Friday, October 05, 2007

BofA: deposit king; mortgage king; fee king.


For about what seems the eleventeenth time Jim Cramer has reported/started the rumor of BofA buying Countrywide. He thought is was a good deal at $30bn so he certainly pushes even harder at ~$13bn. Ignore the fact that BofA would be tens of billions to the poorer had they listened the first time.

10 comments:

Sac RE Agent said...

furst & murst

cador said...

MECOND

what's the latest on casey??

Rob Dawg said...

My two guesses:
1. Cramer has a boatload of CFC at $40 in his charitable trust and needs a bailout.

2. Casey has run out of coffee can money and his lawyer has walked leaving him to his own internal leagal and moral compasses.

Sac RE Agent said...

dawg, i believe you meant amoral compass.

Rob Dawg said...

Interesting point. I used to confound my friends with the question:

"Is it better to be a moral degenerate or amoral degenerate?"

In this case we know Casey has no internal compass of any redeeming societal value. It doesn't matter if he follows the broken compass (moral degenerate case) or ingnores it.

Peripheral Visionary said...

Hey, if the investment banking stocks go up after declaring big losses, than CFC's stock will reach record highs after it announces massive, unprecedented losses . . .

Property Flopper said...

Off topic, but relevant.

Love this one, might be a good cantidate for a separate topic.

http://money.cnn.com/2007/10/05/real_estate/fdic_rate_freeze/index.htm?cnn=yes

HauspocalypseNow said...

Hey Property Flopper,
that link is interesting.

So many ways people are proposing to 'magically' make a guy afford a home way over his budget.

so the FDIC is advocating they might invalidate contract law for millions of mortgages.

also of note they claim its 'only for owner occupants, not investors' ridiculous since most ALL the flips/investors claimed they WERE occupying so clearly we have an issue of ever increasing lying and cheating followed by ever increasing bungled gov intervention with more lying and cheatint to take advantage of the 4th and 5th wave of gov handouts/intervention.

did we EVER have free markets? i cant even imagine what one might look like anymore....i have to call my accountant before I buy or sell anything to see how the taxes stack up....

Property Flopper said...

Yeah, many (most?) of the teaser rates are loss leaders, I'm sure the lenders are going to want to convert those to permenant fixed rates.

The bozo in the article has NO idea how to fix this, but needs to be seen "doing something!". Basically blowing hot air.

Very funny stuff though.

b4freedom said...

This won't happen. It's like asking fast food to stop selling fatty food. They'll stop when people stop buying it.