somerville

Another Big Bank Failure: More Likely Than Not to Occur

Wow, I think many of these people are just professional bloggers and nothing else! What happened to civility? To those of you that have a true interest in learning and sorting out facts for yourself, Bravo.
Reggie, I commend your article. Could have been a little shorter, but there is a lot to be said. Amen. (and congratulatons on your returns!) I worked at a major bank for many years that happened NOT to get into the Option Arm Lending. They were told often that they were not up with the times ("out of touch") and we lost business to the likes of WAMU and Countrywide. This same bank picked up Wakovia this fall, (without fed money) so I am not sure of this addition (Reggie, help?) Also, not sure about that other shoe dropping in the likes of com'l lending....
!

Bank of America: Bailing Itself Out?

It sounds like the CEO is heading in the right direction. We need to look at these loan modifications quickly. There is a much bigger picture out there than the dividends being cut in half. If they (all major banks) don't start looking at how to help the consumers stay in their home, people everywhere will be looking at forclosures in their OWN neighborhoods. Want to watch the value of your home be cut in half in the near future. ? Get with the program! Don't freak out about your dividend program when there are much bigger problems out there right now.

There Are Still Some Financial Stocks Worth Considering

Hi Ray, Sorry you tried to short WFC, Doesn't work too well. That bank is resilent! Buffet loves this bank. Adding more shares to his portfolio as we speak. This bank has been cash rich for number of years. Very wise when they reach out to buy other banks too. (and they kept their hands in their pockets during all this current craziness!) I actually worked there for 22 years. I was a lender and we gave out gold stars after someone qualified for a loan there! (only kidding!)
They have accumulated many nice deposit customers from Wamu and Wakovia I hear in the past few weeks.

Wells Fargo: A Growth Stock During the Great Depression?

Wells has been a winner for many years. (look at a 10-20 year chart.)They don't make dumb acquisitions. Thank goodness they stayed away from WAMU and Wakovia. They did not involve themselves in any option arm lending. No Negative Amortized loans! I know I worked there for 22 years in residential lending. We used to kid that our customers deserved a 'Gold Star" after being approved on one of their loans! Buffet knows his business.
The community has been rushing over to open their accounts with WFC this past month! (esp from WAMU) Add it up, there will be short term issues obviously, But definitely a hold on this stock and maybe even a buy..very soon.

Wells Fargo Seeking Fed Shotgun Marriage

I too think NCC would be a great match for WFC. I worked at WFC and WAMU. SUCH DIFFERENT COMPANIES!
WFC never originated any Option Arms. I know WFC picked up a block of business from Wamu about 5 years ago (?) that I was told were mainly fixed rate loans. Probably had a small percentage of Option Arms stuck in there too.
PS Buffet knows his stuff..stay with WFC and of course DIVERSIFY!

Wells Fargo Seeking Fed Shotgun Marriage

I too think NCC would be a great match for WFC. I worked at WFC and WAMU. SUCH DIFFERENT COMPANIES!
WFC never originated any Option Arms. I know WFC picked up a block of business from Wamu about 5 years ago (?) that I was told were mainly fixed rate loans. Probably had a small percentage of Option Arms stuck in there too.
PS Buffet knows his stuff..stay with WFC and of course DIVERSIFY!