Questions asked and answered by ZACKATTACK
- Q:
Be sure to write your congresscritter. Don't you dare allow one dime of taxpayer
money to go toward BankAmerica's $750 billion bailout of their own bad
judgement.
http://www.nytimes.com/2008/02/23/business/23housing.html?_r=2&ref=business&page
wanted=all&oref=slogin
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"The proposal warns that up to $739 billion in mortgages are at “moderate to
high risk” of defaulting over the next five years and that millions of
families could lose their homes.
To prevent that, Bank of America suggested creating a Federal Homeowner
Preservation Corporation that would buy up billions of dollars in troubled
mortgages at a deep discount, forgive debt above the current market value of the
homes and use federal loan guarantees to refinance the borrowers at lower
rates."
=====================
This needs to play out in the free market. Any other scenario practically dooms
us to a lost decade. -
Asked by ZackAttack -
4 months ago -
7 answers -
285 views
Bookmark this User - Bookmark this question - Report Abuse - A: Since when do taxpayers have a say in how the government is run? more
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- Q:
If this doesn't make your blood boil, I don't know what will. Most likely, the
business purpose of this trip was to figure out a way to make this the US
taxpayer's problem. Remember this kind of stuff when these clowns come with
their hands out...
======================
Countrywide Treats Bankers to Ski-Resort Trip
By JAMES R. HAGERTY and DAMIAN PALETTA
February 22, 2008; Page A13
The U.S. home-mortgage industry is in the dumps. That doesn't mean the party is
over for mortgage bankers.
Countrywide Financial Corp., the nation's largest mortgage lender by loan
volume, will host about 30 representatives of smaller mortgage banks for three
nights next week at the Ritz-Carlton Bachelor Gulch ski resort in Avon, Colo. At
one of the country's most-glamorous skiing spots, a regular room on a weekday
starts at $750.
The first items on the agenda for guests arriving Monday evening: Cocktails and
ski fittings. Next is dinner at the Spago restaurant, whose menu includes Kobe
steak with wasabi potato puree for $105. (For the budget-minded, pan-roasted
buffalo filet with Kabocha pumpkin flan is $54.)
The annual event is for bankers at correspondent lenders, which originate loans
and then sell them to Countrywide. The Calabasas, Calif., lender is paying for
hotel rooms, meals, skiing and tips, according to a program distributed to
attendees.
The schedule calls for four-hour business meetings Tuesday and Wednesday
mornings, followed by skiing and dinner. Those dinners are at Zach's Cabin,
where diners arrive by sled, and at Larkspur in Vail, Colo., where the menu
includes California farmed Alverta President caviar, listed at $140.50.
Many companies entertain business partners in luxurious settings, of course. But
this event stands out because of the company's circumstances. Countrywide's
board agreed last month to sell to Bank of America Corp. for about $4 billion,
less than a fifth of its market value 12 months earlier.
Rising defaults and falling home prices led to losses of about $1.6 billion at
Countrywide in the second half, and the company has reduced its work force by
11,400, or 19%, since July. Countrywide's servicing arm, which collects payments
and handles other administrative tasks, has about 90,000 loans in foreclosure,
or 1% of the total.
Sen. Charles Schumer, a New York Democrat who has been pushing Countrywide and
others to do more for people facing foreclosure, called on Countrywide to cancel
the trip and devote the money to refinancing distressed homeowners.
A Countrywide spokesman declined to comment. The company has argued in recent
news releases that it is making efforts to keep distressed borrowers in their
homes. Among those are agreements with nonprofit consumer-advocacy groups to
negotiate loan workouts for borrowers. A Bank of America spokesman declined to
discuss Countrywide's hospitality.
Write to James R. Hagerty at bob.hagerty@wsj.com and Damian Paletta at
damian.paletta@dowjones.com
=============================================== -
Asked by ZackAttack -
4 months ago -
7 answers -
292 views
Bookmark this User - Bookmark this question - Report Abuse - A: Just the tip of the iceberg; see forum Popular Media on the Credit Crisis more
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- Q:
My takeaway from Friday's show - I think it would do a great deal of good for
the US citizenry to have Spitzer as the US Attorney General.
He has a great deal of credibility, in my book. -
Asked by ZackAttack -
4 months ago -
4 answers -
296 views
Bookmark this User - Bookmark this question - Report Abuse - A: This idolatry of Cramer and his cronies becomes the comedy of the absurd. more
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- Q:
EIA report:
- Crude had a build of 3.6M, more bearish than expected
- Gasoline had a build of 3.6M, more bearish than expected.
- Distillates had a draw of 1.5M, just slightly better than expected.
- Refinery utilization at 85%, terrible for refiners.
Even so, oil hanging in there at 90. Like trying to hold a beach ball
underwater.
Methinks there are serious supply issues coming. -
Asked by ZackAttack -
5 months ago -
3 answers -
317 views
Bookmark this User - Bookmark this question - Report Abuse -
A: I think the Saudis are tap city. When The Chimp was visiting them a few weeks back, they
told him to go pound sand.
Have you seen the Baker-Hughes rig count data on theoildrum? Basically, the rig count has
gone exponential over the last decade while production is flat to slightly down.
I think there are serious supply issues coming up. I would treat oil in the 80s as a gift. more - Post your own answer
- Q:
I've seen several columns on RM now indicating that "armageddon" will be the
result if we don't get a 50 bp cut tomorrow.
Can you elaborate on the exact nature of this anticipated "armageddon?" -
Asked by ZackAttack -
5 months ago -
4 answers -
301 views
Bookmark this User - Bookmark this question - Report Abuse - A: Five Houses of Pain more
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- Q:
EIA report just a few minutes ago:
- Crude build was 4.3M, much bigger than expected.
- Gasoline build was 2.2M - inline
- Distillate build was 1.1M - inline
- Refinery runs dropped from 91.3 to 87.1, big surprise here.
Crude dropped below 90 on this news. March contract looks like a broadening top
to me, could possibly trade back to the low 80s, especially if we get a few more
weeks of builds like this.
OPEC meeting coming up soon. Saudis have already told The Chimp to pound sand,
so I doubt we'll see any surprises there. -
Asked by ZackAttack -
5 months ago -
1 answers -
114 views
Bookmark this User - Bookmark this question - Report Abuse - A: Oil is due for a dip. It would be a great buying opportunity. more
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- Q:
EIA report:
Huge drawdown in crude: 7.6 m barrels last week (vs. 1.5m expected). Some is
weather - fog in Houston Ship Channel.
Distillate drawdown 2.1m barrels (vs. 500K draw expected). Hello, $3 fuel oil.
Gasoline inventories increased by 3m barrels (vs. 700K increase expected).
Refinery utilization down 1% 87.8 percent vs. expectations of 89.1%. -
Asked by ZackAttack -
6 months ago -
2 answers -
125 views
Bookmark this User - Bookmark this question - Report Abuse -
A: Keep a watch on the refiners TSO has made a move to $49 from $45. Like it if it gets back
to $45 more - Post your own answer
- Q:
ECB doing a rate cramdown.
http://news.yahoo.com/s/ft/20071217/bs_ft/fto121720071425318855
This smacks of desperation... I'd be shooting against them here.
The problem isn't credit or liquidity. Credit is how we got in this mess. The
problem is solvency.
It does no good if they aren't willing to loan it, or others aren't willing to
borrow. -
Asked by ZackAttack -
6 months ago -
4 answers -
103 views
Bookmark this User - Bookmark this question - Report Abuse -
A: To clear up, I understand the ECB is just putting an interest cap on the money its lending
and not actually cutting anything. more - Post your own answer
- Q:
New Question: Don't know if it is going to matter or not.
Looks to me like somebody bullish just put on their rally caps.
Juicing the XLF. Note blocks of 1 and 1.5m just a few minutes ago. If the
pattern follows, watch for call buying in the financials next.
Good time to close some profitable shorts if you have any. -
Asked by ZackAttack -
6 months ago -
0 answers -
77 views
Bookmark this User - Bookmark this question - Report Abuse - Answer this question
- Q: What time does the TAF end tomorrow?
-
Asked by ZackAttack -
6 months ago -
5 answers -
114 views
Bookmark this User - Bookmark this question - Report Abuse -
A: I wonder how much money the Fed will loan me if I show up with my collateral: a Compaq PC,
a wood tennis racket, and a videocassette recorder more - Post your own answer
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