tag:blogger.com,1999:blog-18675105.post116172977340555501..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Pets.com all over again as the REIC starts laying off its people. Countrywide throws 2,500 more out the doorbloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger54125tag:blogger.com,1999:blog-18675105.post-1161972918324565622006-10-27T19:15:00.000+01:002006-10-27T19:15:00.000+01:00I think what Mozilo was saying about housing alrea...I think what Mozilo was saying about housing already "having a hard landing" is that the people who predicted a soft landing are already wrong. I dont' think he was trying to call the bottom or say that the worst was over.<BR/><BR/>Now I don't happen to agree with him but this guy has forgotten more about the housing and mortgage biz than most of us know. From what I can see, he's a straight shooter, who calls them as he sees them. He was discrediting the soft landing scenario months ago.<BR/><BR/>Would you blame a drug dealer for supplying narcotics to kids? So why blame Mozilo for feeding a homeowners' addiction to borrowed money? <BR/><BR/>And why all the mockery about his color? I happen to know he has the same disease as Michael Jackson. Only in Caucasions, they turn black.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161838846576276452006-10-26T06:00:00.000+01:002006-10-26T06:00:00.000+01:00Obviously 200 million buys you lots of fake tan cr...Obviously 200 million buys you lots of fake tan creme.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161838069110979172006-10-26T05:47:00.000+01:002006-10-26T05:47:00.000+01:00Wamu will survive this. They have the highly prof...Wamu will survive this. They have the highly profitable retail bank and credit card businesses which continues to generate revenue for them as the housing market corrects. Most of these 9000 layoffs the past year were mortgage /home loans people and technology workers getting outsourced. Their stock still pays a beautiful dividend. <BR/>I see them doing the right things now to protect themselves as the housing market continues to correct into 2007.<BR/>From that perspective, wamu will survive for awhile, but probably eventually get bought out by someone like Citi or Jp Morgan within 3 years. Then the wamu employees are screwed as the buyer fires 50% or more of them within 6 months and closes the corporate HQ in Seattle.<BR/><BR/>But countrywide. Now thats a company thats truely F@cked. Completely undiversified. Almost all their business is mortgage and mortgage backed securities.<BR/>They are going to get hammered in 2007.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161816197344997132006-10-25T23:43:00.000+01:002006-10-25T23:43:00.000+01:00WTF, given the limited funds most of the people on...WTF, given the limited funds most of the people on this and boards like this have at their disposal, making a 5 - 6% return on your money in a year isn't going to make much of a real dollar difference than making 10 - 12% (the principle investment just isn't big enough to make that much of a difference). IMHO, the POSSIBILITY of making an additional 6 - 7% isn't anywhere close to proper compensaiton for the level of risk you take.<BR/>++++++++++++++++<BR/>Agreed. If you want to make an extra 5 - 6% a year, CUT BACK ON YOUR SPENDING AND SAVE AN EXTRA 5 - 6% OF YOUR INCOME. It's amazing that nobody thinks of that alternative any more....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161797233847183392006-10-25T18:27:00.000+01:002006-10-25T18:27:00.000+01:00companies issue stock to raise capital just like t...companies issue stock to raise capital just like the Fed issues paper dollars to float debt<BR/><BR/><BR/>when you ignore a company's stock and instead buy a corporate bond, you are in effect telling the company "here is my hard earned capital. I expect it back in x years with interest at y rate per year. if you don't pay, your company gets liquidated and I'm one of the first people in line to be repaid. I'm not a "shareholder", I'm your creditor. if your company begins to look shaky and might not be able to pay when due, I can sell your bond (assuming there is a buyer) and bail out on you. now, given that, we're not going to hurt each other are we?"<BR/><BR/>outrageous pay packages for the CEO and his cronies at the top would dry up considerably if that strategy were adopted by even half the suckers that routinely pump money into company stock. don't believe it? go look at the way companies were run back 30 or 40 years ago when ONLY the very wealthy and connected owned or traded stocks with any routine schedule. the easy money in stocks has been made (IMHO) for a long time to come - just look at the dividends paid back.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161790172713596842006-10-25T16:29:00.000+01:002006-10-25T16:29:00.000+01:00If you don't buy a companies' stock...well the mon...If you don't buy a companies' stock...well the money you use to buy it doesn't go to the company. It goes to the guy who owns the stock. Companies only get money when they do a stock issue, which is rarely. They get some money from option excercisers too.<BR/><BR/>If no one invested in companies, well...maybe the prices would go down and they'd be bought out, taken private and overpaid management fired. Maybe.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161789812591312502006-10-25T16:23:00.000+01:002006-10-25T16:23:00.000+01:00You can never find one of these when you need it.....<A HREF="http://membres.lycos.fr/tpesworld/guillotine.jpg" REL="nofollow">You can never find one of these when you need it...</A>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161786986287622632006-10-25T15:36:00.000+01:002006-10-25T15:36:00.000+01:00if you really want to see an end to the huge diffe...if you really want to see an end to the huge difference in pay levels between the top guy within a corporation and the "cleansed" employees, do as I've done and STOP "investing" in publicly traded companies via stock purchase altogether - just like pulling the lever against all incumbents on a ballot. re-do your 401k at work so that all your money and any matching money goes into cash or bonds and no money whatsoever goes into publicly traded stock of any type. If the nation as a whole did same and put their money where their mouths were (they won't) large corporations would not have the huge sums of cash sloshing around to pay a**holes like this guy $200m in a year while they are giving the heave ho to 2500 working stiffs. WTF, given the limited funds most of the people on this and boards like this have at their disposal, making a 5 - 6% return on your money in a year isn't going to make much of a real dollar difference than making 10 - 12% (the principle investment just isn't big enough to make that much of a difference). IMHO, the POSSIBILITY of making an additional 6 - 7% isn't anywhere close to proper compensaiton for the level of risk you take in buying a company's stock as opposed to buying one of their bonds - remember, in a corporate bankruptcy, stockholders get screwed first (and hardest) but bondholders can liquidate the mutha to get paid whatever they can make back. let your conscience be your guide!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161785527091083372006-10-25T15:12:00.000+01:002006-10-25T15:12:00.000+01:00The problem isn't the law on compensation, it's th...The problem isn't the law on compensation, it's that CEOs can basically name any salary, option package, etc they want. <BR/><BR/>They are the board of directors. Their underlings and cronies are the ones who 'determine' his pay package.<BR/><BR/>Then there's the ratcheting up effect with CEOs looking to other CEOs to make sure they are competitive. "That guy made 100M last year, so to be 'fair' I should make at least that much this year".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161763430857535952006-10-25T09:03:00.000+01:002006-10-25T09:03:00.000+01:00The three things that made america great, could be...The three things that made america great, could be the three thnings that bring its demise.<BR/><BR/><A HREF="http://www.rawstory.com/showoutarticle.php?src=http%3A%2F%2Fwww.spiegel.de%2Finternational%2F0%2C1518%2C439766%2C00.html" REL="nofollow">America's middle class</A>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161760490056983422006-10-25T08:14:00.000+01:002006-10-25T08:14:00.000+01:00The problem with this guy is over compensation thr...The problem with this guy is over compensation through stock options. However that is only a symptom of the real disease which was the cause and effect of liberal "tinkering" passed by President Clinton & his Democratic congress om '93. As with most liberal policy it sounds good on the surface and means well, but of course had the opposite effect. <BR/><BR/>Did you guys know that companies are prohibitted in deducting any salary of $1 mil or more? Well in 1993 congress passed the law, which is now part of section 162(m) of Internal Revenue Code, in response to the public uproar of compensation paid to top execs. This effectively created a boom for stock options for execs & employees (mostly execs). Plus congress exempted incentive-based pay from this law and the IRS ruled that option grants was incentive-based pay. This is why there is more excessive compensation than ever because companies can pay them for "free". Most execs compensation is over 80% stock options. Big fund companies and fellow executive stockholders rarely bitch about these options. Now if the libs didn't tinker & regulate then most of the compensation would be in the form of salary and be put on the balance sheet for everyone to see. Leave it to the government to screw it up. <BR/><BR/>The countrywide CEO is a prime example of what is wrong with the system. Pump up the stock or ride a bubble and then cash out and let some other poor sucker deal with it. Coincidence with the pets.com, you bet. That is why congress needs to abolish the law on executive compensation. It seems ass backwards, but it's the obvious truth."Hunter"https://www.blogger.com/profile/00378911050329222693noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161757930782155892006-10-25T07:32:00.000+01:002006-10-25T07:32:00.000+01:00http://tampa.craigslist.org/cas/225046797.htmlhttp://tampa.craigslist.org/cas/225046797.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161757598178583732006-10-25T07:26:00.000+01:002006-10-25T07:26:00.000+01:00When are we going to put an end to this? The robb...When are we going to put an end to this? The robber barrons just keep on running companies into the ground, and selling ARM and interest only crap. Then, they take their golden parachutes and nothing happens to them! Where is Robspierre when we need him?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161754327758390902006-10-25T06:32:00.000+01:002006-10-25T06:32:00.000+01:00whats the option or end, to be a war lord, in sout...whats the option or end, to be a war lord, in south america, 200,000,000 and watching tomatoes and drugs grow, and be self sufficient? nope, slave money/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161754202836129602006-10-25T06:30:00.000+01:002006-10-25T06:30:00.000+01:00Mozilo looks like that pimp drug dealer who got s*...Mozilo looks like that pimp drug dealer who got s*cked off by Jennifer Connelly in Requiem for a DreamAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161753484551497662006-10-25T06:18:00.000+01:002006-10-25T06:18:00.000+01:00love the scheme to drive up assessed valuations on...love the scheme to drive up assessed valuations on all the homeowners to increase local non prop.13 tax collections, same old, same old, just the recapture prices must include all the broker fees and commissions, as value? above houses, guess the next rip off by these people will be the tax favored and skim job, rakeoffs of the building of affordable housings,Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161753262319428762006-10-25T06:14:00.000+01:002006-10-25T06:14:00.000+01:00Unfortunately, what he did was probably (technical...Unfortunately, what he did was probably (technically) legal. As they say, the real crime is what's LEGAL. <BR/><BR/>Wednesday, October 25, 2006 1:35:20 AM <BR/><BR/>A little campaign donation and they can make it legal all day!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161753220555745982006-10-25T06:13:00.000+01:002006-10-25T06:13:00.000+01:00"This cleansing that takes place as the markets pu..."This cleansing that takes place as the markets pull back is always healthy in the long run, for both Countrywide and the industry," Mozilo said.<BR/><BR/>he has no soulAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161753005835606702006-10-25T06:10:00.000+01:002006-10-25T06:10:00.000+01:00Liberals just don't get it. Wednesday, October 25,...Liberals just don't get it. <BR/><BR/>Wednesday, October 25, 2006 1:14:19 AM <BR/><BR/>-----------------<BR/><BR/>Oh they get it alright! They get FVCKED!<BR/><BR/>This will make a couple NASCAR Dad's vote BLUE!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161752851664314152006-10-25T06:07:00.000+01:002006-10-25T06:07:00.000+01:009,742 jobs?!?!?!I knew WaMu was going ot get fvcke...9,742 jobs?!?!?!<BR/><BR/>I knew WaMu was going ot get fvcked but WOW!!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161746765379638482006-10-25T04:26:00.000+01:002006-10-25T04:26:00.000+01:00People who idolize guys like this only do so becau...People who idolize guys like this only do so because they hold dear to the delusion that they, too, can be a top geezer CEO and self-made billionaire. "Wake up and read a book" - uh, yah...I suppose you'd recommend Think and Grow Rich, or Dianetics or The Art of The Deal. Just because the rest of us don't buy into your <A HREF="http://en.wikipedia.org/wiki/Horatio_Alger" REL="nofollow">Horatio Alger myth</A> doesn't mean we're anti-captilist per se. <BR/><BR/>p.s. - tell me one single conservative republican "idea" that does not translate into "stay offa my stack, Jack" (Pink Floyd, "Money"). Name one thing they want that will help everyday people. I didn't think you could. Liberal, doing well, and proud of it. Get a conscience, wannabe tycoon.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161745572985308822006-10-25T04:06:00.000+01:002006-10-25T04:06:00.000+01:00From Wallstreet:"I'm talking about liquid. Rich en...From Wallstreet:<BR/><BR/>"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing." <BR/><BR/>------------------------<BR/><BR/>That would be what, about $200 million today?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161745175341389212006-10-25T03:59:00.000+01:002006-10-25T03:59:00.000+01:00What impact will the loss of 2,500 jobs have? Some...What impact will the loss of 2,500 jobs have? Sometimes you have to shake your head and wonder about these big business decisions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161744722030965592006-10-25T03:52:00.000+01:002006-10-25T03:52:00.000+01:00From Wallstreet:"I'm talking about liquid. Rich en...From Wallstreet:<BR/><BR/>"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-1161743049705062962006-10-25T03:24:00.000+01:002006-10-25T03:24:00.000+01:00I'm glad he got all that loot. Just as long as the...I'm glad he got all that loot. Just as long as the peon Calis don't get any I'm happy. I hope the top 2% take all the money so all you coastal toastals can eat $hit.Anonymousnoreply@blogger.com