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Why did they write those mortgages anyway????
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I am HUGE! Bring me your finest meats and cheeses.
- $$$MR. MARKET$$$ -
Probably because there were enough suckers, who were foolish enough to sign the contracts..Originally posted by mrmarket View Post -
cuz the gov't told them to? isn't it their charter to help the downtrodden buy a home? besides, if it doesn't work out, there's always the good ol' trusty taxpayer ready to bail them out...Originally posted by mrmarket View PostComment
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Just wait to see how low the USD goes now...DougOriginally posted by jiesen View Post"Trade What Is Happening...Not What You Think Is Gonna Happen"
Find Tomorrow's Winners At SharpTraders.com
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Greed and FEAR
In cities like Detroit mortgages were given to people who had filed false applications , including those who had lied about their job, no jobs, and those who could never repay. If a bank did not give mortgages in those areas , they were then accused of "red lining"and could fall victim to the racial hucksters , and be accused of racial discrimination. GREED was also big factor. Why lose a fat commission on a loan application?Originally posted by mrmarket View PostComment
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Dr Weiss pulls NO punches
Dr Weiss analyses the BanK Debacle........My advice UltarSHORT the Financials with SKF Pro Funds ETF Why worry? There is more than one way to skin a cat!
Here is Dr Weiss's take of the situation!
"Martin here with an urgent update on Fannie Mae's devastating swan dive.
Last week's plunge in the Dow — driven by the collapse of Fannie's and Freddie's shares — is just the first act of an unfolding tragedy.
Next, expect massive losses — and loss of confidence — at the world's largest financial institutions that have stuffed their portfolios with Fannie and Freddie stocks and bonds.
Is all this turmoil just malicious rumors, as Washington and Wall Street officialdom would have you believe?
I'm afraid not: Even before the latest crisis began, these two giant mortgage lenders were terribly overleveraged and effectively insolvent, according to their own murky balance sheets.
The reality: Fannie Mae's and Freddie Mac's liabilities and contingent liabilities are far, far too large for their meager capital. And this house of cards is built on the quicksand of millions of mortgages that cannot be repaid.
Treasury Secretary Paulson predicts 2.5 million home foreclosures in 2008; and Fed Chairman Bernanke has testified that the crisis will continue deep into 2009. So, in combination, these two high officials are warning of potentially millions more foreclosures in 2009.
That leaves Washington with just two choices:
* Let them fail ... allow the U.S. housing market to freeze up ... and invite a deep depression. Or ...
* Bail them out with taxpayer money ... double the public debt overnight ... bust the government's finances ... and gut the value of U.S. Treasury securities.
The big dilemma:
If Fannie Mae and Freddie Mac fail, international investors — loaded with Fannie and Freddie securities — will dump them in an avalanche.
But if the U.S. Treasury tries to absorb the impact of this disaster, those same investors will dump their Treasury securities in an equally large avalanche.
In EITHER scenario, foreign investors must sell their U.S. dollars.And either way, the dollar will crash, as crisis currencies — like the Swiss franc — will go through the roof.
All this is why I feel very strongly it's now so important that you take action — both for urgently needed self-defense and to pursue immediate profit opportunities!
For specific recommendations on what to do next, turn up your computer speakers and click here to view our Special Midyear Update. It's online right now.
Needless to say, time is of the essence.
Good luck and God bless!
Martin "Comment
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thanks, Dr. Wiess. Now what should we do, Pete?Comment
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What kind of gold did you buy? ETF or other financial instrument, or actual physical gold? If you bought the physical, did you buy pure bars, jewelry, or some other kind of bullion?Originally posted by hags View Post
Did you consider that silver offers a better inflation hedge as it has industrial demand much higher than that of gold? Silver is much more affordable, too. However, the great thing about gold is that it mostly reserved by governments and big money.... so if gold falters, so do they!
The FED has really screwed this country. I can't believe there are not more outcrys against it as it is an unelected government agency with so much power.
Talk about taxation without representation!!!! bleh!
Hide not your talents.
They for use were made.
What's a sundial in the shade?
- Benjamin FranklinComment
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I bought some Fanny today..probably a major error. I should stick to my MM picks.=============================
I am HUGE! Bring me your finest meats and cheeses.
- $$$MR. MARKET$$$Comment
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Originally posted by mrmarket View Post
You should have just used that money to bail me out of my mortgage....oh wait...I don't have a mortgage.Comment
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NB BUY SKF Ultra Shorts Financials
Originally posted by New-born baby View Post
NB BUY SKF: Ultra SHORTS Financials MACD, RELATIVE STRENGTH AND DMI ALL SUPER!
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I expect a pullback on SKF....I'd wait a day or so....no shorting and good news from Wells Fargo means SKF will pullback....financials will have a small bounce here...IMO of course...Originally posted by Peter Hansen View Post
hagsComment
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CEO of FRE says we're only through 1/2 of the devaluation of the housing market and this mess will continue "well into 2009" and he's being optimistic!
---------------billyComment
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Time to dip into some more Fannie? or is it a falling knife????=============================
I am HUGE! Bring me your finest meats and cheeses.
- $$$MR. MARKET$$$Comment
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