Current Events with Bill Holter

14

Earlier today, I rang up Bill Holter just to get his thoughts on this turbulent start to 2015. The resulting conversation was wide-ranging and a lot of fun. I'm immediately making this free and public simply because it's a perfect weekend antidote for the Cartel-inspired madness of today's "market" moves.

I think you'll find this to be a good listen and an excellent use of 24 minutes of your time.

Have a great weekend,

TF

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Lamenting Laverne
Feb 6, 2015 - 3:28pm

Thank you, LL

Mush appreciated and it's nice to see you. I hope you are doing well.

Lamenting Laverne
Feb 6, 2015 - 3:22pm

Negative interest on DK mortgages

As far as I have understood the situation is like this:

The mortgages are based on bonds. The seller of the bond is the borrower. The buyer of the bond is currently the bagholder. The mediator is the mortgage institute. The mortgage institute levies a cost/fee percentage on top of the interest rate for their issuance and collection services.

A mortgage institute is not a bank.

The borrower (bond seller) pays interest + principal + fee/cost percentage. The interest has turned negative on some mortgages - but it is not negative enough to cover the fee/cost - so the mortgage institute is still "the recipient" as the negative interest rate eats into the fee payment, but it does not cover it in total. So the borrower is still paying an amount on top of the principal repayment to the mortgage institute. The mortgage institute then take the cost/fee and forward what is left to the bagholder - pardon - the bond holder (aka pension funds, insurance companies etc.)

Feb 6, 2015 - 3:13pm
CPE
Feb 6, 2015 - 2:52pm

Thanks

Turd and Bill!

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