hey asshole! it was on the television. i heard it as well. as a matter of fact i heard 3 times today, so kindly piss off you worthless piece of fucking shit.
Anonymous Coward User ID: 467070 7/12/2008 10:31 PM
hey asshole! it was on the television. i heard it as well. as a matter of fact i heard 3 times today, so kindly piss off you worthless piece of fucking shit.
Quoting: LS
hey guys ,calm down !!
I did not invent the protocol !!
Considering the amount of bs threads , its a fair consideration , you must obey the protocol !!
Linky or
hey asshole! it was on the television. i heard it as well. as a matter of fact i heard 3 times today, so kindly piss off you worthless piece of fucking shit.
hey guys ,calm down !!
I did not invent the protocol !!
Considering the amount of bs threads , its a fair consideration , you must obey the protocol !!
Linky or
here is a link!!! 'Problem' banks on the rise
The FDIC said 90 banks- or 1.1% of those it regulates - were on its "problem bank list" in the first quarter, up from 53 in the first quarter of 2007 and 76 in the fourth quarter.
I just paid off a $6200 credit card debt I was putting off as long as possible, knowing the banks were going to fail. Darn it.
Had a court date over it. Had to pay it off before they came after assets.
Anonymous Coward User ID: 428466 (OP) 7/12/2008 10:44 PM
Foreclosures Rose 53% in June, Bank Seizures Tripled (Update3)
By Dan Levy
Enlarge Image/Details
July 10 (Bloomberg) -- U.S. foreclosure filings increased 53 percent in June from a year earlier and bank seizures rose the most on record as deteriorating property values and higher rates on adjustable mortgages forced more people to give up their homes.
More than 252,000 properties, or one in 501 U.S. households, entered a stage of the foreclosure process, RealtyTrac Inc., a seller of default data, said today in a statement. Bank seizures rose 171 percent, the most since the Irvine, California-based company began tracking statistics on default notices, warnings of a scheduled auction and repossessions in January 2005.
``The foreclosure problem is getting worse and will stay with us well into the next decade,'' Mark Zandi, chief economist for Moody's Economy.com in West Chester, Pennsylvania, said in an interview. ``The job market is eroding and homeowners have less equity. Lenders are much less willing to work with you if you've got negative equity, and you're more likely to give up your house if you're deeply underwater.''
Foreclosure activity is the highest since the Great Depression of the 1930s, said Rick Sharga, RealtyTrac's vice president of marketing. Home prices, which fell the most on record in April, according to the S&P/Case-Shiller index of 20 U.S. metropolitan areas, have created a cycle where shrinking equity drives homeowners into foreclosure, which in turn further pushes down home prices, Sharga said.
1 Million Homes
``We'll have 1 million bank-owned properties by the end of the year,'' Sharga said in an interview. ``That will represent between one-fourth and one-third of all home sales.''
About 53 percent of borrowers with subprime loans, those with poor or incomplete credit histories, will have negative equity in their homes at the end of the year, and the number will rise to 63 percent in 2009, New York-based analysts at Credit Suisse led by Rod Dubitsky said in an April 23 report.
Tighter underwriting standards mean borrowers whose adjustable-rate mortgages reset to higher payments can't refinance their loans, Credit Suisse said. About 2.7 million subprime borrowers will enter the foreclosure process by the end of 2012, with a peak of new foreclosures in the third quarter this year, the analysts said.
About $3.5 trillion in homeowner equity has been wiped out since the spring of 2006, when housing prices were at their peak, Zandi said.
Glut
Rising mortgage defaults and auctions of foreclosed properties are adding to a glut of unsold homes and prolonging the housing slump. Efforts by the U.S. Congress to insure as much as $300 billion in refinanced mortgages and save up to 2 million borrowers from foreclosure can work only by ``slowing down or reversing home price declines and equity deterioration,'' Credit Suisse said.
Home prices will ``absolutely'' decline another 5 to 10 percent and could fall further if the slowing U.S. economy enters a deep recession, Susan Wachter, a professor of real estate finance at the University of Pennsylvania's Wharton School, said today on Bloomberg Radio.
While foreclosure rates are worst in parts of California, Nevada and Florida, where lax lending standards put subprime borrowers at risk of defaulting, and Ohio and Michigan in the U.S. Midwest, where the auto industry cut jobs, other parts of the country remain stable, Wachter said.
``We are in a serious regional recession, but there are many markets where housing prices are not falling,'' she said.
Nationwide, Filings fell 3 percent from May.
``May was the highest month we've ever recorded, so a little bit of a drop off was inevitable,'' Sharga said.
Nevada, California
Nevada had the highest foreclosure rate for the 18th consecutive month. One in every 122 households was in some stage of foreclosure, more than four times the national average, and 3,133 properties in the state were seized by lenders, said RealtyTrac. The company has a database of more than 1.5 million properties and monitors foreclosure filings including default notices, auction notices and bank seizures.
California ranked second, with one filing for every 192 households, 2.6 times the national average, and had 20,624 properties seized by banks. Arizona ranked third at one in 201 households, almost 2.5 times the national average, and had 4,297 bank seizures.
Florida, Michigan, Ohio, Colorado, Georgia, Indiana and Utah also ranked among the 10 states with the highest foreclosure rates.
`Beyond the Sprawl'
California had seven of the 10 U.S. metro areas with the highest rates, including the top three. Stockton, in the state's central valley, was first with one in every 72 households in a stage of foreclosure, followed by Merced, about 110 miles east of San Francisco, with one in 77 households, and Modesto, near the Sierra Nevada mountains, with one in 86 households. Riverside-San Bernardino ranked fifth, Vallejo-Fairfield was seventh, Bakersfield was eighth and Salinas-Monterey was tenth.
``The housing beyond the sprawl is going to suffer another serious leg down because of high oil prices,'' Peter Navarro, professor of economics and public policy at the University of California at Irvine, said in an interview. ``A lot of people went out there to get cheaper homes, but this is going to take a big bite out of their mortgage.''
Cape Coral-Fort Myers and Fort Lauderdale, Florida, ranked fourth and ninth, respectively, and Las Vegas was sixth among metro areas with the 10 highest foreclosure rates.
California had the most total filings for the 18th consecutive month, increasing 77 percent in June from a year earlier to 68,666. Florida was second at 40,351 filings, an increase of 92 percent, and Ohio was third at 13,194, an increase of 11 percent.
New York filings increased 22 percent from a year earlier to 5,367, with one in every 1,473 households in a stage of foreclosure, the 32nd highest rate.
New Jersey filings rose 5 percent. The state had one in every 695 households in a stage of foreclosure, the 14th highest rate.
To contact the reporter on this story: Dan Levy in San Francisco at dlevy13@bloomberg.net
the FDIC added 14, bringing its count to 90 with total assets of $26.3-billion. Most have troubled loans in construction/development or commercial real estate.
[link to www.tampabay.com]
Housing-Market
Best Financial Markets Analysis ArticleOn Friday, IndyMac joined the long and growing list of bankrupt mortgage companies (Accredited Home Lenders, Novastar Financial, Fremont General and dozens of others) that have been taken down by what has already surpassed mortgage and bank losses of the Savings & Loan Crisis. While Indy marks only the sixth bank failure since the official start of the banking-real estate avalanche is February 2007, you can bet this is only the beginning. The last wave of bank failures in the U.S. occurred during the recession of '90-'91, when 502 banks failed in a 3-year period. Prior to that, more than 1,600 banks insured by the Federal Deposit Insurance Corporation (FDIC) were closed or received FDIC financial assistance between 1980 and 1994 due mainly to the Savings & Loan crisis.
Now if you think the collapse of IndyMac doesn't affect you, think again. The FDIC estimates the takeover will cost between $4 and $8 billion. Given what I know about government estimates, it's likely to cost much more. Whatever the costs, it's coming from taxpayers. But there's more to it. Indy's insolvency signals that the banking crisis is not only live and well , but only just beginning. Before it's over, I estimate a total of about $10 trillion in losses as a result of Greenspan's real estate bubble - $1.5 to $2.0 trillion in direct losses by banks and mortgage companies (much more than Wall Streets ever increasing estimates that are now up to $500 billion), $7 trillion in paper losses due to real estate devaluations, and $1.0 trillion in lost incomes (and decreased consumer spending resulting in income losses for others) due to job losses and lay-offs in the real estate, mortgage, banking and construction industries, as well as non-real estate related job losses due declining economic conditions attributed to the real estate and banking crisis. In total, I would roughly estimate a loss of around 6 million jobs from 2007 to 2011. Already, an estimated 250,000 jobs have been lost in the residential lending sector alone. And as the economy continues to stall, more jobs will be lost from other industries, causing more foreclosures which will only damage the real estate market further, or at best, cause it to lag for several years.
The paper losses will come back over time. But for others, a decline in home values can flip you upside down in no time. And if you need to refinance an ARM, you will be out of luck unless you can come up with the difference between the outstanding mortgage balance and the market value of your home - plus any amount required for down payment. This is how many have lost their homes. When those with ARMs saw their monthly mortgage payments soar to as high as 60%, they tried to refinance. But since their home value declined, they were in a negative equity situation. Now you might see why Bernanke made a huge error keeping rates so low for so long – it's not going to help homeowners refinance because they owe more on their homes than they are worth. In fact, he has actually made it worse for homeowners who are barely able to make payments. The low rates have heightened inflation and weakened the dollar further. And that has caused food and oil to soar.
Why Didn't the Fed Rescue Indy?
A few months ago, banks began the painful process of trying to write down bad mortgage debt. But mortgage defaults continued to pile up. So they had to keep writing down the debt more and more, until finally, much of it became virtually worthless. In order to avoid a liquidity crisis, banks were forced to sell off their highest quality debt, causing more damage to the balance sheet. After the run on Bear Stearns (BSC), the Fed realized that any large bank could become insolvent overnight, which would cause a snowball effect felt around the globe. Therefore, Bernanke extended emergency funding options (once previously reserved for commercial banks) to investment banks – something not done since the Great Depression.
But why not extend this same privilege to Bear Stearns as well? I'd imagine the Fed has not forgotten the refusal of Bear Stearns to participate in the “bailout” of Long Term Capital Management a decade earlier. While several other banks declined to help, Bear was the only major player that refused. Apparently, the banking cartel decided it was payback time for Bear.
But wait a minute. The Fed guaranteed capital to commercial and investment banks if needed, so why did it allow Indy to fail? What Bernanke failed to mention to the public was that his printing presses would only be made available to the banking cartel – basically the “Big 5” from each category (commercial and investment banks) because these are the banks that own and run the Federal Reserve.
Who's Next?
Thornburg Mortgage? Do you remember these guys? The CEO was plastered all over television in the summer of 2007 before anyone knew there was a real estate crisis going on. This company did a lot of jumbo mortgages, so when they began to encounter some liquidity problems due to high default rates, Wall Street paid very close attention. After all, at the time, most people didn't even think the sub-primes would experience a washout, so to see a mortgage company that specialized in jumbo mortgages run into problems was very troubling. Since falling from $28 in October of 2007, the stock is now trading at $0.28.
We will just have to wait and see. In part 2 of this article, I discuss what's next for the economy over the next several years.
Mike Stathis is the Managing Principal of Apex Venture Advisors , a business and investment intelligence firm serving the needs of venture firms, corporations and hedge funds on a variety of projects. Mike's work in the private markets includes valuation analysis, deal structuring, and business strategy. In the public markets he has assisted funds and corporations with investment strategy, valuation analysis, market forecasting, risk management, and distressed securities analysis. Recently, Mike has been particularly active helping clients navigate the real estate and banking crisis.
The accuracy of his predictions and insights detailed in the 2006 release of “America's Financial Apocalypse” and “Cashing in on the Real Estate Bubble” have positioned him as one of America 's most insightful and creative financial minds. These publications serve as proof that he remains well ahead of the curve, as he continues to position his clients with a unique competitive advantage.
Anonymous Coward User ID: 428466 (OP) 7/12/2008 11:23 PM
I can assure you there are many more than 90 on the FDIC watch list.
Word is Treasury is very actively into all IB's and Regionals with people onsite monitoring their day to day operations and books.
There are what, 8000 banks in the US? I don't have a number, but I think it's fair to say 75% rode the real estate boon.
And now they must survive the bust.
I would not be surprised to see the total number failed before this is all over around 3-4......
Thousand. Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
Democracy is two wolves and a sheep voting on whats for dinner.
Disarmament is the precursor to Genocide.
Better to take action now rather than chances later. Your choice.
Anonymous Coward User ID: 436143 7/13/2008 1:53 AM
Here is a list of banks in distress, or write downs,
[link to bankimplode.com]
I have accounts with two of them, Suntrust, Wachovia. Ouch!
Lawd have mercy!
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<--------------- me, still waiting !!