I believe that is the SCORES were 66.5 and 4.9 percent above the state average.
But yes, I would have expected the scores in Irvine in math to be higher against the state average.
Posted by Agent#777 on 07/14/08 at 03:38 AM
That must be one valuable employee if a company is going to take a half-mil hit for him.
Posted by George8 on 07/14/08 at 04:45 AM
Sadly to say, after nearly half a million $ hit, any knife catcher at this price point will need to endure over $300k loss over the next three years, when the price most likely will roll back to around 2002 of $655k.
By the way, why did they raise the list price by $25k, fearing of giving it away?
Also, it is such a beautiful house so that there is no need for any photo?
I heard in the radio many of these houses are getting trashed inside because there are 8 renters in there. that’s the only way right now to not loose it. true?
Posted by movingaround on 07/14/08 at 07:04 AM
Any current news on Irvinerenter’s book?? I hope things are proceeding well because I cannot wait to buy it!
Posted by No_Such_Reality on 07/14/08 at 07:05 AM
“Betsy Bayer (VP of compliance at Countrywide) wasn’t so sure. “It was a sweatshop,” she said. “
Granted it’s a bank and at bank’s VP title essentially mean peon, but if Ms Bayer isn’t a peon managing a few other peon, IMHO, she can STFU.
From the tiny quote alone it seems she’s completely abandoned the purpose of her position in pursuit of a paycheck.
So thank you Ms Bayer, you are a big part of the problem.
Posted by Laura Louzader on 07/14/08 at 07:14 AM
I’m a brokerage compliance official myself, and I’m not going to twang on Ms. Bayer for wanting to stay off the unemployment and welfare rolls badly enough to take a job that, at most, paid $80K a year, and where you are regarded as “window dressing” for regulators.
Most people badly need jobs, and unless you have a trust fund or something, I’m sure you do quite a bit of temporiziing to maintain your paycheck.
As a compliance officer, you do your best, and you put your foot down when you know the company is cruising for a bruising.But push come to shove, the Top Producers rule the roost, and when you do put your foot down, you are reminded that you don’t contribute to the firm’s income so shut up. You continue to make the effort because your neck is on the line in the event of regulatory actions against your co., at least at FINRA Member firms like mine. My license is at stake, and any regulatory actions against my firm can blight my U4 and destroy my career such as it is- compliance jobs by and large pay crap, and are taken by people who don’t like the financial risk entailed in the straight commission jobs that pay 6 figures when things are going hot but put you in bankruptcy when things chill as they are now.
This woman probably wishes like hell, as I do, that she had never, never, ever, ever, had entered the financial industry.
I am in the process of performing the final edit. I hope to turn over a final manuscript in August. The final production should take a couple of months after that.
Posted by VanMorrisonFan on 07/14/08 at 07:24 AM
Laura is absolutely right. I worked for a major residential lender and saw (and felt) the pressure to do bad deals constantly. I was called on the phone or into the office of a senior producer for a “friendly little chat.” I said “No” again and again but sales people would always come back banging on the door for more exceptions to policy. In the end our institution collapsed and I was actually relieved when it happened.
What is happening to Freddie and Fannie is a direct result of all the fraud that happened in the mortgage industry. Now the Fed is make new rules and tightening the existing ones. Great stunt Fed, when all the crooks have left the building, you are now trying to act like you are doing something worthwhile.
This trouble with F1 & F2 will definitely drive home prices down faster and deeper.
I was in IT at New Century and had to work with the VP of compliance on a number of projects. I found her to be knowledgeable and professional. Her job is to make sure to make sure the loans comply with the laws and guidelines given.
The bad loans were not her fault in that the vast majority held to the letter of the law and the ridiculous guidelines of the buyers of the loans. When you do the volume NCen did, a few will end up in the scratch and dent file.
Also keep in mind that at one point the sub-primers provided a useful product to a segment of the population. Slowly over the years it changed in to a blood sport where the love of money ruled leaving the support staff (IT, HR, compliance, etc.) in the odd position of quiting a job because you work in an industry where a few out of the main stream voices are saying something is amiss.
By the time it was clear there were problems, the hole industry collapsed in a heartbeat.
I myself did not drink the kool-aide and did not buy and have been saving for years.
Just waiting for IR to give the green light.
Posted by picflight on 07/14/08 at 08:16 AM
The Green Light could be 5-6 years away. Things are looking very bad. Indy Mac, gone, more banks getting ready to fail, even the bank counts Berkshire Hathaway Inc. among its largest shareholders slumped.
By end of the year we will have several bank failures and more carnage in the home market and to top it off, we are looking at $9/gallon gas.
Posted by Cal's Caddy on 07/14/08 at 08:17 AM
I too wonder the same as George8. The RE agent changes the “listing price” from $869K to $895K on 7/10 and then updates the listing to “accepting back-up offers” on 7/11. I have seen this a couple of times. Why is this done?
Posted by picflight on 07/14/08 at 08:30 AM
How much could someone have made shorting Indy Mac, its down to 15c today.
Posted by Lost_In_The_Fog on 07/14/08 at 09:12 AM
I have a basic mortgage/lending institution question for all of you.
Currently, I send my monthly mortage payments to WaMu. What would happen if they were to go under?
Would my mortgage be ‘sold’ to another entity, and I would simply have to mail them my monthly check?
And thanks to everyone - IrvineRenter and all the posters - who make this a worthwhile site to visit daily.
Posted by darms on 07/14/08 at 09:46 AM
Ouch!
Posted by DeadBeatRenter on 07/14/08 at 10:04 AM
Before it’s all over we aill all be mailing our payments to:
Barack Osama Obama
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Posted by BHC on 07/14/08 at 10:05 AM
what’s the premium on being the 4th best place to live in the US?
You will continue to send payments to Wamu. You will only send to someone else when Wamu or soon to be Washington Mutual Federal Bank instructs your to do so.
Posted by BHC on 07/14/08 at 10:07 AM
if it wasn’t obvious, it’s relevant to our discussions because of the last paragraph:
“A big drawback: the cost of housing. A typical three-bedroom, two-bath house can run about $700,000, says Cesi Pagano, a realtor with Keller Williams Realty. But prices in Irvine have held up better than those elsewhere in Orange County, and foreclosures aren’t nearly as widespread.”
Posted by BHC on 07/14/08 at 10:09 AM
one final observation:
Test scores reading
(% above/below state average) 66.5% 17.3%
Test scores math
(% above/below average) 4.9% 16.4%
(yup, Irvinites definitely can’t do math…)
Posted by skizye on 07/14/08 at 10:18 AM
Chain of Blame is excellent and I highly recommend it too. Im not industry insider and so I fall into the category of “WTF happened”...as Ive been priced out of the market for years now. I have some friends who were loan officers in OC and their stories parallel what is described in this book very accurately. I too am salivating for your book “The Great Housing Bubble”!
One negative of all books being released right now, is that we are only in the 4th inning and so the full picture can’t be captured in one manuscript yet—although it is pretty clear what the future holds!
Posted by LC on 07/14/08 at 10:36 AM
Your money is already going to Osama and Company, compliments of George Bush.
Posted by Blueberry Pie on 07/14/08 at 11:57 AM
I think the gas prices will be looked at as a bubble not unlike the housing bubble.
The price for oil futures is not based in economic fundamentals. It’s based on speculation.
Posted by r€nato on 07/14/08 at 12:06 PM
Yes, because the current housing crisis will retroactively be entirely his fault as of January 20, 2009.
As for the lameness of the “Osama/Obama” rhyme, it says a lot more about the (lack of) intelligence of the person who uses it than it does about Obama.
Posted by r€nato on 07/14/08 at 12:24 PM
The Onion, via Krthugman, precedes reality once again:
<a >Recession-Plagued Nation Demands New Bubble To Invest In</a>
Posted by Newby to site on 07/14/08 at 12:38 PM
Just a follow up to your reply to Lost_In_Fog as I like Lost have my mortgage serviced by WAMU
- What happens with the escrow balances WAMU is holding for my property tax/property insurance (I’m guessing they are technically deposits of Wamu so should be OK as long as they are less than $100k)
- I’m assuming that any new sucessor to Wamu can’t change the rate/term of my mortgage - have 15 yr fixed near 4.5% so pretty happy with that (took out shorter loan to pay off faster, old fashioned I know)
Newby
Posted by Formerbanker on 07/14/08 at 01:27 PM
I have left senior level positions at two regional financial institutions in the last 5 years due largely to the fact that I couldn’t stomach the risk tolerance level, even though it was largely my responsible to ensure those banks did not take on too much risk on the lending side. I was judgmental of employees who would put up with it even though they disagreed, and I saw others who justified risky business decisions, strategies, etc. because the dollar signs in their eyes left them almost blind to reality. But here’s the other reality - it really is difficult for many people to risk their career due to differences of opinion about risk because they have personal financial responsibilites. And in the last 8 years, if you disagreed with one bank’s lending culture, you were almost disagreeing with all banks, because there were very few out there not trying to remain competitive and pushing the limits…so it’s not as if moving to another company would solve the problem. I could walk away because I didn’t need the $ to feed my family (I have also discovered that $ is not as important to me as it is to alot of people.) Not to sound trite, but if the Board and CEO do not believe there’s a problem with lending practices, there is no problem. And why would Boards think there’s a problem when analysts continued to support the high risk strategies of alot of financial institutions by touting them recommended ‘buys’, when more conservative institutions (who understandably had lower returns due to lower risk profile) were rated as lower performing ? I don’t think the IB analysts understand risk at all. Their blindness helped alot of Boards and CEO’s ‘justify’ the high risk strategies they pursued.
Posted by Talyssa on 07/14/08 at 01:36 PM
Hey IR, I am too lazy to sign up for another forum, but have you considered publishing on the kindle first and then seeing if any regular publishers pick you up for print based on your ebook popularity?
I know amazon makes it very simple for you to publish to the kindle (They just give you 30% of what they sell, I believe) and you could use those sales numbers to show a publisher that you have market appeal.
Plus I only read kindle books these days so I have a vested interest in getting people to publish there.
Posted by Not a big fool yet on 07/14/08 at 02:56 PM
As for the lameness of the “Osama/Obama” rhyme.
Well said!
Posted by Not a big fool yet on 07/14/08 at 03:09 PM
Careful…Your dunce cap may be peeking from under your bed linen.
I am working with a small publisher, and if it is successful, they may get bought out by a larger publisher. At this point, I just want to get the book out there.
Posted by vinoverde on 07/14/08 at 03:33 PM
none, last time i checked the FED - yes, they are everywhere you conspiracy buffs - regulates the margin account on short sale positions, as a rule they allow up to 50% margin on stocks over $5, (your broker does not have to follow this maximum and could require more equity),
but the fed allows you to short down to $3 per share, with more margin equity,
under $3 no new positions,
anyway, that was it the last time i read the rules about 2 years ago, perhaps you can hold your short position below $3, if you are 100% covered with other assets in your account, don’t know, never had a short that i held to zero,
some of you traders know?
Posted by Red on 07/14/08 at 04:48 PM
Get used to it… I sent my economic stimulus check to Obama election campaign. I think that Obama genuinely will get the economy going again. McCain seems to be in the pocket of advisors that tell us we’re just whiners. He can tell that to my stock options.
Posted by Chris on 07/14/08 at 04:54 PM
I’d buy this property if it falls another $300k.
No need to borrow that much…probably only $200k loan would be fine.
Posted by penny pincher on 07/14/08 at 08:16 PM
i currently have a large sum of money in one bank. which banks are the safest to put your money in?
Posted by LC on 07/15/08 at 12:18 AM
Mc Cain can’t even operate a computer. Good luck on the economy with a person like that.
<A >Yahoo Interview—Mc Cain’s words: “I am an illiterate…”</A>
Posted by LC on 07/15/08 at 12:24 AM
Humm…here’s the link.
http://www.youtube.com/watch?v=_R9wnMVZE_Q
Posted by Some HTML Guy on 07/15/08 at 09:55 AM
Speaking of an idiot who can’t operate a computer. Those are some mighty fine HTML skillz you got there.
Big surprise you’re a lefty.
Posted by Eric U on 07/15/08 at 07:12 PM
just split your money into chunks that are less than $100k each and don’t worry about it. The thing is, lots of them may tank, and all of them that are going to tank are doing their best to hide it right now.
Posted by LC on 07/16/08 at 02:25 AM
Yes, John Mc Cain cannot even operate a computer, and he told this to Yahoo! Interviews.
What a maroon.
Are you going to flame me for my spelling, Mr HTML Guy?
Posted by Sean on 07/16/08 at 02:29 PM
“They had these posters all over the office. They were ‘work/life balance’ posters, like they were concerned about our well being. What a load of Bullsh*t. It was a sweatshop.”
True, true. One reads these things, and then wonders why Republicans without any real power, which probably includes much of OC, continue voting for GOP buffoons who work actively to further enrich the already obscenely rich and replace pensions with 401(k)s that tank in the market and health care that continues to be whittled away. I guess the prevailing sentiment is that they might someday be like those they idolize. As if! Most of the wealth in the USA is inherited, and that money ain’t going nowhere.
Posted by armani on 07/18/08 at 08:20 AM
Thanks for the suggestion
<a >youtube, izlesene, video, izle, vidyo, seyret</a>
Posted by Ms Bayer Speaks on 08/08/08 at 02:10 PM
And No Such Reality…
You can STFU. First off, you need to work in the financial services industry to know what REALLY goes on!!! If you don’t then you have no business trying to decide what Ms Bayer is telling a story of. READ the Book and you’ll get a better picture.
One First Vice President in a company of 55,000 is not going to change the heated up business environment which mortgage companies and banks operated in. First of all she was outspoken… oh, but then you’d have to KNOW HER, wouldn’t you. I did…
Posted by Cal's Caddy on 07/14/08 at 11:06 AM
I believe that is the SCORES were 66.5 and 4.9 percent above the state average.
But yes, I would have expected the scores in Irvine in math to be higher against the state average.
Posted by Agent#777 on 07/14/08 at 03:38 AM
That must be one valuable employee if a company is going to take a half-mil hit for him.
Posted by George8 on 07/14/08 at 04:45 AM
Sadly to say, after nearly half a million $ hit, any knife catcher at this price point will need to endure over $300k loss over the next three years, when the price most likely will roll back to around 2002 of $655k.
By the way, why did they raise the list price by $25k, fearing of giving it away?
Also, it is such a beautiful house so that there is no need for any photo?
Posted by NoWowway on 07/14/08 at 05:57 AM
invitation has been extended:
http://local.yahoo.com/info-30494691-olson-anne-pacific-legacy-real-estate-villa-park
Posted by leo on 07/14/08 at 06:26 AM
I heard in the radio many of these houses are getting trashed inside because there are 8 renters in there. that’s the only way right now to not loose it. true?
Posted by movingaround on 07/14/08 at 07:04 AM
Any current news on Irvinerenter’s book?? I hope things are proceeding well because I cannot wait to buy it!
Posted by No_Such_Reality on 07/14/08 at 07:05 AM
“Betsy Bayer (VP of compliance at Countrywide) wasn’t so sure. “It was a sweatshop,” she said. “
Granted it’s a bank and at bank’s VP title essentially mean peon, but if Ms Bayer isn’t a peon managing a few other peon, IMHO, she can STFU.
From the tiny quote alone it seems she’s completely abandoned the purpose of her position in pursuit of a paycheck.
So thank you Ms Bayer, you are a big part of the problem.
Posted by Laura Louzader on 07/14/08 at 07:14 AM
I’m a brokerage compliance official myself, and I’m not going to twang on Ms. Bayer for wanting to stay off the unemployment and welfare rolls badly enough to take a job that, at most, paid $80K a year, and where you are regarded as “window dressing” for regulators.
Most people badly need jobs, and unless you have a trust fund or something, I’m sure you do quite a bit of temporiziing to maintain your paycheck.
As a compliance officer, you do your best, and you put your foot down when you know the company is cruising for a bruising.But push come to shove, the Top Producers rule the roost, and when you do put your foot down, you are reminded that you don’t contribute to the firm’s income so shut up. You continue to make the effort because your neck is on the line in the event of regulatory actions against your co., at least at FINRA Member firms like mine. My license is at stake, and any regulatory actions against my firm can blight my U4 and destroy my career such as it is- compliance jobs by and large pay crap, and are taken by people who don’t like the financial risk entailed in the straight commission jobs that pay 6 figures when things are going hot but put you in bankruptcy when things chill as they are now.
This woman probably wishes like hell, as I do, that she had never, never, ever, ever, had entered the financial industry.
Posted by IrvineRenter on 07/14/08 at 07:23 AM
I am in the process of performing the final edit. I hope to turn over a final manuscript in August. The final production should take a couple of months after that.
Posted by VanMorrisonFan on 07/14/08 at 07:24 AM
Laura is absolutely right. I worked for a major residential lender and saw (and felt) the pressure to do bad deals constantly. I was called on the phone or into the office of a senior producer for a “friendly little chat.” I said “No” again and again but sales people would always come back banging on the door for more exceptions to policy. In the end our institution collapsed and I was actually relieved when it happened.
Posted by picflight on 07/14/08 at 08:03 AM
What is happening to Freddie and Fannie is a direct result of all the fraud that happened in the mortgage industry. Now the Fed is make new rules and tightening the existing ones. Great stunt Fed, when all the crooks have left the building, you are now trying to act like you are doing something worthwhile.
This trouble with F1 & F2 will definitely drive home prices down faster and deeper.
Posted by Walter on 07/14/08 at 08:09 AM
I was in IT at New Century and had to work with the VP of compliance on a number of projects. I found her to be knowledgeable and professional. Her job is to make sure to make sure the loans comply with the laws and guidelines given.
The bad loans were not her fault in that the vast majority held to the letter of the law and the ridiculous guidelines of the buyers of the loans. When you do the volume NCen did, a few will end up in the scratch and dent file.
Also keep in mind that at one point the sub-primers provided a useful product to a segment of the population. Slowly over the years it changed in to a blood sport where the love of money ruled leaving the support staff (IT, HR, compliance, etc.) in the odd position of quiting a job because you work in an industry where a few out of the main stream voices are saying something is amiss.
By the time it was clear there were problems, the hole industry collapsed in a heartbeat.
I myself did not drink the kool-aide and did not buy and have been saving for years.
Just waiting for IR to give the green light.
Posted by picflight on 07/14/08 at 08:16 AM
The Green Light could be 5-6 years away. Things are looking very bad. Indy Mac, gone, more banks getting ready to fail, even the bank counts Berkshire Hathaway Inc. among its largest shareholders slumped.
By end of the year we will have several bank failures and more carnage in the home market and to top it off, we are looking at $9/gallon gas.
Posted by Cal's Caddy on 07/14/08 at 08:17 AM
I too wonder the same as George8. The RE agent changes the “listing price” from $869K to $895K on 7/10 and then updates the listing to “accepting back-up offers” on 7/11. I have seen this a couple of times. Why is this done?
Posted by picflight on 07/14/08 at 08:30 AM
How much could someone have made shorting Indy Mac, its down to 15c today.
Posted by Lost_In_The_Fog on 07/14/08 at 09:12 AM
I have a basic mortgage/lending institution question for all of you.
Currently, I send my monthly mortage payments to WaMu. What would happen if they were to go under?
Would my mortgage be ‘sold’ to another entity, and I would simply have to mail them my monthly check?
And thanks to everyone - IrvineRenter and all the posters - who make this a worthwhile site to visit daily.
Posted by darms on 07/14/08 at 09:46 AM
Ouch!
Posted by DeadBeatRenter on 07/14/08 at 10:04 AM
Before it’s all over we aill all be mailing our payments to:
Barack Osama Obama
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Posted by BHC on 07/14/08 at 10:05 AM
what’s the premium on being the 4th best place to live in the US?
http://money.cnn.com/magazines/moneymag/bplive/2008/snapshots/PL0636770.html
Posted by picflight on 07/14/08 at 10:05 AM
You will continue to send payments to Wamu. You will only send to someone else when Wamu or soon to be Washington Mutual Federal Bank instructs your to do so.
Posted by BHC on 07/14/08 at 10:07 AM
if it wasn’t obvious, it’s relevant to our discussions because of the last paragraph:
“A big drawback: the cost of housing. A typical three-bedroom, two-bath house can run about $700,000, says Cesi Pagano, a realtor with Keller Williams Realty. But prices in Irvine have held up better than those elsewhere in Orange County, and foreclosures aren’t nearly as widespread.”
Posted by BHC on 07/14/08 at 10:09 AM
one final observation:
Test scores reading
(% above/below state average) 66.5% 17.3%
Test scores math
(% above/below average) 4.9% 16.4%
(yup, Irvinites definitely can’t do math…)
Posted by skizye on 07/14/08 at 10:18 AM
Chain of Blame is excellent and I highly recommend it too. Im not industry insider and so I fall into the category of “WTF happened”...as Ive been priced out of the market for years now. I have some friends who were loan officers in OC and their stories parallel what is described in this book very accurately. I too am salivating for your book “The Great Housing Bubble”!
One negative of all books being released right now, is that we are only in the 4th inning and so the full picture can’t be captured in one manuscript yet—although it is pretty clear what the future holds!
Posted by LC on 07/14/08 at 10:36 AM
Your money is already going to Osama and Company, compliments of George Bush.
Posted by Blueberry Pie on 07/14/08 at 11:57 AM
I think the gas prices will be looked at as a bubble not unlike the housing bubble.
The price for oil futures is not based in economic fundamentals. It’s based on speculation.
Posted by r€nato on 07/14/08 at 12:06 PM
Yes, because the current housing crisis will retroactively be entirely his fault as of January 20, 2009.
As for the lameness of the “Osama/Obama” rhyme, it says a lot more about the (lack of) intelligence of the person who uses it than it does about Obama.
Posted by r€nato on 07/14/08 at 12:24 PM
The Onion, via Krthugman, precedes reality once again:
<a >Recession-Plagued Nation Demands New Bubble To Invest In</a>
Posted by Newby to site on 07/14/08 at 12:38 PM
Just a follow up to your reply to Lost_In_Fog as I like Lost have my mortgage serviced by WAMU
- What happens with the escrow balances WAMU is holding for my property tax/property insurance (I’m guessing they are technically deposits of Wamu so should be OK as long as they are less than $100k)
- I’m assuming that any new sucessor to Wamu can’t change the rate/term of my mortgage - have 15 yr fixed near 4.5% so pretty happy with that (took out shorter loan to pay off faster, old fashioned I know)
Newby
Posted by Formerbanker on 07/14/08 at 01:27 PM
I have left senior level positions at two regional financial institutions in the last 5 years due largely to the fact that I couldn’t stomach the risk tolerance level, even though it was largely my responsible to ensure those banks did not take on too much risk on the lending side. I was judgmental of employees who would put up with it even though they disagreed, and I saw others who justified risky business decisions, strategies, etc. because the dollar signs in their eyes left them almost blind to reality. But here’s the other reality - it really is difficult for many people to risk their career due to differences of opinion about risk because they have personal financial responsibilites. And in the last 8 years, if you disagreed with one bank’s lending culture, you were almost disagreeing with all banks, because there were very few out there not trying to remain competitive and pushing the limits…so it’s not as if moving to another company would solve the problem. I could walk away because I didn’t need the $ to feed my family (I have also discovered that $ is not as important to me as it is to alot of people.) Not to sound trite, but if the Board and CEO do not believe there’s a problem with lending practices, there is no problem. And why would Boards think there’s a problem when analysts continued to support the high risk strategies of alot of financial institutions by touting them recommended ‘buys’, when more conservative institutions (who understandably had lower returns due to lower risk profile) were rated as lower performing ? I don’t think the IB analysts understand risk at all. Their blindness helped alot of Boards and CEO’s ‘justify’ the high risk strategies they pursued.
Posted by Talyssa on 07/14/08 at 01:36 PM
Hey IR, I am too lazy to sign up for another forum, but have you considered publishing on the kindle first and then seeing if any regular publishers pick you up for print based on your ebook popularity?
I know amazon makes it very simple for you to publish to the kindle (They just give you 30% of what they sell, I believe) and you could use those sales numbers to show a publisher that you have market appeal.
Plus I only read kindle books these days so I have a vested interest in getting people to publish there.
Posted by Not a big fool yet on 07/14/08 at 02:56 PM
As for the lameness of the “Osama/Obama” rhyme.
Well said!
Posted by Not a big fool yet on 07/14/08 at 03:09 PM
Careful…Your dunce cap may be peeking from under your bed linen.
Posted by IrvineRenter on 07/14/08 at 03:15 PM
I am working with a small publisher, and if it is successful, they may get bought out by a larger publisher. At this point, I just want to get the book out there.
Posted by vinoverde on 07/14/08 at 03:33 PM
none, last time i checked the FED - yes, they are everywhere you conspiracy buffs - regulates the margin account on short sale positions, as a rule they allow up to 50% margin on stocks over $5, (your broker does not have to follow this maximum and could require more equity),
but the fed allows you to short down to $3 per share, with more margin equity,
under $3 no new positions,
anyway, that was it the last time i read the rules about 2 years ago, perhaps you can hold your short position below $3, if you are 100% covered with other assets in your account, don’t know, never had a short that i held to zero,
some of you traders know?
Posted by Red on 07/14/08 at 04:48 PM
Get used to it… I sent my economic stimulus check to Obama election campaign. I think that Obama genuinely will get the economy going again. McCain seems to be in the pocket of advisors that tell us we’re just whiners. He can tell that to my stock options.
Posted by Chris on 07/14/08 at 04:54 PM
I’d buy this property if it falls another $300k.
No need to borrow that much…probably only $200k loan would be fine.
Posted by penny pincher on 07/14/08 at 08:16 PM
i currently have a large sum of money in one bank. which banks are the safest to put your money in?
Posted by LC on 07/15/08 at 12:18 AM
Mc Cain can’t even operate a computer. Good luck on the economy with a person like that.
<A >Yahoo Interview—Mc Cain’s words: “I am an illiterate…”</A>
Posted by LC on 07/15/08 at 12:24 AM
Humm…here’s the link.
http://www.youtube.com/watch?v=_R9wnMVZE_Q
Posted by Some HTML Guy on 07/15/08 at 09:55 AM
Speaking of an idiot who can’t operate a computer. Those are some mighty fine HTML skillz you got there.
Big surprise you’re a lefty.
Posted by Eric U on 07/15/08 at 07:12 PM
just split your money into chunks that are less than $100k each and don’t worry about it. The thing is, lots of them may tank, and all of them that are going to tank are doing their best to hide it right now.
Posted by LC on 07/16/08 at 02:25 AM
Yes, John Mc Cain cannot even operate a computer, and he told this to Yahoo! Interviews.
What a maroon.
Are you going to flame me for my spelling, Mr HTML Guy?
Posted by Sean on 07/16/08 at 02:29 PM
“They had these posters all over the office. They were ‘work/life balance’ posters, like they were concerned about our well being. What a load of Bullsh*t. It was a sweatshop.”
True, true. One reads these things, and then wonders why Republicans without any real power, which probably includes much of OC, continue voting for GOP buffoons who work actively to further enrich the already obscenely rich and replace pensions with 401(k)s that tank in the market and health care that continues to be whittled away. I guess the prevailing sentiment is that they might someday be like those they idolize. As if! Most of the wealth in the USA is inherited, and that money ain’t going nowhere.
Posted by armani on 07/18/08 at 08:20 AM
Thanks for the suggestion
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Posted by Ms Bayer Speaks on 08/08/08 at 02:10 PM
And No Such Reality…
You can STFU. First off, you need to work in the financial services industry to know what REALLY goes on!!! If you don’t then you have no business trying to decide what Ms Bayer is telling a story of. READ the Book and you’ll get a better picture.
One First Vice President in a company of 55,000 is not going to change the heated up business environment which mortgage companies and banks operated in. First of all she was outspoken… oh, but then you’d have to KNOW HER, wouldn’t you. I did…