Are covered bonds really the solution?

Last month, Hank Paulson, the US Treasury Secretary, was waxing prosaically about covered bonds and their benefits to mortgage markets. From his comments, one gets the impression he sees this a potential solution to preventing a future crisis in residential property in the US. But covered bonds are not the silver bullet they have been […]

Commerzbank gobbles up Dresdner

In the biggest German banking merger in history, Commerzbank, the third largest in Germany, has reached an agreement with Allianz to buy its banking subsidiary Dresdner Bank, Germany’s second largest, beating out an alleged better bid from state-owned China Development Bank (CDB). This is an historic merger with wide-reaching implications for the German and European […]

Europe is Next

As you could probably tell — from all the stories I have been writing about the Baltics, Denmark, Sweden, you name it — I believe that Europe is the next leg down in the global housing bubble. As such, it will pay to focus as much attention on events outside the US, where the housing […]

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