Banks and Real Estate-Fraud-closure
First-and this is one that goes back a few nights to the post in which I talked about Cramer's dismissive tone over Fraud in the banking sector over foreclosures; his opinion summed up, it's old news and news drives events.
Here's the first which fits in with our SRS trade as well as Financials
Banks are taking a second look at their foreclosure practices and halting many foreclosures. First there's pressure on bank earnings, there's the issue of putbacks on faulty/fraudulent mortgages-all affecting the banks' bottom line. The second component is the limbo of properties as the pipeline which is already bursting at the seams will see a high pressure flush that may push housing prices down even lower. If you were aware of this news and looking at buying a short sale or REO, would it give you pause?
Here's the story
Trades related to this include long SRS, short financials through any number of means including XLF or long FAZ and maybe some of the bigger players in the arena-BAC, WFS, and JPM.
The USO short trade from yesterday, despite the inventory build...
Spain's Debt auction commanding higher yields (borrowing costs) today
Here's the story
Mortgage Rates higher, home prices lower
Again, trades here include Real Estate REITS-just put on the trade list and of course SRS long
Here's the story
It's not the Fed... yet, but the Treasury isn't too fond of oversight.
Story and Video are Here just wait until it's the Fed's turn under Ron Paul
More Downgrades
Here's the story
China and Rate Hikes hits the Chinese markets
The Story
Related Trades, a lot of Chinese stocks or just use FXP, one of our recent favorites to play China on the short side.
Ron Paul is Serious about Fed Oversight
Here's the Wall St. Journal piece today
More on Cramer and his "buy banks-buy BAC call"
That's some serious movement in the last hour
We'll be using today's strength to add to some positions.
No comments:
Post a Comment