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Market jitters to subprime woes

Discussion in 'Money & Finance Forum' started by meatpile, Aug 1, 2007.

Page 7 of 10
  1. Aug 23, 2007 at 10:44 AM #61
    slydevl

    slydevl Asshole for the People!

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    The investment really doesn't make much sense otherwise, does it? Not sure how the can get around the deposit threshhold though.
     
  2. Aug 23, 2007 at 12:22 PM #62
    vpkozel

    vpkozel Professional Calvinballer

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    Yes, for a lot of reasons, the most important being that we keep the whole market from freaking out.

    Countrywide doesn't have many deposits, I don't think - which is one reason they are in trouble.
     
  3. Aug 23, 2007 at 12:26 PM #63
    slydevl

    slydevl Asshole for the People!

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    They did. There was a run on them (even though they are FDIC insured) when they first started having problems.
     
  4. Aug 23, 2007 at 2:17 PM #64
    vpkozel

    vpkozel Professional Calvinballer

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    They only have like 100 billion worth, whereas BofA has roughly 7 times that amount. That's part of their problem.

    That's what I meant.

    Edit, according to Forbes, they have only 45 billion

    http://www.onlinebankingreport.com/resources/100.html
     
  5. Aug 23, 2007 at 6:04 PM #65
    HollyB

    HollyB Iz Lives

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    http://www.msnbc.msn.com/id/20405745/
     
  6. Aug 23, 2007 at 6:40 PM #66
    VA49er

    VA49er Full Access Member

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    I think they had internet deposit accounts. Not a bad way to fund loans, if you had good loans.
     
  7. Aug 23, 2007 at 6:42 PM #67
    VA49er

    VA49er Full Access Member

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    I don't think for a minute BofA did this out of the kindness of it's own little heart. The bank also got CW stock options and pocketed $800 million after the announcement because the CW stock shot up a couple dollars. Not sure what CW's stock did after that though.
     
  8. Aug 30, 2007 at 11:44 AM #68
    chipshotx

    chipshotx Full Access Member

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    Just met with my agent about my house which is supposed to close Sept 12th. I asked her if the buyers loan was in order. She said it was fine and that since it was a quick closing it wouldn't have the problems a slow closing might face.

    What is the dynamic there?
     
  9. Aug 30, 2007 at 11:45 AM #69
    meatpile

    meatpile 7-9

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    Did you ask your agent?
     
  10. Aug 30, 2007 at 11:48 AM #70
    chipshotx

    chipshotx Full Access Member

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    No, It wasn't until after I left that I thought about it.

    Maybe it's as simple as as the fact that a buyer with good credit can get an answer from a lender like BofA quickley where one with questionable credit would have to go to a less conservative bank.
     
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