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  • September 6, 2008 at 11:59 PM #267518
    SD Realtor
    Participant

    FLU I agree with you that it does indeed suck but really is not anything that is unexpected. We discussed these sorts of events in the past because we all knew that deep down, the government has/had no other choice. It is kind of like that inevitable prostrate exam, that men have to get when they reach a certain age. You dread it, you do everything to avoid it but at some point… well you know the rest of the story.

    Seriously we talked about a conservatorship or some equivalent of the trust resolution entity of the 90’s… which is what this really is and well… so now it has happened. I agree with everything you said, it is really disgraceful and well… I guess we need to think about the next logical step.

    What concerns me now is how the next wave of foreclosures will indeed be dealt with. My biggest fear is for a possible substantial socialization of these distressed homeowners. I don’t doubt for a minute that we could see loan adjustments that will be backed by the government perhaps in the form of massive writedowns in addition to fixed low interest rates. Of course the new loans would be FHA insured as well.

    So no, we will not be homeowners like you said… I think of it as we will be more live benevolent philanthropists… except that we will not even be able to deduct the expense.

    You are right though as they will pack our dollars in big crates and send them back east…

    It is pretty sad.

    September 7, 2008 at 7:56 AM #267227
    mercedes7
    Participant

    In response to Temeculaguy

    I am guessing there was a leak before market closed on Friday that something was about to happen. I suspect that shorts covered en masse because they didn’t know what was going on. Once the details of this disaster is digested, I suspect that the markets will NOT be happy in the long run (but then what do I know). On the other hand, there may be a huge relief rally. Will know more when Paulson talks today, but right now it looks like both the common and preferred shares will be wiped out (as they should). If that happens, there will be even more pain for bank stocks as many own a lot of these. We shall see…

    September 7, 2008 at 7:56 AM #267444
    mercedes7
    Participant

    In response to Temeculaguy

    I am guessing there was a leak before market closed on Friday that something was about to happen. I suspect that shorts covered en masse because they didn’t know what was going on. Once the details of this disaster is digested, I suspect that the markets will NOT be happy in the long run (but then what do I know). On the other hand, there may be a huge relief rally. Will know more when Paulson talks today, but right now it looks like both the common and preferred shares will be wiped out (as they should). If that happens, there will be even more pain for bank stocks as many own a lot of these. We shall see…

    September 7, 2008 at 7:56 AM #267461
    mercedes7
    Participant

    In response to Temeculaguy

    I am guessing there was a leak before market closed on Friday that something was about to happen. I suspect that shorts covered en masse because they didn’t know what was going on. Once the details of this disaster is digested, I suspect that the markets will NOT be happy in the long run (but then what do I know). On the other hand, there may be a huge relief rally. Will know more when Paulson talks today, but right now it looks like both the common and preferred shares will be wiped out (as they should). If that happens, there will be even more pain for bank stocks as many own a lot of these. We shall see…

    September 7, 2008 at 7:56 AM #267508
    mercedes7
    Participant

    In response to Temeculaguy

    I am guessing there was a leak before market closed on Friday that something was about to happen. I suspect that shorts covered en masse because they didn’t know what was going on. Once the details of this disaster is digested, I suspect that the markets will NOT be happy in the long run (but then what do I know). On the other hand, there may be a huge relief rally. Will know more when Paulson talks today, but right now it looks like both the common and preferred shares will be wiped out (as they should). If that happens, there will be even more pain for bank stocks as many own a lot of these. We shall see…

    September 7, 2008 at 7:56 AM #267538
    mercedes7
    Participant

    In response to Temeculaguy

    I am guessing there was a leak before market closed on Friday that something was about to happen. I suspect that shorts covered en masse because they didn’t know what was going on. Once the details of this disaster is digested, I suspect that the markets will NOT be happy in the long run (but then what do I know). On the other hand, there may be a huge relief rally. Will know more when Paulson talks today, but right now it looks like both the common and preferred shares will be wiped out (as they should). If that happens, there will be even more pain for bank stocks as many own a lot of these. We shall see…

    September 7, 2008 at 8:43 AM #267247
    temeculaguy
    Participant

    Mercedes, I know enough about the market to know that I know nothing. Your theory is probably right, those that got the leak dumped it after hours on friday. flu and others were right about what appeared to be a bump the next morning, I had looked at the yahoo after hours quote on Saturday morning and it had changed from Friday night so it may just be a glitch since they don’t trade after hours beyond Friday night.

    I just read Paulson’s speach and I am still trying to translate it and get the sugar coating off of it, either way, things are a changing.

    September 7, 2008 at 8:43 AM #267464
    temeculaguy
    Participant

    Mercedes, I know enough about the market to know that I know nothing. Your theory is probably right, those that got the leak dumped it after hours on friday. flu and others were right about what appeared to be a bump the next morning, I had looked at the yahoo after hours quote on Saturday morning and it had changed from Friday night so it may just be a glitch since they don’t trade after hours beyond Friday night.

    I just read Paulson’s speach and I am still trying to translate it and get the sugar coating off of it, either way, things are a changing.

    September 7, 2008 at 8:43 AM #267482
    temeculaguy
    Participant

    Mercedes, I know enough about the market to know that I know nothing. Your theory is probably right, those that got the leak dumped it after hours on friday. flu and others were right about what appeared to be a bump the next morning, I had looked at the yahoo after hours quote on Saturday morning and it had changed from Friday night so it may just be a glitch since they don’t trade after hours beyond Friday night.

    I just read Paulson’s speach and I am still trying to translate it and get the sugar coating off of it, either way, things are a changing.

    September 7, 2008 at 8:43 AM #267527
    temeculaguy
    Participant

    Mercedes, I know enough about the market to know that I know nothing. Your theory is probably right, those that got the leak dumped it after hours on friday. flu and others were right about what appeared to be a bump the next morning, I had looked at the yahoo after hours quote on Saturday morning and it had changed from Friday night so it may just be a glitch since they don’t trade after hours beyond Friday night.

    I just read Paulson’s speach and I am still trying to translate it and get the sugar coating off of it, either way, things are a changing.

    September 7, 2008 at 8:43 AM #267558
    temeculaguy
    Participant

    Mercedes, I know enough about the market to know that I know nothing. Your theory is probably right, those that got the leak dumped it after hours on friday. flu and others were right about what appeared to be a bump the next morning, I had looked at the yahoo after hours quote on Saturday morning and it had changed from Friday night so it may just be a glitch since they don’t trade after hours beyond Friday night.

    I just read Paulson’s speach and I am still trying to translate it and get the sugar coating off of it, either way, things are a changing.

    September 7, 2008 at 10:14 AM #267287
    HereWeGo
    Participant

    It’s a little surreal to see Freddie Mac and Fannie Mae on the imploded lenders list.

    Will Freasuries trend towards Friday’s Treasury rates or Friday’s FNM/FRE rates?

    September 7, 2008 at 10:14 AM #267504
    HereWeGo
    Participant

    It’s a little surreal to see Freddie Mac and Fannie Mae on the imploded lenders list.

    Will Freasuries trend towards Friday’s Treasury rates or Friday’s FNM/FRE rates?

    September 7, 2008 at 10:14 AM #267521
    HereWeGo
    Participant

    It’s a little surreal to see Freddie Mac and Fannie Mae on the imploded lenders list.

    Will Freasuries trend towards Friday’s Treasury rates or Friday’s FNM/FRE rates?

    September 7, 2008 at 10:14 AM #267567
    HereWeGo
    Participant

    It’s a little surreal to see Freddie Mac and Fannie Mae on the imploded lenders list.

    Will Freasuries trend towards Friday’s Treasury rates or Friday’s FNM/FRE rates?

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