I sold out of my FNF a couple of weeks ago when this stuff started to stick. Too bad. It was a nice safe play - paying 5% on my investment quarter after quarter after quarter. I just think the stock could get slammed for a 30%-50% haircut over this crap. BAC screaming to the upside.
Yep, 13.22. I hope this is for Cramer and CNBC a buy opportunity like it used to ramp up Bear Stearns... Let me think who is one of the largest investors in BAC ? Scratch, scratch ....Ah, Paulson !!!!
This is BS lies on the part of the banks. They did not lose any paperwork. There is nothing wrong with the paperwork. This is their 'smart' way to fool people who were waiting/wondering what was happening to all their REO that remained unsold. Well, shit, guess what? It's going to remain unsold. Now they've come up with a good reason/excuse to hold it for another year or two. Why not? It costs them nothing, thanks to Bernanke's printing press. Damn liars! PR fraud on the part of these greedy banks.
Something bad wrong with the REO market. Cumbersome. Inefficient. Someone is raking in the dough big time. I can't quite put my finger on why, or who. But, if you want to sell your house, you call an agent, or sell it yourself. Why does Fannie need this elaborate network of asset managers, agents, and all the other trappings? Makes no sense. Just like everything else, it makes no sense. I smell another collapse. Like some drunk who staggers, falls, and tries to get up, I smell another collapse.