Cesarnc's market talk, gossips, rumours & fun

More from the front...

"Fannie Mae said after markets closed Tuesday that it will sell $7 billion of preferred stock and cut its dividend 30 percent to shore up its capital position through 2008."



- CNBC

unbelievable!! thats the first time they issued a statement with rates unchanged! usually they only give statements when rates are moved.

for a central banker, stevens sure does like surprises!

noted

Yeah the market will take note, could be an interesting London session

Ash,

Borowitz is one funny dude.

Sun

Indeed he is. Did you go to his website and read the one about the 70,000 turkey recall for thanksgiving (you'll find it in the archive section)?

http://newsvote.bbc.co.uk/nol/shared.../news_logo.gif
Lenders 'must prepare for worst'
UK mortgage lenders have to prepare for the "very real prospect" of the global credit crunch getting much worse.

The Financial Services Authority (FSA), said a tougher global financial situation could affect the whole UK mortgage market, boosting defaults.
Access to cash could become more difficult - a problem that caused the run on Northern Rock earlier this year.
Lenders needed contingency plans to guard against the "worst outcomes", the City watchdog said.
The FSA also told lenders that despite the liquidity and credit risks it was important that lenders maintained their focus on treating customers fairly, including their treatment of customers in arrears.
Changing world
Already there were signs that the market might be changing, the FSA said.
The watchdog warned that arrears and repossessions have increased significantly, albeit from a very low base and concentrated in specific sectors of the market.
"There is a very real prospect that conditions will worsen further into next year, in terms of both liquidity and credit risks," Clive Briault, the FSA's retail managing director, told the Council of Mortgage Lenders' annual conference.
He said that firms should be assessing their funding and liquidity positions, and testing whether or not their business models could withstand severe market problems and volatility.

Arrears and repossessions have increased significantly, albeit from a very low base
Clive Briault, FSA

They should also review and assess their medium and longer-term strategies and the options open to them, as well as considering contingency plans against the worst outcomes.
"We want there to be a competitive and thriving mortgage market in the UK which clearly meets the needs of consumers," he continued.
Lenders should have tested business plans that take account of the changing world, with viable funding models, he said.
Mr Briault added that firms needed boards and senior management that understood and knew how to operate in the best interests of their customers in a variety of market conditions.
Difficult refinancing
The FSA estimates that more than 1.4 million borrowers on fixed-rate, short-term mortgages are due to come off their favourable terms next year, which were fixed when the "Bank of England's main interest rate was lower".
Many of them will either have to pay higher interest rates as a result, or will go back to the market to find new deals.
Should they not find them, the resulting higher repayments could see them rein in consumer spending sharply. In some of the worst cases, this may even lead to a repossession of the property that has fallen into arrears.
Mr Briault explained that many of the borrowers were on relatively high loan-to-value ratios or income multiples and would find it difficult, if not impossible, to refinance their mortgage on favourable terms.
At the bottom end of market, the so-called sub-prime sector that focused on people with poor or non-existent credit histories, many borrowers "may not have access to the market at any price".

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/h...ss/7127534.stm

Published: 2007/12/04 17:55:33 GMT

BBC MMVII


Sounds like they are getting a little nervous........

Time to...

http://www.rxworks.com/website/Porta...dog%20face.jpg

Back by London

Actually I used to get his daily emails a year or so ago. And just last week came across his site once again and saw the Turkey story.Good stuff but I didn't want to take time out each day to read the "funnies." Spend too much time in front of the screen as it is.

This is an excellent thread, for those who enjoy and perhaps even use market talk in their daily decision making. I like to think that I do, at least it makes one happy to get the feel of the confusion and general expectations, when there actually is a rare moment of collective expectation. Thank you and good luck.

Yeah, I get his daily emails also, couldn't resist posting it, thinking since this is a thread on gossips, rumors and fun.

Nice drop on the pound to start the London session.......

SWEET, The old thread in new form

I never really traded cable but enjoyed the thread untill of late, But now we have a place to go again, Thanks Ceasernc


Sorry so late to post but I was at the beach as you know and dont like sand in my laptop.

I guess it was due to the house price that came out. Not a big mover per se, but adds heavily to the cut cause for tomorrow...

Or at least, the longs are covering ahead of the statement.... You know, everybody knows King already..

Hey BWR, nice to see you around. Now quit that "on the beach, drink martinis, checking out on the ladies" and get your ass back to business, will'ya?

Sorry

LONG DOLLAR LONG

Not really... Market is dumping cable like garbage across the board. Check EURGBP :surprised

Nobody likes the GBP anymore

Whatever, I got a nice short GJ

Services PMI, could really crushed the pound with a low reading.......

"Longs" are getting nervous........

http://uk.reuters.com/article/person...kmorningdigest

This may explain this mornings big drop.......hope you were all on the right side of it

Pound getting pounded

Sorry I couldnt resist

UK to nationalize Northern Rock + expected effects on carry trades...

http://www.bloomberg.com/apps/news?p...lFg&refer=home

We may get there before the rate decision........