MikeW

8 Comments

    • WaMu Borrower Purposely Defaults, Gets Foreclosed On, Sues [view article]
      Well, now we're seeing the trouble with expecting the Government to bail out irresponsible lenders xxxxborrowers, aren't we. Unintended consequence: people expect a "right" to loan modifications they think they need. They expect a government-enforced do-over for their mistakes. If Wall Street and Fannie and Freddie get them, why shouldn't they? IF I had a mortgage, I'd be tempted to not pay so that I could get an after-the-fact better deal.

      How about the Government gets out of housing finance and we give Capitalism a try? Might work, let's see, haven't tried it for 60 years...       Aug 06 03:55 PM
    • Predatory Banking Practices Undermining the U.S. Consumer [view article]
      It's not linked to one bank. It's linked to four banks, and four ETFs. Jul 27 11:47 PM
    • WaMu and More: Uninsured Depositors Begging for Trouble [view article]
      Disclosure: I'm long WM at the moment. At the moment being the operative phrase. The legitimate, long-term investors have left the building. I see relatively little downside risk ($3.91 to 0), and decent upside opportunity ($3.91 to $6) so what the heck. When the housing bill passes, or when the SEC bans short-selling across the board, there may be a short squeeze that will make me some money. I've been one of those shorts in the past, and reserve the right to be in the future if it isn't banned. Who knows WaMu's future. I know they took huge risks and are paying a price for it. I closed my account there a year ago because they had a savings account promotion that assumed depositors were as stupid as their borrowers. After I spent 20 minutes filling out forms they said would take 5 minutes, I ended up with a 0.5% savings account when they had offered several %. If they go down, they deserve it,
      if they don't, recent shareholders can make a few bucks. Those who have held their shares for a long time, sorry.

      Mish tells it as it is, as always.       Jul 25 11:53 PM
    • Long-Term Ugliness [view article]
      Well, is it? Add some value and tell us your answer. We can read the charts ourselves. Jun 12 03:52 PM
    • Gold’s 'Grand' Illusion [view article]
      Gold, guns, and gasoline. The three G's of troubled times.

      I guess if times really get tough, and public sanitation breaks down, my
      gold will be useless in the outhouse, while your paper money
      will still come in handy.       Apr 14 11:40 AM
    • Insider Buying Portends Better Times for Homebuilders? - Housing Market Tracker [view article]
      Insider buying doesn't portend better times, it simply means builder insiders are confident their bill is gonna pass in Washington, and they're signing up to get a bigger share of the free money from the Government. They've already laid off the workers they'd need to grow their businesses. Apr 14 09:35 AM
    • Countrywide's FHLB Bailout [view article]
      Socialized housing finance is the problem, not the solution. A market free of government central planning and manipulation would have its ups and downs, but would have a hard time getting into messes of the scale of the one now facing Countrywide et al. Nov 28 11:33 PM
    • Wachovia: Insider Buying of Shares is A Great Sign [view article]
      IndyMac CEO Michael Perry bought $1M worth of IMB stock back
      in March. For $29.40. Now it's goin' for about a third the price.       Nov 16 11:40 PM
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