Tag: Wall Street

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

An Increasing Number of Americans Have Stopped Paying Their Car Loans

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Wall Street is starting to worry about the auto loan market as millions of Americans are falling behind on their car loans. The increased interest in the auto loan market seems to be based on commentary from Ally Financial, weak guidance from Ford and what Evercore ISI called “a splurge in incentive spending.” Here’s what you need to know:

  • The delinquency rate for subprime auto loans is at the highest level in at least seven years.
  • Banks are pulling back and newer players with loose lending standards are stepping in.
  • Used vehicle prices are dropping sharply, as the market is flooded with off-lease vehicles.
  • The percentage of trade-ins with negative equity is at an all-time high.
  • Asset-backed securities based on auto loans are showing signs of stress.
  • A growing proportion of the auto loan ABS market is now made up of “deep subprime” deals.

 

The 60+ day delinquency rate for subprime is the highest it has been in seven years. A key driver of the increasing delinquency rate is a spike in the proportion of “deep subprime” deals, or those with an average FICO score of less than 500. In other words, the subprime delinquency rate is creeping up while the subprime market is ballooning in size.

The Liberty Street Economics post, written by Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert Van Der Klauuw said, “The data suggest some notable deterioration in the performance of subprime auto loans. This translates into a large number of households with roughly six million individuals at least ninety days late on their auto loan payments.”

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

http://www.businessinsider.com/wall-street-is-worried-about-car-loans-2017-3/#fitch-deteriorating-credit-performance-will-be-more-acute-in-the-subprime-segment-1

https://www.aol.com/article/finance/2016/11/30/6-million-americans-have-stopped-paying-their-car-loans-and-it/21617633/

Bankruptcy Law, Credit, Debt Relief

Senator Elizabeth Warren Calls for Tough New Laws for Wall Street Executives

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During a hearing of the U.S. Senate Committee for Banking, Housing, & Urban Affairs, Sen. Elizabeth Warren grilled Wells Fargo CEO, John Stumpf, over alleged fraud during his leadership of the company.

Wells Fargo recently agreed to pay $185 million as a part of a civil settlement after it was revealed that employees were using customer information to open fake accounts. The bank has since fired 5,300 employees over the fake accounts that resulted in $2.6 million in fees that affected customers. The fees have since been refunded, however, Sen. Warren stressed to the Senate Banking Committee that further measures need to be taken to hold executives of the bank personally accountable.

“You should resign. You should give back the money you took while the scam was going on,” Sen. Warren told Stumpf who reportedly earned $19.3 million last year.

Sen. Warren went on to tell the committee that laws should be put in place to hold corporate executives personally and criminally responsible for fraud.

She ended her interrogation by adding, “We need tough prosecutors who have the courage to go after people at the top. Until then, it will be business as usual and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can.”

Click here to read more on this story.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Timothy Kingcade Posts

Goldman Sachs Accidentally Released Documents Incriminating the Firm

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The lawyers for Goldman Sachs, a global investment banking and securities firm, have been dealing with a lawsuit filed against them by Overstock.com. After Overstock.com filed a motion to disclose certain internal documents of Goldman Sachs, the lawyers for the firm filed an opposition which accidentally made many of their internal documents, such as emails within the company, public record. Among the many issues that were brought to light due to the disclosure of the documents was ‘naked short selling.’ The speculation throughout Wall Street was that naked short selling was nothing more than a myth, but in fact Goldman Sachs has been participating in this act of high finance counterfeiting for years.
The act of naked short selling is where the investment firm who is hired to purchase stocks (such as Goldman Sachs) does not actually locate or purchase the stocks. By doing so, Goldman Sachs was creating an artificial stock supply. Goldman Sachs was avoiding spending time searching for the stocks and also avoiding paying fees to borrow the stocks. The illegal acts committed by Goldman Sachs have been brought to light only months after the former Goldman Sachs’ Executive, Greg Smith resigned and publicly released that the firm took advantage of their clients.
To read more on this story visit: http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515#ixzz1v0M2jZcl
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Timothy Kingcade Posts

Wall Street’s Multi-Billion Dollar Trading Scandal That no one is talking about

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Wall Street’s latest billion-dollar scandal might end with a prison sentence for some traders. The federal government recently announced they are pursuing an investigation of banks and traders who have been manipulating LIBOR rates. The LIBOR rate, or London InterBank Offered Rate, is the average lending rate banks in London use when lending to other banks.
Banks were illegally setting their own LIBOR rates lower than the actual rate and then persuading municipalities and pension funds to bet against the rate. Ultimately, the banks would come out on top with millions of dollars from the municipalities. The banks were also giving Wall Street traders access to the systems they used to set up the manipulated rates so they could go in and change them as they saw fit. So far the research into the investigation shows that this could be a $750 million scheme. The two banks that have been targeted in the investigation are Barclays and Deutsche. Analysts believe this scandal will far exceed the repercussions of the mortgage/foreclosure scandal for Wall Street.
In addition, many Wall Street traders may find themselves facing jail time over the scandal. These recent events are having a powerful impact on the credibility of Wall Street.
To read more on this story visit: http://finance.fortune.cnn.com/2012/03/23/the-wall-street-multibillion-scandal-no-one-is-talking-about/
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.