March 15, 2008

HousingPANIC Quote of the Day

"We will lose, in some form, several major financial institutions before this is over"

- Allen Sinai of Decision Economics, March 2008

10 comments:

Anonymous said...

As predicted by Keith years ago:

Desperate owners burn homes
http://tinyurl.com/yrmopk http://www.cnn.com/video/#/video/us/2008/03/14/lawrence.burning.homes.cnn

LauraVella said...

Watch Wells Fargo, WAMU, US BANK and B&A ...

These banks gave out tons of subprime loans along with Fremont Bank.

level 3 assets anyone?

Anonymous said...

Nancy Pelosi raised your minimum wage to $7.25 so you will all be OK.

Anonymous said...

Good riddance to bad rubbish! I hope all these capitalist enjoy the new bankruptcy laws they created and then told their slaves in cONGRESS to pass it or else. Bring back debtors prisons and let them enjoy the fruits of the system they created.

Burn Baby Burn

Mark in San Diego said...

"The nation is unwinding from a 25 year consumer debt orgy". . .somewhat mis-quoted from the LA Times article - but the that is essentially what it said. . .finally someone is lumping other debt besides mortgages into this mess - it was all debt - credit cards, HELOCS, auto loans for Hummers, mortgages, etc. Debt Debt Debt. . .and the great unwinding is here.

One nice thing this time - rich hedge fund owners are getting killed too. . .it's not just Joe Six Pack who will feel the pain.

Anonymous said...

MAYBE NOT.

There's a whole lot of dollars held overseas. When it tried to buy U.S. ports a few years ago American pride blocked it. So now America spirals down and when it's in need and the days are dark, look for the welcome mat to be rolled out for the dollars to come home. U.S. corporations, brand names, and assets will be picked over in the greatest shopping spree ever seen. Bush said he's in favor of "foreign investment in the U.S." yesterday in an interview with Larry Kudlow. Those are your key words and Bush is counting on it to keep stock and asset prices up until he gets out of office. Forget about a futre for your kids though...

Anonymous said...

What the hell? US Bank was not involved in subprime or any of the mortgage mess. BofA wasn't in subprime either. They had piggybacks and HELOCs. WaMu is in trouble because of negams. WF has plenty of HELOCs and piggybacks too.

Get your facts str8

Anonymous said...

Anon said:"What the hell? US Bank was not involved in subprime or any of the mortgage mess. BofA wasn't in subprime either. They had piggybacks and HELOCs. WaMu is in trouble because of negams. WF has plenty of HELOCs and piggybacks too."

I have my facts straight. You think all these above banks only gave first mortgages to prime borrowers? No they did not. These borrowers had to pay more for their loans, and got into adjustable fixed mortgages to qualify. Agree, these above banks do have piggyback and HELCOs too, but most people buying homes in the last 5 years had to get an adjustable loan because their incomes where not high enough for a 30 year fixed.

Lost Cause said...

I wouldn't give another penny for credit from any bank. I look forward to the demise of Citibank, Wells Fargo, Bank of America and the rest of the evil cabal. Americans have had enough of your pick pocketing. That is the reason for your illiquidity. Zero percent isn't attractive, when you are making a pact with thieves.

Anonymous said...

Fascism is capitalism in decay.

-Lenin