There's your billion dollar bank. Happy now?

So an Oregon bank assumes a Washington bank and a Washington bank assumes an Oregon bank.

What the hell is an Umpqua?

I've never heard of these banks, and I used to live there.

Where was the Black Lodge?
Perhaps this is where WaMu
Did valuation

For dryfly :
Comment by Cinco-X from thread 'Bank Failure #7: Charter Bank, Santa Fe, New Mexico'
and RE:
Comment by Cinco-X from thread 'Bank Failure #7: Charter Bank, Santa Fe, New Mexico'

Do you live in Massachusetts or the Massachusetts viewing area? I do, and based on what I saw on prime time, Coakley was running about 2 ads to every one of Scott Browns. Unless you got definitive data showing otherwise, bite me! I live here and can see the TV, and you're in a different time zone. BTW, the same ratio applied to radio advertising, and yes, I listen to the radio too-

Loss ratios < 20%.
A trend or a blip?

Another same name takeover...Columbia State and Columbia River...

greenchutes wrote:

Pacific Northwest
Grunge, Salmon and falling banks

Also, Pink Martini! YouTube - Pink Martini "Hey Eugene" on David Letterman - 6.14.07

Oh hahahaha I remember that bank CR! That picture was hilarious....I knew I recognized that name...

Left Coast reprazent!

C'mon Sheila, another two, just to look thorough. Just a little Kali offering?

C

Comrade Kristina wrote:

Another same name takeover...Columbia State and Columbia River...

Oh, Gawd no, 2 different worlds, you have to be there. Srsly.

Yep C, one more and I win!

Cinco, this is a 70/30 blog - 70% Dem and 30% Rep. If you keep expressing Republican points of view, you will keep triggering automatic reactions from the 70%. Your responses just keep the tired Dem-Rep, left-right, polemic going forever. If you enjoy discussing economics and housing more than political polemics, then you need to avoid pushing the hot political buttons of the majority here.

What RE said - NOT Fox. Nor CNBC either. Maybe Fox revives after Murdoch dies. Maybe NBC/CNBC revives after GE divests.

And anecdotal 'view' while informative isn't data unless confirmed - I think the link  sums it up pretty well.

I've got one. The banker asks the Congressperson whether she's a Republican or Democrat. She answers, "I don't know. Which pays more?"

This is Portland. A snark band doing hard rock covers with a mandolin and a typewriter. I adore these guys:

YouTube - Sneakin' Out

rosethorn wrote:

Umpqua is the name of a major river in Southern OR...good steelhead fishing and drift boating.

Yup.

Dear CR,

This link contains some personal anecdotes from people who have attempted loan modifications. While it may not be entirely factual, it is interesting to read. I am especially intrigued by people's references to the value of their "asset(s)". CNN may then turn it into a story about how banks have failed to help the American homeowners.

Sincerely,

A pony in every pot

Sorry, forgot link.

Talkback: Were you denied a mortgage mod? - CNNMoney.com Talkback

The Balancing Bair:

Merudandasana – Balancing Bear Yoga Posture | Eastern Health and Fitness

Umpqua is an Indian name (duh)...bought our local $400M community bank( (N Cal) a couple of years ago...call their branches "stores" ( yes they sell hats and stuff).. answer the phone "Thanks for calling the world's greatest bank" or some such thing...pays 1.5% for business money market acct..have a boatload of CRE that is troubled

would be some great scrabble words if not capitalized

Power corrupts, but it corrupts only those who think they deserve it. Good read until B.S. last sentence
The psychology of power: Absolutely | The Economist

No gaming the vote. It wouldn't be fair.

Leave for dinner and miss all the fun on BFF, oh well. The Umpquai river is a wonderful drive along the banks to the ocean. I would like to do a float trip there this year.

Comrade Misean is Dope wrote:

Yeah I pulled that too out of curisosity. But I keep reading "in the last week of the campaign". Nothing about totals. Not that it matters much, the deltas are pretty slim.

Okay; I should apologize for venting, and so I'm sorry for flying off the handle at RE and Dryfly. It was uncalled for. Thanks for looking into it further Misean.
That said, I made it clear my observations were anecdotal, and gave a link to a state site where more detailed information might be found. I really don't appreciate it being said that I'm getting stuff from news organization that I couldn't watch if I wanted to.
Edit: I also got a letter about the election from the NRA, to which I belong. No other organizations sent mail; that, or my wife tossed it out. Bill Galvin sent a letter asking everyone to vote, but a state officer, he couldn't choose sides.

km4 wrote:

Power corrupts, but it corrupts only those who think they deserve it.

Yeah, I always like Hebert's "Power attracts the corrupt,..." which is pretty much what you wrote. Snag is, no one is pure....

Wth all the California banks on the PBL (30 or so), why have they been so slow on shutting those down?

I think they still care about avoiding foreclosures, at least as a statistic as it concerns public debate and as a way to shield housing prices but especially banks' valuation thereof
but by any other measure the program is inefficient. Costing the most for those who are furthest underwater, not submitting payments, etc.
soon enough HAMP is going to encourage default if it is not ended, if HAMP were to be saved I think a czar would have been appointed and attaching their face to it

I too am a Masshole, Cinco is spot on.

Coakley was smitten, nothing is a sure thing in life....get use to it.

Comrade Misean is Dope wrote:

Like what kindy green shoots you can get on a Umpqua pizza...

They are putting WHAT on the pizza? Must be those radicals from Eugene! Shock! Horror!

shill wrote:

I too am a Masshole, Cinco is spot on.

Did what you see on TV correspond to what I saw?

Mr Slippery wrote:

The Balancing Bair:

Merudandasana – Balancing Bear Yoga Posture | Eastern Health and Fitness

Merudanda is 'spine' in Sanskrit. Something the O gang is lacking.

Comrade Elmer Fudd wrote:

does the opposite sex occur in your space?

Ya', but they often choose not to shave their legs-

albrt wrote:

You are right, of course. I should define my terms. By "credible" I meant "capable of being made to appear solvent in the eyes of a non-motivated federal regulator by the application of Geithner accounting."

LOL - anyone who is willing to take one of these hot potatoes off Sheila's hands is by definition 'credible'. I can hardly wait until some of last years credible banks get taken over - would they count twice?

km4 wrote:

My opinion: we mostly have corrupt wimps in US Congress today

It was ever thus.

Ya', but they often choose not to shave their legs-

are they the opposite sex then?

relax broward, the other half the commercials were Brown Attack Ads.

HomeGnome wrote:

relax broward, the other half the commercials were Brown Attack Ads.

No they weren't-

EvilHenryPaulson wrote:

soon enough HAMP is going to encourage default if it is not ended

If successful, most certanly. That's why I snidely made my first statement. It cannot work. If it pays off someones mortgage, well why not mine. If it's very painful and doesn't do much, then walk away...but it takes a bit before the latter becomes known.

Cinco-X wrote:

No they weren't-

They weren't attack ads - they were 'factual'... lol.

I too am a Masshole

does the opposite sex occur in your space?

Somewhere there is a hidden message here.

Comrade Misean is Dope wrote:

If it's very painful and doesn't do much, then walk away...but it takes a bit before the latter becomes known.

Even longer before its realized on a balance sheet.

broward...you having another man period?...I can relate I was at the range Wednesday and my Sig Mosquito kept jamming every 50, ruined my entire day...so what happen to you.

OT

Watched on the national and local news, they are bringing out hundreds of Haitian orphans to the US. Miami is preparing for thousands to be boatlifted soon. I hope this ends well, but it will not. Orphan or not, human children cannot be uprooted without unpleasant consequences. Thinking out aloud!

How's that Sig handle, shill?
Accuracy?

They won't legislate mortgage cramdowns, or any kind of forced expedited efficient resolution
Anything they do will be voluntary for the banks, they will not dare encroach on banks nor spook the markets
So the only way to get results is for money to be voluntarily thrown into their gaping maw, whenever you have dinner with the Federal government -- they always pick up the tab

The only thing I can see banks and the government agreeing on is a period of stasis. No one gives up their rights/claims, maybe the delinquent people pay something every once in a while, and because of regulatory forbearance banks can choose any balance sheet value they like. Meanwhile prices are under less pressure, people are living somewhere, and it's the best outcome for banks and government. The underlying belief being that the magic of free markets will provide a miracle if given enough time outside of a panic. It will be interesting to see how they frame the continuation of hear no/see no/speak no losses. Is Madoff available? He may be the only one who can help them

shill wrote:

broward...you having another man period?

Boys! Really!

EvilHenryPaulson wrote:

because of regulatory forbearance banks can choose any balance sheet value they like.

Fake accounting will only get you so far. Eventually, the cash flow forces the foreclosure.

Not bad HG at 10 yards...fun little shooter with the feel of a real hand gun ( real being a larger caliber ).

But its cheap to shoot and you save the expansive stuff for...well a rainy day.

......I understand the #6 closure was a baby bank, but isn't the 40% cost in DIF expense a little "spendy"?

EvilHenryPaulson wrote:

They won't legislate mortgage cramdowns, or any kind of forced expedited efficient resolution
Anything they do will be voluntary for the banks, they will not dare encroach on banks

You know, I truly hate that line of reasoning, and it's common place, but, most of the shite is NOT owned by the banks. It's owned by the buyers of the MBS chopped salad securities. So, the idea that just cramming them down is efficient is simplistic and somewhat silly. The law suits alone would be ridiculous and clog things for years.

And don't give me the "We'll just force them.." crap. The only buyer of mortgage debt would be the FF twins...

No, this thing is a pyramid collapsing, and there's no GOOD or efficient way to deal with this. Things are too interlinked...

I appreciate the sentiment, but man...just the anecdotal evidence of "wft happened to the paper work" crap writ large boggles my mind.

You're right, but I'm always impressed by how far extending the period can go

Harley reports first loss in 16 years - JSOnline

I own Harley and I ride a Harley, tough times or them.

scone wrote:

Alternatively, the tax payer becomes an accidental landlord and the squid skims off the top.

I am still waiting for some kind of real effort at resolution of the millions of foreclosures that are coming. It may never come.

I don't think they really understand the depth of what is to come. I talk to more and more people everyday that are ready to just say "Screw it" and walk. A wave of people ruthlessly defaulting while simultaneously asking for the note could get interesting. I tell every person I talk to that is teetering to request the note.

dont forget the absolut and half and half...

Obviously things are looking up for 2010.

Think I'll revisit the Dominos position. Might be a banner year: New Recipe and many more banks to go.

Re-post from last night:
Report on local impacts of CA state budget cuts:
I've reported before on local education cuts...here's the latest update for a local district budget in CA (note that the district is also in declining enrollment, about 1/2 of the cuts are due to this reduction in ADA):
2008/9: Cut ~6% of budget
2009/10: Cut ~12% of budget
2010/11: Cut ~9% of budget (14% without fed stimulus...11/12 will be at least 5% cuts to make up for ending of fed stimulus, though 5% will be the starting point as the state is surely not finished with cuts. Thus the Fed stimulus delayed an additional 5% of cuts until 11/12)
Total Layoffs: ~160
Remaining staff: ~450
Some of the cuts:
Class size reduction program: Gone (classes have now gone from 20:1 to 28:1 in K-6, 30:1 to 34:1 in 7-12)
Counseling services: Severely Reduced (400:1 proposed 600:1 by 2010-11)
Athletics: Jr High gone, High school on block for 10-11
Libraries: Proposal is to eliminate for 2010
School year: Reduced by 5 days
Campuses: 4 schools closed in last 6 years.
Admin: 30% reduction in staffing
Textbooks: All purchases postponed indefinitely
Supplies: Department budgets cut by 80%, toner and paper is about all that is left.
Maintenance: All scheduled maintenance postponed indefinitely
Support agency cuts (not district cuts, but outside agency services that affect education/youth services)
School Resource Officer: Gone
Truancy Officer: Gone
Outside counseling support services: Gone
Youth Diversion Director and Programs: Gone
Juvenile probation has told local law enforcement to cut citations and referrals by 50%...that means that 50% of previous cites will now be getting catch and release: no intervention, no monitoring.
Free and Reduced lunch applications are up over 40% at some sites
The state continues to eliminate categorical funding, going so far as to delete account codes from the department of ed databases. These programs, and their funding, are not coming back anytime soon.
Food for thought.

Comrade Misean is Dope wrote:

I appreciate the sentiment, but man...just the anecdotal evidence of "wft happened to the paper work" crap writ large boggles my mind.

Well, of course the legal shit is going to run out about 30 years. That's a given. On the upside, that generates a certain amount of economic activity.

I can't afford Absolut and I'm not fond of it anyway (after taste). I like Smirnoff for a mid range and I'm watching my girlish figure so I use 2% milk in lieu of cream. I really only like Vodka in Russians or Bloodys.

You know scone, many of us would be ok if they'd just give us a reasonable interest rate. I have never not paid a debt in my life and even with my cynical, hateful attitude towards the banks I still feel a pang of guilt at the thought of doing it. I'm not saying I won't. I'm saying it will still bother me.

Comrade Kristina wrote:

Well, I only had enough Kahlua for two small or one very large

Played pool with a 25-y-o kid, he travels around doing "secret shopper" interviews. He was drunk off his ass by our third game. I tried to slow him down but he was out of control so I had the bartender cut him off, left a $20 and asked them to force into a taxi, then went to my midnight movie.

I felt bad about it and I suspect he got into serious trouble.

I had to limit my social liability, I can only do so much.

scone wrote:

Well, of course the legal shit is going to run out about 30 years. That's a given. On the upside, that generates a certain amount of economic activity.

So does digging holes and filling them again...

creditcriminalslovetarp wrote:

I'm taking your place at starbucks...

Oh, man.

I started riding a bike last week, working my way up to ten mile rides.

Off to pool, later.

What's your dirt doin' in my hole boy?

Haha scone. Imagine if they not only said "fuck off" to their mortgage servicer but also their insurance companies, their bosses and any spending of any kind? But I digress into my own personal fantasy world...

EvilHenryPaulson wrote:

Easiest response I can think of would be to offer unlimited mortgages based on strong levels of affordability I knew could be defend (eg: not forcing prices down, but carefully setting the floor price). Have mortgages that reset rates every 5 years. Worry about the investors who lost a bunch on as groups sorted by merit.

I understand your point, but to b e flippant, as is my wont, it's like playing a game of (edit: pickup sticks) where a false move dumps a 16 ton weight on your head, and by your, I mean everyone.

EvilHenryPaulson wrote:

That's why they have escalating interest rates

Interest rates have been declining for most of the last 25 years

Comrade Kristina wrote:

You know scone, many of us would be ok if they'd just give us a reasonable interest rate. I have never not paid a debt in my life and even with my cynical, hateful attitude towards the banks I still feel a pang of guilt at the thought of doing it. I'm not saying I won't. I'm saying it will still bother me.

This is an echo of the ladies who started the French Revolution. You should research this.

Comrade Misean is Dope wrote:

The law suits alone would be ridiculous and clog things for years.

So you have a problem with lawyerstimulus? Why do you hate America?

patientrenter wrote:

Interest rates have been declining for most of the last 25 years

I was talking about the HAMP mods, where the interest rate increases on its own such that there is affordability today and big future claims. Although the shift from secularly declining interest rates to one where the opposite will be true is an interesting stress on lending profitability going forward

Vetch - thanks for posting that.

Comrade Misean is Dope wrote:

So does digging holes and filling them again...

Don't knock it, that's how your ancestors earned the toilet you're shitting in. Enjoy.

scone wrote:

Don't knock it, that's how your ancestors earned the toilet you're shitting in.

I had no idea you hated Poles so much! What next, criticizing the Polish navy's submarine fleet? That whole screen door thing isn't a totally bad idea...

Comrade Kristina
There is too much in mortgages outstanding to afford a significant chunk of it, and because of all the negative equity / highest debt servicing ratios / credit scores / etc. the government would either have to directly own or provide explicit guarantees. The government owning them would be an explosive liability when inflation/interest rates do rise (yield goes up / rate goes down), and even just guaranteeing them would be a burden if it raised the interest paid on all US Treasuries

There is no easy way out of this. Refinancing into lower rates can extend/delay loss recognition, but it won't take care of the problem. If mortgagees can't resell their homes for near the money they spent on them, that screws up their savings and so the problem is shifted

So to recap....I should drink more?

.....it DOES get better, sf.........look at me........I'm certifiable now......seriously, I wish I woulda cranked the head out decades ago......things are easy-peasey now....

It really isn't. I went on a bent for five years where I didn't drink or take my herb...It was an awful experiment...

CalculatedRisk wrote:

I received a nice email from them saying the didn't actually use the TARP for ice cream!

I thought ice cream was fungible.

You never disappoint Comrade Misean... BWAHAHAHA

That is a question I cannot answer. I've not been around long enough to have seen the budgets in the 60's. I only have a relative understanding of the levels of service provided. You didn't have IDEA back in the 60's, so you didn't have the financial outlay for special ed like you do today. You also didn't have ELD programs. That said, as a student in the 70's we had school nurses, music, art, and athletics, lower counselor caseloads, school sponsored bus transport, robust school lunch programs, summer school, etc.

I'm sure there is data available on changes in per pupil expenditures adjusted for inflation over te past 50 years. I'll see what I can track down.

What I know about right now is that were now cutting into core Instruction now. Another couple years of cuts at this level and we'll be cutting the school year further or only showing up 4 days a week. There cones a point where operational efficiencies can no longer be squeezed by consolidation and increased class sizes. Deeper cuts are going to eventually require a society wide rethink on how public education is provided. I mean deep rethink. We're not there yet, but were close to the bone now. We're just cutting days of instruction now...there aren't any supplemental programs that exist anymore to cut.

rich wrote:

I thought ice cream was fungible.

LMAO!

Comrade Kristina wrote:

So to recap....I should drink more?

Do you have more?

It comes down to debt vs income. Austerity can only get you so far. It's not even mortgaging the lifetimes of people born 100 years from now. It is also a drag on the economy to be living in such austerity. Investment doesn't proceed, any growth gets absorbed into debt repayment, unemployment is high, etc..
We need to forget about the numbers for a while, look at what we have and what we can do, then move on.

sportsfan wrote:

It's just the getting from here to there that's a bitch.

.....not as much a bitch as NOT getting there. But then I had a longer trip than most......

exactly, can't bleed a stone
need some other solution

Comrade Kristina wrote:

give them the 80K or so in equity

I've lost that much from time to time, Kristina. There's no right to not lose money.

The people in my family have never had that much to lose so the idea of being able to lose it "from time to time" is obscene to me.

Oddly enough, I'm trying the opposite approach and so far I can report it's not much fun.

Totally agree.

basically there is so much debt that even if spread evenly it amounts to 370% of GDP and rising (govt+corp+household)
just play with the math on that. What would it take to repay that debt. Reinhart and Rogoff do a good job of showing that at least on the macro level, you simply don't grow your way out of debt.