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Ooooh. Wake up and smell the Schadenfreude.
Yeah, I'm waiting for Harvey Pitt to start frothing at the mouth over the practice of "modifying" these warehouse loans. "That's manipulation! Foreclose on these deadbeats, instantly!"
Not.
Yes, it's interesting. They're producing structures not because these are profitable in themselves, but because they are "sellable".
Seems Countrywide is cutting its outlook. That'll be a surprise. Or is it shock?
Everything's contained number 432 -Bloomberg is headlining increased costs at Countrywide due to prime home equity loans.
KKR are now whinging about it and saying the banks agreed to loan the money and it's their own tough luck if they can't sell the debt off afterwards.
KKR Irks Wall Street With Tough Stance on Buyout Debt - CNBC
Even if this stance helps KKR in this case, it's hardly likely to help M&A in the long run is it?
Heh I guess its the diaper aisle or the brown pants...
Thanks Tanta - nice article. Looks like Wall Street needs a diaper service - more environmentally sound than disposables... and since they'll be in that mode for a while they might as well 'embrace' it.
--
The problem began with the Bankrupters and Fraudsters of New York City with the able assistance of their trusted agents at the Fraudulent Reserve System.
American economy has been supported by Financial Fraud. For how long? The Mortgage Fraud was the last hurrah of these Fraudsters.
Jas
...imperiling $8.6 billion in annual underwriting fees...
That's going to leave a mark in Wall Street's shorts!
imperiling $8.6 billion in annual underwriting fees and reducing credit for everyone from buyout king Henry Kravis to homeowners.
As always, the most important bit is mentioned first. And just how many folks were spitting up that 8.6 billion? A few thousand I would guess. Maybe not so many vacation trips to the nice parts of the world now, eh?
When did we go from producing stuff to trying to make money off selling debt anyway?
I don't think this economy deserves to continue.
Bla,
KKR is doing the smart thing. They are sitting and watching. There is no need to act until a) things are moving in their favor or b) the moment before a crisis. Neither is yet close to being true in their estimation.
One thing to keep in mind in the blogworld is the compression of time. We all want something interesting to talk about so everything gets magnified way beyond what we know TODAY and its likely ultimate importance just to keep a blog rolling.
I'll say it again, the junk market has gone to the beach and not much will change until after Labor Day. If you believe I'm right and you were KKR,you'd sit and wait too.
Donna,
We've been doing both for well over 200 years.
Banker
But when was the last time we did it both as a debtor nation and one reducing its productive assets.
Like the good book says it takes time to use up the productive assets of a nation but it can be done.
Which Patsy Cline, "Crazy" or "I Fall to Pieces"?
"Walking After Midnight"
This should be the next Saturday Rock Blogging:
"Burning Down the (ware) House"
YouTube
- Broadcast Yourself.
Watch out you might get what you're after
Cool babies strange but not a stranger
I'm an ordinary guy
Burning down the house
Hold tight wait till the party's over
Hold tight We're in for nasty weather
There has got to be a way
Burning down the house
Here's your ticket pack your bag: time for jumpin' overboard
The transportation is here
Close enough but not too far, Maybe you know where you are
Fightin' fire with fire
All wet hey you might need a raincoat
Shakedown dreams walking in broad daylight
Three hun-dred six-ty five de-grees
Burning down the house
It was once upon a place sometimes I listen to myself
Gonna come in first place
People on their way to work baby what did you except
Gonna burst into flame
My house S'out of the ordinary
That's might Don't want to hurt nobody
Some things sure can sweep me off my feet
Burning down the house
No visible means of support and you have not seen nuthin' yet
Everything's stuck together
I don't know what you expect starring into the TV set
Fighting fire with fire
Er, billygoat, have you read "Billy" Faulkner's
"Barn Burning"?