Paul Bishop's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/179959/comments http://seekingalpha.com/article/167362-bte-earnings-masking-signs-of-coming-market-correction?source=feed#comment-724475 724475 extremely valuable.
While Wells reported good numbers it's clear they are still dealing with all the losses from Wachovia, as they continue their write downs. Many Banks will be forced to flush a lot of property in the 4th. qtr. to take the losses this year. It is no mystery why they aren't lending, with the portfolios they are carrying, they can't make a 80% LTV loan when they know the Value has more downside. My guess is there are close to 45,000 homes in the 9 county Bay Area that are in some stage of the foreclosure process, nothing is going to move appreciably until this is washed out. The nicer homes and neighborhoods are now beginning to be hit, and with the Holidays on us, more and more product will just sit. It will be hard to have any sustainable rally until the RE mess is adequately dealt with.

Glad to have John's input.]]> Wed, 21 Oct 2009 20:15:41 -0400 extremely valuable.
While Wells reported good numbers it's clear they are still dealing with all the losses from Wachovia, as they continue their write downs. Many Banks will be forced to flush a lot of property in the 4th. qtr. to take the losses this year. It is no mystery why they aren't lending, with the portfolios they are carrying, they can't make a 80% LTV loan when they know the Value has more downside. My guess is there are close to 45,000 homes in the 9 county Bay Area that are in some stage of the foreclosure process, nothing is going to move appreciably until this is washed out. The nicer homes and neighborhoods are now beginning to be hit, and with the Holidays on us, more and more product will just sit. It will be hard to have any sustainable rally until the RE mess is adequately dealt with.

Glad to have John's input.]]> http://seekingalpha.com/article/112955-new-year-same-meltdown-mess?source=feed#comment-343982 343982 Fri, 02 Jan 2009 05:36:20 -0500 http://seekingalpha.com/article/85045-wachovia-on-the-cheap-think-again?source=feed#comment-207012 207012 Wed, 16 Jul 2008 13:09:55 -0400 http://seekingalpha.com/article/72891-walking-away-the-next-mortgage-crisis?source=feed#comment-153413 153413 GDW) parent to World Savings, one of the "portfolio lenders" who allowed a great many of these ARM's and at the height of the insanity handed all their molten loans and $125 billion dollar portfolio to Wachovia for $25.5 B Do you think long term Board member Rosen profited from that at all??? For him to be sanctimonious now and take the appearance that he was not involved is beyond the pale. Google his name and check his remarks in the WSJ in '03,'04,'05,'06 (when they sold to Wachovia) The Sales force for his Company World Savings was doing $4 B of loans a month, a large majority of which were no doc or QQ ( quick qualifier, World's term) those are a lot of the $8 + billion that Wachovia is going to eat. Not to mention the destruction of good neighborhoods, families credit, cities tax base, and the general decline in value. Rosen was right in the middle of all of it. ]]> Sat, 19 Apr 2008 13:20:45 -0400 GDW) parent to World Savings, one of the "portfolio lenders" who allowed a great many of these ARM's and at the height of the insanity handed all their molten loans and $125 billion dollar portfolio to Wachovia for $25.5 B Do you think long term Board member Rosen profited from that at all??? For him to be sanctimonious now and take the appearance that he was not involved is beyond the pale. Google his name and check his remarks in the WSJ in '03,'04,'05,'06 (when they sold to Wachovia) The Sales force for his Company World Savings was doing $4 B of loans a month, a large majority of which were no doc or QQ ( quick qualifier, World's term) those are a lot of the $8 + billion that Wachovia is going to eat. Not to mention the destruction of good neighborhoods, families credit, cities tax base, and the general decline in value. Rosen was right in the middle of all of it. ]]> http://seekingalpha.com/article/72680-trading-wachovia-very-tight-stops-strongly-suggested?source=feed#comment-152703 152703 Meanwhile the portfolio of loans keeps blowing up, and should it be marked to market would show serious shrinkage. Now investors and unhappy ARM clients are finding their way to Attys. offices, as the word predatory starts to emerge, it is simply a matter of time. One or two classes get certified, and this stock will be a teenager. The Board is rallying behind Thompson, it is folly, Calif. 60% of the loan volume, and a decimated Central Valley are set to explode. Calif. litigation is a little slow to get going, but will make Enron look like a "tea party" once some of the nasty practices are highlighted. Did all the Execs. from GDW keep their stock, or did they let WB take the ride alone??? Herb??? Marion???, Jim???]]> Fri, 18 Apr 2008 03:34:35 -0400 Meanwhile the portfolio of loans keeps blowing up, and should it be marked to market would show serious shrinkage. Now investors and unhappy ARM clients are finding their way to Attys. offices, as the word predatory starts to emerge, it is simply a matter of time. One or two classes get certified, and this stock will be a teenager. The Board is rallying behind Thompson, it is folly, Calif. 60% of the loan volume, and a decimated Central Valley are set to explode. Calif. litigation is a little slow to get going, but will make Enron look like a "tea party" once some of the nasty practices are highlighted. Did all the Execs. from GDW keep their stock, or did they let WB take the ride alone??? Herb??? Marion???, Jim???]]>