Office of Thrift Supervision shuts down IndyMac Friday July 11, 8:52 pm ET By Alex Veiga, AP Business Writer Office of Thrift Supervision steps in and closes IndyMac Bank; FDIC takes over operations LOS ANGELES (AP) -- IndyMac Bank's assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. http://biz.yahoo.com/ap/080711/indymac.html SO WHO'S NEXT?
It's probably a close race between FNM, FRE, LEH, ABK, and MBI Any one of these can go at any day now.
I know it's fun to talk about who is going bankrupt next, but you should check the call I made back in March of 2007.....I listed My 20 largest Short positions and I just refreshed the post in my journal......Not to shabby if you ask me....Making a call like that during the middle of "Goldilocks".. http://www.elitetrader.com/vb/showthread.php?s=&threadid=64553&perpage=6&pagenumber=127 $COSTAverageMAN
Analyst warns on Wachovia amid more bank worries Tuesday July 15, 9:59 am ET Analyst calls situation bleak for Wachovia as jitters about the banking system continue NEW YORK (AP) -- The situation is increasingly bleak for Wachovia Corp. and the bank's mortgage portfolio will continue to lose value, "seriously jeopardizing" the company's ability to generate earnings, an influential analyst warned on Tuesday. The latest note of caution came as the government moved to reassure people their money is safe in the nation's banks. Yet fears about the system persisted and financial shares were broadly lower Tuesday, signaling another tough day for the stock market. Federal Reserve Chairman Ben Bernanke is scheduled to brief Congress Tuesday on the economy, which has been walloped by high energy prices and fallout from the housing slump and credit crunch. The testimony also comes amid a backdrop of rising oil prices and a slumping dollar, and as stock markets overseas tumble amid worries about the U.S. http://biz.yahoo.com/ap/080715/banks.html?.v=5
Merrill shares plummet amid wider financials decline Monday July 28, 2:33 pm ET NEW YORK (Reuters) - Merrill Lynch (MER - News) shares dropped nearly 10 percent on Monday, leading the entire sector lower as investors fretted over credit quality and the housing sector. The sell-off came after a rally last week that lifted many banks' shares 40 percent or more. U.S. lawmakers passed a housing rescue package over the weekend aimed at helping struggling homeowners and shoring up confidence in mortgage finance giants Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News). But analysts said the bill would take time to go into effect, and would not likely cure the U.S. housing crisis as the financial sector wrestles with many difficulties. http://biz.yahoo.com/rb/080728/merrill_shares.html
Looks like DSL or VNBC will be next, maybe as soon as "FDIC Friday": http://calculatedrisk.blogspot.com/2008/08/vineyard-national-going-concern.html http://calculatedrisk.blogspot.com/2008/08/downey-financial-regulators-impose.html http://biz.yahoo.com/e/080811/dsl10-q.html http://www.marketwatch.com/news/sto...FB-48E5-8959-9CE189BFFC2C}&dist=TQP_Mod_mktwN The problem is that both have very little market cap to go before they reach zero.
The Endgame Nears For Fannie and Freddie By Jonathan R. Laing IT MAY BE CURTAINS SOON FOR THE MANAGEMENTS and shareholders of beleaguered housing giants Fannie Mae and Freddie Mac. It is growing increasingly likely that the Treasury will recapitalize Fannie and Freddie in the months ahead on the taxpayer's dime, availing itself of powers granted it under the new housing bill signed into law last month. Such a move almost certainly would wipe out existing holders of the agencies' common stock, with preferred shareholders and even holders of the two entities' $19 billion of subordinated debt also suffering losses. Barron's first raised the possibility of a government takeover of Fannie ... http://online.barrons.com/article/SB121884860106946277.html