Chorniki

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    • Thu Nov 13th 01:37 AM | Rating: +1 0
      Commented on:
      Number of U.S. Homes With Negative Equity Is Stunning

      The following has been published before: There was no need to make a
      fraudulent application to the bank to get a loan to buy a house. The bank, with no help from the applicant house buyer, prepared the fraudulent loan docs. If anyone were serious about bringing the criminals to justice, the procedure needed to put them in jail is stunningly simple.
      Advertise for applicants who refused to sign the fraudulent loan docs prepared by the banks. Hopefully they kept copies of the phony papers.
      Offer ample financial rewards for whistle blowers that worked at the banks. Immunity from prosecution is, of course, a must. The best source
      of evidence is the ambulatory notary who worked for several banks. If he/she kept copies of the fraudulent bank prepared docs we will have to build more jails to house all the guilty parties.
      The banks at the retail Countrywide level were being offered ample
      rewards to supply product to the investment banks to slice and dice. This
      phony paper was sold throughout the world for huge fees. The role of our
      Treasury Secretary between Jan.2006 and June 2006 should be investigated. As chief honcho
      he had to have approved the role of his two 10 million dollar bonus babies. These worthies operated under a restricted budget. To do what
      they accomplished(shorting the WaMus & Wachovias of this world) and
      making billions for their firm had to have approval from the CEO of the firm where they worked because they needed a whole lot more cash to operate than what was allotted to them.
      And let's , please, not forget other major players in this fiasco: the real
      estate brokers. The brokers had lists of "buyers" that they used to "flip"
      the properties. These "buyers" were paid a fee for lending their name.
      A broker of my acquaintance was paid $8,000.00 per package by the
      banks for whom he worked. He astutely shared this wealth with his buyers. Add in sales commissions and other fees received for processing
      the "sale" of the property, times the number of times in one year that the
      property was "flipped", and you will quickly get the idea of the incentive
      propelling the fraud train. Plus, please do not forget, Harry Reid and Barney Frank, et al, urging all parties to make home buying for the
      underpriviledged a priority to allow them to share in the American Dream.
      That the Dream is now a nightmare is not really a problem. Just throw
      more funny money at it and everything will turn out all right.




      On Nov 12 07:19 AM Useral7899 wrote:

      > The people that got the loans, based upon farlse information, are
      > also fraudulant. How many have been prosecuted since this began?
      > These are the same people that are seeking a bailout.
      > What are we teaching our kids? Fraud pays !
      View article »
    • Fri Oct 3rd 19:27 PM | Rating: 0 0
      Commented on:
      Wells-Wachovia: Good for Everybody but Citi
      As a retired real estate broker, I can remember when, if a loan could not be placed anywhere, it could be placed at World Savings. Wachovia bought out World and now Wells Fargo has bought out Wachovia. All
      those dodgy loans will cause WFC more than a minor headache. A further ten per cent drop in real estate prices, perhaps more, is a given.
      Extending the time to 240 days before declaration of default won't help either. Option ARM loans often did not even require the payment of the
      monthly interest. World Savings was specially good at devising creative ways to qualify dodgy borrowers chasing the American dream.
      The jingle mail should be heavy in the coming months as unemployment numbers gather steam.
      Disclosure: Own synthetic shorts in WFC.
      View article »
    • Thu Oct 2nd 19:01 PM | Rating: 0 0
      Commented on:
      Talk Me Down From the Wells Fargo Ledge
      The unemployment numbers tomorrow, Friday, Oct. 3rd, will provide
      everyone with an excuse to dump WFC common. RB1253 has it exactly
      right. The double whammy is what will hammer the common. Unemployment + no equity left in many homes because of the 40% drop
      in prices in many areas of California will cave in WFC. I live in a very affluent community and even here the complaints are many about the
      outside condition of neglected homes. Neglected because the maintenance expense is unaffordable when your income stream has
      been replaced by an unemployment check. Mortgage + HELOC payment? Well, maybe when things improve.

      Disclosure: synthetic short portfolio of WFC
      View article »
    • Mon Sep 1st 15:54 PM | Rating: 0 0
      Commented on:
      Wells Fargo Is Not Interested in Others' Junk...Surprised?
      Some reporter please ask Mr Stumpf whether the securities in the "hold
      to maturity" portfolio are the same as the securities in the "for sale portfolio", whether the valuations are the same for like securities, and
      what is the bank's rationale for the difference in valuations for like securities. That is 0.22 cents in the "held for sale" portfolio and same
      securities valued in the "held to maturity" portfolio valued at $1.00.
      The disingenuosness of his reply should be hilarious.
      View article »
    • Fri May 16th 22:23 PM | Rating: 0 0
      Commented on:
      The Home Start Numbers Are Not a Positive
      Reggie:
      Enjoyed the article. I give you credit for knowing the following and you
      probably edited the info to save space:
      Every building department is loaded with wannabee or failed engineers, architects, urban planners, landscape planners, you name it. So what?
      By the time your typical builder runs the gauntlet of all these nice people, perhaps a year or two will have passed. Meaning obviously that these multiple family homes, i.e. apartments, were on the planning boards eighteen to twenty four months ago. Not building is
      not an option. BK looms on the horizon if you make that choice. So
      the builder puts his head down and charges ahead hoping for the best. His banker is right along side him probably because he made the builder a "loan to own".
      View article »
    • Fri May 16th 00:43 AM | Rating: 0 0
      Commented on:
      CPI Numbers For April: Spotlight On Energy
      Of course, it is self serving. Everything a Pol says or does is self serving. The very real problem with all this guvmint malarkey is
      that they know it's only good while they are there in power. They
      could not care less what happens after they leave office. Nice pension,
      automatic honorifics where ever they go until they are too old to know they are being "honored". Where is Joe MacCarthy when we need him? You commie crum, you! LOL.
      View article »
    • Thu May 15th 22:51 PM | Rating: 0 0
      Commented on:
      Why Bank Debt Looks Attractive
      Don't know why you call it a "moral hazard". Is it your assumption that there are any morals on the Street? The play as presented by you is
      that of a slicker hoping to cop an unjustified gain at the expense of his fellow man. Why would a moral man touch it with a ten foot pole??
      View article »
    • Thu May 15th 21:22 PM | Rating: 0 0
      Commented on:
      The Credit Card Time Bomb Is Ticking
      Was in Quizno's at the cash register waiting to pay. In front of me stood a Mom and about 12 year daughter. Mom fishes out a credit card
      offering to pay the @29.55 tab. Card rejected. Fished out another card. Rejected. Third try, card is accepted. My turn. Cash. Asked the attendant if the previous spectacle occurred often. ""All the
      time, now." Appeared to be from lower-middle income classes.
      Hey, the fun is just getting started!
      View article »
    • Thu May 15th 20:07 PM | Rating: 0 0
      Commented on:
      The CAT's Meow - Cramer's Lightning Round (5/14/08)
      Blankfein may make money, always. Who cares? Has he made any money for the owners of the company? Since October, 2007 GS at
      $250.00 high has traded as low as $140.00. Simple market fluctuation,
      right? Today at $188.59 and slumping.
      Mr. Dan Sparks and Mr. Josh Birnbaum should be invited to an SEC
      meeting investigating the rationale used to convince Hank Paulson
      to allow them to trade tens of millions on sub-prime mortgages. Mr. Paulson certainly will have credible deniability. Nevertheless, he did have to approve the scope of the two gentlemen's trading. What did
      these two gentlemen know that made them so confident to make
      such outlandish trades? Certainly, they must have been aware of
      the enormous demand being made by the investment banks for more "product". Anyone have any idea how that "product" was being generated to as to satisfy the demand from the investment banks?
      Hint: ask any ambulatory notary that worked for the big banks
      supplying the investment banks request for more "product".
      Please ask the notary if any clients refused to sign the "docs" and if
      the answer is "yes", why did those clients refused to sign?
      Advertise for such "refuseniks"... If a sufficient reward is offered, there should be many who will answer the call.
      View article »
    • Thu Apr 17th 18:02 PM | Rating: 0 0
      Commented on:
      A Warning in the Bond Market
      Laughable how all commentators give the banking industry and the real estate industry a pass on the present mess. Realtors had lists of "buyers" who would sign the docs for purchase cooked up by the banks
      as AAA. Purchase completed, the realtor would share his profit with the buyer. The house would then be rented for a few months and a new "buyer" would then purchase the flipper, at a higher price, of course. Some properties were "flipped" three and four times in a span of less than two years. Illegal immigrants owned two and three houses bought in this fashion with the connivance of the usual suspects. Today they continue to collect the rents on these houses
      even though they have stopped making the mortgage payments for some months now. Dilatory mortgage foreclosure procedures at the banks(the "AAA" paper was passed on to WS investment banking firms to slice and dice to their heart's content) is aiding and abetting these scams. The next shoe to fall will be when all these properties are thrown on the market for the value investors to place in their portfolios. We are not even half way there yet in my opinion, witness
      MER's most recent write down.
      View article »
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