Morgan Stanley Freezes Some HELOCs
Submitted by
CalculatedRisk on Tue, 08/05/2008 - 1:53pm (38 comments)
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We were able to refi and get rid of ours. We still have equity. Good riddance.
About damn time too.
Ours HELOC was with BofA. Now that its gone, they've raised the credit limit on my visa. Heh. Here's a cookie.
The Treasury said on Tuesday it hired Morgan Stanley as an adviser to help it analyze and better understand its new authorities to backstop housing finance giants Fannie Mae and Freddie Mac
Treasury hires Morgan Stanley as GSE adviser
| Reuters
OK!
Treasury hiring MS = fox guarding the hen house.
I want to live in the same universe all these 'smart people' reside in. It must be fun.
Morgan Stanley?
Are these not the same imbeciles that are levered 20-30- to 1?
The criminal ponzi scheme against the taxpayers continues unabated.
This country is F%$#@@! corrupt.
A lot of those HELOCs are/were tied to the prime rate (and thus the FFR) so the real reason for the freeze is because they can't make enough money.
How do you get a HELOC from Morgan Stanley? I thought they did brokerage services.
Oh, HELOC,
I love you.
Oh, HELOC,
Where have you gone?
Now I'm just left here
With my credit cards.
Will they leave me, too?
The Treasury said on Tuesday it hired Morgan Stanley as an adviser
The Treasury would be better off hiring Stanley Morgan as an adviser.
Hell, freeze wasn't an option with WAMU they just took it away! HELOC reduced to a fraction of original mutually contracted amount, justified by a reappraisal paid for by moi with their sole accepted appraiser who came back verifying their estimate based on short sales in my hood. I bought in '99 and refi'd in 03 and still have equity.
Like Rob Dawg said above - this is about them rewriting terms of their loan. Oh yeah and my card limits were upped too! Sure, spend away at 27%...
posted to wrong thread
WOW,FIRST THE LOANERS WOULD GIVE ANYBODY A LOAN AND YOU CALLED THEM VULTURES.NOW THEY DON'T GIVE LOANS AND YOU CALL THEM VULTURES. THIS SITE HAS AN ANTI-BUSINESS SMELL TO IT.
You have a nasty smell yourself, Moosie.
Treasury hires Morgan Stanley to review F&F? That's the funniest damn thing I've read in weeks!
Morgan to F&F:'can we see your books?'
F&F: 'can we see yours?'
Playground sex ed in the second grade...
"A Treasury spokeswoman said Morgan Stanley would not have access to Fannie's and Freddie's internal books in conducting its analyses."
So, WTF is the point of this exercise?
MooseH writes:
WOW,FIRST THE LOANERS WOULD GIVE ANYBODY A LOAN AND YOU CALLED THEM VULTURES.NOW THEY DON'T GIVE LOANS AND YOU CALL THEM VULTURES. THIS SITE HAS AN ANTI-BUSINESS SMELL TO IT.
Sheila, please turn the caps lock off.
The Treasury said on Tuesday it hired Morgan Stanley as an adviser
WTF?!?
They didn't seen it coming...
Had to be bailed out when it got here (at least Wall Street in general)...
And now they get a consulting fee to clean it up?
This takes the cake.
Apologies,
OT - OMFG I didn't realize tomorrow is Weird Wally Wednesday! The most notorious day of the month for a market reversal (hells yeah)
I went to another bank today to talk to the Manager about opening an account. He asked me where we used to bank. My reply was "Wachovia," He got this faint smile and continued on talking until I told him that I had seen that faint smile an asked "what was that about?"
His reply was they are seeing at least 2-3 customers a day now moving accounts out of Wachovia at his branch. He went on with how banks do not like to see others banks in trouble blah blah.
I asked some questions about FDIC and he was answering without hesitation. Either he had gone over the rules or I wasn't the first to ask him.
We are going through the hiring process. The probable winner is a multiple degree person who has been out of the field for awhile. What are they doing currently? Regional manager of xxxxx banks branches.
Stanley Morgan was an investment that paid off.
My neighbor got one of those letters from Morgan.
His exclamation 'They can't have my Helot. He's been bought and paid for.
Stanley Morgan, now you're talking my language.
Although my favorite receiver from that era was Ahmad Rashaad.
Maybe we'd be in better shape if all these investment banks were run by ex-NFL stars rather than a bunch of stinking greedy cretins.
Which F&F books would MS like to see? There are about 20 different sets, and the real set that explodes if you touch them.
They used to cut up your credit cards when they gave you a HELOC, now they just cut up the HELOC.
How do you get a HELOC at MS?
I was a broker there until Feb 2008. Walked away with my stock etc.
I remember vividly being pushed to get client helocs moved to ms. There were a lot of incentives to do so both for clients and brokers. I also remember vividly the day that the email went out totally shutting down the program for new applicants. Wasn't a surprise to me since I've been reading the blog since at least 2005.
Great work. btw.
MH
...I asked some questions about FDIC and he was answering without hesitation. Either he had gone over the rules or I wasn't the first to ask him...
-NoVa
I went to my local bank branch the other day and saw something new-they had a sign put up in the lobby saying that "A Statement of Condition" about the bank was available upon request. The employees seemed a bit nervous, especially the branch manager that handled my CD transaction. I wouldn't want to know what the response might be if somebody blew up a paper bag and popped it in the lobby.
I use a small well capitalized conservative country bank.
I received in the mail a letter from the Prez with an attachment from FDIC attesting to the good quality of my bank.
Just a guess but I'll bet Sheila was really scared witless with INDYMAC and thought there might be an old fashioned run on the system. My opinion? It is a silent run.
That's what I'm wondering also. With people doing so much online banking and widespread use of Debit and ATM cards, you don't have the people inside the banks doing the transactions like you used to. There has to be a huge amount of churn going on right now with people who have uninsured deposits splitting the accounts and moving money around.
Morgan Stanley sucks eggs.
hard! They have got to be the worst IB around. They are so inbred they have no chins and now they've announced they need to hire senior management from outside the Firm. If thats not announcing to the world that you suck large, I don't know what does.
"It is a silent run"
I get those too at work. I'm surprised by co-workers haven't complained about the smell.
Anonymous writes:
"The Treasury said on Tuesday it hired Morgan Stanley as an adviser to help it analyze and better understand its new authorities to backstop housing finance giants Fannie Mae and Freddie Mac"
All speciousness notwithstanding?
"The Bureau of Engraving and Printing has secured the services of The Franklin Mint..."
"The Supreme Court said it has hired Sidley Austin to advise on the preparation of..."
"The Dept. of Energy announced they have signed the Halliburton Co. to advise on..."
Like I keep saying, who needs a government of law when you can so easily have a government of men. Your men.
Umm-m-m, how are folks going to make the payments on their first mortgage if they can not get money from their HELOC?
How did Morgan Stanley determine their current mortgage borrowers present property value to reduce or freeze their HELOCS?
The internet?
Gossip?
The Easter Bunny?
Professional Appraiser?
Drive By?
Guess work based on years of taking advantage of the public?
Hello!
Michael LittleBig
On the topic of bank problems, here's a little local bank, CapitalSouth, that's um, doing just fine, as the CEO says, but it nonetheless is coming under regulatory scrutiny by the feds and the state banking department:
CapitalSouth said it's coming under state regulator enforcement action - al.com
It has more in bad loans ($35 million) than it does in capital. It is a small bank in Alabama that did fine until expanding in Florida. Almost all of its bad loans are real estate related.
It was once known as Bank of Alabama, but changed to CapitalSouth because everyone knows that figuring out a way to put "south" in your name is good for business (in the South) as it evokes the genteel notion of a South that only really existed in the mind.
Ut oh...no more free money.
No more custom wheels.
No more Escalades.
No more vacations.
No more eating out every night.
No more plasma TVs.
God help us.