Smalltownbanker

How Hard Is It to Transfer Credit Card Debt?

Good customers go away, those who are struggling now can't move and will now default. Citi loses, customer loses. Taxpayer loses because we bailed out these morons.

More Reasons to Break the Plastic Habit

Received the same letter from Citi on my Hilton Honors Card. Don't be surprised to see affinity partnerships evaporate completely as well as the rest of their good credit customers.

Living in the American Mafia State

What do you think? Should they reward you for paying late?


On Mar 30 05:23 AM castlegard05 wrote:

> I've always thought of Bank issued Credit Cards being the new Mafia
> - the way they can ruin your credit if you don't pay on time reminds
> me of Mafia like operations.

Bank of America Facing Mortgage Servicing Losses

Don't bet on Ross. More than 75% of American Home Mortgages' servicing portfolio in February 2007 was Option ARM product. I think he bought the weakest part of the company.

The Danger in Financial Stocks in 2009

As a small town banker on the mortgage side I don't know a great deal about derivatives. I do know what their purpose is. My concerns are more direct. The credit card money market is getting tight. I spoke with the owner of a local tire store today who told me that my 800 credit scores would not get me credit to buy tires today through GE Money Bank where he goes to finance the purchases of customers who can't pay cash.

How long will it be before the credit lines start getting cut off that are already in existence for example on my credit cards, HELOC, etc?

Was the flow of credit improved by EESA/TARP or was the collapse just prolonged at an extraordinary cost?

Will any of the mortgage modifications done to date keep the buyers in the homes or will they all fail resulting in significantly higher losses than would have been incurred without intervention?

Are we fixing anything or just prolonging the pain?

Unintended Consequences - Fast Money Recap (10/6/08)

I have flipped past it before but never listened for more than a few seconds. I won't even buy a used car from someone who yells on TV.

This morning on Bloomberg I listened to a few minutes of analysis on why BofA needed to raise capital. Not one of them mentioned the $8.4 Billion predatory lending settlement they just entered into to get out of the Countrywide lawsuits. They haven't impressed me much either lately.

Financial Stocks in a 'Divergent Phugoid'

Interesting, but I think the wind may be easier to overcome than the current market momentum.

Will "Principles-Based" Regulation Prevent Another Subprime Crisis? - Housing Tracker

Paulson's comments scare the Hell out of me. We definiitely do not need political appointees to have the flexibility to change the rules at will.