Missed the interview, but I'm liking my CFC April puts right now and I'm guessing you are too! According to an article I read, the CEO warned of a liquidity crunch that's getting worse. "This is now becoming a liquidity crisis," and "it's going to get uglier," Mozilo said on CNBC television. http://yahoo.reuters.com/news/artic...03-13_19-41-41_N1358627&type=comktNews&rpc=44
Yeah, but he tried to paint this as a plus for CFC "at the end of the day" which probably means the end of the year. I'm very curious why he sold all of his shares though and the fucking idiots on CNBC of course didn't ask him.
True, the guy's a sleazy a*hole. But I doubt his message got across considering the Dow was down 200+ while he was talking and mortgage companies were being blamed for it. I'm glad he dumped his stock. One more reason this stock tanks when the feds figure it out.
It was Maria "maybe you can give me a jet ride sometime, big boy" interviewing him. Badonkadonk journalism.
Yes I saw it , guy was practically begging the Fed to lower rates. That won't happen but also saw the report on bloomie that Sen Dodd was talking about a possible gov bail out of subprime borrowers (and ergo lenders) http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aX5_ORASPbvY I wonder if the fact that he is Sen from CT has anything to do with it? Wouldn't have anything to do with the Hedge Funds being up their eyeballs in sub prime CDOs would it? Tax payer bail out of hedge funds is what it amounts to. Like I have said before, if you can't beat them join them. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a.RnhhDf0sJg
LMAO...it was the pristine young vag of Wall St. vs. Leatherface McGillicutty or Dr. Dump...whatever you want to call him. She might as well have given him makeup tips she was so kind to him considering he's dumped $150M in stock. SEC will get him one day hopefully.
I think there are 2 scenarios that could play out in the next year or two. One is that things get really bad and massive foreclosures happen, hedge funds blow up, market tanks, all financials get hit like never before etc The other scenario is that there is a massive S&L type bail out (kind of appropriate that CFC is now a thrift institution and is eligible for that type of bail out) where the survivors get bailed out and make a good profit from holding huge market share at firesale prices. Either scenario is going to put further pressure on the US $ so gold might be the smart play here.
Make no mistake, it isn't the sub prime borrower who he is keen on bailing out, it is the CDO writers who are on the hook. The same ones who will reward his campaign coffers handsomely if he gets them off. The fact that the legislation will help some poor schmucks from losing their home for now is just a nice political side benefit. Hate to be a cynic but that is basically how I think politics works, money 1st then help the people, and ofcourse the people end up paying for the help in spades. Win win for everybody except the tax payer.
1000 more homes valued at 1/4 Billion added to CFC's foreclosure properties for sale listing since I posted above 3 weeks ago. The ones that I have checked that have sold have gone for 20% below listing prices on average.