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| User Info | Waterboard JP Morgan and The Mortgage Bankers Assn in forum [Ticker] | |||
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Genesis Posts: 71378 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1510-W....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-14 08:16:38
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Karlmarxghost Posts: 2633 Incept: 2009-01-26 
Stealing Your Property
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Quote:AFTER being waterboarded as a consequence of demonstrating to the world their own particular brand of financial terrorism. 
---------- My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally.
2009-10-14 08:31:05
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Allclear Posts: 4262 Incept: 2007-09-18 
Online
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the biggies (the primary dealers) seem to be making mucho buckos from their trading operations. And it has continues for over a year. Isn't GS calling for 6 billion of so in bonuses? The banks may seem to be insolvent, but my guess is that the market will continue to transfer the appropriate wealth to their pockets until such time they claim victory. The banks (primary dealers) are in charge of the government and this country's banking operation, and are tightly interwoven with other large financial organziation in the City of London, and most central banks. How and why do you think anything will change under that scenario? ---------- Many of the truths we cling to depend greatly on our point of view...Obi-Wan
2009-10-14 08:45:07
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Pabloescobar Posts: 5322 Incept: 2008-04-23
Pacific Northwest Online
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CIA interrogation room.... CIA "We know you have ze losses! Ver haf you heeden zem? Huh? JPM "We, gurgle, gurgle, don't have them. Gurgle Gurgle. Our profits are huge!" CIA "Liar! Zay are dere! Show zem to me!" JPM "Gurgle, Gurgle. Never! I'll let USDX die first!" ---------- “Science is built up with facts, as a house is with stones. But a collection of facts is no more a science than a heap of stones is a house.” - Jules Henri Poincare
2009-10-14 08:47:32
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Brain Posts: 52 Incept: 2009-06-29
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so JPM wants taxpayers to pay just the interest on the loans - all of which goes into the bank's pocket - but not the principal? am i missing something here?
2009-10-14 08:58:21
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Uwe Posts: 1029 Incept: 2009-01-03
Philly Burbs
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The Ticker wrote..the banks have constructively abandoned these homes. In Florida if you do this within a reasonably short period of time mold will become established inside the sheetrock. Once that happens the home must be gutted to the studs or razed, and the cost of doing so exceeds the value of the bare lot. It strikes me as absurd to build houses using materials that can't survive the local climate w/o air conditioning. Maybe the Chinese thought they were doing us a favor by adding sulfur compounds to the sheetrock they were selling us: http://www.google.com/search?q=sulfur+fu....  -Uwe- ---------- “Political tags - such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth - are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire.” - Heinlein
2009-10-14 09:02:16
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Antone Posts: 3820 Incept: 2008-02-03
This ain't your grandpa's depression.
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Good thing JPM's stock is pre-LEH levels. Not too much further and they're at all time highs. Same with WFC. And what's this about $180 billion in bonuses for the big banking industry? Seems as if there was no recession for the bankers at all. I'm glad I've been able to subsidize it all the way through, and will continue to do so. Leave No Banker Behind! In Morgan We Trust ---------- Wir sind gefickt. I do not provide investing advice.
2009-10-14 09:03:37
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Pojo Posts: 34 Incept: 2009-08-05
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seriously--how the **** are the banks paying bonuses when they are insolvent? what a mother ****ingg scam dick wads i am so ****ing sick of this whole mess i want it all to implode
2009-10-14 09:05:23
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Judgesmales Posts: 1962 Incept: 2008-02-05
Las Vegas
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Quote:Wells may have as much as $25 billion of this worthless paper on balance sheet all on its own and Bank America may have as much as $30-50 billion. It is not unreasonable to believe that $200 billion in junior lien losses are being hidden - right here and now - which is sufficient to detonate these institutions even without the primary mortgage losses being counted!Somebody, hold me. ---------- "The tradition of Festivus begins with the Airing of Grievances. I got a lot of problems with you people! And now, you're gonna hear about it." -- Frank Constanza "What we obtain too cheap, we esteem too lightly; tis dearness only that gives everything its value." -- Thomas Paine Last modified:
2009-10-14 09:30:10 by judgesmales
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Grifter Posts: 237 Incept: 2008-02-07 USA
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"Those who are displaced by their homes will indeed be foreclosed upon, but in a year or two after rebuilding their credit they will be able to buy the same house back (or one similar to it) at a price that represents no more than three times their income with a sustainable, 20% down fixed-rate mortgage." I'm all for this and have been - if the gov really wanted to help people in these situations they would pass laws to not destroy somebodies credit rating for 7 years on a foreclosure, and give them a free pass to go buy that house down the street on a new loan (which they can qualify for) at a mark to market price.
2009-10-14 09:29:00
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Bozonian Posts: 14033 Incept: 2007-09-01
PFT - Pure F'n Tin
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Not only are they sitting on over a trillion in bad paper, the problem is getting worse as house prices continue to decline and WILL KEEP declining as average income decreases due to loss of employment. I'd say it is too late to prevent a Depression and the government should try to minimize the effects but true to it's "bull in a China shop" clumsiness or outright malevolence, it's going to make things even worse than they had to be. ---------- I'm so depressed about outsourcing I called the suicide hotline and got a call center in Pakistan. They got all excited and asked me if I could drive a truck. Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice.
2009-10-14 09:32:11
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Mangoelvis Posts: 250 Incept: 2009-07-11
Las Vegas, NV Online
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So.....if the second mortgages get folded into the first and/or if the principle balances of these "reworked" mortgages go up, doesn't that mean that the banks can now extend their "profits" even further into Fantasyland?? ie, that house than can realistically sell for $150K is now listed on their books at an even MORE underwater value? Why not allow pick a pays too so they can keep adding to the principal every month...and in turn show skyrocketing earnings every quarter??
---------- A Venus Fly Trap is one of the only organisms that can be cannibalistic and vegetarian at the same time.
2009-10-14 09:38:37
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R2judge Posts: 302 Incept: 2008-04-13
Burbank CA
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I was driving over the weekend and listening to a home financing show for a bit here in the Los Angeles area. One of the hosts said that one could get an interest only for X period if one wanted more leverage. My jaw dropped when i heard that.
2009-10-14 09:40:15
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Statusquojoe Posts: 2397 Incept: 2008-11-20
Land of the fees Home of the slaves.
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Gypsies tramps and thieves We'd hear it from the people of the town They'd call us Gypsies tramps and thieves But every night all the men would come around And lay their money down. Banksters new theme song and we lay our money down. ---------- "In short, you are the definition of moral hazard." Senator Bunning to Bernanke
2009-10-14 09:41:05
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Mortgageguymn Posts: 181 Incept: 2009-03-09
North Coast
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Pulling tax transcripts directly from the IRS should yield more accurate info (in some cases) than using tax returns obtained from a borrower (which are susceptible to use of white-out). Of course, getting accurate income documentation doesn't inherently mean that servicers will use it or use it judiciously. Aside from what the gov't requires on HAMP loans, the market is now demanding IRS-pulled tax transcripts on ALL new loans. The good news there is that if you ever plan on getting a mortgage, you better pay your taxes like the rest of us. Reduced-doc loans not only got people loans they couldn't afford - they also facilitated tax fraud on a massive scale.
---------- "Neither a borrower nor a lender be." - Harold Hecuba
2009-10-14 09:42:05
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Iou Posts: 186 Incept: 2009-03-16
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In your face FRAUD America! Had enough yet? Which will it be?  or 
---------- "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." - Frédéric Bastiat LEFT vs. RIGHT Look up shell game and shills.
2009-10-14 09:46:17
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Chainlink Posts: 521 Incept: 2008-10-26
Florida and Michigan
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Uwe - My guess is pre A.C. building in southern climes used open designs, and materials were not wrapped and insulated in moisture repellent barriers (which keep in the moisture under certain circumstances). If you could keep these AC-less homes open to air movement, you might stand a chance. Rain and humidity would equilibrate during drier intervals. Not being able to leave them open due to crime, a shut-up house turns into a terrarium or greenhouse here. My guess is wiring, plumbing, thin gauge electrical fixtures, lots of stuff just won't stand up to moisture. Materials here age 10x faster compared with up north. There's a certain dirty film that covers everything down here....pavement, buildings. Nothing like 365 days of incubation to make microbes grow. Even without mold, the degradation of constant humidy is amazing.
2009-10-14 09:47:00
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Rbarreira Posts: 1419 Incept: 2009-05-27 Sweden
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Not that I'm necessarily against it, but advocating waterboarding in your articles is not gonna get you any great publicity...
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2009-10-14 09:48:47 by rbarreira
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Steelpiston71 Posts: 2014 Incept: 2007-09-05 Michigan Online
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Typo Alert: "When no equity builds, and the income ceases, the bank forecloses and residents or forced from their homes." 'are forced' instead of 'or forced'. ---------- "The Data Do Not Lie", Mr Mortgage (aka Hedgefundmanip), April 16th March Foreclosure Crisis Video.
2009-10-14 09:51:26
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Megatoxic Posts: 31 Incept: 2009-08-05
usa
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Gen: I am with you, brother, but I'm afraid you are misreading the mood of the "American people." Far from having "HAD it with the lies and the theft," they actively encourage it. You cannot deceive people for this long unless they WANT to be deceieved.
2009-10-14 10:04:51
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Kuhio Posts: 206 Incept: 2008-12-31
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From the very beginning of this crisis, most informed observers knew two things: (a) the debt could never be repaid; and (b) the only way to restore the credit mechanism was to default the bad debt. Since private banks only had the option of "hard defaults", Congress, through the Fed, accepted the insolvent banks uncollectible assets and proceeded to implement a nation-wide "soft default" via staged $USD devaluation. Every other program either being proposed and/or implemented, such as the one Gen discusses in this ticker, are simply stop gaps aimed at keeping people in their homes until the unrealized losses are offset by dollar inflation. If homes are underwater by 50%, then the dollar must decline by 50% in order to get everyone back to even-steven. So here's Kuhio's maxim a la' "the beatings will continue until morale improves": Dollar devaluation will continue until homes values equal mortgages. It's really that simple. It speaks nothing to the cost of imported oil, which very well may head to $10/gallon. It says nothing about unemployment, which will remain at 25% (U6). It says nothing about future investment & productivity. All it says is that the debt is being defaulted via devaluation. Last modified:
2009-10-14 10:17:25 by kuhio
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Mayorquimby Posts: 5857 Incept: 2008-09-18
Ponzi Planet Online
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Lots of people are getting enraged - but then the massive recipients of pensions, social security, bailouts, unemployment extensions, welfare, medicaid, and soon - free health care outnumber them. Nothing gets people on your side better than giving them all "FREE" ****. We STILL need the heart attack. Until then, these tickers remind me of Gary Cooper pleading with the townsfolk in High Noon. The townspeople just wanted to save their own asses. Collectively, America just wants the damned DJIA above 10K consequences be damned. ---------- It's a PONZI ECONOMY and it already HAS collapsed. Now they need more ponzi!
2009-10-14 10:21:57
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Loves2learn Posts: 366 Incept: 2009-01-28
Heart of America Online
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When I heard the banks were reporting "huge profits" I knew there would be a ticker. A house a few blocks away from us was recently razed. It was in such bad shape it had become dangerous. I heard a few months ago that Kansas City, Mo had the highest rate of abandoned houses in the country. I live in Kansas City, KS, we can't be far behind. There's abandoned houses in just about every neighborhood. We own our own remodeling business. To pick up some extra money, we did work for a company called Safeguard that does maintainence for banks that have repossessed houses. This was early this year. They were so far behind that there were houses that had been empty for months that hadn't been touched. We quit after 3 months when, after expenses we realized we could go to work for minimun wage and make more money. The biggest expense was hauling crap people left in their house to the dump. The company would not reimburse us for that. If they are not taking posession of most of these houses, than the problem in this part of the country will be frozen pipes that burst. Then over the summer you can add mold to the problem. We had one house assigned to us that the pipes had frozen and burst over the winter. The basement was flooded. We called Safeguard, they took us off that job until the city would certify that the house would not need to be condemmed. Safeguards biggest client was Fannie Mae. Multiply that by ??? and imagine what kind of problem this will be. As I have said before, my daughter lived in her house for 14 months without making a payment, (Wells Fargo). It is now abandoned. Wanna bet the pipes burst there before they take the house back? Last modified:
2009-10-14 10:27:02 by loves2learn
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Froghat Posts: 213 Incept: 2009-01-28 Banned
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Karl, the banks have looked at your math and are giving you the finger. lol
2009-10-14 10:28:38
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Steelhead23 Posts: 387 Incept: 2008-09-09 Portland OR
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http://www.bloomberg.com/apps/news?pid=2.... It seems that Jamie Dimon is jonesin for the role of Mr. Potter in the 2010 version of Its a Wonderful Life. And Karl, you know what, it would not surpris me much if the Big O went along with him and will use federal funds and programs to facilitate interest-only loans. After all, the prime imperative for politicos is to keep people in their houses (wouldn't want a plethora of angry voters now would ya?) and the current imperative for the banksters is to avoid losses today, and to worry about tomorrow, tomorrow. A divine convergence indeed. The balloon may be busted but that won't stop them from trying like mad to reflate it. Oh, that URL at the top is an amusing story of how at least one judge understands fraud and is skewering BofA and Citi for about $1 billion for fraudulent lending. ---------- short em all - let God sort em out!
2009-10-14 10:30:30
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