dmarc117 Posted August 10, 2007 Share Posted August 10, 2007 dow futures down 180 at 6amcst. could get ugly. fed may cut rates. be on your toes. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted August 10, 2007 Share Posted August 10, 2007 Thank you, W. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 10, 2007 Author Share Posted August 10, 2007 (edited) Thank you, W. no no.....thank you stupid people that had to live in a home they couldnt afford. and stupid companies that loaned them the money to do this. Edited August 10, 2007 by dmarc117 Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 10, 2007 Author Share Posted August 10, 2007 another mortgage co. in trouble......... NEW YORK (MarketWatch) -- Shares of Countrywide Financial Corp., the largest U.S. home lender, fell more than 15% in pre-market trading on Friday after it said problems in the U.S. mortgage market poses a serious threat to its earnings and financial condition.The company, which makes money providing mortgages and then reselling them to investors, said the markets' reluctance to buy mortgages right now is causing it to retain a greater proportion of mortgage loans than it sells. In simple terms, the firm's traditional customers, investment banks, are not buying the company's product. That's not good for earnings or revenues. Quote Link to comment Share on other sites More sharing options...
cre8tiff Posted August 10, 2007 Share Posted August 10, 2007 no no.....thank you stupid people that had to live in a home they couldnt afford. and stupid companies that loaned them the money to do this. yup, I live in a neighborhood full of doctors & lawyers, etc. We had some homes sold to folks that obviously had to stretch to get them. We were worried until the banks forclosed on all of them, and they were sold to young professionals. Of course it sux being outearned by the 20-something innernet millionaires next door. Quote Link to comment Share on other sites More sharing options...
muck Posted August 10, 2007 Share Posted August 10, 2007 15 minutes into the day, we're down around 1.5% on the S&P 500... Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted August 10, 2007 Share Posted August 10, 2007 I was up about 24% or so at one point on my 401K this year. This keeps up, I'll be down to single digits soon - if not worse. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 10, 2007 Share Posted August 10, 2007 The Fed is back in the market providing liquidity again today by purchasing mortgage bonds... this should help calm the mortgage markets and stock markets... If another Fed injection is done on Monday and is not effective we will probably see an emergency fed funds rate cut... which would probably give the market a huge jump.... 1,000 points???? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 10, 2007 Author Share Posted August 10, 2007 up on the day.......this vol is madness!!!!!! Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 10, 2007 Share Posted August 10, 2007 another mortgage co. in trouble......... That's where my mortgage is. My fixed rate 5% mortgage that they can't change. Countrywide could save a fortune by stopping all their stupid REFI NOW mailers to my home - I'd have to be insane to refi and they must know that. Quote Link to comment Share on other sites More sharing options...
Coffeeman Posted August 10, 2007 Share Posted August 10, 2007 That's where my mortgage is. My fixed rate 5% mortgage that they can't change. Countrywide could save a fortune by stopping all their stupid REFI NOW mailers to my home - I'd have to be insane to refi and they must know that. Good point - someone in marketing is not doing their job, i.e. cutting the mailer list by those who already have 5% loans, to save costs and boost the ROI on the mailing. Oops... Quote Link to comment Share on other sites More sharing options...
Big John Posted August 10, 2007 Share Posted August 10, 2007 Countrywide could save a fortune by stopping all their stupid REFI NOW mailers to my home - I'd have to be insane to refi and they must know that. and I saw a banner ad here today for home refinancing Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 10, 2007 Share Posted August 10, 2007 That's where my mortgage is. My fixed rate 5% mortgage that they can't change. Countrywide could save a fortune by stopping all their stupid REFI NOW mailers to my home - I'd have to be insane to refi and they must know that. I would bet that some if not all of those mailings are from other companies, not Countrywide... My clients and myself included always get mailings that in small print says re: Your mortgage with ... then in large print Cherry Creek Mortgage. I get calls about this all the time and other companies are trying to make it look like it's from us!! Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 10, 2007 Share Posted August 10, 2007 and I saw a banner ad here today for home refinancing There are plenty of people out there wanting to refi from a dreadful position to a bad one, I guess. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 10, 2007 Share Posted August 10, 2007 I would bet that some if not all of those mailings are from other companies, not Countrywide... My clients and myself included always get mailings that in small print says re: Your mortgage with ... then in large print Cherry Creek Mortgage. I get calls about this all the time and other companies are trying to make it look like it's from us!! It has Countrywide on the envelope but you may be right about the small print - I'll look at the next one instead of just ripping it up and tossing it. Quote Link to comment Share on other sites More sharing options...
Coffeeman Posted August 10, 2007 Share Posted August 10, 2007 Daily and even weekly volatility shouldn't matter in the long run. Quarterly and annual trends that turn into decade long issues are the ones that matter - so don't let the dailies drive up your blood pressure. But the 'pros' whose job it is to make kneejerk reactions 'ahead of the crowd' - on every little bit of new info - have a hard time avoiding the temptation.... Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 10, 2007 Share Posted August 10, 2007 Daily and even weekly volatility shouldn't matter in the long run. Quarterly and annual trends that turn into decade long issues are the ones that matter - so don't let the dailies drive up your blood pressure. But the 'pros' whose job it is to make kneejerk reactions 'ahead of the crowd' - on every little bit of new info - have a hard time avoiding the temptation.... So much truth here. I wish the stripy shirt brigade didn't have to be so friggin' manic all the time. As for me, I'm just gonna let my 401k sit there as it is. Up nearly two grand on Wednesday, down two grand on Thursday, Friday who knows? F it, I won't be touching it for 10 years anyway so it may as well not exist for the moment. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 10, 2007 Share Posted August 10, 2007 So much truth here. I wish the stripy shirt brigade didn't have to be so friggin' manic all the time. As for me, I'm just gonna let my 401k sit there as it is. Up nearly two grand on Wednesday, down two grand on Thursday, Friday who knows? F it, I won't be touching it for 10 years anyway so it may as well not exist for the moment. Well said... I can't remember where I read it, but over the last 25 years the stock market returns have been 12.5% but the everyday investor has been up around 2-3 % due to trying to time the market or panic! Quote Link to comment Share on other sites More sharing options...
muck Posted August 10, 2007 Share Posted August 10, 2007 1) The past is not prolog. Especially in the markets. If you don't believe me, how do you explain this? The Nikkei 225 is still less than 1/2 of what it was in 1990. 2) There are ways to make money that don't involve hoping the stock market will go up. Take time to learn about some of them. The "finance" section in the bookstores and libraries will have some decent places to start. 3) The problem with investors that end up only making 2-3% when the market has returned 12.5% over the last 25yrs is two fold ... (i) it is unreasonable to make the same total return as the market and not see your account occasionally go down in value if all you're doing is buying stocks that you hope will appreciate ... and ... (ii) 25yrs is much to short of a look-back to see what equity holders earn for the risk they're assuming. I've seen studies that try to incorporate data back until the beginning of the 1800s to try to approximate what owners of businesses earned for being the owner (just like you being a partial owner of Home Depot, etc), and the very very very long-term returns are somewhere between 7-10% (fyi, bond holders may have earned 5-8% over the same period). 4) I think we'll have a pretty decent buying opportunity in the stock market sometime in the next couple of months ... but, that's probably not today. Quote Link to comment Share on other sites More sharing options...
Coffeeman Posted August 10, 2007 Share Posted August 10, 2007 (edited) 2) There are ways to make money that don't involve hoping the stock market will go up. Take time to learn about some of them. The "finance" section in the bookstores and libraries will have some decent places to start. I assume this refers to 'shorting' stocks, among other strategies. While I understand the concept, betting (and hoping/praying?) that someone else's company will perform poorly seems like a ticket to instant (bad) kharma to me. 'Instant kharma's gonna get you...' Money is money, but still..... Options and derivatives get to be too complicated, and seem too close to gambling versus investing in the long run in a company I beleive in. Just my $.02....... Edited August 10, 2007 by Coffeeman Quote Link to comment Share on other sites More sharing options...
detlef Posted August 10, 2007 Share Posted August 10, 2007 There are plenty of people out there wanting to refi from a dreadful position to a bad one, I guess. How can there be a person alive who hasn't gotten themselves into a good mortgage by now unless they still can't qualify. I mean, it's not as if rates just dropped out of nowhere. They've been pretty damned low for a while now. Quote Link to comment Share on other sites More sharing options...
Big Country Posted August 10, 2007 Share Posted August 10, 2007 Does anyone watch the show "Mad MOney" on CNBC. I never really have but caught it last night. HE of course was saying that it was time to sell many of the mortgage companies like Countrywide, home builders like KB Homes and banks like Washington Mutual among others, and his buy was Intel and I believe he said Texas Instruments. Just curious what people thought of the host and his advice in general... I saw he was on the Today Show this morning as I was getting dressed, but it was muted so I didn;t hear what he was talking about. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 10, 2007 Share Posted August 10, 2007 I assume this refers to 'shorting' stocks, among other strategies. While I understand the concept, betting (and hoping/praying?) that someone else's company will perform poorly seems like a ticket to instant (bad) kharma to me. 'Instant kharma's gonna get you...' Money is money, but still..... Other ways to make money outside of stocks: Municiple Bonds- 5 to 6% tax free in most cases Investment grade insurance contracts- Gauranteed return of 1 to 2% and can get returns around 10-15% depending on the index it is tied to i.e. SP... These investments grow tax free and are some of my preferred investment vehicles. Quote Link to comment Share on other sites More sharing options...
Big Country Posted August 10, 2007 Share Posted August 10, 2007 How can there be a person alive who hasn't gotten themselves into a good mortgage by now unless they still can't qualify. I mean, it's not as if rates just dropped out of nowhere. They've been pretty damned low for a while now. Lot of stupid people out there. Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 10, 2007 Share Posted August 10, 2007 Does anyone watch the show "Mad MOney" on CNBC. I never really have but caught it last night. HE of course was saying that it was time to sell many of the mortgage companies like Countrywide, home builders like KB Homes and banks like Washington Mutual among others, and his buy was Intel and I believe he said Texas Instruments. Just curious what people thought of the host and his advice in general... I saw he was on the Today Show this morning as I was getting dressed, but it was muted so I didn;t hear what he was talking about. Cramer usually gives pretty good advice and is very successful. Tech stocks are doing great in the face of this market and are about as far removed from the Credit issues as any other stocks out there. Quote Link to comment Share on other sites More sharing options...
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