And a Happy BFT to all....

What day is it? When your retired the only day to remember is Bowling day!

Give me liberty and give me failure.

OK, Shiela is shopping early.
Wonder what Friday will be like?

The dirty b ards! Is this an accident? Or did they do it on purpose!

Rob Dawg wrote:

So few Fridays.

could be an interesting Friday

LibertyPointe Bank is an active and committed lender to commercial and multifamily dwelling investors, developers and property owners in the Greater New York area."

IIRC these folks were mostly on the commercial side, no?

So many banks. So few Fridays.

Dawg +1

Could this be a running start?

Barley wrote:

So many banks. So few Fridays.
Dawg +1

+1

I just voted in the poll. Is that cheating?

Now how big is Friday going to be that they need to start it on GMT?

Got ?
Neil

clearly this unexpected bank failure Thursday is a result of February snowstorms

Oh geez they just opened a new branch in March 2008

http://www.libertypointebank.com/pdfs/Winter2008.pdf

I think Sheila just wanted to screw up our BFF parties.

Citizen Scotto wrote:

clearly this unexpected bank failure Thursday is a result of February snowstorms

LOL - that was supposed to be last Friday's BFF and they just got there today. Well covering the states of No Dak, So Dak, Minnie, Wisc, Iowa - etc. I've had weeks like that. I wonder if they have a duffel full of emergency stuff - besides cash to buy pizzas.

heh - I dont see them on the trouble list, CR

Barley wrote:

heh - I dont see them on the trouble list, CR

They must have been in double secret trouble.

Wouldn't it be easier to just list the banks that aren't in trouble?

Wouldn't it be the most tinfoily thing if Sheila is a regular CR reader and she's messing with our snark?

Rob Dawg wrote:

Wouldn't it be the most tinfoily thing if Sheila is a regular CR reader and she's messing with our snark?

Sheila is NaRM. We've been trolled.

Rob Dawg wrote:

Wouldn't it be the most tinfoily thing if Sheila is a regular CR reader and she's messing with our snark?

Sitting back at the office lurking, eating pizza and snickering.

Snickers bar for dessert!

Making easy money on BFF polls.

Speaking of Wayne, New Jersey. It's God's country.

west of the fields wrote:

Speaking of Wayne, New Jersey. It's God's country.

if God had a sewer

if God had a sewer

I'll bet there is a song in that

Barley wrote:

if God had a sewer
I'll bet there is a song in that

I'll bet there's a Springsteen song in that

Guess that this one was so bad they couldn't wit till Friday.

Anecodtally, I'm renting having done so since selling 3 yrs ago,(Chicago Metro), talked with a Chase loan "officer" today, ostensibly about a possible mortgage, not that I believe we are close enough to the bottom. Bottom line, would put down 250K, with 75K in reserve at their bank on a 150K mortgage. Have documented income averaging 150K/yr up until last yr, been doing consulting, since the beginning of last yr(1099). He basically said that despite all that he couldn't even approach the notion of doing it. Apparently self employment is a big red flag, even if I have the deposits in his bank that proves I can afford it. Need 3 yrs financial statements and an "act of god" according to his words. Meanwhile, I'll just wait until the $400K house becomes $350, then $325 before settling in.

I always loved that drill when self employed. A worker could get fired the day after closing. Odds are with good self employment, you will pay the mortgage off.

Now this is a weird story:

Homebuilders Pulte and Lennar sue AG over hiring of law firm to probe lending - Thursday, March 11, 2010 | 9:26 a.m. - Las Vegas Sun

. . . to investigate predatory mortgage lending allegations against the companies.

The part about the housebuilders not liking a firm that represents a union doesn't fly, but this part might:

The homebuilders also complain that the Arizona and Nevada attorneys general have retained Cohen Milstein on an impermissible contingency fee basis, giving them an inappropriate profit interest in the outcome of the investigations.

Lennar complained that the Cohen Milstein attorneys have been deputized by the state of Nevada to conduct the investigation, even though "constitutional due process prohibits state and federal government attorneys from having a financial interest in the outcome of the cases which they prosecute."

It's a shame Nevada can't afford to hire staff to conduct its investigation. The article doesn't say under what terms the Arizona AG hired the same firm to investigate the same allegations against the same companies, but I gather that Arizona can't afford to hire staff to conduct its investigation either.

That was seriously funny. Especially coming after the "buy gold now" link.

Feds tell Albina Bank to boost capital levels - Portland Business Journal:
Albina Community Bank Agrees to FDIC Order

Albina Community Bank has been ordered to boost its capital levels and reduce the nonperforming loans on its books.

Portland-based Albina, subsidiary of Albina Community Bancorp (OTCBB: ACBC), has been given until the end of June to improve two key measures of capital strength.

Its Tier 1 risk-based capital level, at 7.04 percent on Dec. 31, must be raised to 10 percent by the deadline. Its total risk-based capital ratio, at 9.92 percent on Dec. 31, must reach 12 percent by the deadline.

Another minnow on Sheila's fish finder.

fudge_hend wrote:

Another minnow on Sheila's fish finder.

My Glod!! It's Full of Banks!!!!!1111!!!!!!

Every time I see the word "contained", I think my blood pressure goes up one or two mm/hg:

Citi CEO: Local Consumer Lending losses contained - MarketWatch

It looks like an examiner figured out Lehman's little trick of moving stuff off the balance sheet for a couple of days at each reporting period. Better too late than never, I suppose.

Examiner: Lehman Torpedoed Lehman - WSJ.com

Likewise, I too disdain contained. But once I reframed my ridiculous response to contained
I feel changed and not remotely contained.

So when I vote in the BFF poll, does that include this bank?
Or am I too late to vote, now that the first bank has failed?

"Every time I see the word "contained", I think my blood pressure goes up one or two mm/hg:
Citi CEO: Local Consumer Lending losses contained - MarketWatch"

I thought once you get over 9000 mm/hg your blood vessels exploded?

Do we need to start a BFT poll now too? I'm so confused. It's not nice to play with Pavlov's dogs feeding times...wait maybe its more like Groundhog Day...everyday is BFF now?

It can't make up it's mind here. We get 1 1/2" rain followed buy 2" of snow. Ground still frozen so it all runs off.

agreed. Weird.

But if you don't have any $$.

But I don't think Pulte or Lennar has any money, unless Lennar
is already doing really well with that swell loan deal it did (with FDIC,
was it?)

The government giveth and the government taketh away. Blessed
be the name of the various governments.

Whoa. . .

Rob Dawg wrote:

Can you still see snow on your local mountains?

In Florida? I thought a sand dune had to be more than four feet high to count as a mountain...

The joke used to be that banks would only loan when you
didn't need to borrow. Now they won't loan under any circumstances.

Rob Dawg wrote:

Can you still see snow on your local mountains? Well then, stop complaining.

Can you see the six months of dog shit under the snow in your back yard? Well then both of you all stop complaining.

Examiner: Lehman used undisclosed "balance sheet manipulation"

dryfly wrote:

Rob Dawg wrote:
Can you still see snow on your local mountains? Well then, stop complaining.
Can you see the six months of dog shit under the snow in your back yard? Well then both of you all stop complaining.

but

I grew up in New England. As a teen I was busted when the snow in the yard melted and the beer bottles surfaced.

Whooee! our local market has recovered and it is a wonderful time to buy according to the Santa Rosa Press Democrat's monthly Real Estate report!!!! Since it is compiled by Rick Laws of Coldwell Banker I am sure it is the straight shit.

That's scary . Glad you made it home ok.

"Lobbyist Ben Dover (profile) wrote on Thu, 3/11/2010 - 6:22 pm
reply ignore user
Use a snow blower and launch them into the neighbors yard!"

When I was growing up I had to clean up all the dog crap in the backyard one spring.  I pulled out the trusty shovel and attempted to whip then all over the fence into the alley.

All I did was create sone big splotches on the fence and end up seriously pissing off my Dad.

funny....no locksmith activity in coastal california...

The regulator's action is performed after the close of business for the day, thus I suspect the next business day is technically where the change is recognized. So the likely reason this happened on a Thursday is that Sheila is superstitious and didn't want the change recognized on Monday, the Ides of March.

Apparently, this bank was owned by Orthodox Jews and this was some means of avoiding work on the Sabbath