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Title: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Aske on August 19, 2008, 08:35:15 AM http://bloomberg.com/apps/news?pid=20601087&sid=admWYNXiEBEs&refer=home
Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: stroh on August 19, 2008, 08:47:14 AM You had me at extra big ass.
Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Clive on August 19, 2008, 08:47:59 AM Quote The U.S. housing slump has triggered more than $500 billion of credit market losses for banks globally and led to the collapse and sale of Bear Stearns Cos., the fifth-largest U.S. securities firm. Rogoff, 55, said the government should nationalize Fannie Mae and Freddie Mac, the nation's biggest mortgage-finance companies, which have lost more than 80 percent of market value this year. I take it the bill doesn't produce that result?Freddie Mac and Fannie Mae ``should have been closed down 10 years ago,'' he said. ``They need to be nationalized, the equity holders should lose all their money. Probably we need to guarantee the bonds, simply because the U.S. has led everyone into believing they would guarantee the bonds.'' Last month, President George W. Bush signed into law a housing bill that provides Treasury Secretary Henry Paulson the power to make equity purchases in Fannie Mae and Freddie Mac. Paulson asked for the authority July 13 after the shares of the firms, which own or guarantee almost half of the $12 trillion of U.S. mortgages, slid to the lowest level in more than 17 years. Who are the larger equity holders in Fannie Mae and Freddie Mac? Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Aske on August 19, 2008, 08:51:34 AM Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Blader on August 19, 2008, 09:29:05 AM Who are the larger equity holders in Fannie Mae and Freddie Mac? I don't know if we are one of the larger ones, but Blader Industries, Inc., has a fairly substantial equity position in Fannie Mae. To be honest, our interests, initially, had nothing to do with the mortgage securities sector. We just figured with a name like Fannie, there would be certain synergies and economies of scale. Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: stroh on August 19, 2008, 09:40:33 AM ..........a fairly substantial equity position in Fannie Mae. Is it just me, or does that sound hot? Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Blader on August 19, 2008, 10:21:45 AM ..........a fairly substantial equity position in Fannie Mae. Is it just me, or does that sound hot? exactly My company's "issues" with the Fannie Mae investment are certain to become a case-study in business management textbooks on what can go wrong when firms fail to practice due diligence when jumping to grab 'hot' sounding opportunities. Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Spanky on August 19, 2008, 10:40:06 AM Second half of next year. Wow.
Well I'm not that surprised as that's how far out we can see our business and it doesn't look pretty. Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Aske on August 19, 2008, 11:12:24 AM http://www.bloomberg.com/apps/news?pid=20601087&sid=aBbE5iz5ywC8&refer=home
there goes more talk that loon aske was right all along :sad3: Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: gleek on August 19, 2008, 02:07:44 PM You'd think that at some point the need for new homes should diminish anyway without all these negative forces. There are only so many people in the country let alone people that can afford to own a home. The builders brought this ruin on themselves by overbuilding.
If the single-family home market wouldn't have gotten *fudge*ed, then surely the multi-unit rental market would have. Either way, somebody was due for a *goshdarn*. Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: stroh on August 19, 2008, 02:10:37 PM You'd think that at some point the need for new homes should diminish anyway without all these negative forces. There are only so many people in the country let alone people that can afford to own a home. The builders brought this ruin on themselves by overbuilding. If the single-family home market wouldn't have gotten *fudge*ed, then surely the multi-unit rental market would have. Either way, somebody was due for a *goshdarn*. LOL ;D Someone's due a *goshdarn*. Agree. The builders are highly culpable, and instead of taking a beating, they are getting bail outs. The other ones are the cities themselves. They should have placed a moratorium on new construction permits long ago. Hell, They're still building in my neighborhood. My property value is down close to 300 % and they just broke ground on another new house down the street. hate! Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Fuzzy on August 19, 2008, 02:56:03 PM http://www.bloomberg.com/apps/news?pid=20601087&sid=aBbE5iz5ywC8&refer=home there goes more talk that loon aske was right all along :sad3: Right about what? All you do is post links to stories written by other people. [sm_devil] ;) Again, where's my money for doing everything right in the first place. Big downpayment on the house and when I refinanced I shave 4 years off my loan and lowered the already low (by comparison to most) monthly. Even though I have no doubt my home value has decreased I still am light years from owing more than it's worth. We currently have no car payments and pay our credit card balance each month and still manage to save a little money each month. No *feces*. And all I read are stories about bail outs. And realize it's people like me who are paying for all the *fudge* ups - both companies and individuals. Talk about hate! Title: Re: extra big ass recession: now with more bank failures [Politics/Religion] Post by: Aske on August 19, 2008, 03:15:36 PM http://www.bloomberg.com/apps/news?pid=20601087&sid=aBbE5iz5ywC8&refer=home there goes more talk that loon aske was right all along :sad3: Right about what? All you do is post links to stories written by other people. [sm_devil] ;) calling it stagflation when it was happening despite all the pundits assuring that it wasn't (and wasn't going to be) |