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- The new Incredible Hulk film is no longer one of his predecessors, 2003. . .Few films have a drastic change in the office of property that Ang Lee Hulk film of 2003. In his first weekend in the United States, Hulk was a promising 62 million U.S. dollars. At the weekend, after he suddenly fell to 18 million U.S. dollars, then to 8 million U.S. dollars on the following weekend! Bad-mouth word streamed the film: It was simply not what the public expected. Go to the cinemas screening, the only disappointment among the ten years the boys, was palpable. Nothing is prepared for the oddball tend to turn art and superhero comics, was in 2003 Hulk. All they wanted was to see Hulk smash was bad person. . .But if you have not yet succeeded in a first step, then try again. And that is with this philosophy in mind that Marvel has decided to close its lucrative Hulk comic franchise a new sequence. The new film is quite simply “The Incredible Hulk, but this time the film has more in common with the popular end of 1970 that the TV series with the comic - or heaven forbid - the first film. And that, dang, this Time the Hulk is really incredible!
Incredible Hulk thus benefited from a brand new team and performers.
An excellent Edward Norton replaces Eric Bana as the Hulk / Bruce Banner and Liv Tyler replaces Jennifer Connelly (not a good thing - Tyler is rather tasteless) Banner of the ex-girlfriend Betty Ross. A stoic William Hurt replaced the voice of crude Sam Elliott, the father of Betty, General Ross. Carrier 2 director Louis Leterrier supports the chairmanship of the Director Brokeback Mountain by Ang Lee, director, making his film work with him sensitivities in the process. The scenario is the X-Men: The Last Stand “Fantastic Four” written and scholars along Zak Penn, with actor Edward Norton (wrote under a pseudonym). Penn is a man way: it was already signed to the scripts before-2011 Avengers Captain America and Marvel films. . .
“Much action-packed and entertaining that the previous film Hulk …”
In the assessment by the parties think that you May The Incredible Hulk has dumbed down - and you’d notice. But it is the material for a large part better. Finally, it is a film on a big green giant dude in the purple trousers fracasse things when he gets angry - that’s all the time! The Hulk was never exactly Marvel super heroes, the mysterious and handsome, well-dimensional, if you on this issue. But this is Hulk describes as a “man” instead of recurring and to the brain, unicellular creature, it is usually portrays, as in the comics.
Straight, where the first film was gekünsteltes, action-packed, where mix Hulk, The Incredible Hulk, regardless of the liberation of the exhibition floors and is back on the film sequence of credit granting. Not tortured oedipal conflict is not resolved!
The Incredible Hulk assumes that the audience already knows the character and back story: after an accident involving gamma rays, the scientific rabies Bruce Banner is the super-power, skin-The Hulk green monster when he gets angry. Of course, the U.S. army under the guise of general corruption Ross (William Hurt) - is also the father of Banner girlfriend, Betty - is interested to work with the hand on the Hulk and the use of his blood, a new breed of Super-soldiers under stress. Banner is a refugee, in the hope of a cure can be found in his state before the Ross and the United States military-industrial complex, it is self-evident. In this sense, it is rather a consequence of a remake that some of the “allow him another success” speak May have left.
The story launched in Brazil in the banner works as a manual filling and try a remedy to find and learn Portuguese in his spare time. (One of the most amusing of the film in his broken lines Portuguese.) Soon, however, cracks U.S. command under the leadership of Tim Roth with five permanent members hour shadow (it can be something in the U.S. Army?) Are on the banner “case . It cut - restrictive - in a thrilling game on his way to the roof in a high population density the slums of Brazil, an exotic and interesting, a change from your level of the Hollywood action film local.
Things must be a head however. Banner is a remedy to find, and soon you find in the states in which the faces of Hulk against the U.S. army in an exciting show-off on a campus of the university, the lack May, the scope of a similar struggle in the first Film, but with more feeling.
This time, Roth injects the character was, however, by super-soldier and juices is on his way to the atrocities, more size, against the monster to deal with Hulk in a non-holder prevented epic battle in the film climax. This battle in New York streets full of cars stolen, a lot of explosion and the exodus of viewers actually surpasses the last show-off in the recent Iron Man elsewhere.
Except for one or two quiet moments of the banner and his girlfriend, while on the lam, Incredible Hulk not to lose, only a meager talkie picture exhibition. It is all the plot and focuses on the action. In fact, unlike many hyped-Indiana Jones and the Kingdom of Crystal Skull, The Incredible Hulk never too short steam. In other words: This film is the audience wanted to see in the year 2003. N meager existential fear and bizarre split-screen film. No mutants caniches. Instead of us beautiful BD reserved, including a miniature by Stan Lee and a reef in the upper-purple trousers expandable banners seems always in the wear.
By The Incredible Hulk Marvel has done. As the recent Iron Man, Incredible Hulk is a success on Saturday morning. The children - and their parents - love. Unfortunately, the only thing on the road Incredible Hulk, the pipe in the summer, deserves public will have negative memories of the original 2003. Well, forget about everything: The Incredible Hulk at the end of May on its account also brainless as its main character, but it really is “incredible” this time. And Hulk fracasse matters. . .
STARRING: Edward Norton, Liv Tyler, Tim Roth, William Hurt, Tim Blake Nelson, Christina Cabot, Lou Ferrigno, Martin Starr, Ty Burrell
2008, 112 Minutes, Directed by: Louis Leterrier
Click here to watch
Wednesday, June 11, 2008
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Link 1
The Big Picture
Any doubts about how an Indian batting line-up would perform without their senior players were put to rest by the clinical victory over Pakistan. Bangladesh, who are yet to win a match against significant opposition since last year's World Cup, now have the unenviable task of beating an in-form India to avoid elimination.
India's massive win on Tuesday means that only an unlikely defeat by more than 218 runs will stop them from making the title clash. That match also dented Pakistan's net run-rate to such an extent that even a one-run victory for Bangladesh will see the hosts through to the final.
Form guide - India
Last five matches: WWWWL (most recent first)
Players to watch: Virender Sehwag and Gautam Gambhir have been in sensational form in recent months. Their opening partnerships in the IPL formed the bedrock of the Delhi Daredevils' IPL campaign and the ease with which they piled on 155 at more than seven an over against Pakistan would worry any opposition
Form guide - Bangladesh
Last five matches: LLLLL (most recent first)
Player to watch: For a batsman of Mohammad Ashraful's undoubted class, an ODI average of 22.71 is unacceptable. Bangladesh coach Jamie Siddons was heartened by the manner in which Ashraful ground out an unbeaten 56 against Pakistan, shunning the impetuousness that has brought an abrupt halt to many of his innings. It will be interesting to observe what sort of approach Ashraful adopts against India.
Team news
With Farhad Reza having had a horror run in the recent series against Pakistan, Bangladesh are likely to retain the XI they went in with for the previous game.
Bangladesh (probable): 1 Tamim Iqbal, 2 Shahriar Nafees, 3 Mohammad Ashraful (capt), 4 Raqibul Hasan, 5 Alok Kapali, 6 Mushfiqur Rahim (wk), 7 Mahmudullah, 8 Mashrafe Mortaza, 9 Dolar Mahmud, 10 Abdur Razzak, 11 Shahadat Hossain.
... or will Virender Sehwag and Gautam Gambhir put the Bangladesh attack to the sword?
© AFP
India's coach Gary Kirsten spoke about adopting a rotation policy, and with a place in the final almost assured, they are likely to experiment with the line-up. Ishant Sharma has recovered from a niggle he picked up in the game against Pakistan but could be rested to give Manpreet Gony a debut.
India (probable): 1 Virender Sehwag, 2 Gautam Gambhir, 3 Yuvraj Singh, 4 Rohit Sharma, 5 Mahendra Singh Dhoni (capt & wk), 6 Suresh Raina/ Robin Uthappa, 7 Yusuf Pathan, 8 Irfan Pathan, 9 Piyush Chawla, 10 Praveen Kumar, 11 Manpreet Gony
Pitch and conditions
With pitches offering considerable assistance to spin, and getting slower as the ball gets older, the batsmen may want to make the most of the hard, new ball. And with the tracks being composed of black soil, it has also been tougher for the batsmen to sight the ball as the innings progresses. Although heavy showers are forecast for the rest of the week, the excellent drainage facilities - and the reserve day - should ensure a completed match.
Stats and trivia
Praveen Kumar's ODI career has got off to a fantastic start - he now has three four-wicket hauls in six games
India are among Mashrafe Mortaza's favourite opponents. His four wickets knocked the wind out of India's World Cup campaign in 2007, and he averages 56 with the bat at a strike-rate of 138.27
While Tamim Iqbal averages only 22.91 in away ODIs, he manages a healthy 39.88 while playing at home
Two of Dhoni's four ODI ducks have come against Bangladesh
Monday, June 9, 2008
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BADEN, Austria (AP) - Italy wants to show its World Cup victory was no fluke, and perennial underachiever the Netherlands wants to show it is still capable of winning a major tournament.
Both teams will have something to prove at the European Championship in Monday's Group C opener in Bern, Switzerland.
"We're the reigning World Cup champions and we're expected to win this European Championship," Italy forward Alessandro Del Piero said. "But they're two different types of competitions. Two years ago, everything went perfectly and that's going to be tough to repeat. But we're here to try."
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<>Star Cast
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Pankaj Kapoor…… Sidhu
Kareena Kapoor…… as part of screen footage from the film Omkara
Ishteyak
Sridevi…… Special Appearance (as herself)
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Abdol Samee Siddiqui
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Tuesday, January 22, 2008
Toyota Kirloskar to recall 20,000 Innova cars in India
MUMBAI (Thomson Financial) - Japanese carmaker Toyota's Indian unit Toyota Kirloskar will recall 20,000 of its multi-utility vehicle Innova in India, which were manufactured between April and October 2007, to repair a faulty part that could lead to oil leakages, The Financial Express reported, citing the company.
Toyota (nyse: TM - news - people ) Kirloskar Motor's deputy managing director KK Swamy was quoted as saying: 'We found there was a small problem in the rear axle of about 20 vehicles that came to us for servicing.'
The report said the problem, detected in about 20,000 Innovas, comprising 15 pct of the vehicles sold, is in the differential carrier mounting nuts, which may loosen and cause oil to leak.
The report quoted the company as saying it is experiencing this problem only in India, and that it might have occurred because of India's road conditions.
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CRM. Customer relationship management software
Customer relationship management (CRM) is a broad term that covers concepts used by companies to manage their relationships with customers, including the capture, storage and analysis of customer, vendor, partner, and internal process information.
Analytical data about CRM solutions and software or siebel systems by oracle
Aspects
There are three aspects of CRM which can each be implemented in isolation from each other:
* Operational - automation or support of customer processes that include a company’s sales or service representative
* Collaborative - direct communication with customers that does not include a company’s sales or service representative (self service)
* Analytical - analysis of customer data for a broad range of purposes
META Group (acquired by Gartner in April 2005) developed this conceptual architecture in the late 1990s, and dubbed it the CRM Ecosystem.
[edit] Operational
Operational CRM provides support to "front office" business processes, including sales, marketing and service. Each interaction with a customer is generally added to a customer's contact history, and staff can retrieve information on customers from the database when necessary.
One of the main benefits of this contact history is that customers can interact with different people or different contact channels in a company over time without having to describe the history of their interaction each time.
Consequently, many call centers use some kind of CRM software to support their call center agents.
[edit] Collaborative
Collaborative CRM covers the direct interaction with customers, for a variety of different purposes, including feedback and issue-reporting. Interaction can be through a variety of channels, such as web pages, email, automated phone (Automated Voice Response AVR) or SMS.
The objectives of collaborative CRM can be broad, including cost reduction and service improvements.
[edit] Analytical
Analytical CRM analyzes customer data for a variety of purposes:
* Design and execution of targeted marketing campaigns to optimise marketing effectiveness
* Design and execution of specific customer campaigns, including customer acquisition, cross-selling, up-selling, retention
* Analysis of customer behavior to aid product and service decision making (e.g. pricing, new product development etc.)
* Management decisions, e.g. financial forecasting and customer profitability analysis
* Prediction of the probability of customer defection (churn).
Analytical CRM generally makes heavy use of predictive analytics.
[edit] Strategy
Several commercial CRM software packages are available which vary in their approach to CRM. However, CRM is not just a technology, but rather a comprehensive approach to an organization's philosophy in dealing with its customers. This includes policies and processes, front-of-house customer service, employee training, marketing, systems and information management. Hence, it is important that any CRM implementation considerations stretch beyond technology, towards the broader organizational requirements.
The objectives of a CRM strategy must consider a company’s specific situation and its customers needs and expectations.
[edit] Technology considerations
The technology requirements of a CRM strategy can be complex and far reaching.
The basic building blocks:
* A database to store customer information. This can be a CRM specific database or an enterprise data warehouse.
* Operational CRM requires customer agent support software.
* Collaborative CRM requires customer interaction systems, e.g. an interactive website, automated phone systems etc.
* Analytical CRM requires statistical analysis software as well as software that manages any specific marketing campaigns.
Each of these can be implemented in a basic manner or in a high end complex installation.
[edit] Key functionalities
A typical CRM system is subdivided into three basic sub modules:
1. Marketing
2. Sales
3. Service
[edit] Marketing
Marketing sub module primarily deals with providing functionalities of Long-term planning and Short-term execution of Marketing related Activities within an organization.
[edit] Planning
Long-term Market Plans can be made and Quantitative as well as Qualitative measures (targets) can be set for a defined period and for different product groups, geographies etc. These are then monitored based on the actual performance throughout the defined period.
[edit] Campaign management
Short-Term execution includes running Marketing campaigns via different communication channels targeting a predefined group of potential buyers with a specific message referring to a product or a group of products.
[edit] Lead management
One key objective of the Marketing function is to generate sales related leads, which finally get converted into Sales Revenues for the company. Marketing campaigns with the specific objective of generating leads (Prospective customers who may be interested in a product). Lead management deals with processing these Leads, carrying out a sanity check, evaluating the genuineness of the information (Since, there is a lot of information that is gathered during Marketing Campaigns it becomes necessary to screen these leads), and finally converting them to Hot Leads or Cold Leads.
[edit] Sales
Sales functionalities are focused on helping the Sales team to execute and manage the presales process better and in an organized manner. Sales team is responsible for regularly capturing key customer interactions, any leads or opportunities they are working on etc, in CRM system. The system helps by processing this data, monitoring against the targets and proactively alerting the sales person with recommended further actions based on company's sales policy.
[edit] Opportunity management
Opportunities help the sales team by organizing all the relevant data regarding a prospective deal into one place. It is characterized by the details such as Prospective customer, expected budget, total spending, products interested in, expected closing date, key players in the deal and their key characteristics, important dates and milestones, etc.
The opportunity has several phases, e.g. initiation, identification, qualification, RFP received, quotation sent, final stage, won or lost. Of course these phases can be defined based on individual company needs.
A CRM system helps in each phase by "guiding" the sales representative to carry out certain suggested activities as defined by the company's sales policy. It creates reminders and planned activities within the system. For example, if the opportunity has reached "RFP received" stage, and the deal size is more than, say, US$50,000, the system can prompt the representative to hold a review discussion with a senior manager. This is often referred as Guided Sales Methodology.
Opportunities can be directly converted into quotations or sales orders.
[edit] Quotation and sales order management
Opportunities, if they reach a quotation phase, can be converted to a quotation, and, if won gets converted to a Sales order. Standard features of creating a "linked" Quotation or sales order from opportunities are provided. These Sales orders then flow to the Back-End (ERP) system for further execution and Delivery.
[edit] Activity management
Activities represent various Sales or Service related interactions with the customer (meetings, discussions, telephone calls, emails). Activity management provides a platform to consolidate all the interactions with customer into a single platform, helping to build a 360 degree view of customer.
Activities can be synchronized to Microsoft Outlook/Lotus Notes Calendar items (Meetings and Tasks).
[edit] Service
Service related functionalities are focused on effectively managing the customer service (Planned or Unplanned), avoid "leakage" of Warranty based services, avoid "Penalties" arising due to Non conformity of SLA (Service Level Agreements), and provide first and Second Level support to Customers.
Several functionalities are:
1. Service Order Management
2. Service Contract Management
3. Planned Services management
4. Warranty Management
5. Installed Base (Equipment) Management
6. SLA Management
7. Resource Planning and Scheduling
8. Knowledge Management (FAQs, How to guides)
9. Call Center Support
10. Resource Planning and Workforce Management
[edit] Channels of communication
It is also important to mention here that a CRM system is capable of executing all the three sub modules via multiple communication Channels. These channels can be:
1. Direct
2. Online (Internet)
3. Call Center (via Phone/FAX/Email etc)
All the three CRM Sub Modules (Marketing, Sales and Service) can be executed across these Communication channels. Based on these criteria, CRM offerings can be further sub divided into following:
Communication Channel
/ CRM Module
Direct Internet Call Center
Marketing Online Marketing Web Marketing Tele Marketing
Sales Online Sales Web Shop Tele Sales
Service Online Service Customer Self Service Portal Tele Service
[edit] Successes
While there are numerous reports of "failed" implementations of various types of CRM projects, these are often the result of unrealistic high expectations and exaggerated claims by CRM vendors.
[edit] Privacy and data security
The data gathered as part of CRM must consider customer privacy and data security. Customers want the assurance that their data is not shared with third parties without their consent and not accessed illegally by third parties.
Customers also want their data used by companies to provide a benefit for them. For instance, an increase in unsolicited telemarketing calls is generally resented by customers while a small number of relevant offers is generally appreciated by customers.
[edit] OpenSource CRM Systems
SugarCRM is a Famous OpenSource Software.
[edit] Market structure
Given below is a list of top CRM software vendors in 2005 with figures in millions of United States Dollars published in a Gartner study.[1]
Vendor Global Revenue (US$)
SAP 1,475
Siebel 966
Oracle 368
Salesforce.com 281
Amdocs 276
Others 2,333
Total 5,698
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The subprime mortgage financial crisis, which has yet to be resolved, is the sharp rise in foreclosures in the subprime mortgage market that began in the United States in 2006 and became a global financial crisis in July 2007. Rising interest rates increased the monthly payments on newly-popular adjustable rate mortgages and property values suffered declines from the demise of the United States housing bubble, leaving home owners unable to meet financial commitments and lenders without a means to recoup their losses. Many observers believe this has resulted in a severe credit crunch, threatening the solvency of a number of marginal private banks and other financial institutions.
The sharp rise in foreclosures after the housing bubble caused several major subprime mortgage lenders, such as New Century Financial Corporation, to shut down or file for bankruptcy, with some accused of actively encouraging fraudulent income inflation on loan applications, leading to the collapse of stock prices for many in the subprime mortgage industry, and drops in stock prices of some large lenders like Countrywide Financial.[1]
This has been associated with declines in stock markets worldwide, several hedge funds becoming worthless, coordinated national bank interventions, contractions of retail profits, and bankruptcy of several mortgage lenders.
Observers of the meltdown have cast blame widely. Some, like Senate Banking, Housing, and Urban Affairs Committee chairman Chris Dodd of Connecticut, have highlighted the predatory lending practices of subprime lenders and the lack of effective government oversight.[2] Others have charged mortgage brokers with steering borrowers to unaffordable loans even though lenders offered these borrowers programs that found them acceptable risks, appraisers with inflating housing values, and Wall Street investors with backing subprime mortgage securities without verifying the strength of the portfolios. Borrowers have also been criticized for over-stating their incomes on loan applications[3] and entering into loan agreements they could not meet. [4] Some subprime lending practices have also raised concerns about mortgage discrimination on the basis of race.[5]
The effects of the meltdown spread beyond housing and disrupted global financial markets (see financial contagion and systemic risk) as investors, largely deregulated foreign and domestic hedge funds, were forced to re-evaluate the risks they were taking and consumers lost the ability to finance further consumer spending, causing increased volatility in the fixed income, equity, and derivative markets.
The impact on the economy of this American problem was also felt in Europe, where the European Central Bank tried to control the crisis by injecting over 205 billion U.S. Dollars in the European financial markets.[6]
Contents
[hide]
* 1 Background information
o 1.1 Understanding the causes and risks of the subprime crisis
o 1.2 Understanding the impact on corporations and investors
o 1.3 Understanding strategies for managing the crisis
* 2 History
o 2.1 United States housing bubble (2001–2005)
* 3 Role of homeowners
* 4 Role of regulators
* 5 Role of world central banks in stabilization
* 6 Stock markets
* 7 Fund/corporate losses
* 8 Retail
* 9 Political
* 10 U.S. dollar turmoil
* 11 Expectations and forecasts
* 12 See also
* 13 References
* 14 External links
[edit] Background information
Subprime lending is a general term that refers to the practice of making loans to borrowers who do not qualify for market interest rates because of problems with their credit history or the ability to prove that they have enough income to support the monthly payment on the loan for which they are applying. Subprime loans or mortgages are risky for both creditors and debtors because of the combination of high interest rates, bad credit history, and murky financial situations often associated with subprime applicants. A subprime loan is one that is offered at an interest rate higher than A-paper loans due to the increased risk. Subprime, therefore, is not the same as "Alt-A", because Alt-A loans qualify for the "A-rating" by Moody's or other rating firms, albeit for an "alternative" means.
The value of U.S. subprime mortgages is estimated at $1.3 trillion, with over 7.5 million such mortgages outstanding. Over 320,000 foreclosures were initiated during each of the first two quarters of 2007, most of which were related to subprime loans, versus a typical level of 225,000 over the past six years.[7] Approximately 16% of subprime loans with adjustable rate mortgages (ARM) are 90-days into default or in foreclosure proceedings as of October 2007, roughly triple the rate of 2005.[8]
[edit] Understanding the causes and risks of the subprime crisis
The reasons for this crisis are varied and complex.[9] Understanding and managing the ripple effect through the world-wide economy is a critical challenge for governments, businesses, and investors. The risks related to the inability of homeowners to make their mortgage payments have been distributed broadly, due to innovations in securitization, with a series of consequential impacts.
The crisis can be described as stemming from the inability of homeowners to make their mortgage payments due to a variety of factors such as poor judgment by either the borrower or the lender, mortgage incentives, and rising adjustable mortgage rates. Further, declining home prices have made re-financing more difficult.
Traditionally, the risk of default (called credit risk) would be assumed by the bank originating the loan. However, due to innovations in securitization, credit risk is now shared more broadly. This is because the rights to these mortgage payments have been repackaged into a variety of complex investment securities, generally categorized as mortgage-backed securities or collateralized debt obligations (CDO).
In exchange for purchasing the CDO, third-party investors receive a claim on the mortgage assets, which become collateral in the event of default. Further, the CDO investor has the right to cash flows related to the mortgage payments. To manage their risk, mortgage originators (e.g., banks or mortgage lenders) may also create separate legal entities, called special-purpose entities (SPE), to both assume the risk of default and issue the CDO. These banks effectively sell the mortgage assets (i.e., banking receivables, which are the rights to receive the mortgage payments) to these SPE. The SPE then sells the CDO to the investors. The mortgage assets in the SPE become the collateral.
Because the ability of sub-prime and lower-quality (e.g., Alt-A) mortgage homeowners to pay is now in question, the value of the mortgage asset collateral may be reduced suddenly. If the valuation falls below certain levels, the CDO investor may require the sale of the mortgage asset collateral in a short period of time, often at a steep loss, much like a stock brokerage account margin call. If the risk is not legally contained within an SPE or otherwise, the entity owning the mortgage collateral may be forced to sell other types of assets, as well, to pay the CDO investors.
A related risk involves the commercial paper market, a key source of funds (i.e., liquidity) for many companies. Companies and SPE called special investment vehicles (SIV) often obtain short-term loans by issuing commercial paper, pledging mortgage assets or CDO as collateral. Investors provide cash in exchange for the commercial paper, receiving money-market interest rates. However, because of concerns regarding the value of the mortgage asset collateral linked to subprime and Alt-A loans, the ability of many companies to issue such paper has been significantly affected.[10] The amount of commercial paper issued as of October 18, 2007 dropped by 25%, to $888 billion, from the August 8 level. In addition, the interest rate charged by investors to provide loans for commercial paper has increased substantially above historical levels.[11]
[edit] Understanding the impact on corporations and investors
Average investors and corporations face a variety of risks due to the inability of mortgage holders to pay. These vary by legal entity. A variety of specific impacts by firm are specified later in the article. Some general exposures by entity type include:
* Bank corporations: The earnings reported by major banks are adversely affected by defaults on mortgages they issue and retain. Companies value their mortgage assets (receivables) based on estimates of collections from homeowners. Companies record expenses in the current period to adjust this valuation, increasing their bad debt reserves and reducing earnings. Rapid or unexpected changes in mortgage asset valuation can lead to volatility in earnings and stock prices. The ability of lenders to predict future collections is a complex task subject to a multitude of variables.[12]
* Mortgage lenders and Real Estate Investment Trusts: These entities face similar risks to banks. In addition, they have business models with significant reliance on the ability to regularly secure new financing through CDO or commercial paper issuance secured by mortgages. Investors have become reluctant to fund such investments and are demanding higher interest rates. Such lenders are at increased risk of significant reductions in book value due to asset sales at unfavorable prices and several have filed bankruptcy.[13]
* Special purpose entities (SPE): Like corporations, SPE are required to revalue their mortgage assets based on estimates of collection of mortgage payments. If this valuation falls below a certain level, or if cash flow falls below contractual levels, investors may have immediate rights to the mortgage asset collateral. This can also cause the rapid sale of assets at unfavorable prices. Other SPE called special investment vehicles (SIV) issue commercial paper and use the proceeds to purchase securitized assets such as CDO. These entities have been affected by mortgage asset devaluation. Several major SIV are associated with large banks.[14]
* Investors: The stocks or bonds of the entities above are affected by the lower earnings and uncertainty regarding the valuation of mortgage assets and related payment collection.
[edit] Understanding strategies for managing the crisis
The many parties involved each have a role to play in managing through the current circumstances to limit adverse impacts. Specific actions taken by these parties are identified later in the article. Some of the major alternatives, by participant, include:
* Lenders and homeowners: Both may benefit from avoiding foreclosure, which is a costly and lengthy process. Some lenders have taken action to reach out to homeowners to provide more favorable mortgage terms (i.e., loan modification or refinancing). Homeowners have also been encouraged to contact their lenders to discuss alternatives.[15]
* Central banks have conducted open market operations to ensure member banks have access to funds (i.e., liquidity). These are effectively short-term loans to member banks collateralized by government securities. Central banks have also lowered the interest rates charged to member banks (called the discount rate in the U.S.) for short-term loans. [16] Both measures effectively lubricate the financial system, in two key ways. First, they help provide access to funds for those entities with illiquid mortgage-backed assets. This helps lenders, SPE, and SIV avoid selling mortgage-backed assets at a steep loss. Second, the available funds stimulate the commercial paper market and general economic activity.
* Rating agencies: Rating agencies help evaluate and report on the risk involved with various investment alternatives. The rating processes can be re-examined and improved to encourage greater transparency to the risks involved with complex mortgage-backed securities and the entities that provide them. Rating agencies have recently begun to aggressively downgrade large amounts of mortgage-backed debt.[17]
* Regulators and legislators: Laws and regulations can be considered regarding lending practices, tax policies, affordable housing, credit counseling, education, and the licensing and qualifications of lenders. Regulations or guidelines can also influence the nature, transparency and regulatory reporting required for the complex legal entities and securities involved in these transactions. Congress also is conducting hearings help identify solutions and apply pressure to the various parties involved.[18]
* Media: The media can help educate the public and parties involved.[19] It can also ensure the top subject material experts are engaged and have a voice to ensure a reasoned debate about the pros and cons of various solutions.[20]
[edit] History
* 1995–2001: Dot-com bubble
* 2000–2003: Early 2000s recession (exact time varies by country)
* 2001–2005: United States housing bubble (part of the world housing bubble)
* 2005–ongoing: Market correction ("bubble bursting")
o 2005: Boom ended August 2005. The booming housing market halted abruptly for many parts of the U.S. in late summer of 2005.
o 2006: Substantial market correction. U.S. Home Construction Index was down over 40% as of mid-August 2006 compared to a year earlier. At the same time about $400B of ARMs were reset according to a NY Times report.
o 2007: Home sales and prices both continue to fall. The plunge in existing-home sales is the steepest since 1989. The subprime mortgage industry collapsed, and a surge of foreclosure activity (twice as bad as 2006[21]) and rising interest rates threaten to depress prices further as problems in the subprime markets spread to the near-prime and prime mortgage markets.[22] About $1 trillion of ARMs were to reset in 2007. [23] Investors lost billions of dollars in securities tied to subprime mortgage assets, triggering turmoils in global financial markets.
[edit] United States housing bubble (2001–2005)
Main article: United States housing bubble
There was an economic bubble in many parts of the U.S. housing market from 2001 to 2005, especially in populous areas such as California, Florida, New York, the BosWash megalopolis, and the Southwest markets. The real estate bubble in these and other parts of the U.S. was caused by historically low interest rates (meant to soften the blow of the massive collapse of the dot-com bubble), poor lending standards, and a mania for purchasing houses.[24] This bubble is related to the stock market or dot-com bubble of the 1990s.
A housing bubble is characterized by rapid increases in the valuations of real property such as housing until unsustainable levels are reached relative to incomes, price-to-rent ratios, and other economic indicators of affordability. This in turn is followed by decreases in home prices that can result in many owners holding negative equity, a mortgage debt higher than the value of the property.
Bubbles may be definitively identified only in hindsight, after a market correction,[25] which began for the U.S. housing market in 2005–2006. In the wake of the subprime mortgage crisis in 2007, which was caused by a large number of home owners unable to pay the mortgage as their home values declined, Freddie Mac CEO Richard Syron concluded, "We had a bubble,"[26] and concurred with Yale economist Robert Shiller's warning that home prices appear overvalued and that the correction could last years with trillions of dollars of home value being lost.[26]. Problems for home owners with good credit surfaced in mid-2007, causing the U.S.'s largest mortgage lender Countrywide Financial to warn that a recovery in the housing sector is not expected to occur at least until 2009 because home prices are falling “almost like never before, with the exception of the Great Depression.”[22] The impact of booming home valuations on the U.S. economy since the 2001–2002 recession was an important factor in the recovery because a large component of consumer spending came from the related refinancing boom, which simultaneously allowed people to reduce their monthly mortgage payments with lower interest rates and withdraw equity from their homes as values increased.[27] The collapse of the U.S. Housing Bubble has a direct impact not only on home valuations, but the nation's mortgage markets, home builders, home supply retail outlets, and Wall Street hedge funds held by large institutional investors, increasing the risk of a nationwide recession.[22][27]
[edit] Role of homeowners
Homeowners had been using the increased property value experienced in the housing bubble to refinance their homes with lower interest rates and take out second mortgages against the added value to use the funds for consumer spending.
In the early 2000s recession that began in early 2001 and was exacerbated by the September 11, 2001 terrorist attacks, Americans were asked to spend their way out of economic decline with "consumerism... cast as the new patriotism". The call linking patriotism to shopping was bipartisan with former President Bill Clinton urging his countrymen to "get out and shop"[28], and corporations like General Motors producing commercials with the same theme.
The housing bubble was largely fed by the lowering of interest rates to record low levels to diminish the blow of the massive collapse of the dot-com bubble. The collapse of the housing bubble, and resultant decline in property values, and increase in defaults has left lenders unable to recover losses.[29]
Additional problems are anticipated in the future from the impending retirement of the baby boomer generation. It is believed a significant portion of the generation are not saving adequately enough for retirement and were planning on using their increased property value as a "piggy bank" or replacement for "a retirement-savings account". This is a departure from the traditional American approach to homes where "people worked toward paying off the family house so they could hand it down to their children"[30].
Some subprime lending practices have raised concerns about mortgage discrimination on the basis of race.[5] As African Americans and other minorities are being disproportionately led to sub-prime mortgages with higher interest rates than their white counterparts.[31] Even when median income levels were comparable, home buyers in minority neighborhoods were more likely to get a loan from a subprime lender.[5]
[edit] Role of regulators
Some observers claim that government policy actually encouraged the development of the subprime debacle through legislation like the Community Reinvestment Act, which they say forces banks to lend to otherwise uncreditworthy consumers.[32]
In response to a concern that lending was not properly regulated, the House and Senate are both considering bills to regulate lending practices.[33]
Regulators have turned their attention to rating agencies, who they think may have been conflicted in rating securitization transactions containing subprime mortgages.[34]
[edit] Role of world central banks in stabilization
Other central banks around the world have begun coordinated efforts of their own to increase liquidity in their own currencies to stabilize foreign exchange rates (thus stemming a further fall in the American dollar and diminishing any incentive to sell them off) and prevent the probable significant global consequences a run on the American dollar would cause. It marks the first time the American, European, and Japanese central banks have taken such actions together since the aftermath of the September 11, 2001 terrorist attacks.[35]
As of August 10, 2007, the United States Federal Reserve (Fed) has injected a combined 43 billion USD, the European Central Bank (ECB) 191 billion USD, and the Bank of Japan 8.4 billion USD. Smaller amounts have come from the central banks of Australia, and Canada.[35]
Fed injected $30 billion to ensure the effective Federal funds rate trades at the target rate (it had begun to trade significantly above target). Injected $38 billion to lower the effective Federal funds rate. Injected another $5 billion. Injected another $7 to $15 billion. The Fed added $17 billion.
The European Central Bank (ECB) injected €61 billion[36], and the Federal Reserve injected $68 billion into their respective banking systems on Friday, 10 August 2007 in order to calm their markets, on top of the €95 billion the ECB had injected on Thursday, 9 August 2007.[37][38][39] The Federal Reserve further injected $24 billion into the US financial system that day. On 13 August, the ECB injected another €47.67 billion into the banking system and noted that credit conditions were "normalizing" while the Bank of Japan injected another ¥600 billion.[40]
On August 17, the Federal Reserve cut the discount rate by half a percent to 5.75% from 6.25% while leaving the federal funds rate unchanged in an attempt to stabilize financial markets.[41]
A September 5 report by Barclays Capital stated that since the Federal Reserve and European Central Bank had injected funds into their respective financial systems, conditions in the credit market have gotten even worse, not better. The LIBOR rate, the interest rate that banks charge each other rose to 5.72%, the highest it had been in seven years.[42] However, the Beige Book, a survey compiled by the Federal Reserve about business conditions in different parts of the United States, concluded that the credit crunch has had a "limited" impact so far on the rest of the economy.[43]
On September 6, after having already injected billions of dollars over the past weeks, "the Federal Reserve added $31.25 billion in temporary reserves to the US money markets..the latest move to keep credit markets from drying up." These reserves are temporary loans to banks, using securities as collateral. The loans must be repaid within two weeks. [44]
[edit] Stock markets
On July 19, 2007, the Dow Jones Industrial Average hit a record high, closing above 14,000 for the first time.[45] By August 15, the Dow had dropped below 13,000 and the S&P 500 had crossed into negative territory year-to-date. Similar drops occurred in virtually every market in the world, with Brazil and Korea being hard-hit. Large daily drops became common, with, for example, the KOSPI dropping about 7% in one day,[46] although 2007's largest daily drop by the S&P 500 in the U.S. was in February, a result of the subprime crisis.
Mortgage lenders[47][48] and home builders [49][50] fared terribly, but losses cut across sectors, with some of the worst-hit industries, such as metals & mining companies, having only the vaguest connection with lending or mortgages.[51]
[edit] Fund/corporate losses
Wall Street investment banks and other financial institutions around the world have also been affected. On June 20, 2007, Merrill Lynch seized $800 million in assets from two Bear Stearns hedge funds that were involved in securities backed by subprime loans. The two funds are now essentially worthless[52].
American Home Mortgage Investment Corporation (AHMI, Melville, New York) filed Chapter 11 bankruptcy on August 6, 2007, after a layoff of its employees the week before. Accredited Home Lenders reported on August 10 that the company expected to see up to a $60 million loss for the first quarter 2007[53].
On 8 August 2007, Mortgage Guaranty Insurance Corporation (MGIC, Milwaukee, Wisconsin) announced it would discontinue its purchase of Radian Group (Philadelphia, Pennsylvania)[54] after suffering a billion-dollar loss[55] of its investment in Credit-Based Asset Servicing and Securitization[56] (C-BASS, New York City). C-BASS is seeking to restructure its financing. The MGIC-Radian transaction would have been a $4.9 billion deal.
Later, on August 9, French bank BNP Paribas stopped valuing three of its funds and suspended all withdrawals by investors after United States subprime mortgage woes had caused "a complete evaporation of liquidity".[57]
Goldman Sachs' $8 billion Global Alpha hedge fund, its largest, reportedly lost 26% in 2007.[58] Later, on August 13, the company announced that a group of investors invested more in its Global Equity Opportunities fund by infusing $3 billion after it lost 28% of its total value in one week.[59] Also, Citigroup has reported taking $700 million in losses in its credit business in July and August 2007.[60]
On August 14, several media outlets reported that another fund, Sentinel Management Group, suspended redemptions for investors and sold off $312 million worth of assets. Three days later, Sentinel filed for Chapter 11 bankruptcy protection amid ongoing legal action with respect to this move. [61] US and European stock indices continued to fall.[62] Later that same day Thornburg Mortgage, a jumbo mortgage lender, announced they were delaying their dividend after facing margin calls and disruptions in funding mortgages in the commercial paper and asset-backed securities markets. Thornburg shares fell over 46% in trading on the NYSE.[63]
On August 15, the stock of Countrywide Financial, which is the largest mortgage lender in the United States, fell around 13% on the New York Stock Exchange, its largest one-day decline since the 1987 stock market crash, on fears that the company could face bankruptcy. This comes a day after Countrywide said foreclosures and mortgage delinquencies had risen to their highest levels since early 2002.[64]
Concerned customers of Northern Rock queuing to withdraw savings from the bank due to fallout from the subprime crisis
Concerned customers of Northern Rock queuing to withdraw savings from the bank due to fallout from the subprime crisis
Rams Home Loans Group, an Australian lender, announced on August 16 that the company was unable to refinance short-term debt as buyers stayed away from the credit markets. The company said they were unable to sell AUD$ 6.17 billion of extendable commercial paper, which is the company's largest source of funding for loans. Rams shares fell as much as 41% on the Australian Stock Exchange.[65] A AUD$ 140 million private sector bailout by Westpac was announced on October 2 due to the lender's inability to refinance its loans. The deal valued Rams at AUD$0.40 per share.[66]
On August 29 the Australian Hedge Fund, Basis Capital's "Basis Yield Alpha Fund" applied for bankruptcy protection.[67] Investors in the fund are unlikely to get any of their money back as the fund falls under the weight of its exposure to subprime credit in the US.[68]
United States, Asian, and European stock markets also continued to struggle with the turmoil in the credit markets into early September. A report on existing home sales released on September 5 said that the number of Americans buying existing homes had dropped by its largest amount since 2001, when the report first came into existence. Earnings estimates from investment banks such as Lehman Brothers and Morgan Stanley were cut significantly. Homebuilding stocks, such as Lennar and D.R. Horton, continued to decline.[69]
On September 7, a report by the US Labor Department announced that non-farm payrolls fell by 4,000 in August 2007, the first month of negative job growth since August 2003. The number fell well short of expectations, as analysts were expecting payrolls to grow by 110,000. The Dow Jones Industrials fell by as much as 180 points on the news. Cited as a reason for the unexpected weakness in the job market are the problems in the housing and credit markets.[70]
On September 13, British bank Northern Rock applied to the Bank of England for emergency funds caused by liquidity problems.[71] Concerned customers produced "an estimated £2bn withdrawn in just three days". [2]
On October 5, Merrill Lynch announced a US$5.5 billion loss as a consequence of the subprime crisis, on this same day Washington Mutual said that it would take a US$820 million write down in its loans and securities.[72] As of October 6, Citigroup, UBS, Deutsche Bank, Bear Stearns, Lehman Brothers, Goldman Sachs and Morgan Stanley have lost a total of US$14.1 billion as a result of the subprime crisis.[73]
[edit] Retail
Home Depot announced on August 14, 2007, that second quarter profits fell 15% and are expected to drop another 18% by the end of the year citing the "U.S. housing market"[74]. On the same day, Wal-Mart, which is considered "a barometer of the health of the U.S. retail sector", reported that it had a lower than expected second quarter profit and cut its projected full-year earning forecast saying its "customers remain under economic pressure" and that those pressures are now being felt in "Mexico and Canada", adding that it planned to discount heavily on "thousands of items by as much as 50 percent to boost sales" in the months ahead, which would "hurt margins" further[75].
Luxury retailers who cater to those with high-incomes continue to do well. The disconnect between the two retail segments, discount and luxury, are reflective of the growing and large income inequality in the United States[76]. Some economists, including Alan Greenspan, claim the growing inequality and stagnant wages for average Americans despite large productivity gains will eventually result in "significant negative economic consequences"[77] and "trade protectionism". The wealthy are expected to be "insulated" from "the real estate slump"[78].
[edit] Political
The housing slump and subprime woes may have played some role in the U.S. 2006 midterm elections, although this election was primarily viewed as a referendum on the Iraq War and non-financial scandals such as those related to Jack Abramoff and Mark Foley. In the weeks before the election Bush administration officials attempted to ease voter concerns about the housing slump as Commerce Secretary Carlos Gutierrez spoke about how America has "a very strong, large resilient economy that can absorb a housing correction[79]". The elections were viewed as a major defeat for the Bush administration.
Many expect the subprime meltdown to have significant ramifications for the 2008 U.S. presidential elections, particularly if it worsens into "a full-blown crisis"[80]. A September 2007 national poll for NBC News and the Wall Street Journal indicated public reluctance to having the government bailout subprime borrowers facing foreclosure, however, as 59% of respondents did not believe the government had an obligation to prevent such foreclosures. [3] Leading Democratic Presidential candidate Hillary Clinton has received substantial contributions from the mortgage banking industry and her top strategist Mark Penn leads a firm that represents Countrywide Financial, a top subprime lender.
[edit] U.S. dollar turmoil
Subprime woes have been blamed for causing the U.S. dollar to continue its decline. The Daily Telegraph recently reported that "the Chinese government has begun a concerted campaign of economic threats against the United States" and "that Beijing had the power to set off a dollar collapse if it chose to do so" with economic analysts saying it "could have very serious consequences at a time when the credit markets are already afraid of contagion from the subprime troubles"[81]. Reuters has quoted officials at HVB Bank in New York remarking that they "believe that what is going on in the subprime lending market is just hurting the dollar too much... I think overall the fate of the dollar depends on developments in the subprime sector and housing market.[82]" Dollar has since sunk to a new record low, with one euro exchanging for over 1,4 dollars.
[edit] Expectations and forecasts
As early as the 2003 Annual Report issued by Fairfax Financial Holdings Limited, Prem Watsa was raising concerns about securitized products:
"We have been concerned for some time about the risks in asset-backed bonds, particularly bonds that are backed by home equity loans, automobile loans or credit card debt (we own no asset-backed bonds). It seems to us that securitization (or the creation of these asset-backed bonds eliminates the incentive for the originator of the loan to be credit sensitive... With securitization, the dealer (almost) does not care as these loans can be laid off through securitization. Thus, the loss experienced on these loans after securitization will no longer be comparable to that experienced prior to securitization (called a ‘‘moral’’ hazard)... This is not a small problem. There is $1.0 trillion in asset-backed bonds outstanding as of December 31, 2003 in the U.S.... Who is buying these bonds? Insurance companies, money managers and banks – in the main – all reaching for yield given the excellent ratings for these bonds. What happens if we hit an air pocket? Unlike..." [83]:
The legacy of Alan Greenspan has been cast into doubt with Senator Chris Dodd claiming he created the "perfect storm"[84]. Alan Greenspan has remarked that there is a one-in-three chance of recession from the fallout. Nouriel Roubini, a professor at New York University and head of Roubini Global Economics, has said that if the economy slips into recession "then you have a systemic banking crisis like we haven't had since the 1930s"[85].
On September 7, 2007, the Wall Street Journal reported that Alan Greenspan has said that the current turmoil in the financial markets is in many ways "identical" to the problems in 1987 and 1998.[86]
The Associated Press described the current climate of the market on August 13, 2007, as one where investors were waiting for "the next shoe to drop" as problems from "an overheated housing market and an overextended consumer" are "just beginning to emerge.[87]" MarketWatch has cited several economic analysts with Stifel Nicolaus claiming that the problem mortgages are not limited to the subprime niche saying "the rapidly increasing scope and depth of the problems in the mortgage market suggest that the entire sector has plunged into a downward spiral similar to the subprime woes whereby each negative development feeds further deterioration", calling it a "vicious cycle" and adding that they "continue to believe conditions will get worse"[88].
[edit] See also
See Wikinews article:
Markets dragged down by credit crisis
* Debt-based monetary system
* United States housing market correction
* Subprime lending
* Collateralized debt obligation subprime meltdown
* Bear Stearns subprime mortgage hedge fund crisis
* Corporate scandal
* List of entities involved in 2007 finance crises
* The world housing bubble
o Chinese property bubble
o Indian property bubble
o Irish property bubble
o Japanese asset price bubble
o Real estate bubble
o Russian property bubble
o Spanish property bubble
o United States housing bubble
o Residential property market in the United Kingdom
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