Got a phone call yesterday from my Loan Officer at Bank of America. They want to change my LTV for a construction loan to 75% from 80%. Apparently this change is universal for all construction loans, no matter your credit score or cash reserves (for me 808 and sufficient). This is after months of them saying the terms wouldn't change.
Top Stories
Stocks Open Higher on Upbeat Earnings Results- AP
Stocks are opening higher after stronger-than-expected quarterly results from names like Coca-Cola Co., JPMorgan Chase & Co. and United Technologies Corp. gave investors some reassurance about the health of the economy.
* JPMorgan Chase Profit Falls 53 Pct on Loan Losses- AP
* Coca-Cola Co. 2Q Profit Drops 23 Percent- AP
* Nokia's 2Q profit drops 61 percent- AP
* United Tech Profit Beats Street, Raises Forecast- Reuters
* Single-family Construction Rate Falls to 17-Year Low- AP
* Continental Slides to 2Q Loss on Fuel Costs- AP
From yesterday: The float for JPM is something like $6-7bn a quarter.
Unless HELOC defaults exploded(and if they had they'd've preannounced) so in all likelihood profit of $2bn this Q.
Luck helps, but volume * time value of money covers a lot of sins.
I'd say go long BAC & JPM and load up on shorts on almost everybody else, but for some reason I think Citi will have a less than horrfic loss and that could make for a massive short squeeze.
Alec | 07.16.08 - 3:07 pm | #
Net income $2bn.
Thanks I'll be here all year.
Waiting on C to show less of a loss due to divestitures, but still an ugly balance sheet.
OT:
Saw Gretchen Morganson on TV this morning, she looks like Phil Mickelson's skinny sister. Still has inch deep knowledge though.
I'd like to know/see more on the composition of their prime book. If its anything like M&I, and focused in Specu-ville, then they are getting what they deserve. And, unfortunately, we are collateral damage.
Honestly, after the way my family was treated in taking 4 and a half years to settle my mom's estate, I'm happy to see JPM take a hit. They sure deserve it.
Market loves this. Loan loss reserves in future don't matter in Bizarro World.
Got a phone call yesterday from my Loan Officer at Bank of America. They want to change my LTV for a construction loan to 75% from 80%. Apparently this change is universal for all construction loans, no matter your credit score or cash reserves (for me 808 and sufficient). This is after months of them saying the terms wouldn't change.
Bizarro's back!!! Rally Time
what is the link to the conf call?
How do you reserve for losses when your capital is stretched 20-30/1?
ohhhh i jest....Ben of course!
Watch those balance sheets shrink!
Looks like BB has successfully kicked the credit collapse can down the road again, and the market is responding. 12K, here we come!
I'd like a rally right now. Just puts shorts on sale.
Dow up another 100 points..WHAT!?!?
Top Stories
Stocks Open Higher on Upbeat Earnings Results- AP
Stocks are opening higher after stronger-than-expected quarterly results from names like Coca-Cola Co., JPMorgan Chase & Co. and United Technologies Corp. gave investors some reassurance about the health of the economy.
* JPMorgan Chase Profit Falls 53 Pct on Loan Losses- AP
* Coca-Cola Co. 2Q Profit Drops 23 Percent- AP
* Nokia's 2Q profit drops 61 percent- AP
* United Tech Profit Beats Street, Raises Forecast- Reuters
* Single-family Construction Rate Falls to 17-Year Low- AP
* Continental Slides to 2Q Loss on Fuel Costs- AP
link to the conf call, please!
Holy sh!t. XLF/SKF on one of the wildest roller coaster rides I've ever seen.
<a href="http://img372.imageshack.us/my.php?image=coasterlk7.gif>This is what I meant, btw
From yesterday:
The float for JPM is something like $6-7bn a quarter.
Unless HELOC defaults exploded(and if they had they'd've preannounced) so in all likelihood profit of $2bn this Q.
Luck helps, but volume * time value of money covers a lot of sins.
I'd say go long BAC & JPM and load up on shorts on almost everybody else, but for some reason I think Citi will have a less than horrfic loss and that could make for a massive short squeeze.
Alec | 07.16.08 - 3:07 pm | #
Net income $2bn.
Thanks I'll be here all year.
Waiting on C to show less of a loss due to divestitures, but still an ugly balance sheet.
OT:
Saw Gretchen Morganson on TV this morning, she looks like Phil Mickelson's skinny sister. Still has inch deep knowledge though.
Anon-
almost every single financial stock looks like that....
your point??
Ciao
MS
CR,the new post shows up on the sidebar,but not in the main body of CR.
Gee, it turns out that FICO isn't the one number to rate them all...Other loan elements matter too...whocouldanode?
I'd like to know/see more on the composition of their prime book. If its anything like M&I, and focused in Specu-ville, then they are getting what they deserve. And, unfortunately, we are collateral damage.
Honestly, after the way my family was treated in taking 4 and a half years to settle my mom's estate, I'm happy to see JPM take a hit. They sure deserve it.
You know, I'd rather he hadn't put that out there.