[bubba99]

The credit report stays negative – reports the foreclosure for seven years and seven days after the last legal action. So after all the creditors get done with their paper work – which may be a while with todays volume of repos, then seven years + of notes on the TRW, Trans Union, and Equifax reports will include the negative item.

There will be a lot of these negative items and maybe future lenders will be more lax, but I doubt it. There is no “repairing” a public record item.

Is it is a good idea to walk away or not depends on the tax consequences and new rental costs. Between the state and fed tax relief, there is a $24,000 deduction/year. At 22% fed, and 8% state nominal tax rates, that is $7200/year that would need to be offset by an equal reduction in rent vs own. If their tax rates are much lower, then . . .

It may not be a great idea to walk and rent with todays variable credit card interest rates. When a foreclosure triggers a higher rate, who know?

[bubba99]

The credit report stays negative – reports the foreclosure for seven years and seven days after the last legal action. So after all the creditors get done with their paper work – which may be a while with todays volume of repos, then seven years + of notes on the TRW, Trans Union, and Equifax reports will include the negative item.

There will be a lot of these negative items and maybe future lenders will be more lax, but I doubt it. There is no “repairing” a public record item.

Is it is a good idea to walk away or not depends on the tax consequences and new rental costs. Between the state and fed tax relief, there is a $24,000 deduction/year. At 22% fed, and 8% state nominal tax rates, that is $7200/year that would need to be offset by an equal reduction in rent vs own. If their tax rates are much lower, then . . .

It may not be a great idea to walk and rent with todays variable credit card interest rates. When a foreclosure triggers a higher rate, who know?

[bubba99]

The credit report stays negative – reports the foreclosure for seven years and seven days after the last legal action. So after all the creditors get done with their paper work – which may be a while with todays volume of repos, then seven years + of notes on the TRW, Trans Union, and Equifax reports will include the negative item.

There will be a lot of these negative items and maybe future lenders will be more lax, but I doubt it. There is no “repairing” a public record item.

Is it is a good idea to walk away or not depends on the tax consequences and new rental costs. Between the state and fed tax relief, there is a $24,000 deduction/year. At 22% fed, and 8% state nominal tax rates, that is $7200/year that would need to be offset by an equal reduction in rent vs own. If their tax rates are much lower, then . . .

It may not be a great idea to walk and rent with todays variable credit card interest rates. When a foreclosure triggers a higher rate, who know?

[bubba99]

Wow,

Dare to speak out against Bush and bam – your the worst president in history.

Blamed for everything from USSR invading Afganistan, to the Shaws inevetable fall in IRAN.

You forgot to blame Carter for the War in Iran, an completely unregulated wall street, India and Pakistan getting the bomb, oh yea, and the lack of a southern border.

Carter may have been the only honorable man in the Presidency since JFK

[bubba99]

Wow,

Dare to speak out against Bush and bam – your the worst president in history.

Blamed for everything from USSR invading Afganistan, to the Shaws inevetable fall in IRAN.

You forgot to blame Carter for the War in Iran, an completely unregulated wall street, India and Pakistan getting the bomb, oh yea, and the lack of a southern border.

Carter may have been the only honorable man in the Presidency since JFK

[bubba99]

Wow,

Dare to speak out against Bush and bam – your the worst president in history.

Blamed for everything from USSR invading Afganistan, to the Shaws inevetable fall in IRAN.

You forgot to blame Carter for the War in Iran, an completely unregulated wall street, India and Pakistan getting the bomb, oh yea, and the lack of a southern border.

Carter may have been the only honorable man in the Presidency since JFK

[bubba99]

Wow,

Dare to speak out against Bush and bam – your the worst president in history.

Blamed for everything from USSR invading Afganistan, to the Shaws inevetable fall in IRAN.

You forgot to blame Carter for the War in Iran, an completely unregulated wall street, India and Pakistan getting the bomb, oh yea, and the lack of a southern border.

Carter may have been the only honorable man in the Presidency since JFK

[bubba99]

Wow,

Dare to speak out against Bush and bam – your the worst president in history.

Blamed for everything from USSR invading Afganistan, to the Shaws inevetable fall in IRAN.

You forgot to blame Carter for the War in Iran, an completely unregulated wall street, India and Pakistan getting the bomb, oh yea, and the lack of a southern border.

Carter may have been the only honorable man in the Presidency since JFK

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Patelco is probably in O.K. shape. They just wrote off 41 million in “subprime” auto loans – 150 million total loan amount.

They are not really exposed to subprime mortgages, but have heavy exposure to jumbo 80% loans in rapidly depreciating markets like Stockton, Sacramento, Concord, and Tracy. I don’t think they will have any mortgage write downs until the other shoe falls on prime borrowers.

Their CEO just dropped their private ASI share insurance in favor of comming back to Federally insured status. The Patelco CEO (Andy) sat on the board of ASI and in one signiture reduced ASI exposure by 40%.

Here is an excerpt I got from Patelco in October about bad loans. No mention of Alt-A, Neg am or prime exposure as requested in my original requret.

Subject: FW: Will this work as a reply to RE: Letter To Management

Dear Mr. XXXXXXXXX

. . .

Our participation in sub-prime lending was limited to the investment made in ACC several years ago, and was sold and written off at the end of 2006. We have no sub-prime mortgage or auto loans in our portfolio, and our HLPR loan portfolio consists of 2 loans totaling approximately $500,000. Both are paying as agreed.

Patelco is well capitalized with over $400 million in reserves, and a net worth ratio of 10%.

I hope I have addressed your concerns and reassured you of Patelco’s financial strength, and that you will again be comfortable bringing your deposit and loan business to Patelco Credit Union.

[bubba99]

Arraya,

The Declaration of Independance was written by a bunch of revolutionaries, and would be “illegal” under the Patriot Act.

That type of radical thought cannot be tolerated by the real protectors of our freedom, you know – every one who voted for the Patriot Act which gives us freedom by taking away our right to free speach, right to privacy, and right not to be wiretaped or searched without a court order. Oh yea, and the right to file a writ of habius corpus against unlawful detention – prison for life with no charges or trial.

[bubba99]

Arraya,

The Declaration of Independance was written by a bunch of revolutionaries, and would be “illegal” under the Patriot Act.

That type of radical thought cannot be tolerated by the real protectors of our freedom, you know – every one who voted for the Patriot Act which gives us freedom by taking away our right to free speach, right to privacy, and right not to be wiretaped or searched without a court order. Oh yea, and the right to file a writ of habius corpus against unlawful detention – prison for life with no charges or trial.

[Author]

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