"reclassified the Banks regulatory capital status from well-capitalized to adequately capitalized although the Banks capital ratios exceed the statutory threshold for well-capitalized"
Huh. Although the Bank's capital ratios exceed the statuatory threshold...erm yeah...that's why they're classification was taken down a notch.
BKUNA and DSL were the first banks I shorted in March 2007. It is an interesting coincidence that they both got slapped down on the same Friday.
From my perspective, DSL was much more honest about their situation, though they did reduce reserves early on when they should have been raising them. At least, DSL publish monthly stats on their troubled loans.
On the other hand, BKUNA management were in full denial mode. BKUNA said they knew their customers, and they all were good credits. BKUNA actually raised capital last spring, which only happened because they were able to cover up the early signs of impending doom.
Oh, I am simply so in love with the "Forward-Looking Statements" part of that press release. Just as the possible side-effects are usually more thrilling that what the drug allegedly cures (often coyly left unspecified in the ad) these qualifications go on and on and on and read like a morgue report of what actually killed the beast.
What's with F&F after hours?
What's with all financials AH?
Oh, that's easy... Fannie and Freddie are about to get bailed out. That means their common stock is finally going to zero, and all the entities who hold their bonds and preferred get saved.
So GSEs down, and "everybody else" up? Everybody meaning all financials? Meaning the entire stock market? And how long is that likely to last? Won't this move devalue the dollar a lot?
Considering that you have to be either an addicted gambler or a blithering idiot to be holding any F&F common stock now I'm not suprised that the selloff hasn't started in earnest after hours because maybe, just maybe the WSJ is wrong and F&F are just fine. Hope floats (until it doesn't).
I see a brisk weekend business from Fanny and Freddy shareholders. May need to put on a second and third shift, and throw in some sale items. Maybe some vaseline too.
If I may brag a bit, I wrote in an article for financial site seeking alpha about a week ago about Downey and Bank United (plus FirstFed) called "The Option Arm Triplets: Dead Banks Walking"
If I may brag a bit, I wrote in an article for financial site seeking alpha about a week ago about Downey and Bank United (plus FirstFed) called "The Option Arm Triplets: Dead Banks Walking"
A week ago? LOL. How do you do it? How about a year ago and I'd give you some small props. Heck even the LA Times nailed Downey to the wall a few months ago.
I am just fascinated by the fact that a Businessweek cover story entitled "How Toxic is your Loan" specifically cited and highlighted BankUnited for its huge NegAmOptARM portfolio and how it was able to book as profit all the deferred interest from it but yet in reality none of it could ever be paid back. It all just flys in the face of all the "smart" bankers who saw nothing wrong with this picture. I vote BankUnited as being one of the first "Regional" banks to go under.
OTS Issues Cease-and-Desist Order to Downey Financial
What is the "cease and desist" aspect of the order anyway? Cease and Desist from being a bank? Funny wording when you think about it, I wonder if the bank employees and depositors see the humor in it? No, probably not.
"Now you expect logic and reason to finally make an appearance? Really?"
Hi, I'm logic, and this is my friend reason. We've been living in a card board box near the east river for several years now. It gets REAL cold in the winter here.
We were wondering if any of you guys could spare a dime or two. Reason here has developed a real bad cough and hoarks up nasty stuff from his lungs all the time. And I busted my knee real bad last winter slipping on the ice on a walk to Wall and Broad to see if anyone would see us. They broke my arm and told me to go to hell and take that phlem spewing reason with me.
Greg Weston,
I'm just tweaking you a bit, you're doing good work I'm sure. Nobody knows how long this banks will be allowed to linger in zombie land now. Probably trying to keep them around through the election though.
BankUnited is offering a 4.80% 13-mo CD. Now with this news, perhaps they'll soon match WaMu's 5% 13-mo CD.
As we learned with IndyMac, stay below $100K and you won't lose any principal or interest if BankUnited fails. These problem banks can be good deals for depositors thanks to the FDIC. It should help make up for future higher taxes to pay for the future bailouts.
If I may brag a bit, I wrote in an article for financial site seeking alpha about a week ago about Downey and Bank United (plus FirstFed) called "The Option Arm Triplets: Dead Banks Walking"
First to see the sun rise and last to see it set is an astronaut.
FDIC needs to be ramping up fast for all the closures on the way
10 minutes to go for EDT closures. You ready, crispy?
"BankUnited FSB"
FSB=Fooking Stoopid Banksters.
Cheers,
So its not BKUNA for shooting at close of business - CORS or WM then ?
-K
Well, it's good to know that they are adequately capitalized.
On Fannie Mae and Freddie Mac
Treasury spokeswoman Brookly McLaughlin said "we're not going to comment on rumors" and offered no other details.
whats up with Vineyard?
What, not creatively capitalized with sparkling new authority for extra market appeal?!
"reclassified the Banks regulatory capital status from well-capitalized to adequately capitalized although the Banks capital ratios exceed the statutory threshold for well-capitalized"
Huh. Although the Bank's capital ratios exceed the statuatory threshold...erm yeah...that's why they're classification was taken down a notch.
Who writes this crap?
BTW WTF does "Adequately" mean anyway?
Cheers,
BKUNA and DSL were the first banks I shorted in March 2007. It is an interesting coincidence that they both got slapped down on the same Friday.
From my perspective, DSL was much more honest about their situation, though they did reduce reserves early on when they should have been raising them. At least, DSL publish monthly stats on their troubled loans.
On the other hand, BKUNA management were in full denial mode. BKUNA said they knew their customers, and they all were good credits. BKUNA actually raised capital last spring, which only happened because they were able to cover up the early signs of impending doom.
energy,
"creatively capitalized"
Oh Lord! Won't you buy from me my level3?
My friends all have the Fed to backstop their crap.
Worked hard to make loans to those who can't pay
So! Oh Lord! Won't you buy from me my level3.
Cheers,
What's with F&F after hours?
What's with all financials AH?
Oh, I am simply so in love with the "Forward-Looking Statements" part of that press release. Just as the possible side-effects are usually more thrilling that what the drug allegedly cures (often coyly left unspecified in the ad) these qualifications go on and on and on and read like a morgue report of what actually killed the beast.
I see FNM down 15% AH...
Buyers remorse.
Fannie and Freddie going to get bailed by UST this weekend according to WSJ article
The one thing never on the shelf at Leftys!
curious-er writes:
What's with F&F after hours?
What's with all financials AH?
Oh, that's easy... Fannie and Freddie are about to get bailed out. That means their common stock is finally going to zero, and all the entities who hold their bonds and preferred get saved.
So, GSEs down, everybody else up.
Leftys Liquors,
"Buyers remorse."
I get that the morning after getting one of Lefty's store specials.
Cheers,
Shouldn't the GSEs be down close to 100% after hours?
Shouldn't the GSEs be down close to 100% after hours?
Patience.
So GSEs down, and "everybody else" up? Everybody meaning all financials? Meaning the entire stock market? And how long is that likely to last? Won't this move devalue the dollar a lot?
Misean confessed: "I get that the morning after getting one of Lefty's store specials."
You need to start drinking a better brand of Gin.
Lefty has it - just ask.
And how long is that likely to last? Won't this move devalue the dollar a lot?
Patience.
Well, you know. If you have an actual stock certificate, you might get something auctioning it on E-Bay or Craigslist.
Cheers,
Considering that you have to be either an addicted gambler or a blithering idiot to be holding any F&F common stock now I'm not suprised that the selloff hasn't started in earnest after hours because maybe, just maybe the WSJ is wrong and F&F are just fine. Hope floats (until it doesn't).
Anonymous | 09.05.08 - 5:56 pm |,
"Hope floats"
So does high fat poop.
Cheers,
Aruba, jamaica ooo I wanna take you
To bermuda, bahama come on pretty mama
Key largo, montego baby why dont we go
Ooo I wanna take you down to kokomo
Well get there fast
And then well take it slow
Thats where I wanna go
Way down to kokomo - Hurricane Ike
Considering nobody is denying the rumor, the stock should be near 0.
I see a brisk weekend business from Fanny and Freddy shareholders. May need to put on a second and third shift, and throw in some sale items. Maybe some vaseline too.
"Considering nobody is denying the rumor, the stock should be near 0."
Now you expect logic and reason to finally make an appearance? Really?
If I may brag a bit, I wrote in an article for financial site seeking alpha about a week ago about Downey and Bank United (plus FirstFed) called "The Option Arm Triplets: Dead Banks Walking"
The Option Arm Triplets: Dead Banks Walking -- Seeking Alpha
Lefty,
I don't care what they say about, you are a real humanitarian (the 'V' for the FnF shareholders)!
So what, we give the big depositers two weeks to get under the FDIC limits and thus increase our socialized losses.
Close them faster with no warning, this drag 'em out slowly is stupid.
Someone has obviously leaked Hanky panky's preference for two buck chuck.
Fannie common at 2 and freddie at 1, then merge the mess.
Wanna bet?
That would be the bazooka.
Someday this war's gonna end...
MoT,
Hmmm that makes me think more likely some kind of cynical pump monkey action - no rumor is true until there is an official denial!
If I may brag a bit, I wrote in an article for financial site seeking alpha about a week ago about Downey and Bank United (plus FirstFed) called "The Option Arm Triplets: Dead Banks Walking"
A week ago? LOL. How do you do it? How about a year ago and I'd give you some small props. Heck even the LA Times nailed Downey to the wall a few months ago.
I am just fascinated by the fact that a Businessweek cover story entitled "How Toxic is your Loan" specifically cited and highlighted BankUnited for its huge NegAmOptARM portfolio and how it was able to book as profit all the deferred interest from it but yet in reality none of it could ever be paid back. It all just flys in the face of all the "smart" bankers who saw nothing wrong with this picture. I vote BankUnited as being one of the first "Regional" banks to go under.
OTS Issues Cease-and-Desist Order to Downey Financial
What is the "cease and desist" aspect of the order anyway? Cease and Desist from being a bank? Funny wording when you think about it, I wonder if the bank employees and depositors see the humor in it? No, probably not.
I vote BankUnited as being one of the first "Regional" banks to go under.
or Downey...
No bank yet?
I'd better hit lefty's before the rush.
May need to put on a second and third shift,
ONE SHIFT? Are you cruel and close just before the west coast banks?
Got Popcorn?
Neil
Well JMS, I have been short DSL and BKUNA for more than a year now, but I never made a public call.
I think I first heard about both on CR, so all props to him!
sure it's a repost, but what the heck
//www.youtube.com/watch?v=hMenB9Ywh2Q
Queen - another one bites the dust.
jms,
"Now you expect logic and reason to finally make an appearance? Really?"
Hi, I'm logic, and this is my friend reason. We've been living in a card board box near the east river for several years now. It gets REAL cold in the winter here.
We were wondering if any of you guys could spare a dime or two. Reason here has developed a real bad cough and hoarks up nasty stuff from his lungs all the time. And I busted my knee real bad last winter slipping on the ice on a walk to Wall and Broad to see if anyone would see us. They broke my arm and told me to go to hell and take that phlem spewing reason with me.
Anything would help.
Thanks for listening.
Cheers,
Greg Weston,
I'm just tweaking you a bit, you're doing good work I'm sure. Nobody knows how long this banks will be allowed to linger in zombie land now. Probably trying to keep them around through the election though.
Misean,
Exactly, lol.
No brokered deposits?
Ruh Roh.
Misean,
maybe they can move in with Matt Foley in his van, down by the river.
Google Videos Error
Exit,
LOL.
Cheers,
"Eating government cheese" about says it all...
c'mon Wamu.....c'mon wamu....
What about a longshot like Nat City? Paying people to NOT take their money. Ironic.
BankUnited is offering a 4.80% 13-mo CD. Now with this news, perhaps they'll soon match WaMu's 5% 13-mo CD.
As we learned with IndyMac, stay below $100K and you won't lose any principal or interest if BankUnited fails. These problem banks can be good deals for depositors thanks to the FDIC. It should help make up for future higher taxes to pay for the future bailouts.
"nsidering nobody is denying the rumor, the stock should be near 0"
It's the opposite. Only goes to zero when the rumor gets denied.
TSR has Ike going into the gulf as a CAT4. Is it bullish if the gulf oil infrastructure gets mangled ?
bearly,
oil, naty gas and glod only go down, didn't you get the memo?
Well, until next week.
Just read some of the more clueless over on yahoo. Scary. Some are trying to put the regulatory news into positive spin.
Someday this war's gonna end...
bearly,
include \t
using namespace std;
\t\t
int main()
{
int sanity;
cout sanity;
cin.ignore();
if ( sanity == sane )
{
cout
If I may brag a bit, I wrote in an article for financial site seeking alpha about a week ago about Downey and Bank United (plus FirstFed) called "The Option Arm Triplets: Dead Banks Walking"
I can haz cookie?
bearly,
include /\t
using namespace std;
\t\t
int main()
{
int sanity;
/cout sanity;
cin.ignore();
if ( sanity == sane )
/{
/cout
CR and Tanta have to work late every Friday because of BFF. Hope it stops soon!
bearly,
include /\t
using namespace std;
\t\t
int main()
{
int sanity;
//cout sanity;
//cin.ignore();
//if ( sanity == sane )
//{
// cout
screw it
Cheers,
Misean --
Less-than and greater-than signs look like HTML markup to HaloScan and get swallowed.
<grin>
bearly,
include //\t
using namespace std;
\t\t
int #main()
{
int sanity;
cout sanity;
cin.ignore();
if ( sanity == sane )
{
cout
I truly hate haloscan.
Cheers,
Hint: Replace "<" with "<" and ">" with ">" before posting
Nemo,
Where's TFM so I can RTFM? Damn, that's just friggin' fugly. I just wanted to tap out a little C and post it.
Cheers,
Goddammit you code warriors. I can't even link to stuff!
On topic: I think we're starting to see a pattern to a process we are only guessing at.
FFDIC?
Misean --
I know of no FM for Haloscan... I just experimented with "Preview" and HTML entities
.
☺
Nemo,
Figures...I G%$#damn HATE html...it's so bassackwards.
I'll talk to my web guy...save me a migrane.
Cheers,
Misean writes:
Nemo,
Where's TFM so I can RTFM? Damn, that's just friggin' fugly. I just wanted to tap out a little C and post it.
You C looks like my Perl.
Here ya go you maniacs,
Code Monkey
energy,
BWAHAHAHAHAHAAHAHHAHAHAHA!
Cheers,