I hate reading "the subprime problem", "the subprime meltdown" and "the subprime crisis" in the lazy MSM. Note to the MSM and to the world:
CREDIT IS MELTING DOWN. ALL IF IT. SUBPRIME WAS JUST THE TINY FIRST WAVE. AND TRILLIONS WILL BE LOST. IT WAS A BIG HOUSE OF CARDS BUILT ON FRAUD AND GREED, AND IT AIN'T GETTIN' PAID BACK.
Should be obvious, but for some reason it ain't gettin' through to 'em yet. But it will.
Subprime losses to date – Merrill Lynch – $22.1bn
Citigroup – $18.1bn
UBS – $13.5bn
Morgan Stanley – $9.4bn
HSBC – $3.4bn
Bear Stearns – $3.2bn
Deutsche Bank – $3.2bn
Bank of America – $3bn
Barclays – $2.6bn
RBS – $2.5bn
Freddie Mac – $2bn
January 18, 2008
It's not just subprime that's melting down - it's ALL OF IT (negative-am, alt-a, prime, seconds, auto, revolving, student, etc)
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Freddie and Fannie are the ones who keep the housing market on life support today (together with a few FHA and VA loans). If Freddie and Fannie become insolvent through losses in Alt-A and prime, THEN there will be housing PANIC.
Where is Wells Fargo on that list?
It's a little known fact about how much subprime and Interest Only loans Wells did.
They are going to be the next "Countrywide".
Ha ha. Douche Bank.
Im glad you included student loans. The avg debt accumulated for a 4yr public university is ~$20,000. And let's not forget that $60,000++ is not that uncommon for a 4yr private degree. And one more thing, some of America's traditionally highest paid workforce such as doctors, lawyers, etc, those who spend the most money in this economy, are starting out with mortgage sized debt ($200,000-400,000). This tidal wave is just gaining steam. And you can't bankrupt student loans. Sometimes it doesn't pay to work hard, sacrifice, and further your education.
Funny to see Fannie Mae not on the list and Freddie Mac down for only a $2B loss.
Those two GSEs will do everything to hide there losses but at some point during the year they'll let the market know they have a 12-figure loss.
OK, I'm just realizing 12-figure isn't as obvious as 6-figure.
12-figure = over $100 Billion.
Then things get ugly
Im glad you included student loans.
Yeah, that whole good debt v. bad debt thing is BS. Plain and simple, debt is debt - it all sucks.
.
I lost $5 yesterday!
That hurt!
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What's the record with student loans?
Subprime my butt! We have only just begun. Wait until the commercial mortgages start defaulting. Then the party will really get started.
Just wait until Ambac and MBIA go under then the pig shit is really going to start piling up.
"Housing Slump"
How about Housing DEPRESSION
Just wait until Ambac and MBIA go under then the pig shit is really going to start piling up.
Try MUCHO elephanto shit or Brontasaurus size chit. But don't worry, they'll spray Febreeze all over it & it'll be all ok.....
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