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Sublime loans aren't favored either.
But they are still doing brine loans?
I didn't know Fannie was into payday lending. Leave it to the Washington Post to set the record straight. I wonder whether the reporter or editor is the most clueless.
Wow. I saw that "all-day" term in the WaPo earlier today and wondered what it meant. I was actually gonna post a question about it here to see if someone could enlighten me.
only if the brine shrimp were breathing. unfortunately, they're all now underwater.
Ouch. Which editor let that slip by? Maybe someone was using speech recognition technology? Surely this Birnbaum guy should have known better.
Those 24-hr loan operations are always sketchy.
We're all sub brine now.
ow that I think of it sub-brine loans would be underwater by definition so everything's good and priced in. It all makes sense now.
Surprised the title didn't come out "Bad Baguettes are the Worst".
I didn't know Fannie gave you a loan for a day. Its like renting motel rooms by the hour.
A Google search shows that Birnbaum has written repeatedly about Alt-A in the past. This is unlikely to have been his error - I blame an editor, a stringer, or a software error.
Maybe the reporter just made a slip - he is not sure that Fannie or Freddie will last "all-day" or be taken over by the Fed. It is the Friday afternoon bank takeover time, isn't it?
And what's all this I keep reading about Auntie May and Bernie Mac?
Will they still be funding lyre loans? I have an antique instrument I want to finance.
"The toothless roosterman is on the run. Emancipated tuna on a toast bun."
This might make little sense to anybody else, but it is the result of a logical sentence being retold over and over.
They better not stop making ninja loans. Or else.
You're out of luck on that lyre loan, Subprime. So is my buddy the ninja. He was really excited that they were marketing directly to him. It's really hard for ninjas to document income.
All-day's were an innovative product designed for sophisticated flippers that didn't want to hold their properties overnight because they might lose the keys. Stop giggling.
Tanta's gonna be pissed at you guys.
I must be a mortgage geek because I found this error HILARIOUS! Thanks for a good Friday laugh WaPo.
This could be a spellchecker flub--hitting the "replace" button without looking. But my version of Microsoft Word seems to recognize Alt-A.
As a computer geek, I prefer Ctrl-A
We are all all-day now?
You guys are the greatest. Hilarious. Too bad that there aren't enough knowledgable people to attend a stand up comic routine with this stuff.
Somebody ought to work squirrels in, but I can't think of how at the moment.
I don't get it. How is a wave of Reese's next year going to result in more for clothiers?
You can't make this stuff up!
AT least the mistake wasn't "all gay." The ACLU would have been very angry.
"I didn't know Fannie gave you a loan for a day. Its like renting motel rooms by the hour."
I hear that in Nevada you can rent hotel rooms by the hour - but the room service is a bitch!
Uncle's got it! Alt-A loans are what you get when you hit Alt-A and approve everybody! Ding Ding Ding!!!
But the mtges would be happy then, why would the ACLU object to that.
Where can I find this Ari to get one of them "see-Ari" loans?
The gay comment anonymous was me.
Liz
Is Fanny Pack still doing prime lawns?
I was hoping to get one next spring.
Cheers,
Elvis,
Alright, I'll bite -- "toothless roosterman is on the run" would be what to begin with?
As was the squirrel comment at 1:31.
Haloscan lost me.
Sorry, no squirrel references. They stopped those loans when they implented their "no duck" policy.
Tanta
I was wondering if you could comment.
How do bondholders get servicing rights transferred or can they even? If the bondholder believes the servicer isn't working in their best interest is there any recourse short of a lawsuit?
scav writes:
All-day's were an innovative product designed for sophisticated flippers that didn't want to hold their properties overnight because they might lose the keys. Stop giggling.
"She was a day flipper.
One way ticket (to bankruptcy). Yeah!"
Terrible, I know. I'm not really very good at these fake song thingies.
Well if I get my prime lawn, I might attract some squirrels. I hear you can take a bunch of them to the Fed and get a AAA card and free membership.
Cheers,
Primal moans are the new gesalt theory for marriage brokers. [at least I think that's what they said]
Payment for the prime lawn with squirrels in in peanuts!!
Bother. Those would be Ctrl-A loans. Alt-A in word is Autofit, which has potential but is a little erudite. Harumph.
The Washington Post is in the process of replacing some of their human editors with artificial intelligence editing bots. The bots are usually pretty good and can catch a lot of errors in grammar and syntax. But some terms like "Alt A" aren't in the dictionaries and haven't been programmed into the bots yet.
Don't worry. The bots are incredibly fast learners. Soon, the Post will be a lot more profitable (with less humans on the payroll) and just as readable.
There may be many types of conforming and non-conforming loans, but there is only one kind of Transforming loan:
Optimus Prime
scav,
Too bad for the IMB. They made a lot of Ctrl-Alt-Del loans. Not too smart.
liz,
Cheers,
It was always my understanding that WaPo was run by bots.
How do bondholders get servicing rights transferred or can they even? If the bondholder believes the servicer isn't working in their best interest is there any recourse short of a lawsuit?
That's all in the individual servicing contracts executed when the deal is put together.
They vary, but they all give the trust the right to force or allow a "substitute servicer" with or without cause. The details involve how much the old servicer has to be compensated. A lot of them actually spell out situations--like the servicer losing its rating level or becoming insolvent or whatever--in which the trust can force it to relinquish servicing rights.
Alright, I'll bite -- "toothless roosterman is on the run" would be what to begin with?
New Guy
No clue. But if I had to guess it was probably "Prime rib mortgages don't taste good."
Rich,
Are you kidding about the editor droids?
Uncle Ar writes:
Tanta's gonna be pissed at you guys.
Feh. What is she gonna do? Beat us with a schtick?
Punish us by calling our grammer and having her deal with us? Hold the Mortgage Pig hostage? Threaten a squirrel recipe only thread?
People outside my office are looking at me laughing. It's a good thing the think I'm insane. They probably think I'm just having one of my spells.
I thought you got prime mortgages on ribs?
Cheers,
Hey, Tanta started the party, she should be enjoying it!!
The squirrels shall be supplied by Misean, after his new prime lawn has been installed, and will be fat & juicy.
Prime squirrel ribs.
Misean, you are supposed to be at work? Bad Misean. Get back to work. What is it that you are supposed to be doing and aren't?
liz - Misean works in IT. Trust me - they never do anything.
Someone need a squirrel recipe? Here you go:
BBQ Squirrel
With all the play on words here I am sure glad my hippopotomonstrosesquipedaliophobia has not acted up!
liz,
Debugging some database errors. Actually I'm a bit baffled.
I'm also repairing a notebook. This one is rough, I just clicked "next". Exhausting stuff really.
Cheers,
Liz,
"prime rib squirrels" Great name for a rock band.
Sorry, I meant to say: Misean doesn't do anything Alt-A long.
JJL,
I cry fowl (heh).
hippopotomonstrosesquipedaliophobia
is a real word.
Cheers,
Schnaps,
Cheers,
Bernanke & Greenspan always reminded me of Secret Squirrel and Morocco Mole.
http://www.toonopedia.com/uimages/toons/s/secsqurl.jpg
It's now official Wall Street is a pawn shop. Glad to see it finally confirmed...
Ciao
MS
Nice one dawg.
Misean said:
hippopotomonstrosesquippedaliophobia is a real word.
Yeah, but you left out a 'p.' And then you have the gall to mock a typo on Alt-A? ;P
"Fannie Ray has withdrawn from the market for all-gay loans, which are considered frisky because they require less documentation than traditional prime moans."
If you click on the squirrel recipe, you will see at the bottom that you can get a jumbo-dandy antler plack (sp?) to hang on your wall. Is Lefty's Liquors interested?
According to the Washington Toast.
We are all toast now.
No, he said "washing some roast." It feel on the kitchen floor for longer than the permitted 5 seconds.
Rob Dawg,
Nice. I can playz whack-a-mole?
Cheers,
Hmmm, are the loans ones that you have to work all day to pay, so you have no money left over to eat (squirrel) after paying.
What exactly is a sublime Lone Range Rover?
Cheers,
All day is still up. I just checked.
Who was that masked man?
One of the biggest reasons I turned to "social media" in the last 5 years is that, although this is not the general rule, handmade content is of vastly higher quality than the mass-produced, assembled-offshore, made-by-machines tripe that comes from the MSM.
Now, this is an interesting socioeconomic phenomenon- as globalization and other productivity-enhancing technological advances take hold, we see that the best things in life are those that tend to be more handmade, (at least in the metaphorical sense).
Anything that can be distributed electronically is becoming vastly less expensive and higher in quality thanks to the democratizing effect of the internet. All other quality goods, on the other hand, are now essentially out of reach for 90% of the population. If you have any doubt, think about what "luxury home" means today vs. what it meant 50 years ago.
It makes me wonder where that is going to take us in 20 years. Or maybe I'm just getting old.
Tanta,
Thank you for the insight.
As for the mood of this thread:
I love the smell of charing squirrel, it smells like victory.
And PRS is a rock band I'd attend!
Got Popcorn?
Neil
Maybe WaPo is not using bots. Some papers are outsourcing their editing to foreign countries. People in Mumbai probably have no clue what Alt-A is (but they know what all day is, as they are in sweatshop conditions I am sure). Orange County Register is just one of the papers doing this.
Troilus and Cressida
Act 3, Scene 1
PARIS\tHe eats nothing but doves, love, and that breeds hot
\tblood, and hot blood begets hot thoughts, and hot
\tthoughts beget hot deeds, and hot deeds is love.
ssshhh lawyerliz he works for that lady at the fdic...its ok if he surfs
OT (do you need to say that in a threat like this?)
I thought this headline was a joke but it is an actual article on CNN Money.
These homes for sale suck
Elvis | 08.22.08 - 1:58 pm | #
LOLOLOLOLOL!!!!!!!1
A conversation on this thread between LeveragedNinja and Margin Call of Cthulhu inspired me to make this poster.
Looks like this was the huge-graphic above-the-fold story on the front page of the Business section. Seems like a fairly annoying typo for such a prominent placement.
Anyone have a dead-tree WaPo to verify that the typo made print? If so, they may not correct it online.
They had to pull out of the 'all day' market. The loans have to work in the night as well. The borrower closes on the loan in the day and then they sneak away at night. They should have seen it coming
MMMMMM...
Fricseed squirrel on Washington Toast with country gravy...
Daroooool.
Cheers,
Ninjas in heels? What is this world coming to.
The Two Gentlemen of Verona
Act 4, Scene 4
LAUNCE\tAy, sir: the other squirrel was stolen from me by
\tthe hangman boys in the market-place: and then I
\toffered her mine own, who is a dog as big as ten of
\tyours, and therefore the gift the greater.
232 Visitors Online
WTF?
Financial Ninja:
That is fantastic! Although I think that poster documents some, uh, assets right there. [cough, cough]
Treasury still wants GSEs shareholder-owned
Treasury still wants shareholders to own GSEs
| Reuters
I saw her today at the reception
In her glass was a bleeding man
She was practiced at the art of deception
Well I could tell by her blood-stained hands
You can't always get what you want
You can't always get what you want
Financial Ninja,
I can haz one pleez.
Cheers,
I love it when a plan comes together.
(from the Alt-A team).
I could spend Alt-A reading these comments.
Hang on a sec...I got text message coming in from my friend Barack Obama...
Who's Antonio Hardy?
Hey, I want a sexy male ninja.
Unfair.
Discrimination.
"NY Times: The chairman of the Federal Reserve, Ben S. Bernanke, warned on Friday that the economy would fall short of potential for a time and urged regulators to develop a broader approach to policing the financial industry."
ideally the FED should not send such strong signals to markets. I guess FED can get tired of the "BOTTOM is near" speeches too.
something is fishy though. is one of the large banks in a free fall and FED lost it's bail-out will?
Didn't Harry Belafonte do a song about this?
Day-o, day-ay-ay-o
Daylight come and he wan' go home
Day, he say day, he say day, he say day, he say day, he say day-ay-ay-o
Daylight come and the Wa Po moan
Work all night on a drink a'rum
(Daylight come and Wa Po moan)
Stack bk's till thee morning come
(Daylight come and Wa Po moan)
Come, Mr. Bernancke, tally me "all day" loans
(Daylight come and Wa Po moan)
Come, Mr. Bernancke, tally me "all day" loans
(Daylight come and Wa Po moan)
It's six billion, seven billion, eight billion, JUMP!
(Daylight come and Wa Po moan)
It's six billion, seven billion, eight billion, JUMP!
(Daylight come and Wa Po moan)
Banks too important to be left on their own, Bernanke says
The regulators also have to clearly explain when and under what conditions financial institutions will be allowed to fail and when they will be bailed out, Bernanke said. To limit moral hazard, bailouts should be structured so that shareholders are wiped out, similar to the way failing banks are now treated by the Federal Deposit Insurance Corp.
OK, I think I've got it worked out.
You take a bunch of all day moans, stuff them in a big vanilla envelope, and tape a AAA card to it. Then, you staple a squirrel tale to it, and go to a Maul Streak bank and sell it them.
The Maul Streak bank puts it into a shreader, then take the shreaded paper and divy it up into three new vanilla envelopes, call them R2D2 backed C3PO's and sell them to Pension Buns and Still Gross at PIMPLE.
Pretty simple really.
Cheers,
So what's the call on the Friday bank failure? I don't think anything is going to happen today, but if it does, all put my bet on VNBC.
HA-HA-HA-HA!!!! That gave me the giggles all day. It's 2:30pm EST and "All-day" loans is still up...
Bellcurve, you are in the wrong profession, hahahahahaha.
I laughed so hard at you and Misean, that I busted the button on my pants (for real).
Squirrels don't live in houses, but they can cause lots of pain alt-a (all day).
Just hilarious! Made my day!!
liz,
I almost couldn't type it.
Cheers,
I receive home delivery of the Post. They recently offered a third round of early retirements. The Business section (which was never terribly strong) has taken a big hit and must be staffed by summer interns now.
Misean- is that R2D2 or R2D^2?
Alt A? Oh, that's very different....Never mind.
Uncle Ar,
R2D^2...LOL.
Cheers,
I was on the phone talking with a guy about Seeking Alpha's gold revelations ( here [The Strange Case of Dr. GLD & Mr. Bullion] and here [The Disconnect Between Supply and Demand in Gold & Silver Markets]).
Anyway, after explaining the actual and likely fraud, he said:
What the Duck?
And I couldn't understand what that meant.
Anybody know?
(apologies to Ray Davies)
World I want a pick-a-pay all of the time
Alt-A and all of the night
Alt-A and all of the night
Alt-A and all of the night
What means Uncle Ar? Or would it take so much explaining for the err, code "challenged" like me that it would lose it's punch?
Glod you typed it.
Misean pls stop I'm trying to eat!
Don't know what it means Jim, but it sounds like a Marx brothers reference.
^2 means squared. Although D is not very square.
Cheers,
I am thinking Lehman is in a bad spot summed up by the Cinderella song "Somebody save Me!":
"Somebody call a doctor, cus I think Im gonna crash,
Never pay the bill because I aint got the cash!"
Works for me.
Sorry this is so long, but it's kinda on topic...
LADLE RAT ROTTEN HUT
Wants pawn term, dare worsted ladle gull hoe lift wetter murder inner ladle cordage, honor itch offer lodge, dock, florist. Disk ladle gull orphan worry putty ladle rat cluck wetter ladle rat hut, an fur disk raisin pimple colder Ladle Rat Rotten Hut.
Wan moaning, Ladle Rat Rotten Hut's murder colder inset. "Ladle Rat Rotten Hut, heresy ladle basking winsome burden barter an shirker cockles. Tick disk ladle basking tutor cordage offer groin-murder hoe lifts honor udder site offer florist. Shaker lake! Dun stopper laundry wrote! Dun stopper peck floors! Dun daily-doily inner florist, an yonder nor sorghum-stenches, dun stopper torque wet strainers!"
"Hoe-cake, murder," resplendent Ladle Rat Rotten Hut, an tickle ladle basking an stuttered oft.
Honor wrote tutor cordage offer groin-murder, Ladle Rat Rotten Hut mitten anomalous woof.
"Wail, wail, wail!" set disk wicket woof, "Evanescent Ladle Rat Rotten Hut! Wares are putty ladle gull goring wizard ladle basking?"
"Armor goring tumor groin-murder's," reprisal ladle gull. "Grammar's seeking bet. Armor ticking arson burden barter an shirker cockles."
"O hoe! Heifer gnats woke," setter wicket woof, butter taught tomb shelf, "Oil tickle shirt court tutor cordage offer groin-murder. Oil ketchup wetter letter, an den - O bore!"
Soda wicket woof tucker shirt court, an whinny retched a cordage offer groin-murder, picked inner windrow, an sore debtor pore oil worming worse lion inner bet. Inner flesh, disk abdominal woof lipped honor bet, paunched honor pore oil worming, an garbled erupt. Den disk ratchet ammonol pot honor groin-murder's nut cup an gnat-gun, any curdled ope inner bet.
Inner ladle wile, Ladle Rat Rotten Hut a raft attar cordage, an ranker dough ball. "Comb ink, sweat hard," setter wicket woof, disgracing is verse.
Ladle Rat Rotten Hut entity bet rum, an stud buyer groin-murder's bet.
"O Grammar!" crater ladle gull historically,"Water bag icer gut! A nervous sausage bag ice!"
"Battered lucky chew whiff, sweat hard," setter bloat-Thursday woof, wetter wicket small honors phase.
"O Grammer, water bag noise! A nervous sore suture anomalous prognosis!"
"Battered small chew whiff, doling," whiskered dole woof, ants mouse worse waddling.
"O Grammar, water bag mouser gut! A nervous sore suture bag mouse!"
Daze worry on-forger-nut ladle gull's lest warts. Oil offer sodden, caking offer carvers an sprinkling otter bet, disk hoard-hoarded woof lipped own pore Ladle Rat Rotten Hut an garbled erupt.
MURAL: Yonder nor sorghum stenches shut ladle gulls stopper torque wet strainers.
JBR,
You're a demented Russian,right? Trying to restart the cold war!
D? 4th letter of the alphabet? We could probably manage an honorary square. It certainly wouldn't fit in any round hole. Not that R2 was very square either, for that matter....
ok, JBR has just jumped the shark. It would take too much time to figure that out. How's about a translation?
Sorry lawerliz, didn't mean to exclude anyone, I am just a lowly computer geek, and that's how we write it (^ = 'to the power of').
It's Little Red Riding Hood, but I think JBR was typing with his mouth full.
Little Red Riding Hood?
A little 2 slightly elevated doesn't do it?
Ross writes
JBR,
You're a demented Russian,right? Trying to restart the cold war
Are you calling Condoleeza a demented Russian?
JBRwocky!
Lawyerliz- I would have to put in some html that haloscan would probably rip out anyway.
Sorry ;-p
For more info on the future of WAPO stories, see this site"
The Complete Anguish Languish Site
Who you calling a wookie?
I hay tyffing wif my mouf fuuu.
Cheers,
"For more info on the future of WAPO"
or
FDIC: Federal Deposit Insurance Corporation
These are your Kinks, on mortgages:
YouTube - Kinks - All Day & All Of The Night
Miessyean, id dus makk tings g0 fubar, nah?
i see scav must be an it person too (please take note of my correct grammar so my grammer doesn't come after me).
It's Little Red Riding Hood in the Gullah dialect, right?
I look forward to the day when I read a newspaper and read the phrase "first trusteed." I almost got bit on the ass by that mistake, until I asked the guy, "What's a first trusteed? Is there a second trusteed?"
And I thought I was the only one who had trouble understanding song lyrics!
"Alt-A, and all of the night,
Alt-A, and all of the night."
The Kinks
The world finally makes sense!
I thought they said:
"Alt-A, and all - a - denied!"
/wishful thinking.
Re alt-gay:
The American Family Association has a word replacement policy that resulted in:
Homosexual breaks US record in 100 m in trials
when Tyson Gay won in the Olympic trials at a record pace.
Would have been even better if the original was "Gay wins Olympic trial at record pace in heat"
"Bellcurve, you are in the wrong profession, hahahahahaha.
I laughed so hard at you and Misean, that I busted the button on my pants (for real)."
Professional pants popper - how did you know?
My cousin Tony used to make "all day" loans. When the sun went down, it was time to collect. Either you paid in full or your terms reset so that your ARM had to be recast, in plaster.
Sumthin' like 'dat.
tranches,
LOL
Cheers,
tranches -
"My cousin Tony used to make "all day" loans. When the sun went down, it was time to collect. Either you paid in full or your terms reset so that your ARM had to be recast, in plaster."
Yeah, and at the funeral home they answer the phone like this:
Tony's Funeral Parlor -
You stab 'em, we grab 'em,
You kill 'em, we chill 'em,
Some go to heaven,
And some go to Hello?
MURAL: Yonder nor sorghum stenches shut ladle gulls stopper torque wet strainers.
JBR | 08.22.08 - 2:58 pm | #
Sounds like Finnegan's Wake (Joyce)to me, but I never finished the damn thing.
Okay, so now I've read the whole thread and see I'm redundant. Sorry.
However - 10 years ago I led a project to overhaul a police department manual, and they're not so much with the grammar and syntax. You shoulda heard me trying to convince everybody we had "trusties" (pl. of trusty) in the jail, not "trustees."
Seems prophetic now.
12th Percentile | 08.22.08 - 2:15 pm
Your link may describe the salvation of the housing market. It appears that a fair portion of FC homes are essentially tear-downs due to vandalism/weather. They aren't livable and are being removed from the pool of homes available, reducing the supply.
5PM EDST 8/22 and those WaPo pinheads still haven't fixed the quote
Alt-Eh? No way, my Canuck relatives tell me they don't have crazy US style loans, housing meltdown could never happen up there, eh?
Somebody at the Post was thinking "SUCKERS" during the story and put in All Day!
All day loan?
That's what the banker sticks to you when his Viagra works overtime?
Hiding out
Squirrels don't live in houses, but they can cause lots of pain alt-a (all day).
-hIGHcastle
Squirrels get into attics here and gnaw on electrical wiring. Sometimes they aren't easy to get out of there, and then you've got to find out how they got in and close that up. A coworker had a raccoon that got into his attic. He talked to a conservation agent about how to get rid of it. He told him to put a radio up there and leave it on talk radio and the raccoon left.
Tanta wrote:
Presumably we will be able to tell if we have any readers at the Washington Post by how long it takes for that to go away . . . .
Just because they write doesn't mean they (can) read.
omygawd...whatfun for a friday!
re:
sdtfs writes:
MURAL: Yonder nor sorghum stenches shut ladle gulls stopper torque wet strainers.
JBR | 08.22.08 - 2:58 pm | #
Sounds like Finnegan's Wake (Joyce)to me, but I never finished the damn thing.
sdtfs | 08.22.08 - 3:44 pm | #
well now you know.
i hear that Beijing is hot on dem sublime groans...
Heh. Reminds me of another article talking about 3Com's earnings (so you can tell it was many years ago). The author spoke of declining revenue from "Nixon modems" which had me scratching my head, because while I'm not in the telecom industry I'm pretty sure I would've at least heard of whatever the hell those things were.
Then I figured it out: NICs and modems.
OT: Wasn't it great that the US Women won the gold in Beach Bodyvall?
8:30 pm on the left coast and it's still an all-day loan.
Perhaps "all day" means "all your life", in the sense found in the riddle the Spinx posed to Oedipus. In other word debt servitude for life; the "Owership society". Someone feel free to quote the Doors "Summer's Almost Gone"!!!!