Frustrated by the government’s latest move, Freddie Mac employees are beginning to air their opinions.
Archive for the mortgage industry Category
Valleywag has the story on Honeywell CEO Dave Cote’s email to all 122,000 employees encouraging them to support the housing bail out. Why you ask? Because Honeywell, like many other large firms, leverage the short-term commercial paper market to manage cash flow and operation expenses. This market has effectively stopped working and CEO’s like Cote (and GE’s Immelt) are hoping that they don’t have to tap credit lines to fund ops while the commercial paper market is frozen. Tapping credit lines would make investors nervous, putting pressure on their stock prices and increasing borrowing costs (a nice, little vicious cycle). Of course you wouldn’t want to come right out with your ulterior motive, so instead make it a play for Main Street and hope your butt gets saved by the folks that are going to get screwed the most. From Valleywag:
05
10
2008
New Commemorative Dollar to be printed for bail out fundsPosted by: admin in mortgage industry
The U.S. Treasury is considering a new, special dollar to be printed to help finance the housing bail out. Initial prints have been leaked to select media outlets. We were lucky to get our hands on the new design (h/t Graeme):
Valleywag has the story on Honeywell CEO Dave Cote’s email to all 122,000 employees encouraging them to support the housing bail out. Why you ask? Because Honeywell, like many other large firms, leverage the short-term commercial paper market to manage cash flow and operation expenses. This market has effectively stopped working and CEO’s like Cote (and GE’s Immelt) are hoping that they don’t have to tap credit lines to fund ops while the commercial paper market is frozen. Tapping credit lines would make investors nervous, putting pressure on their stock prices and increasing borrowing costs (a nice, little vicious cycle). Of course you wouldn’t want to come right out with your ulterior motive, so instead make it a play for Main Street and hope your butt gets saved by the folks that are going to get screwed the most. From Valleywag:
04
10
2008
Wachovia, Citi and the FDIC or Wachovia, Wells Fargo and the FedPosted by: admin in mortgage industry
A guest post by new Blownmortgage.com contributor, MG Dungan. MG has gone from Wharton to Wall St. to real estate to Blown Mortgage. Whilst all eyes were upon the Bailout negotiations, there was a little changeroo in the Wachovia rescue package. According to Reuters on October 3, “Wells Fargo & Co agreed to buy Wachovia Corp. for more than $16 billion, besting a U.S government-backed Citigroup Inc. bid for some of its assets, in a deal that would catapult Wells Fargo to the top ranks of national consumer banks. For each share of Wachovia, investors will receive 0.1991 Wells Fargo share, which is equal to $7 a share based on Wells Fargo’s closing price on Thursday of $35.16. A Wachovia spokeswoman said neither Citigroup nor the Federal Deposit Insurance Corp is involved in the transaction.
Watch this powerful video on “trash outs” the job of cleaning out foreclosed properties for re-sale. It’s a the sad reality of what’s going on on the ground.
Well, leave it to the folks who brought you Woohoo! to bring you the latest in marketing for failed banks - pimping your new sugar daddy. WaMu’s headline in-branch flyer reads: “We love Chase. And not just because they have a trillion dollars.” Actually, it’s precisely because of their money, but I digress. Always good to find a sense of humor in the gross mismanagement that led to the largest bank failure in the history of our country. (h/t to Jeff for the find)
The Dow is down 777+ points ($1.1 trillion in market value) today as I write this as the bailout bill failed the House of Representatives. Of course, I’m in no place to write at the moment, so here are some links:
Post yours (and vote for your favorites) at: http://news.blownmortgage.com/
Valleywag has the story on Honeywell CEO Dave Cote’s email to all 122,000 employees encouraging them to support the housing bail out. Why you ask? Because Honeywell, like many other large firms, leverage the short-term commercial paper market to manage cash flow and operation expenses. This market has effectively stopped working and CEO’s like Cote (and GE’s Immelt) are hoping that they don’t have to tap credit lines to fund ops while the commercial paper market is frozen. Tapping credit lines would make investors nervous, putting pressure on their stock prices and increasing borrowing costs (a nice, little vicious cycle). Of course you wouldn’t want to come right out with your ulterior motive, so instead make it a play for Main Street and hope your butt gets saved by the folks that are going to get screwed the most. From Valleywag:
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