southoctracker_IHB
New member
I can only assume that there will be plenty more with the Watermarke Place address in the coming months.
T-minus ? until Countrywide goes under.. . .
- Thread starter IrvineCommuter_IHB
- Start date
lendingmaestro_IHB
New member
don't forget about avenue one as well!
bltserv_IHB
New member
<p>Avenue One. I forgot about that one. </p>
<p>"Jamboree a Corridor of Real Estate Pain". I think Irvine Renter should do a Blog on this subject. </p>
<p>"Jamboree a Corridor of Real Estate Pain". I think Irvine Renter should do a Blog on this subject. </p>
IrvineCommuter_IHB
New member
<p>Well, I guess the DOJ did not want to get left out of being involved in Countrywide.</p>
<p><a href="http://www.cnbc.com/id/23929582">www.cnbc.com/id/23929582</a></p>
<p class="textBodyBlack">A federal judge has granted the U.S. Department of Justice wide authority to probe whether <strong><strong>Countrywide Financial</strong></strong> abuses the bankruptcy process, rejecting the largest U.S. mortgage lender's claim that the ruling could cause havoc for the lending industry.</p>
<p class="textBodyBlack">Judge Thomas Agresti of the U.S. bankruptcy court in Pittsburgh said the Office of the U.S. Trustee, an arm of the Justice Department that oversees bankruptcy cases, has the authority to conduct examinations and demand documents, so long as it exercises "good cause" and doesn't overreach.</p>
<p><a href="http://www.cnbc.com/id/23929582">www.cnbc.com/id/23929582</a></p>
<p class="textBodyBlack">A federal judge has granted the U.S. Department of Justice wide authority to probe whether <strong><strong>Countrywide Financial</strong></strong> abuses the bankruptcy process, rejecting the largest U.S. mortgage lender's claim that the ruling could cause havoc for the lending industry.</p>
<p class="textBodyBlack">Judge Thomas Agresti of the U.S. bankruptcy court in Pittsburgh said the Office of the U.S. Trustee, an arm of the Justice Department that oversees bankruptcy cases, has the authority to conduct examinations and demand documents, so long as it exercises "good cause" and doesn't overreach.</p>
lawyerliz_IHB
New member
Countrywide downgraded to a D (for doofus?) by a rating agency.
lendingmaestro_IHB
New member
I expect the market to gap down at the open on Monday.
graphrix_IHB
New member
<em>I expect the market to gap down at the open on Monday.</em>
Mmmm... me too, and I think we may be right. There have been too many small short covering rallies in the last few days, that it just seems weird to me.
However, awgee is seeing the bottom, er nevermind... he is just being his snarky self. He needs a disclosure in his signature. Like... If it ain't snarky, it ain't right. Or, SNARKY FTW! This deserves a threadjacking, and the more people can add for his sig, the better.
Mmmm... me too, and I think we may be right. There have been too many small short covering rallies in the last few days, that it just seems weird to me.
However, awgee is seeing the bottom, er nevermind... he is just being his snarky self. He needs a disclosure in his signature. Like... If it ain't snarky, it ain't right. Or, SNARKY FTW! This deserves a threadjacking, and the more people can add for his sig, the better.
lendingmaestro_IHB
New member
Jess, Graph. Posting at 4 in the morning on Sunday? HAHA
I think maybe you should have a picture of a housing vampire as your Avatar.
I think maybe you should have a picture of a housing vampire as your Avatar.
morekaos_IHB
New member
like I have said before, I think this market has double bottomed at 11,700 Dow. The market is a discounter of future events. If we are in a recession (and I am not sure we really are) than this market is pricing in 8 to 12 months down the road. It is just like the 400 point rally when UBS reported an 18 billion dollar write down which had the MSM scratching their collective heads.
morekaos_IHB
New member
As predicted...
"Washington Mutual risks more losses on consumer lending, the Goldman analysts said. ``WaMu leads its peers with respect to recent growth in credit-card delinquencies,'' they said.
Fotheringham advised Goldman's clients to sell short, which is the sale of stock borrowed from shareholders. People who sell short hope to profit by repurchasing the securities later at a lower price and returning them to the holder."
http://www.bloomberg.com/apps/news?pid=20601103&sid=ajKNResaBeFg
"Washington Mutual risks more losses on consumer lending, the Goldman analysts said. ``WaMu leads its peers with respect to recent growth in credit-card delinquencies,'' they said.
Fotheringham advised Goldman's clients to sell short, which is the sale of stock borrowed from shareholders. People who sell short hope to profit by repurchasing the securities later at a lower price and returning them to the holder."
http://www.bloomberg.com/apps/news?pid=20601103&sid=ajKNResaBeFg
lendingmaestro_IHB
New member
It's impossible to "price in" anything when you don't know what's coming. WAMU is utterly destroyed. Between credit cards (unsecured) and HELOCS, they were the consumer credit whore queen.
bltserv_IHB
New member
I agree about WAMU. They are the next shoe to fall in the Financials.
Wonder if Helicopter Ben will bail them out too ?
Man if he does, and your a short player, you got to be pissed off big.
At a point. Countrywide and WAMU need to die by the same sword
that they lived so well off of in the run up.
The public is bleeding and so should these companies and the overpaid
executives in management that ran them.
Wonder if Helicopter Ben will bail them out too ?
Man if he does, and your a short player, you got to be pissed off big.
At a point. Countrywide and WAMU need to die by the same sword
that they lived so well off of in the run up.
The public is bleeding and so should these companies and the overpaid
executives in management that ran them.
GrewUpInIrvine_IHB
New member
When you guys talk about Wamu falling apart - are you on suggesting a timeframe? Days, weeks, months? I just sold my condo and placed the proceeds in Wamu's online saving account!
Nude_IHB
New member
[quote author="GrewUpInIrvine" date=1208049351]When you guys talk about Wamu falling apart - are you on suggesting a timeframe? Days, weeks, months? I just sold my condo and placed the proceeds in Wamu's online saving account!</blockquote>
As long as it's within the FDIC insurance limits, you should be fine. Never keep anything over the limit in any one bank if you can avoid it.
As long as it's within the FDIC insurance limits, you should be fine. Never keep anything over the limit in any one bank if you can avoid it.
morekaos_IHB
New member
and right on que Wachovia begins its collapse...
http://news.yahoo.com/s/nm/20080414/bs_nm/markets_stocks_dc
http://news.yahoo.com/s/nm/20080414/bs_nm/markets_stocks_dc
CalGal_IHB
New member
[quote author="GrewUpInIrvine" date=1208049351]When you guys talk about Wamu falling apart - are you on suggesting a timeframe? Days, weeks, months? I just sold my condo and placed the proceeds in Wamu's online saving account!</blockquote>
GrewUpInIrvine, check out the <a href="http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html">FDIC</a> website to make sure your deposits are insured. As Nude said, you should be fine as long as the money is under the FDIC limit. To date, no one has lost money that was FDIC insured.
__________
Thanks, Nude, for the Nude Tech Support: How to create <a href="http://www.irvinehousingblog.com/forums/viewthread/2018/">links</a> for web addresses.
GrewUpInIrvine, check out the <a href="http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html">FDIC</a> website to make sure your deposits are insured. As Nude said, you should be fine as long as the money is under the FDIC limit. To date, no one has lost money that was FDIC insured.
__________
Thanks, Nude, for the Nude Tech Support: How to create <a href="http://www.irvinehousingblog.com/forums/viewthread/2018/">links</a> for web addresses.
morekaos_IHB
New member
And Downey Savings (DSL) follows into the rat-hole
bltserv_IHB
New member
CFC is back under $ 5.00 this morning.
DSL has been unwinding huge since last summer when it was almost $ 75.00
now its under $ 15.00
Another Bank that I think has too much exposure in California is Wachovia
They bought up a few California Banks to establish a California presence.
In hindsight its killing them. WB is off more than 10% just this morning.
They should have stayed back east.
Untill all the "Slime" is off the balance sheet. Investors will just avoid thses stocks.
And now the business model is shot because they want to avoid any risk in RE loans
so the numbers are way off. I think we will see 2 of these 3 Institutions either merge
or 1 of them will fail in the near future.
DSL has been unwinding huge since last summer when it was almost $ 75.00
now its under $ 15.00
Another Bank that I think has too much exposure in California is Wachovia
They bought up a few California Banks to establish a California presence.
In hindsight its killing them. WB is off more than 10% just this morning.
They should have stayed back east.
Untill all the "Slime" is off the balance sheet. Investors will just avoid thses stocks.
And now the business model is shot because they want to avoid any risk in RE loans
so the numbers are way off. I think we will see 2 of these 3 Institutions either merge
or 1 of them will fail in the near future.