Comments on: June foreclosures up 53%

By: Jack

Jack — Sun, 13 Jul 2008 14:49:28 +0000

Chris Dodd is head of the Senate Banking Committee. Recently, we found out that multiple times he received special rates from trouble mortgage lender Countrywide. Then, we found out that Dodd has been receiving campaign contributions averaging $1000 weekly from Bank of America.. Then, we all found out the clincher. Bank of America was responsible for drafting portions of the corrupt Dodd/Frank bill. So, what is Bank of America’s interest in the bill? Bank of America bought out Countrywide in January of this year. Countrywide’s stock price had been terribly depressed because they were heavily weighted in non performing sub prime and option arm loans. This deal was extremely risky for Bank of America because they were also accepting this non performing paper. That’s where the Dodd/Frank bill comes in. This bill provides $300 billion so that the federal government buys all this non performing paper from banks like Countrywide. This bill turns a risky transaction into a hundred billion dollar financial boondoggle for Bank of America.

By: Jack

Jack — Sat, 12 Jul 2008 13:43:06 +0000

“”and remember, they ain’t building that wall south of the Border to keep the Mexicans out…. they are building it to keep you inside.”"

lol.. si se puedo. interesting view of the world. 12 to 15 million illegal aliens.. oopsie .. sorry undocumented workers.. workers without papers.. citizens of the world..citzens who can’t find their papers.. etc etc etc all trying to get back to points south. yep

By: Jack

Jack — Sat, 12 Jul 2008 13:39:35 +0000

Thanks Chuck, as they say the most dangerous most dangerous place in the world is between Chucky and a microphone.

“The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York [that] … expressed concerns about IndyMac’s viability,” the agency said.

In the 11 business days following Schumer’s letter, depositors withdrew more than $1.3 billion from their accounts, the OTS said.

John D. Hawke, the U.S. comptroller of the currency (regulator of national banks) from 1998 to 2004, had more pointed words for Schumer in a story in the American Banker newspaper today.

“If Schumer continues to go public with letters raising questions about the condition of individual institutions, he will cause havoc in the banking system,” Hawke said.

“Leaking his IndyMac letter to the press was reckless and grossly irresponsible. I don’t see how he can be trusted with confidential information in the future. What this incredibly stupid conduct does is put at risk the willingness of regulators to share any information with the [congressional] oversight committees. After this, you’d be crazy to share information with Schumer.”

This, from a guy who bounced 900+ checks for $300,000 on the House Bank back in the 90’s.

By: Jack

Jack — Sat, 12 Jul 2008 13:37:43 +0000

#267 stu, the idea in this day when it’s a HUGE buyers market to put off buying a “house” to LIVE IN . Not flip like a tech stock makes sense. The markets you mention are under a lot of selling pressure. I have not seen any Nostradamus yet on either stocks or Real Estate. You make a offer after doing your homework and your chances are very good you will be successful. If your time line for owning the house is at least 5 or more years than you will be OK.It’s the seconday vacation homes and condos built for flipping that are as dangerous as a Vegas crap table now.With discretionary income down now those days are long gone.

By: njpatient

njpatient — Fri, 11 Jul 2008 09:27:53 +0000

July 11 (Bloomberg) — Citigroup Inc., the largest U.S. bank, agreed to sell its German consumer unit to France’s Credit Mutuel Group for 4.9 billion euros ($7.7 billion) in cash to shore up capital.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aMeQUEFroXUg&refer=home

By: njpatient

njpatient — Fri, 11 Jul 2008 09:25:58 +0000

last

By: njpatient

njpatient — Fri, 11 Jul 2008 06:57:14 +0000

getting freddie in the fannie is going to suck.

http://www.nytimes.com/2008/07/11/business/11fannie.html?_r=1&oref=slogin

By: njpatient

njpatient — Fri, 11 Jul 2008 05:04:44 +0000

“how ironic would it be to max your credit cards buying gold/silver right before the dollar collapses?!?!?!”

Nice.

By: njpatient

njpatient — Fri, 11 Jul 2008 05:03:14 +0000

HOBO
“As far as the $300 Billion “housing rescue bill” (or whatever it’s called), I’m mostly annoyed that they’re basically bailing out the banks for making stupid decisions”

ya think? Instead of the maroons who “bought” the houses paying the banks for the loans, you and I will be paying the banks for the loans, except we won’t get the house – the maroons will.

Punish the innocent and reward the guilty.

By: kettle1

kettle1 — Fri, 11 Jul 2008 04:40:59 +0000

how long before we see these?
http://tinyurl.com/6k9cle

By: kettle1

kettle1 — Fri, 11 Jul 2008 04:39:57 +0000

the housing bailout will be the point of no return for the US. yes i have had a few drinks…..

By: kettle1

kettle1 — Fri, 11 Jul 2008 04:38:28 +0000

NJP

how long before quick check accepts million dollar bills

http://tinyurl.com/5cv2s4

By: kettle1

kettle1 — Fri, 11 Jul 2008 04:37:11 +0000

ooops, sorry its about 13 trillion

By: kettle1

kettle1 — Fri, 11 Jul 2008 04:34:52 +0000

Oh and our GDP is what about 8 trillion???? it sounds like its about time to max out the credit cards! how ironic would it be to max your credit cards buying gold/silver right before the dollar collapses?!?!?!

By: kettle1

kettle1 — Fri, 11 Jul 2008 04:33:10 +0000

NJP<

5 trillion?? who cares, the US is already liable for 90 trillion.

welcome to the USA (Wiemar edition)!!!!