I did.

He needs to leave the tanning booth.

Summary:

Everyone is screwed - US consumers, Subprimes, he named New and Ameriquest, first time homebuyers, etc.. - EXCEPT CFC. "At the end of the day, this is all great news for CFC".

He mentioned the liquidity crunch a couple of time and lobbyied for rate cuts.

I found a link to my earlier post on previous thread:
Massachusetts subpoenas firms on subprime research

Business & Financial News, Breaking US & International News | Reuters.com

"Secretary of the Commonwealth William Galvin said in a statement that the securities division of his office subpoenaed UBS AG of Switzerland's (UBSN.VX: Quote, Profile , Research) UBS Securities LLC and Bear Stearns Cos. Inc. (BSC.N: Quote, Profile , Research) concerning research analysis of subprime lenders, including New Century Financial Corp. (NEWC.PK: Quote, Profile , Research).
"A global settlement of conflicts by research analysts at investment houses in 2003 set rules for independent analysis. Recent revelations that research analysts issued positive reports on mortgage lenders to those with less than solid credit ratings even as those companies faced more and more defaults suggests that the commitment of 2003 has not been met," Galvin said."

can you say "Conflict of interest"?
How can any ratings they do be taken seriously after this?

Geoff,
Excellent comment. But, believe you me, all the stuff about, "Give me your downtrodden, your weak and poor..." is only a very direct appeal to Congress to keep the moneylenders out of debtors prison.
It is not the illegal aliens who are crying about how unfair it all is, it's the boys who made the big bucks.

He whined about all the poor people who would not be able to refinance their owns if the standards are tightened. But Angie baby: why did you sell them a mortgage they couldn't service out of their income? Don't you know it's predatory lending to lend someone money knowing that the only way they can pay the loan back is to take out another loan?
He's right about the consequences: Bankruptcy for millions. But he's wrong about the cause: Look in the mirror, Angelo!

Cramer has been spouting the tightening of lending standards as 'taking away the loan from the working man' crap.

Noooooo it's overinflated housing prices that forced the working man into putting over 50% of his income and uber-low interest rates that caused the necessity of such loans to exist. And all of these people, Cramer included, made a ton of money in the meantime. Now the party may be over.

Tough crap Cramer! When the working man can afford a house on no more than 30% of take home then his whole financial life might not be on the line.

People like Mozilo and Cramer really make me angry. I'm not sure either of them really care about the working man.

Cramer is paid to get people money into stock market. The CNBC if founded by Wall Street.

Connect the dots yourself.

Good to know Countrywide is a healthier lender. Maybe I should reconsider buying more puts?

(sarcasm)

Read about the yen carry trade, which lies behind a ton of this nonsense, here:

Safe Haven | Unwinding the Yen, Unravels Global Stock Markets

Just a really interesting article.

The guys who are making the money are going to walk away from this with a smile and a ticket to Maui.

Give credit where credit is due.

And stop talking about illegal immigrants. Who would you rather trade places with:

an illegal immigrant

the head of securitization at Citi?

Claims that the sub-prime crisis is an affliction to working families are beneath contempt. As others have noted, it is the unaffordability of housing that is the problem and to suggest otherwise, particularly by patronizing the poor and minorities, is nothing more than a PR tactic to deflect blame from those who aided and abetted the obscene speculation in U.S. housing that has left so many people in a financial crisis.

These people truly have no shame.

Ok, I was headed for the tanning salon, but not any more.
I'm gettin the hang of the real meaning of "no skin in the game"...the appearance of skin...talk about over-exposure.

I must say mikail you make uncommonly good sense to me...sorta (this is as good as it gets with me).
BB takes the high road --exacerbating the mortgage rates in this "tightening" process (against current trends which see slightly lower mortgage rates as mortgage volume unwinds, yes?) or does the inverted yield curve deepen...showing the Fed to be less than the competent body we were hoping for?
Or he takes the low road hoping to ignite the carry trade without enflaming a run on the dollar?

Or he stays put and hopes that the damage is containable, all 4? 5? years of it...and buyers of tbills are patient, understanding and forgiving.

Angelo doesn't bother me. He started the company from scratch, he's 68 and cashing out. I don't blame him. He only let subprime get to 7%, while the nutballs NEW and NFI went crazy with risk. As I said a couple of days ago, LEND was the highest house on the flooding street, well the flood took them out. CFC lives way up the hill and they will survive, and with little competition they will do well. His point about the inability of first time home buyers to now buy a house is spot on. That will drive the coming recession. If you are a young family with a house and are ready to move up, who are you going to sell to? The entire real estate system is freezing up as we blog. Wall Street finally connected the dots on the home builders today. The next couple of weeks/months are going to be ugly for the markets.

People liquidating gold to pay off margin calls.

CNN.com front and center main article as of 8:30 PM EDT:
"Scary math: More homes, fewer buyers" 
"Companies that lend money to home buyers with bad credit histories are getting crushed. Along with worrying stock investors, troubles for subprime mortgage lenders could mean there will be more homes in an over-supplied market and not as many people who can step in to make purchases."

Now all we need is a Fox News headline and the whole spectrum will be covered. Oh, wait, their top story as of 8:30 PM EST is "Homeowners in Crisis"...it's official, Joe 6 Pack knows, no matter what his political leanings are.

Foolmate - I concur. We need at least one 10% correction in this Bull Market - haven't had one yet. It will take a couple more weeks to hit bottom then there will be a re-test a couple weeks later. Some stocks (the leaders) will bottom at the first bottom but others (more troubled but some more interesting) won't bottom until the re-test. One needs to make a list now and be patient.

It is best to buy when one is personally afraid - not when you "think" others are scared. Unfortunately, one tends to become paralyzed when the really good buying opportunities present themselves.

Centex CEO bailing out of his stock, plans on selling more this year than the past 3 years:

http://www.marketwatch.com/news/story/centex-ceo-adopts-stock-selling/story.aspx?guid={37827826-5923-40F2-A3B1-CFDBEADDEE87}&siteid=myyahoo&dist=myyahoo

Today's Yahoo Finance Poll

Q.What investing style do you currently favor for the equity portion of your portfolio?

Value
Growth

What a great day to ask?

I needed a somewhat more complicated 3rd option, for what it is worth.

Stagflation - In 2004 you became aware that we simply borrowed our recovery and exited the stock market entirely. You moved to physical gold and silver. In the spring of 2006, (after umpteen seemingly innocent and "harmless" baby-step rate increases), you moved entirely to the relative safety of T-Bills and TIPS.

As for the latest job report, I'm sure this has been mentioned before but...

The $871,000 Job Subsidy
The $871,000 Job Subsidy
This means that even under the most optimistic assumptions about the relationship between tax cuts and jobs pushed by the White House, the Bush economic brain trust managed to spend $871,000 on every new job it claims to have created since 2001.

Gotta love those economic brain trusts.

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. - Alan Greenspan, 1966

In other words, no matter how much we'd prefer not to be, we are all players in the casino.

Why is Gold trading down by the way? Shouldn't there be a flight to it? I don't get it.

No, current flight to safety is strictly knee-jerk stuff... Treasuries, etc. It'll take a realization of the dollar's true fate before gold soars.

Actually, Angelo has sold better than $10m in stock in the last two weeks... he did another $2.4m today.

People liquidating gold to pay off margin calls.

But are the kind of people who generally buy gold the kind of people who would buy on margin? I would tend to think not, but who knows?

General Motors just has to be the worst managed company of my 65 year life time - that has managed to stay in business for decades. Just amazing!! They couldn't even manage to sell off what had been a very profitable asset any time near it's peak. They waited until it was going down the tube.

Has any company had a more slow, lingering death than GM? They can't even go into bankruptcy efficiently. But I am confident that eventually they will complete the task.

Tennis-8 about a 10% correction. The small 8.4% correction in the dow last year was coming off of a 5.6% GDP growth quarter with fears of an overheating economy with inflation rising and some unwinding of the carry trade. A correction in the market from companies blowing up and recession fears is a totally different animal.

My point about showing the CFC's 10K on loan sales:

Although close to $83B of subprime and HELOC loans are off CFC's books, they still retain credit exposure from them.

So you can't just say they have 7% Suprime exposure on their books. They have a bunch of subprime exposure that's off balance sheet that may yet rebound back onto their income statement and balance sheet if things go bad, as they are doing right at this moment.

synchro, that's a nice catch! I overlooked it. If I had puts it would make me have pleasant dreams tonight. If I were angie I would SELL SELL SELl... curiously, just like he's preoccupied himself with doing almost every single day.

Correction: the incurred loss in 2006 related to forced buybacks is $290MM (as of 12/31/06) - $66.5MM (as of 12/31/05) - $87.7MM (charge-off in 2006) = $135.8MM.

Btw, this is purely from an amateur posing as a forensic accountant. My background is actuarial science and insurance. I could be wrong interpreting these numbers.