Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Major US homes lender near bankruptcy
Times of London ^ | 03/07/08 | Tom Bawden

Posted on 03/06/2008 10:40:53 PM PST by TigerLikesRooster

click here to read article


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-71 next last
We are living in interesting times.
1 posted on 03/06/2008 10:40:54 PM PST by TigerLikesRooster
[ Post Reply | Private Reply | View Replies]

To: Uncle Ike; RSmithOpt; jiggyboy; 2banana; Travis McGee; OwenKellogg

Ping!


2 posted on 03/06/2008 10:41:33 PM PST by TigerLikesRooster (kim jong-il, chia head, ppogri, In Grim Reaper we trust)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

Funny how the flipper Freepers have disappeared.


3 posted on 03/06/2008 10:45:04 PM PST by BurbankKarl
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

You mean interest-ing times.


4 posted on 03/06/2008 10:46:13 PM PST by The_Republican (You know why Chelsea Clinton is so Ugly? Because Janet Reno is her Father! LOL! - Mac is Back!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: The_Republican
That works, too.:-)
5 posted on 03/06/2008 10:47:30 PM PST by TigerLikesRooster (kim jong-il, chia head, ppogri, In Grim Reaper we trust)
[ Post Reply | Private Reply | To 4 | View Replies]

To: TigerLikesRooster

I still maintain that loaning money to homeless people to buy a house is a good business model. I don’t care what anyone else says.


6 posted on 03/06/2008 10:49:33 PM PST by Eric Blair 2084 (Alcohol, Tobacco and Firearms shouldn't be a federal agency...it should be a convenience store.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BurbankKarl

Flipper Freepers finally fled forever...figures.


7 posted on 03/06/2008 10:50:27 PM PST by durasell (!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: BurbankKarl

I have a friend making a very good living flipping houses in New Mexico.


8 posted on 03/06/2008 10:51:18 PM PST by SlapHappyPappy
[ Post Reply | Private Reply | To 3 | View Replies]

To: BurbankKarl

probably sold their computers


9 posted on 03/06/2008 10:53:47 PM PST by Eyes Unclouded (We won't ever free our guns but be sure we'll let them triggers go....)
[ Post Reply | Private Reply | To 3 | View Replies]

To: TigerLikesRooster

I wonder just how much of the world’s apparent wealth lies in these multiple-leveraged phantoms. I have had many discussions on the topic over the past year with a friend who argued that “on-paper” dollars were just as valid as cash-in-hand dollars.

So much money can simply disappear only if it never really existed in the first place.


10 posted on 03/06/2008 10:53:51 PM PST by Content Provider
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster
Thornburg, which specialises in mortgages of more than $417,000, also holds bonds backed by home loans on its balance sheet as investments. The value of both the mortgages and the bonds have plummeted in recent weeks as investors shy away from most forms of debt.

Their mistake was not foisting their "bonds backed by home loans" (CMOs) onto other parties. Then they would be home free. These CMO are commonly referred to as "toxic waste" these day and Thornburg is a Superfund site

11 posted on 03/06/2008 10:56:05 PM PST by dennisw (Never bet on a false prophet! <<<||>>> Never bet on Islam!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Content Provider
“on-paper” dollars were just as valid as cash-in-hand dollars.

Only in Matrix-like "virtual world."

Actually many people have been living in virtual world(or virtual reality) for several years. Now it is unplugged.

12 posted on 03/06/2008 10:57:23 PM PST by TigerLikesRooster (kim jong-il, chia head, ppogri, In Grim Reaper we trust)
[ Post Reply | Private Reply | To 10 | View Replies]

To: TigerLikesRooster
Peloton Partners ... was forced by its bankers, led by Goldman Sachs and UBS, to sell assets at a 30 per cent discount to meet their cash calls.

I suspect discounts of these funny money bonds are going to go deeper than 30% before this is over.

Let me note, I am shocked at a 30% discount.

Be interesting to know who was the buyer or buyers.

13 posted on 03/06/2008 10:59:50 PM PST by razorback-bert (If yer gunna regret this in the mornin, we kin sleep til afternoon.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BurbankKarl

I didn’t know we had flipper FReepers. I like the sound of that. I guess they were for flipping before they were against it.


14 posted on 03/06/2008 11:01:05 PM PST by beaversmom
[ Post Reply | Private Reply | To 3 | View Replies]

To: Eric Blair 2084

LOL :)


15 posted on 03/06/2008 11:01:43 PM PST by beaversmom
[ Post Reply | Private Reply | To 6 | View Replies]

To: TigerLikesRooster

People are losing their homes on these darn adjustable rate mortgages they signed up. Payments are going through the roof at the same time they are finding their income shrinking.

Of course it was there fault for signing up for such stupid loans but what about the total lack of responsiblity on the part of the banks that made the loans.

It is not just a recession coming. We will be lucky if it only ends up as a deep recession. It is not just interesting times, it is troubled times.


16 posted on 03/06/2008 11:01:52 PM PST by BJungNan
[ Post Reply | Private Reply | To 1 | View Replies]

To: TigerLikesRooster

“Actually many people have been living in virtual world(or virtual reality) for several years. Now it is unplugged.”

Not if you can hold it long enough. Real estate is forever, only those who buy needing to get out in a short period of time are doomed.

If you can hold it long enough you generally will not lose money. Patience and research is the key. Real estate is forever, man’s patience is not.


17 posted on 03/06/2008 11:03:58 PM PST by JSteff ( This election is about the 4 or 5 Supreme Court Justices who will retire . Vote Accordingly!)
[ Post Reply | Private Reply | To 12 | View Replies]

To: BJungNan

Government also shares the blame; it has encouraged over-valuation as a way to boost tax revenues. The people made happiest by the housing valuation boom were not homeowners, very few of whom have seen any real, in-hand dollars from the run-up, but rather property tax assessors. Who here thinks property tax assessments will match the reduction of asset prices as quickly as they matched asset price inflation?


18 posted on 03/06/2008 11:07:44 PM PST by Content Provider
[ Post Reply | Private Reply | To 16 | View Replies]

To: TigerLikesRooster
"JPMorgan, which has loaned Thornburg $320 million, said that it planned to force the mortgage group to liquidate some of its assets."

JPM will be happy to buy Thornburg's $3.2 billion of forced liquidated assets for, say, $320 million. Heck it might just offer to buy the whole company.

yitbos

19 posted on 03/06/2008 11:07:50 PM PST by bruinbirdman ("Those who control language control minds." - Ayn Rand)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Content Provider

...very few of whom have seen any real, in-hand dollars from the run-up, but rather property tax assessors.


Part of the problem, people were borrowing “in hand dollars” against the increased value of their homes. Folks who signed adjustable rate mortgages were told not to worry, since the price of the home would always go up and they could refinance.

Last I heard, nobody knows how much equity was drawn from those inflated prices, but I’d be interested to know.


20 posted on 03/06/2008 11:10:23 PM PST by durasell (!)
[ Post Reply | Private Reply | To 18 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-71 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson