6 replies to this topic

[Rogerdodger]

Published on: 08/17/07 LOS ANGELES — Anxious customers jammed the phone lines and Web site of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.

Customers, most of whom said they were acting just in case, said they went to the lightly staffed branches because they couldn't get through to the bank via its toll-free number or its slow-moving Web site.

At Countrywide Bank offices, in a scene rare since the U.S. savings-and-loan crisis ended in the early '90s, so many people showed up to take out some or all of their money that in some cases they had to leave their names.

The mortgage lender said it would further tighten its loan standards and make fewer large mortgages. Those moves could make it harder to get a home loan and further depress the housing market.

Edited by Rogerdodger, 18 August 2007 - 12:21 AM.

[Rogerdodger]

Some Fallout:
Tropicana makeover on hold for now
Aug. 17, 2007
Copyright © Las Vegas Review-Journal
The start of the Tropicana's $2.5 billion makeover has been delayed until at least 2008 because of a volatile debt market and rising construction costs, a company spokesman confirmed late Wednesday.

"There will be a delay in the Tropicana project tied to some operating issues and some credit markets," said Hud Englehart, spokesman for the gaming property's parent company, Fort Mitchell, Ky.-based Columbia Sussex Corp.
"The company will continue to evaluate those markets to determine when the project will be initiated," he said.

The delay comes during a credit crunch in world markets that has many large financiers withdrawing from worldwide commitments.
Earlier this week, the Financial Times reported that Goldman Sachs and Deutsche Bank withdrew a commitment to underwrite the raising of up to $1 billion for the movie company Metro-Goldwyn-Mayer.
Many financial institutions are already backing billions in debt financing for Strip projects. There is $26.8 billion in projects under construction along the Strip, a report by the Global Gaming Group at CB Richard Ellis shows.

A report by Rider Levett Bucknall notes construction costs in Las Vegas have increased 9.1 percent since January and 17.3 percent since July 2006.


**************


Aug. 03, 2007
Copyright © Las Vegas Review-Journal

HOUSING MARKET: LV homes head to auction block

Some 100 properties slated to go up for bid Nearly 100 Las Vegas homes will be sold at auction Sunday.
It's the largest Las Vegas home auction ever conducted in Hudson & Marshall's 40-year history, principal Dave Webb said.

Vacant listings make up 44 percent of single-family dwellings, 56 percent of condos and 48 percent of townhomes

Edited by Rogerdodger, 18 August 2007 - 12:43 AM.

[mike123]

Published on: 08/17/07 LOS ANGELES — Anxious customers jammed the phone lines and Web site of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.

Customers, most of whom said they were acting just in case, said they went to the lightly staffed branches because they couldn't get through to the bank via its toll-free number or its slow-moving Web site.

At Countrywide Bank offices, in a scene rare since the U.S. savings-and-loan crisis ended in the early '90s, so many people showed up to take out some or all of their money that in some cases they had to leave their names.

The mortgage lender said it would further tighten its loan standards and make fewer large mortgages. Those moves could make it harder to get a home loan and further depress the housing market.

Countrywide is in trouble. The bank run will eat up the $11 Billion credit line in a couple of days. They will need FED bailout. They are virtually bankrupt.

[mike123]

Published on: 08/17/07 LOS ANGELES — Anxious customers jammed the phone lines and Web site of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.

Customers, most of whom said they were acting just in case, said they went to the lightly staffed branches because they couldn't get through to the bank via its toll-free number or its slow-moving Web site.

At Countrywide Bank offices, in a scene rare since the U.S. savings-and-loan crisis ended in the early '90s, so many people showed up to take out some or all of their money that in some cases they had to leave their names.

The mortgage lender said it would further tighten its loan standards and make fewer large mortgages. Those moves could make it harder to get a home loan and further depress the housing market.

Countrywide is in trouble. The bank run will eat up the $11 Billion credit line in a couple of days. They will need FED bailout. They are virtually bankrupt.

FDIC said CFC has $58 Billion in deposits. If people panic and start a run on all the banks. FDIC will fail too. We will then get our deposit back with worthless US $. Dollar index at 60 or lower.

[Rogerdodger]

The word used most often now is "unprecedented." That means that nothing like this mortgage fiasco has ever happened before and we don't have anything to compare it to. It's been hashed and rehashed here many times. But it would seem like the snowball has just began to roll. An the shock has been worldwide already. What will loaning a few billion here or there do except delay the inevitable? Waiting for the readjusts to begin...

[Mtrader]

Yah nah yah nah. What kind of traders are you guys anyway? Buy buy buy buy.

[pdx5]

Yah nah yah nah.

What kind of traders are you guys anyway?

Buy buy buy buy.

Yes, great opportunities for VST traders. 500 point swings is music to day traders.

IT & LT traders/investors are another story. Time to be very careful, -or- do not
watch the market action for several months.

Edited by pdx5, 19 August 2007 - 02:44 AM.