We have visitors for the next few months down at the main branch and I would love to be able to ask them a few questions off the top of my head like:
"Last year you were concerned with the fact that the board missed a meeting because the Chairman had emergency quintuple bypass surgery... do you really give a shit about that kind of nonsense now?" or "Do you feel responsible that you kinda missed some big red flags that were waving in your face the last few years at some of the larger institutions?" or "If you all keep closing down banks don't you think they'll reduce the number of auditor / examiners needed?"
I wouldn't have access to them anyway... We are normally asked to walk around like Benedictine Monks when the Feds are in the house and basically have to divert our eyes if we were to encounter one in the hall. A couple of years ago I was working late and heard a little rap on my door. One of them needed something from me.... a "sleeve" of staples as she had run out... It was probably the most uncomfortable 30 seconds of my life as I slowly opened up my drawer and removed the needed supplies and silently handed them to her. 2 quick nods between us and whoosh she was gone.
WaMu getting snatched up by JP Morgan wasn't a shock at all. I had dealt with WaMu as an end investor for mortgages up to about 2 years ago when they announced that they were ceasing their correspondent lending channel and going solely Alt-A and Sub-Prime Bulk. I also was aware that they were the very end investor for other risky 125% mortgages and only stopped purchasing them late last year. The major question I have is does JP Morgan Chase also acquire those crappy loans in WaMu's portfolio or did they only purchase portions of the company's holdings?
Anyway... Tonight we're still going to a Debate Watch Party whether it's to see the 2 of them discuss some things or just to watch Obama get 2 hours of free advertising. Either way I guess it's a win-win for us, LOL.
And then tomorrow it's an Obama-Biden rally.
20 comments:
Good morning PING!
Get ready for Congress's "un funded mandate" on free enterprise to reap the whirlwind today.
Should be fun, or not.
Cheers
Labour
And a fine Chelsean Morning it is!
Today is going to be quite interesting, indeed. I've tried to glean my information from mostly written / internet sources to try and weed out the bias but... even those are all turning into op-ed pieces.
Unfunded mandates... great... you're right...
Yep, I can't think of a better definition. Bail-out doesn't fit nor does loan. I mean we asked for these mortgages to be written by underwriting them. We should have known the day to pay up was coming.
Government has assumed the roll of PMI in low, no down loans. They should have allocated the money up front for the known percentage of defaults related to low down payment borrowers.
Our fault for the unfunded mandate.
Cheers
Labour
morning ping, I just wrote a big old long reply and I cant log on and it was lost so a short one first
What baffles me is, as PING pointed out, that there have all kinds of reputable people that have been waving red flags about this for years now, and that no one (apparently) took heed...is it a case of over micromanaging, or under macro managing? Or just simply gambling that he house of cards would weather the storm?
On my end I saw a lot of "But the money is too good to stop going down this path". One of the call centers we had was mainly a 2nd mortgage shop and for the last 2 years of it's existence we kept hearing how the mgr was going to "turn this ship around" and become a 1st trust shop. But they never did... the bulk money was too good and there were like 9-12 points in every loan.
I saw huge pricing incentives from the end investors on certain niche products as they stacked their portfolios. I saw guidelines revised daily to incorporate wildly varying products. C'mon... a stated value, stated income 2nd mortgage for up to 30k? What kind of loan product is that? Stated Value??? Stated income works for the self-employed, but STATED VALUE??
Most of it, IMO, boils down to greed.
I posted a couple of blogs this morning...one of which is just my opinion, the other is an e-mail I received from Ron Paul, where he points the finger...just curious as to what you folks who know more about the financial market might think...
http://olsoapbox.blogspot.com/
I am not on Rocx's, those who haven't pissed me off list, What can I do to rectify that
Wll jm has consended to debate, I sure hope he falls flat on his face. the past few days have been totally unbelievable
Thanks for the update.. I have everything turned off and am cleaning.
I am thinking he's not going to do too well myself but I think it's mainly because I am hoping he bombs as well.
So, I guess we'll go over the debate watch party after all but that's up for negotiations as I think we're both coming down with a cold. I'd rather get some rest at home tonight and then go to the rally tomorrow.
Those of you who would like to make the list of "People Who Haven't Annoyed Me Yet" should set up an account here and post a blog...doesn't have to be much, and I promise to be a "follower"...
I could use a good joke today.
Ping, we need your insights on the Forum today. It is full of blithering idiots who have all become economic experts, and are spewing talking points that they don't even understand. Actually, you should be glad you're missing it, although it is becoming more and more theater of the absurd.
I did learn that the McCain campaign has jumped the gun and declared McCain winner of the debate. Wow, now they can lie about the future, not just the past and present!
I saw that "McCain Wins Debate" ad on CNN... that's not the brightest move is it?
I'm sure SG is defending it saying that is was his patriotism.. ya know, because he was a POW, that he proudly approved that ad...
I miss City Hall, and then I don't... LOL. I think I'd go crazy if y'all weren't stopping by, but I did get most of the house super-cleaned today as a surprise for the wife.
As for dealing with the idiots posting... sometimes it's better to let the rants go and ignore what annoys you.. otherwise you could end up in exile like me...
Here you go sweet..
VERY FUNNY FOR US WHO REMEMBER
Hollywood Squares:
If you remember the Original Hollywood Squares and its comics, this may bring a tear to your eyes. These great questions and answers are from the days when ' Hollywood Squares' game show responses were spontaneous, not scripted, as they are now. Peter Marshall was the host asking the questions, of course..
Q. Do female frogs croak?
A. Paul Lynde: If you hold their little heads under water long enough.
Q.If you're going to make a parachute jump, at least how high should you be?
A. Charley Weaver: Three days of steady drinking should do it.
Q. True or False, a pea can last as long as 5,000 years.
A. George Gobel: Boy, it sure seems that way sometimes.
Q.You've been having trouble going to sleep. Are you probably a man or a woman?
A. Don Knotts: That's what's been keeping me awake.
Q. According to Cosmopolitan, if you meet a stranger at a party and you think that he is attractive, is it okay to come out and ask him if he's married?
A. Rose Marie: No; wait until morning.
Q.Which of your five senses tends to diminish as you get older?
A. Charley Weaver: My sense of decency.
Q. In Hawaiian, does it take more than three words to say 'I Love You'?
A. Vincent Price: No, you can say it with a pineapple and a twenty.
Q. What are 'Do It,' 'I Can Help,' and 'I Can't Get Enough'?
A. George Gobel: I don't know, but it's coming from the next apartment.
Q.As you grow older, do you tend to gesture more or less with your hands while talking?
A. Rose Marie: You ask me one more growing old question Peter, and I'll give you a gesture you'll never forget.
Q. Paul, why do Hell's Angels wear leather?
A. Paul Lynde: Because chiffon wrinkles too easily.
Q.Charley, you've just decided to grow strawberries. Are you going to get any during the first year?
A. Charley Weaver: Of course not, I'm too busy growing strawberries.
Q. In bowling, what's a perfect score?
A. Rose Marie: Ralph, the pin boy.
Q. It is considered in bad taste to discuss two subjects at nudist camps. One is politics, what is the other?
A. Paul Lynde: Tape measures.
Q. During a tornado, are you safer in the bedroom or in the closet?
A. Rose Marie: Unfortunately Peter, I'm always safe in the bedroom.
Q. Can boys join the Camp Fire Girls?
A. Marty Allen: Only after lights out.
Q. When you pat a dog on its head he will wag his tail. What will a goose do?
A. Paul Lynde: Make him bark?
Q.If you were pregnant for two years, what would you give birth to?
A. Paul Lynde: Whatever it is, it would never be afraid of the dark.
Q. According to Ann Landers, is there anything wrong with getting into the habit of kissing a lot of people?
A.. Charley Weaver: It got me out of the army.
Q. It is the most abused and neglected part of your body, what is it?
A. Paul Lynde: Mine may be abused, but it certainly isn't neglected.
Q.Back in the old days, when Great Grandpa put horseradish on his head, what was he trying to do?
A. George Gobel: Get it in his mouth.
Q. Who stays pregnant for a longer period of time, your wife or your elephant?
A. Paul Lynde: Who told you about my elephant?
Q.When a couple have a baby, who is responsible for its sex?
A. Charley Weaver: I'll lend him the car, the rest is up to him.
Q. Jackie Gleason recently revealed that he firmly believes in them and has actually seen them on at least two occasions. What are they?
A. Charley Weaver: His feet.
Q. According to Ann Landers, what are two things you should never do in bed?
A. Paul Lynde: Point and laugh
LMMFAO! Hahahahaha! Ah, I can hear Lynde now...
I've got Forum Fatigue. I've gotten to the point where I've stopped trying to explain "securitised debt" to people who think taking out a mortgage means selling all the houses, flipping over the deed and taking 50% of the price.
JPMorgan purchased WaMu's retail banking operations only, so I guess the Feds are eating all of those no down 125% loans.
anybody seen gostown ltely
I'm with John, the forums have become exhausting, except for Chelsea, they don't seem to lend much to anything anymore. It seems that the trolls have taken over. Reason has completely gone out the window on both sides.
Tonight I think I'll forgo the debate (I'll DVR it, and watch in the AM), and just watch the shows I've recorded and have been putting off. It's time for a break from the real world for just a bit.
I've no idea what happened to gostown, regardless of where you stand, his one liners where quite often priceless.
Thanks for the jokes Ping. I needed a good laugh today.
We are planning on moving next summer (to Hilo), so we talked to our fly-by-night mortgage company today of three years (Saxon Mortgage) and asked if we could renegotiate the terms...of course! they said...as long as we're willing to stay here for another two years. Hubby said, "I don't WANT to stay for another two years...I just want to make it affordable to rent out if I have to." Saxon informed him that we should consider a short sale.
A SHORT SALE? What is wrong with these people? As a business man, would you rather lose...oh...$2,000 or $3,000 in interest over the next couple years and keep the payments coming, or lose $20,000 or $30,000 right away in a short sale--and risk having the (reliable) owner foreclose on the property and getting stuck with yet another house you can't unload?
Does this make good business sense to anybody at all? Screw it...we'll put our house up for sale in April, stop paying our mortgage so that we're eligible for a short sale in June, and if it won't sell, we'll walk away. We already are buying a house for $21,000 outside of Hilo from my uncles and dad, so we won't need a loan, and if our credit is messed up for 3-7 years, it won't affect us too much...and I don't have a lot of sympathy for Saxon, either. That is, if they even survive this crisis.
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