham Mortgage Partners Inc.

Round II: Coming to a neighborhood near you

September 25, 2009

Analysis of:"Option" mortgages to explode, officials warn | www.linkedin.com

While a very general description of the Pay Option ARM disaster that is looming, the Reuters article is dead-on in two conclusions: many more homes will be hitting the market over the course of the next two and one-half years and that the mortgage plague that started with the subprime crisis will be moving from the lower income strata to the middle and higher income areas.

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