Implode-Explode Forums

Is this accurate?

Author: Since1989
Subject: Is this accurate?
Posted: Tue Feb 09, 2010 6:22 pm (GMT 0)
Topic Replies: 0

..if so, i think I may have just been 'radicalized'....

http://www.thinkbigworksmall.c.....88/1168108

Input? Anyone?
_________________
"I never submitted the whole system of my opinions to the creed of any party of men whatever, in religion, in philosophy, in politics, or in anything else, where I was capable of thinking for myself. Such an addiction is the last degradation of a free and moral agent." --Thomas Jefferson to Francis Hopkinson, 1789.

RE: Discussion on Scariest Chart EVER: Loss Severity, Subprime

Author: Do_the_math
Posted: Tue Feb 09, 2010 6:00 pm (GMT 0)
Topic Replies: 1

That chart didn't scare me at- perhaps its because there was no chart.

Sure would have liked to have seen it.
_________________
"Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe." -Albert Einstein

Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.
-Mark Twain

RE: pcf / topdot

Author: Do_the_math
Posted: Tue Feb 09, 2010 5:53 pm (GMT 0)
Topic Replies: 47

In looking at Pine State's statistics, it appears the company made the mistake of too much lending in high default counties and MSA's combined with too little dilution to offset the older originations hitting their default peak.

Their originations were concentrated in Georgia, and just over 60% of their loans were in underserved tracts. The default rate for Georgia is already significantly higher than the US, and the Atlanta MSA, where Pine State did a high percentage of loans, is currently at 15.46%. They needed to increase their endorsements by approximately 80% in low default areas in late 2008/2009 to offset the rising default curve. A decline in endorsements during the last two compare quarters was a sure fire way to blow their compare ratio.

Someone should have had a chat with the CEO a few years ago not to concentrate originations in high default MSA's and underserved areas and to expand production into low default areas. If they would have got into wholesale during the second half of 2008 and offered special concessions for low risk loans while stepping up QC, they probably wouldn't have ended up in this position. But, it looks like they have been winding down for the last few quarters and expected the inevitable.

Anyone have any information or insight on Pine State? I don't know the story behind this lender, but it appears that HUD should have put the company on probation a long time ago based on quarterly performance.
_________________
"Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe." -Albert Einstein

Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.
-Mark Twain

RE: Brightgreen Home Loans Inc. Failing to Start?

Author: Dog1
Posted: Tue Feb 09, 2010 5:30 pm (GMT 0)
Topic Replies: 4

Has lending started yet? What's the latest? Real or not real??

RE: INDYMAC - FDIC - GOLDMAN - ONE WEST

Author: Mr. X
Posted: Tue Feb 09, 2010 5:27 pm (GMT 0)
Topic Replies: 6

[quote="jwerner"]

hubcap wrote:

FDIC is still suing me today and lying (perjury) in Court all day long.

Thanks so much,
Jason

\

?? over what?

RE: Discussion on 1st Metropolitan Mortgage

Author: Dog1
Posted: Tue Feb 09, 2010 4:53 pm (GMT 0)
Topic Replies: 65

So, what's the latest on 1st Met or Bright Green Home Loans? Still in business or not? Anybody know?

RE: INDYMAC - FDIC - GOLDMAN - ONE WEST

Author: jwerner
Posted: Tue Feb 09, 2010 3:20 pm (GMT 0)
Topic Replies: 6

hubcap wrote:

This appears to be similar to insurance fraud, don't you think? What would happen to you and I if we worked out a deal with several fat cats that allowed us to scam overpayments out of the Federal Treasury? Wouldn't we be crucified?

This is beyond infuriating. This is scamming the Treasury and killing the borrower when there was no loss experienced by the new lender. They are profiting from insurance claims to the FDIC. Then, they have the brass ones to go after the homeowner?

Absolutely. You could not have been more correct.

GS saw they were losing their investment, so they played a major role in taking down IMB, whereas they were already the second largest shareholder. What did they do; they appropriately prepared for the siege on their assets via FDIC in the name of IndyMac Venture LLC errrr OneWest.

FDIC is still suing me today and lying (perjury) in Court all day long. The owners are also using the powers of the FDIC too, which is inappropriate for the government agency. It's a disaster. This is not a civil issue or a business issue: It's crime. Money laundering and wire fraud all day long, which goes in line with your insurance fraud point.

Thanks so much,
Jason
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RE: Dow below 10,000

Author: jwerner
Posted: Tue Feb 09, 2010 3:14 pm (GMT 0)
Topic Replies: 21

1 More Thing wrote:

I spent a lot of time in 2008 and in 2009 watching Squwak Box at 4:00 AM
The European segment comes on MSNBC -- so dang early, but the information they were reporting was 1 million times better than any of coverage done by any network here in the states. As the stocks began to drop all over Europe and the stock markets were closed in Russia and Italy, the visual was unprecedented to see the entire European union in trouble. The news reports doing stories with the London Bridge in the background was worth getting up for. As I watched all of the meltdown go on in eurpoe - I kept asking myself - how come they aren't reporting this heavily in the US? Then I realized if they put this on TV there would be a run on ALL OF THE BANKS and panic in the streets.

The commentators were straight forward and there was no fluff. They actually said that a lot of the CDO's sold to them by the Americans were worthless. I sure didn't hear that on Bloomberg nor the WSJ.

Still, let us not forget who their sponsors are.

Thanks,
Jason
_________________
Fifth Third recorded call 6/19/08 after recovery agent began stalking
http://www.youtube.com/watch?v=hyy9zDfRzIg

RE: pcf / topdot

Author: Willywantsit
Posted: Tue Feb 09, 2010 3:04 pm (GMT 0)
Topic Replies: 47

It appears that another lender on the FHA subpoena list may have closed up - Pine State Mortgage. They were a large mortgage banking firm in the Atlanta market and I beleive that they had offices in FL, NC, and SC also. Their website is gone and phone numbers for their branches appear to be disconnected. May want to check and see if they belong in the Implode list.
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RE: Dow below 10,000

Author: frankensense
Posted: Tue Feb 09, 2010 2:47 pm (GMT 0)
Topic Replies: 21

Come on, its funner to say THIS IS IT...again. WE"RE ALL DEAD...again.
This is just your chance to take advantage of low stock prices again. If you missed it last year, don't be a fool and miss it again. The American Way, Buy high and Sell low!

RE: Discussion on FTC Considers Wrong Approach to Protecting Ho

Author: frankensense
Posted: Tue Feb 09, 2010 2:38 pm (GMT 0)
Topic Replies: 6

What they should do is pack and move next door for 1000 a month in rent.
Its going to happen anyways. Why do you take their money? If half of mods fail and you know this, then half of the money you take is being wasted on you when they could use it for moving or a deposit.
Anyone doing mods besides the servicer should not be. Next time someone comes to you, advise them since they are already 6 months down it technically counts as a foreclosure on their credit anyways. Pack up and go rent somewhere they can afford.
You might mean well, but you are propagating the problem.

RE: Discussion on FTC Considers Wrong Approach to Protecting Ho

Author: CrisisMaven
Posted: Tue Feb 09, 2010 2:16 pm (GMT 0)
Topic Replies: 6

Haven't I read that after 60 days 100% of modified loans were, er, 60 days late? You summed it up nicely why it won't work and always one wonders, why do they bother? But, oh, of course, they get paid from taxpayer money. And if they don't churn out at least one paper plan a week they might be considered lazy ...
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RE: Dow below 10,000

Author: angryvoodoo
Posted: Tue Feb 09, 2010 1:54 pm (GMT 0)
Topic Replies: 21

rates have never been lower, refinance now!

1st time buyer? Contact your local reel-tor® now!

I SAID NOW!

Look past the obvious and hedge accordingly.

what makes masters of the universe is knowledge and anticipation.

none of us are going to cure the human condition.
thus, i call the position we are in 'conceptual purgatory'.

the problem is actually giving a crap. life is short, so fuggitaboutit. if only it were that ez... but how to motivate all parties low and high to do the right thing???

here's an example: humungoid nuclear power co. buys startup solar power co. I have said it for years:

another example: let the paper/pulp co.'s purchase the hemp mfrs. to convert to green business.

the time is coming. just slower than we would like.

keep the faith.
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RE: pcf / topdot

Author: Do_the_math
Subject: HUD-O-Meter
Posted: Tue Feb 09, 2010 5:32 am (GMT 0)
Topic Replies: 47

ML needs to track the FHA induced lender implosions. Take the list of imploded lenders, subtract the ones that were initiated by FHA, and at the end of the year we can compare the implosions from the lending bust to the implosions caused by FHA.

I expect FHA to hit at least 25-50% of current accrued implodes in 2010. Any takers?

Thank you Belz for the compliment.
_________________
"Two things are infinite: the universe and human stupidity; and I'm not sure about the the universe." -Albert Einstein

Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.
-Mark Twain

Discussion on Duluth man arrested, $1.6 billion in phony Tr

Author: autopost
Posted: Tue Feb 09, 2010 5:00 am (GMT 0)
Topic Replies: 0

http://ml-implode.com/viewnews.....eized.html