Wall Street firms are in the business of profit, they seemed to like the products they were selling during the housing boom judging by the makeup of their balance sheets once housing moderated, and none of this is wrong so long as they suffer their losses every bit as much as they celebrate their successes.
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The ghost of Angelo Mozilo and Countrywide will continue to spook major financials going forward as the housing crisis still weighs on their balance sheets.
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In Britain, given the size of its finance industry, housing boom and consumer debt, the balance-sheet adjustment will, if anything, be greater.
Citi remains heavily exposed to housing drag with toxic assets souring the balance sheet, and there still could be substantive blowback for big banks holding bad European government debt.
The expiration of the tax-credit may lead to a lag in purchases for the following months, and any rebound in prices may bring out some housing inventory hiding in the shadows of big bank balance sheets.
In this column, Federal Reserve Bank of Boston economist Daniel Cooper presents new evidence suggesting that the spending impact of equity extraction during the recent U.S. housing boom was relatively small compared with the household balance sheet changes and residential investment.
Housing and capital goods spending along with our net trade balance remain depressed but have wound down to nearly irreducible lows.
The Landlord and Tenants (Private Housing) Bill 2013 aims to achieve a fair and reasonable balance between the rights of landlords and tenants.
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The last time there was a switch in the balance between private renters and those in council or housing association homes was in the middle of the 1960s.
The collapse of housing prices destroyed a major portion of household wealth and shattered the balance sheets of financial institutions, sending the U.S. economy into a deep recession.
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Underlying this economic recovery is an improvement in the state of private sector balance sheets, which contrasts with the traditional view that housing construction will lead the way out.
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U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook chain store sales reports, the international trade balance, Treasury international capital flows, and the NAHB housing index.
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Goldman is one of the few American financial firms whose balance sheet has largely escaped the problems of the American housing market. (See "Goldman Only Brushed By The Credit Crunch") It may want to buy some or all of Wachovia itself, but if not, the firm could at least help it craft a deal or find a deep-pockets investor.
These lenders, with no balance sheet and little capital, quickly garnered 15% of housing loan approvals.
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Judging by the experience of other rich countries that have suffered financial crises spawned by housing busts, such as Sweden and Norway in the early 1990s, weak balance sheets will weigh on consumers' spending for years rather than months.
While the housing recovery will not be without its hiccups, BofA and its ilk are starting to draw some benefit from the housing market, after years of watching it wreak havoc on their operating performance and balance sheets.
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But buying inexpensive housing, with a low-cost, fixed-rate mortgage, offers a different balance of risks.
In Arizona, Ohio, New Mexico and Michigan there are many more retirement housing bargains that will enable you to live well on Social Security and your limited 401k balance.
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Now, when most businesses are making profits , but remain stagnant in growth, that says our economy has stumbled into a balance, with a small nod to the growth side, without any significant growth in housing since it hit bottom, .
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