350zCommtech's Account Talk

[Birchtree]

Now that the Donkey reigns there will only be more saints.

 

[Minnow]

You're welcome Minnow.

Has anybody been indicted in this whole mess?

Plenty of low-level regional lenders. A couple of Bear Stearns mid-level guys. But my guess is that will be the end of it.

The Federal Home Loan Banks being involved now give it all the aura of transparency. We all know better but, like you said, it is what it is. Move on and try and make our little nesteggs grow so we're not all eating dog food.

A while back, I said running all this debt through the Home Loan banks was a good idea because of the calming effect it would have. I guess they had to "restructure" (read: redact names and not leave a paper trail) the debt to flush it through. Probably tinfoil stuff, huh?

 

[Frixxxx]

I hope you don't mind.. I took the liberty of looking it up. Yes, California is a non-recourse state. But it is a "one action" state meaning they have one shot at getting a deficiency judgment in a monetary amount in any lawsuit. I'm not trying to frighten or anything but the lender does have an "out" albeit a very limited out. I don't know how the CA lenders work but this seems to be more of an incentive to work with borrowers facing a limited amount of distress (i.e. temporary job loss).

If the 10 yr. mortgage was a first mortgage and there is no HELOC attached plus the home is your friend's occupied residence, I would think the lender might be open to modifying terms of the agreement. Just remember that only reductions in term, rate or principle are the only reductions beneficial to the borrower so watch out for the old "switcheroo" in any one of these arrangements. Your friend may have to concede defeat but can still negotiate for the best terms for his unenviable situation. Again, I don't know how CA works nor would I pretend to know the inner workings of the lending institution. Just trying to present options.

notice: this is in no way legal or mortgage advice nor am I an expert nor do I claim to be an expert.

Oh no, I'm smell a lawsuit......haha

Really though, you had more insight than me and stated it so well...Thanks alot!

 

[350zCommTech]

I guess they had to "restructure" (read: redact names and not leave a paper trail) the debt to flush it through. Probably tinfoil stuff, huh?

No, you're probably right. FNM/FRE/FHLB are very much responsible for the subprime lending. This is Enron X 1000.

 

[Minnow]

Oh no, I'm smell a lawsuit......haha

Really though, you had more insight than me and stated it so well...Thanks alot!

You're welcome. Bottom line -- have your friend do his homework before going to any lender.

One day maybe you can explain how I keep running FOREX practice accounts into insolvency.

 

[Frixxxx]

You're welcome. Bottom line -- have your friend do his homework before going to any lender.

One day maybe you can explain how I keep running FOREX practice accounts into insolvency.

One word - EMOTION.

When you make decisions to either quickly ride a trend or get out of a hot spot, snap decisions are the worst. Honestly, I wait for big news days and set my positions accordingly.

Today was a Red Letter day. Employment numbers always earn me a 50 PIP movement or as I call it - Whip. I lay a position 25 and 40 pips below trend and wait for the whip. I take 5% on these days. Other than that I squeeze baby moves for 3-5 PIPS during the night. If I walk away after losing 2.5%, then I wait for the next night.

I'm not a millionaire yet but working on it. November was a banner month. I took out 32.45%. October was 2%. September was -6%. December is a little difficult because movement slows down.

By the way, practice accounts killed by me personally: 237, but I prove why I shouldn't make certain moves based on strictly emotion.

 

[350zCommTech]

Majority of Modified Loans Fail Again, Regulator Says (Update2)

By Alison Vekshin
Dec. 8 (Bloomberg) -- Most U.S. mortgages modified in a voluntary effort to keep struggling borrowers in their homes and stem foreclosures fell back into delinquency within six months, the chief regulator of national banks said.

Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington.
“The results, I confess, were somewhat surprising, and I say that not in a good way,” Dugan said, citing a third-quarter survey his agency plans to release next week.

Lenders and loan-servicing companies have been modifying mortgages by lowering interest rates or creating repayment plans through the voluntary Hope Now Alliance. The group, which includes Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., said last month it helped 225,000 borrowers keep their homes in October.

Foreclosures rose to a record in the third quarter as one in 10 U.S. homeowners fell behind on payments or were in foreclosure, the Mortgage Bankers Association said last week.

“Our third-quarter report will show many of the same disturbing trends as other recent mortgage reports,” Dugan said. “Credit quality continued to decline across the board, with delinquencies increasing for subprime, Alt-A and prime mortgages.”
The OCC’s survey represents institutions that service more than 60 percent of all first mortgages, or 35 million loans worth $6 trillion, Dugan said.

Foreclosure ‘Timeout’

New Jersey Governor Jon Corzine, speaking at the conference earlier today, urged a three- to six-month “timeout” on foreclosures, saying keeping people in their homes is necessary to correct a “deeply troubled” market.
“Housing markets and mortgage-finance markets are the fuel for this problem,” said Corzine, a Democrat and former chairman of Goldman Sachs Group Inc. “We need a systematic protocol and process.”

House Financial Services Committee Chairman Barney Frank said today the regulator’s figures reflect a failed focus on interest rates. If the size of mortgages were reduced, borrowers would be less likely to default again, Frank, a Massachusetts Democrat, said in an interview with Bloomberg Television.

“The people who made the bad loans or bought the bad loans from others need to realize” that they would be better off with principal reductions than with foreclosure, he said.

Federal Deposit Insurance Corp. Chairman Sheila Bair said “the quality of the mods are not where they should be.”
John Reich, director of the Office of Thrift Supervision, questioned whether the federal government should be more involved in foreclosure prevention.

“I do have a concern of allocating government resources with such a high rate of re-default,’’ Reich said.
To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net;

Last Updated: December 8, 2008 13:39 EST
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVd77NOyy2eA&refer=home

This video is hilarious.:laugh:

 

[budnipper1]

This video is hilarious.:laugh:

Fred's sarcasm always makes me laugh too. Oh yeah, send a few of those hole diggers my way so I can get my pole barn project started. I'll even furnish the shovels.
​

 

[350zCommTech]

Out of Chicago.

BAC being blamed and politicians threatening to stop doing business with BAC.

Workers at Republic Windows continue sit-in after company closes

Bank, citing sharp downturn in business, canceled company's line of credit

By Gerry Smith |Tribune reporter December 7, 2008 Carrying signs that read "Bank of America: Don't Steal Christmas," workers at a North Side manufacturer continued their protest Saturday after the company shut its doors on three days' notice because the bank canceled its line of credit.

Republic Windows & Doors closed Friday after being in business since 1965. Members of the United Electrical, Radio and Machine Workers, which represents 260 workers at the company's Goose Island plant, have taken shifts at a sit-in at the plant, 1333 N. Hickory Ave., since Friday.

The union said the bank is not letting the company pay workers their vacation and severance pay. In addition, the union said they were not given 60 days' notice of a mass layoff, as required by federal law.

"They're throwing people out on the street with three days' notice, penniless," said Leah Fried, an organizer with United Electrical, Radio and Machine Workers. The company told employees Tuesday that its main lender, Bank of America, had canceled its line of credit because of a severe downturn in business at the plant.

Members of several unions attended Saturday's sit-in as well as Rep. Luis Gutierrez (D-Ill.), who accused the company of knowing the plant was going to close long before last week's announcement to avoid paying workers for the days they are owed under federal law.

"I don't believe somebody woke up on Tuesday and simply decided to shut the doors," Gutierrez said.

Representatives of Republic Windows & Doors could not be reached for comment Saturday. Bank of America said in a statement that it isn't responsible for Republic's financial obligations to its employees.

The union said company officials didn't show up for a meeting Friday, but the two sides are scheduled to meet 4 p.m. Monday to negotiate, workers said.

Melvin Maclin, 54, who has worked at the plant for seven years, said employees had suspected the company was in dire financial straits for months but were continually reassured.

He said he has no intention of leaving the plant until he receives his vacation and severance pay.

"We've been here since yesterday, and we aren't going anywhere," he said.

The Associated Press contributed to this report.

gfsmith@tribune.com

http://www.chicagotribune.com/news/local/chi-window-factory-sit-in-07dec07,0,667083.story

 

[350zCommTech]

I wonder how much they will get for the worthless Cubs.

Tribune Co. files for Chapter 11 bankruptcy: reports

By Wallace Witkowski Last update: 1:52 p.m. EST Dec. 8, 2008


SAN FRANCISCO (MarketWatch) -- Tribune Co. filed for Chapter 11 bankrupcy protection, burdened by heavy debt, according to media reports Monday. Tribune was taken private by real-estate developer Sam Zell last December in a $8.2 billion deal. Tribune has a current debt load of about $12 billion.
http://www.marketwatch.com/news/story/Tribune-Co-files-Chapter-11/story.aspx?guid={D63DFE7D-A893-4F30-9622-5FBC4EB87A75}&dist=hplatest

 

[350zCommTech]

The USD crashed through the 50dma today. The USD/YEN is also down to about 91.5, and appears to be heading for a test of 90, which is not good for stocks. But, overall, the USD breaking the 50dma might be forshadowing a bull run(2-3 months long) in stocks. It's too early to tell but I'm just putting it out there. It's purely technical so, 4 months from now, I might look back at this and laugh.

I'm looking for a nice 2-3 day pullback soon to go 100% S fund. I'm avoiding the I fund due Barclay stealing money from I funders.

View attachment 5223

 

[tsptalk]

I'm avoiding the I fund due Barclay stealing money from I funders.

Doh! :laugh:

 

[350zCommTech]

Doh! :laugh:

Per my calculations, 12-13 cents have recently been taken out of the I fund for no apparent reason. Yesterday, there was a -FV of about 12 cents for no apparent reason. If that FV does not get paid back tonight, it would bring the total to 24-25 cents. That's a lot of money.

 

[CountryBoy]

This video is hilarious.:laugh:

Funny and so true at the same time. :laugh:

CB

 

[GUCHI]

per my calculations, 12-13 cents have recently been taken out of the i fund for no apparent reason. Yesterday, there was a -fv of about 12 cents for no apparent reason. If that fv does not get paid back tonight, it would bring the total to 24-25 cents. That's a lot of money.

who's watching those jokers !!!!!!!

 

[Show-me]

Tracy Ray and Greg Long.

 

[350zCommTech]

Tracy Ray and Greg Long.

Their kickback for limiting our IFTs just before the market was abou to crash?

 

[kar_crazy]

Their kickback for limiting our IFTs just before the market was abou to crash?

sure worked out for somebody, and sure screwed all of us

 

[CountryBoy]

Per my calculations, 12-13 cents have recently been taken out of the I fund for no apparent reason. Yesterday, there was a -FV of about 12 cents for no apparent reason. If that FV does not get paid back tonight, it would bring the total to 24-25 cents. That's a lot of money.

WHO'S WATCHING THOSE JOKERS !!!!!!!

That's the exact reason that I have stopped investing in the I Fund. Barclays playing games with the FV and Long and Ray giving there blessing, while we get screwed.

CB

 

[Minnow]

Today's conforming wholesale mortgage interest rate on a 30 year fixed? 4.830%

folks, it might just be time for a refinance, huh?

did a quick check on my servicer's website and in my zip code, they're offering a 4.875% interest rate on a 30 year fixed refi.

Just in time for all that leftover christmas cash....