“Do not corner something that you know is meaner than you.” And is there anything meaner than me when I feel I was on the bad side of a trade? Last week I bought some Krispy Kreme stock for my daughter. This week it was lower! So I called Charles Schwab to complain, and ask that they use this week’s price instead of last week’s. I couldn’t believe that they wouldn’t do it! The clerk told me that I needed to explain to my daughter, “That wasn’t how it worked”. So I told the clerk that loan... Read Full Story
To Our Clients, Colleagues and Friends:
· When Congress passed FDICIA in 1992, they required that when a bank failed, the Inspector General must issue a report identifying the causes of the failure and any losses to the FDIC. We don’t know how long it will take to do the report on Indymac, but it will be interesting reading. Will they name Senator Schumer as part of the cause?
· Who gets the profits when large, financial institutions are profitable? The shareholders. Who takes the pain... Read Full Story
VIDEO: Peter Schiff 2006 Mortgage Bankers Speech - Early Doom and Gloom - Later Proven Accurate .. Nov 2006 - Peter says - It is interesting to note that the Mortgage Broker Conference has not invited me back since. Perhaps, my views could be tolerated when they could be dismissed as wild speculation, but not so much now that they would play as an “I told you so.” On the other hand, it’s possible that given the state of the market, mortgage brokers no longer stage lavish conventions in... Read Full Story
Check out this story:
Mortgage Writedowns to Total $1 Trillion, Gross Says - Sandra Hernandez - Bloomberg
Expect more chatter about the huge gap between the $467BB in writedowns taken so far and the now commonly used best-guess of $1 Trillion. BTW, some have estimated as high as $1.3TR. It’s important to keep in mind this figure is dynamic. The final tally is directly tied to the housing market. As writedowns actually taken approach the $1TR figure, best guesses could be $1.5TR by then... Read Full Story
What time of day am I most likely to have a heart attack? Answer, per a Harvard study, is that the most dangerous times for heart attack, and for all kinds of cardiovascular emergency, are the morning and during the last phase of sleep. The risk averaged 40% higher of having a heart attack between 6AM and noon, but if you calculate only the first three hours after waking, this relative risk is threefold. Fortunately I get up before I am awake in order to get this commentary out every day... Read Full Story
VIDEO: Richard Bitner on Jon Stewart’s Daily Show: Richard Bitner explains why the risky business of subprime mortgages end up costing the taxpayers money. - The Daily Show
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John Hussman: How the War, Tax Cuts and the Swaps Market Debased the U.S. Financial System - The policies of recent years have indeed been stimulative. But stimulative to what? Primarily to unproductive investment and poor credit. - Hussman Investment Trust
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How Much of Fannie/Freddie Paper is Held... Read Full Story
With the continued slowdown in the economy, the family made the decision to let my son go. After 16 years we had a certain amount of loyalty, but the harsh realities had set in. He wondered why it was him and not his younger sister, and I explained that she had edged him out on the latest report card, and besides, since he just received his driver’s license, he could better fend for himself. Fortunately he had accrued some vacation time. In all seriousness, mortgage companies find themselves... Read Full Story
Study this: Gorgeous charts: Asset Class Correlations - Bespoke Investment Group
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BULL VS BEAR:
1. Bullish: Wow - READ THIS - Is it a Bottom in Financial Stocks? Our short answer: yes - The bear market in financial stocks has lasted a punishing 18 months, but signs are emerging that it is over at last. Why First Horizon is especially attractive. Tom Brown explains at bankstocks.com
2. Bearish: A Short Covering Rally - John Mauldin’s Outside the Box E-Letter
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CW... Read Full Story
To Our Clients, Colleagues and Friends:
· “The special servicing platform will be combined with our master servicing, default department, and real estate auction business to synergistically work together as a fully integrated platform to maximize the success of opportunistic investments in mortgage assets.” This is from a recent press release by someone we like and admire. We won’t name him as we don’t want to embarrass him, but isn’t this about the worst writing you’ve seen in awhile... Read Full Story
Up until recently I lay awake at night, wondering if I got cheated when I had to make my standard mortgage payment in February, since it only has 28 days. A California appellate court has rejected a class action lawsuit by Julie and Kenneth Puentes claiming Wells Fargo unfairly treated customers in its calculation of monthly interest rates for February (the shortest month of the year) as “unfair” and entitling plaintiffs to “overpayments.” The plaintiffs had argued that because the industry’s... Read Full Story
Email:roseline_agali006@yahoo.fr
From:Roseline Agali
Abidjan, Cte d'Ivoire
West Africa.
Dear One,
please permit me to inform you of my desire of going into business relationship with you.
I got your contacts and .I prayed over it and choose you as the next guardian of my life now.
I know my message will come to you as a surprise. Don't worry i was totally convinced to write you in reference of the transfer of my late father's money US$18.3 M to your account for onward investment(Hotel / hospital
business /industries) in your country.
I am Roseline Agali the only daugther of the former Late chief General Patrick Agali , of Cote d'ivoire. My late Father was killed last four years following his role as a rebel leader against the government of Cote d'ivoire. Following this political crisis,I was forced to leave our village to Abidjan the capital city of Cote d'Ivoire for my life sake. my father deposited this said money in a prime bank here in Abidjan and used my name as the only daugther as the next of kin. and told me to seek for a foriegn partner overseas that will help me for investment of this money into his country.
I got to know about this information and as well able to recover all the relevant documents regards to this deposit through his foreign adviser here in Abidjan. If you are truly disposed to assist me in transferring of this fund kindly, i am willing to offer you 15% of this money for your effort made during this transaction.write me through this email address. More information about the transfering of this money legally follows immediately after your positive reply.
Hoping to hear from you soonest.
