Summary:
Today in real estate, the LA Times shows that Citigroup posts a $3.2-billion profit even with the mortgage decline in the market. The NY Times reports that while many want Jamie Dimon, JPMorgan Chase Chairman & Chief Executive, fired, investors, analysts, board members and regulators don’t want him fired. Central banks are preparing for a U.S. Default, should it occur. The Wall Street Journal reports that home prices & home sales are now slowing down in the “Bust-and-Boom Markets.” Lawmakers are asking financial institutions to be cooperative with federal employees who have been furloughed due to the government shutdown. The Housingwire informs us that multifamily loans are hitting the market and that Citigroup is preparing for a “refi burnout.”
Citigroup posts $3.2-billion profit amid slump in mortgages, trading
“NEW YORK — Citigroup Inc.’s third-quarter earnings disappointed Wall Street analysts as the bank reported a sharp slowdown in mortgage and bond-trading revenue.”
The Bloodlust of Pundits Swirls Around Jamie Dimon
“Jamie Dimon should be fired.
That seems to be the conclusion of some in the pundit class about JPMorgan Chase’s chairman and chief executive. Writers, editors and bloggers have made it clear that they want his scalp: “NOW Are We Allowed Talk About Firing Jamie Dimon?” the Huffington Post blared after news that the bank set aside $23 billion to pay legal fees and fines last week. “I have trouble wrapping my head around the positive aspects of paying a multibillion-dollar fine,” an article on TheStreet.com said of the prospect of an $11 billion settlement with the Justice Department.”
Central Banks Gaming Out U.S. Default as Deadline Nears
“Central banks have begun making contingency plans on how they would keep financial markets working if the U.S. defaults on the world’s benchmark debt.”
Home Sales, Prices Slowing in Bust-and-Boom Markets
“The sharp home-price rally in some of the hardest-hit housing markets is likely to fade in the coming months amid a pullback in investor purchases and steady increases in the number of homes listed for sale.”
Lawmakers call for banks to rescue federal employees
“Lawmakers urged financial institutions to work proactively with borrowers facing financial distress because of the government shutdown. For three weeks, federal employees have been out of the job without pay.”
Performing multifamily loans hit the market
“A great deal of activity is surfacing in the multifamily sector in the form of nonperforming loan sales this week.”
Citigroup prepares for refi burnout
“As investors anticipate the release of Citigroup’s (C) third-quarter earnings, analysts are predicting declining mortgage lending activity for the bank.”
