tag:blogger.com,1999:blog-18675105.post7949317472327558240..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Special open thread to talk about the housing collapse, stock swoon and mortgage meltdown - are you prepared?bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger106125tag:blogger.com,1999:blog-18675105.post-90009770266383053272007-08-18T21:12:00.000+01:002007-08-18T21:12:00.000+01:00Anonymous:You might want to look at your local cre...Anonymous:<BR/><BR/>You might want to look at your local credit union. Ask for their financial statement. I would have cash on hand put away as many of the posters suggested here and on other blogs. But, most posters say pretty much the same thing on all the blogs I have read: If the bank is FDIC insured then your deposit is secure up to 100,000. There have been other posters who have experienced the S&L crisis first hand and have stated that every depositor had their money returned to them when the S&Ls went bankrupt in the late 80s. <BR/><BR/>My major concern is this: America has trillions/billions in deficit...how long can the Fed or Treasury continue to print money...the derivatives are in the trillions!! The resets on the ARMs are expected until 2009! Already everything is tanking!lili98https://www.blogger.com/profile/13846652033219292560noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-21066336137573385472007-08-18T18:38:00.000+01:002007-08-18T18:38:00.000+01:00Anonymous said... Just a wild guess.Did Fed knew s...Anonymous said... <BR/>Just a wild guess.<BR/>Did Fed knew something which we don't... Redemption requests surpassed their expectation? <BR/><BR/>August 17, 2007 11:49 PM <BR/><BR/>Or a Big Bank in New York or the West Coast teetering on insolvency.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-44106497022862622132007-08-18T18:34:00.000+01:002007-08-18T18:34:00.000+01:00Anonymous said... CHEAP MONEY IS KING!!!HOUSING BU...Anonymous said... <BR/>CHEAP MONEY IS KING!!!<BR/>HOUSING BUBBLE IS KING AND HERE TO STAY!!!<BR/><BR/>Go Benny!!! We knew you come through with the rate cut and more to follow. HP'ers prepare for true inflation and the growth between the rich and the poor. DOPES.<BR/><BR/>YEEEEEEEHAWWWWWWWWWWWWW!<BR/><BR/>DOPES!!! <BR/><BR/>August 17, 2007 8:40 PM <BR/><BR/>Let us know which soup line you will frequent, and we can supplant your vittles with Raman Noodles.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82758632891631930472007-08-18T18:25:00.000+01:002007-08-18T18:25:00.000+01:00Anonymous said... I pity you people. You rent whil...Anonymous said... <BR/>I pity you people. You rent while everyone is making 50% a year in r/e.<BR/><BR/>You invest in money markets when the dow is gaining 20% a year.<BR/><BR/>And now you get all set for the crash and Bernake steps in to say not on my watch you don't. <BR/><BR/>Gor rate cut? <BR/><BR/>August 17, 2007 11:54 PM <BR/><BR/>You understand little concerning housing, and even less about finance and the markets. Go do your weekend homework for your classes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-12914992344074742492007-08-18T17:39:00.000+01:002007-08-18T17:39:00.000+01:00Lilli98--Thanks for the info. on which banks have ...Lilli98--<BR/>Thanks for the info. on which banks have the most subprime exposure--with the recent run on Countrywide Bank, this could be a major topic of concern to consumers and it already is for me!!<BR/>Not long ago, I transferred some savings to ING, and I am somewhat scared to hear they have 3.2 billion euros in Subprime mortgages! (.25 of assets). <BR/><BR/>What to DO??? Which US bank is safest?? Does anyone know??Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-6364860690166683312007-08-18T10:28:00.000+01:002007-08-18T10:28:00.000+01:00Warren Buffet increased his shares of Wells Fargo ...Warren Buffet increased his shares of Wells Fargo and Bank of America. This is according to CNBC.lili98https://www.blogger.com/profile/13846652033219292560noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-75759495470430769912007-08-18T10:12:00.000+01:002007-08-18T10:12:00.000+01:00Question regarding banks' safety:Here is a list of...Question regarding banks' safety:<BR/><BR/>Here is a list of resources online regarding banks and exposure to subprime/derivatives:<BR/><BR/>Credit Unions - creditunionrate.com (Gives list of top 50 credit unions in the nation. However, does not provide information on the extent of their exposure to subprime/derivatives. Still looking for info on that).<BR/><BR/>European banks -(i.e. ING - has 3.2 billion eurodollars in subprime according to article)<BR/>http://www.ihta.com/articles/2007/08/10/business/10banklist.php.<BR/>If link does not work: International Herald Tribune. Business Section 8/10/07. Reuters.<BR/><BR/>Top 10 Banks Exposure to Subprime Lending, etc. - provides data on a quarterly basis amount of sales volume as well as year over year comparison:<BR/>National Mortgage News Online<BR/><BR/>Top 5 Banks with most derivatives exposure: JPMorgan, Bank of America, Citibank, Wachovia, HSBC. Wells Fargo is number 7. This is based on the Fourth Quarter, 2006 report by the Comptroller of the Currency Administrator of National Banks - OCC. Go to Daily Reckoning, patrick.net or Piggington as these blogs also have threads on bank solvency, etc. In one of the Daily Reckoning threads, there is a link to the 2007 First Quarter report on derivatives by OCC.<BR/><BR/>Bankrate.com - rates the banks but do not know how accurate it is as far as evaluating banks risk to subprime/derivatives, etc.<BR/><BR/>Washington Mutual - articles posted by the other blogs that discuss its financial status or "liquidity." Forgot where exactly I read them.<BR/><BR/>Btw, just checked my 401k Stable Income Fund: Some of it is invested in the mortgage backed securities as well as asset back securities. Vanguard rep could not tell me what percentage was invested.lili98https://www.blogger.com/profile/13846652033219292560noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43064192967557793802007-08-18T04:41:00.000+01:002007-08-18T04:41:00.000+01:00These latest trolls are very different. Look close...These latest trolls are very different. Look closely at their statements. Not like DOPES!, or the other regulars. Possibly we have an intervention.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-79094966759486128232007-08-18T04:25:00.000+01:002007-08-18T04:25:00.000+01:00I pity you people. You rent while everyone is maki...<I>I pity you people. You rent while everyone is making 50% a year in r/e.<BR/><BR/>You invest in money markets when the dow is gaining 20% a year.<BR/><BR/>And now you get all set for the crash and Bernake steps in to say not on my watch you don't.</I><BR/><BR/>So why are you here? Something bothering you? Something doesn't feel right about the <B>Prosperity</B>? <BR/><BR/>If you say it's for entertainment I don't buy that. For example, I find UFO conspiracists curious and even enthusiastic about their cause, but get bored <I>really fast</I> around them. They do their thing. I do my thing. I don't go and seek them out and badger them. <BR/><BR/>If you thought we were completely wrong wouldn't you write us off like The Flat Earth Society? So why are you here?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86963481561279206432007-08-18T02:10:00.000+01:002007-08-18T02:10:00.000+01:00A long time ago, the Fed was responsible for keepi...A long time ago, the Fed was responsible for keeping inflation in check. Then they decided they were also responsible for preventing recessions at all cost. Now they think they're responsible for making sure stocks and real estate only go up and never down, and that lenders and investors should never lose money no matter how stupid they are. God help us.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-73530750517356301152007-08-18T01:54:00.000+01:002007-08-18T01:54:00.000+01:00The cocky man only appears to win in this game of ...The cocky man only appears to win in this game of musical investments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-25338677416437090982007-08-17T23:54:00.000+01:002007-08-17T23:54:00.000+01:00I pity you people. You rent while everyone is maki...I pity you people. You rent while everyone is making 50% a year in r/e.<BR/><BR/>You invest in money markets when the dow is gaining 20% a year.<BR/><BR/>And now you get all set for the crash and Bernake steps in to say not on my watch you don't. <BR/><BR/>Gor rate cut?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-69554359247640377302007-08-17T23:49:00.001+01:002007-08-17T23:49:00.001+01:00Just a wild guess.Did Fed knew something which we ...Just a wild guess.<BR/>Did Fed knew something which we don't... Redemption requests surpassed their expectation?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-16538242708454595682007-08-17T23:36:00.000+01:002007-08-17T23:36:00.000+01:00well i'm pretty much out of the market right now b...well i'm pretty much out of the market right now but i was feeling somewhat smarter when i saw that u.s. reits have averaged a 17% drop in 3 months because i sold my reit mutual fund in feb. i plowed it into metals/mining so still have to wait and see what the final verdict is . <BR/><BR/>MCCAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-32448599946941299102007-08-17T23:34:00.000+01:002007-08-17T23:34:00.000+01:00Don't worry HP'ers. The FED can NOT discount it's ...Don't worry HP'ers. The FED can NOT discount it's way out of this mess. Few billion here ... few billion there. There's TRILLIONS that are going to evaporate. Just like Japan ... dropping the discount rate (or the funds rate) to F*cking zero percent won't float this boat. Get your waders on. It's gonna get deep.oneclickplushttps://www.blogger.com/profile/14761367855918696810noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-25028715688954283242007-08-17T22:59:00.000+01:002007-08-17T22:59:00.000+01:00"What I am thinking is that somebody is out to kil..."What I am thinking is that somebody is out to kill the capitalist financial structure. Something is waiting on the sidelines to replace it.<BR/>There is no doubt that we are headed to a total economic collapse and when this happens...war, GLOBAL war, is not far behind"<BR/><BR/>Give us cheap cars, oil and, and um stuff or we'll nuke you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56147135827077802182007-08-17T22:58:00.000+01:002007-08-17T22:58:00.000+01:00Anonymous said... have 40K+ in a savings account a...Anonymous said... <BR/>have 40K+ in a savings account at Washington Mutual. How safe do you guys think this is? Is it any safer to move it to Bank Of America? <BR/><BR/>August 17, 2007 5:09 PM <BR/><BR/><BR/>You probably safe, fdic insured to 100KPhoenix Bloggerhttps://www.blogger.com/profile/02405335533987657028noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-72034056666764873122007-08-17T22:55:00.000+01:002007-08-17T22:55:00.000+01:00If you don't put out, I wouldn't even talk to you....If you don't put out, I wouldn't even talk to you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-87445637455367789752007-08-17T22:54:00.000+01:002007-08-17T22:54:00.000+01:00Stocks way up today on the Fed cutting rates. Lots...Stocks way up today on the Fed cutting rates. Lots of hookers and blow out on the Street to celebrate. The Hamptons will be packed and a good time will be had by all.<BR/><BR/>I'm predicting nausea and headaches come Monday morning when reality sets in again.<BR/><BR/>I didn't realize it was the Fed's job to prop up markets. I should have paid closer attention in Economics class.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28604501600199019752007-08-17T22:21:00.000+01:002007-08-17T22:21:00.000+01:00Meanwhile, the taxpayer (and the US dollar) are go...<I>Meanwhile, the taxpayer (and the US dollar) are gonna get killed - the Fed is taking toxic loan CDOs as collateral</I><BR/><BR/>Now keith this is going too far.<BR/><BR/>1) The Fed does have standards (you know regulations on all that) what it will take and more importantly collateralization levels.<BR/><BR/>If you put down treasuries you can borrow 99% of market value or something. If you put down less secure things, you can borrow significantly less, and more importantly the Fed will take the whole amount if you default. So the Fed has a safety cushion.<BR/><BR/>And even if the banks default and the Fed is left with the stuff it doesn't want, the taxpayer isn't losing. Thanks to the magic of fractional reserve centrla banking the money was created out of thin air when the Fed made the original loan. Usually since securities go in (and out of circulation) it's roughly 'money supply neutral'. <BR/><BR/>Remember that deleveraging even by private banks (which is what they're all doing) is destroying money. I used to be more worried about this until I read more.<BR/><BR/>The Fed will be creating new money of course, but it will be to offset the money being destroyed in the deleveraging and defaults. <BR/><BR/>As far as the dollar, Voldemort (central bank of China) decides what the dollar does, not the Fed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-2914458923641860402007-08-17T22:03:00.000+01:002007-08-17T22:03:00.000+01:00Another example of how the Fed sells the idea that...Another example of how the Fed sells the idea that it pays to be a criminal in America, through the wise words of one of the best businessman in the world:<BR/><BR/>"The most dangerous words on Wall Street<BR/>Wilbur Ross<BR/>Chairman and CEO, WL Ross & Co<BR/><BR/>I recently overheard two men arguing about who was better off. One boasted about his new car, the other about a plasma TV and so on, until one proclaimed, "I am better off because I owe more than you are worth." The second man conceded defeat. This anecdote summarizes the mortgage bubble. Americans spent more than they earned in 2005 and 2006 and borrowed the difference. The federal government did the same.<BR/><BR/>Everyone secretly feared this was unsound but wanted immediate gratification, so there was applause for talking heads who said global liquidity would make these borrowings safe. Alan Greenspan went so far as to suggest that people take out adjustable-rate mortgages.<BR/><BR/>Liquidity, however, is not about physical cash; it is mainly a psychological state. Subprime problems have consumed only trivial amounts of global cash but already have burst bubbles by shocking lenders. Clever financial engineering effectively had convinced lenders to ignore risk, and not just in subprime. A major hedge fund participated in a loan to one of our companies, but sent no one to a due diligence meeting. So I called the senior partner to thank him and tell him about the non-attendance. He responded, "I know. For a $10 million commitment, it wasn't worth going to a meeting.""Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58894082530873865352007-08-17T21:57:00.000+01:002007-08-17T21:57:00.000+01:00Let it go, folks, inflation disappeared in 10 days...Let it go, folks, inflation disappeared in 10 days through Ben's magic wand. Poof! Wow, this country is going down so fast that you sheeple and Karl Rove corrupt cheerleaders won't even know what hit you:<BR/><BR/><BR/>"(Bloomberg) As recently as the Aug. 7 meeting, the FOMC said inflation was still the biggest danger to the economy. Today's statement, approved unanimously by 10 Fed governors and presidents, didn't mention inflation."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86020888043908663162007-08-17T21:31:00.000+01:002007-08-17T21:31:00.000+01:00Hey HPers, time to get into the con game to make m...Hey HPers, time to get into the con game to make money because today the Fed send a message that it's ok to be a criminal.<BR/><BR/>Let's all become Casey Serin, since the FBI is telling whistle blowers that they are not interested in our findings of scumbags making millions with real estate fraud.<BR/><BR/>Don't believe it? Check our friend OC at his blog<BR/>Bubble Markets Inventory Tracking<BR/><BR/>It pays to be a criminal in America; thats the message from the Fed, from the White House, from the FBI, from Wall Street, from MSM, etc.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-55651760363515998522007-08-17T21:24:00.000+01:002007-08-17T21:24:00.000+01:00The message by the Fed today is that you can do an...The message by the Fed today is that you can do any financial con game you like, without incurring any risks. Risk is not a component of calculating rates any longer, since the Fed will always be there to bail the crooks out. <BR/><BR/>Another thing, the GOP wants to keep the Smoke & Mirrors until election to fool the sheeple that everything is ok.<BR/><BR/>Oh boy, this country is going down so fast!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-64467936056721239352007-08-17T21:21:00.000+01:002007-08-17T21:21:00.000+01:00CNN article asking the best & brightest about what...CNN article asking the best & brightest about what is happening. As usual the Oracle of Omaha says it best.<BR/><BR/>The problem is every one said the were "Marking to Market" illiquid assets using a computer model. So they were really "Marking to Model" and now we understand that their models were flawed and that they were really "Marking to Myth"<BR/><BR/>MARKING TO MYTH - Warren Buffett 2007 'nuff said!!!Anonymousnoreply@blogger.com