1) If CFC files BK, it will mark the biggest failure of US domestic policy, something this administration can't afford to lose. 2) Bush spent more than 1 Trillion $ to fight terrorists and help Iraq people to rebuild their houses, only to see million of Americans to lose their home because a few billion dollars? 3) During the conference on Aug 16, Fed and bankers decided to put Mr G's mistake behind by giving unlimited funds to CFC under the condition that CFC will never write non-prime loans again. 4) CFC started to layoff stuff Alt-A load division immediately. CFC is baited out.
Right now, CFC actually prefers people to withdraw their deposits because it can get cheaper loans from FED
Anyone have a number in terms of how many people CFC is laying off? Here's what I know: the layoffs are occurring in the loan origination department that handles Alt-A mortgages. Prior to the layoffs, some 6,800 employees worked in this division -- otherwise known as CFC's "Full Spectrum Lending unit." Is the whole department going under? Or are they just cutting back? Again, if anyone has a number, I would appreciate it!
and then cry when they file chap 11... unless you take some of that rich premium and buy double puts even further out of the money... depeding on how the math works out it might be a cheap way to expose yourself to upside should CFC fold completely...
So you must think it's our government responsibility to re-build Iraq with several hundred billions of dollar per year while the parents of our troops can no longer afford their house??????? It's government fault to drop the rate so low a few years ago, the housing mess is like Iraq, government and money is the solution.
Good news: Only cut 500, sounds like they still have a lot of work to do. Not in a desperate state, just like a baby crying for candy bar!!!! The baby is fine even he is crying big time, and the government hands out can of candy!:eek: