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Wachovia Corp (WB.DL)
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Provides a wide range of commercial and retail banking and trust services through full-service banking offices located in states throughout the Southeast. The company provides various other financial services, including mortgage and investment banking.
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Wachovia has been lumped with the other financials due to the sub-prime problems, however with the aquisition of Golden West they inherited a portfolio which has been conservatively managed for years and is in no danger from the current financial mess of other lenders
Pay Options ARMs are a WB bomb that hasn't gone off yet. These neutron loans will KILL WB
ARE you KIDDING ME?!? Don't feel good about these guys. They are part of the Bank Dead Poolhttp://bankimplode.com/Golden West are the "f'ng" stupid mouth breathers that invited the idea of "Pick a Payment Loans", which are PRECISELY WHAT is KILLING Wachovia......these loans are SO BAD, they had pre-payment penalties wrapped in them....and terms that not only ALLOWED but ENCOURAGED negative Amortization terms to a home owners loan.....WHY "F'ng" idiot would CREATE A PRODUCT, much less sign up for a HOME LOAN that allowed for NEGATIVE AMORTIZATION schedules.....Dude, I honest to God will say a prayer for you that you're picking this strickly as part of a "game" and not real life money you're putting into this....You SERIOUSLY need to do your home work before spouting off nonse like that.....Take a look at this article snap-shot from 2005 discussing how STUPID loans like this are....http://www.usatoday.com/money/perfi/columnist/block/2005-07-18-pick-a-payment_x.htmWant to see how MORONIC they are....run an Amortization on your own loan using this calculatorhttp://www.forsalebyownercenter.com/tools/payoptionarmloancalculator.aspxF'ng TOTAL INSANITY loans were allowed like that.....what in the WORLD were people thinkng..In this environment, when the next door neighbor gives up and throws in the towel....your home equity is in the negatives, what's going to stop this rapid decent into Dante's Inferno like abyss.....Job Losses, Personal Wealth (through real estate and stock holdings...evaporated.....More and more people will throw in the keys....Folks, this is Financial Armageddon like we've never seen in the history of the world....It's going to get MUCH MUCH worse.....Some analysts believe the blood letting won't end until losses hit ONE TRILLION, yes that is a "T" not a typo.....TRILLION DOLLAR LOSSLESS.......you better start hiding the money in the Mattress in times like this....http://news.yahoo.com/s/ap/20080714/ap_on_bi_ge/mortgage_giants_crisis;_ylt=A0WTcVwB73tIVPwAzBRv24cAAs long as more homeowners default on mortgages, losses to financial institutions will mount.Those losses already exceed $400 billion, and some analysts believe they will top $1 trillion before the housing carnage is over.
BY the way, I would be SO LONG on Wachovia had they not got wrapped up in that CEAST POOL of Golden West......man.....I'm still at a loss with the thought you'd think that Golden West, with Carnival Barker, "Pick a Payment" loan SCAM, would actually HELP Wachovia.....Were it not for Golden West, I'd be thumbs up LONG, however it's almost assured it will put WB into the "Texas Ratio's", watch 'em until they die list.....You do realize that Wachovia bank had to TRIPLE!!! their loan loss reserves this quarter don't you.????...They went from a Loan loss reserve (q4 end) of $2.x billion....and now they are at loan loss reserves of $6.3 billion end of Q1.....if Wachovia is unable to raise capital (and God can only guess what that "f-nut" Paulson nut bag will do)....they are IndyMac like TOAST.....which is a SAD, SAD, SAD thought to ponder.....because Wachovia use to be "old money", good, traditional, conservative, SAFE money lender.
good god, it seems your way off on this one bro.
Oops, bet you wish you could take that statement back. Golden West definitely was not the 'GOLDEN GOOSE', but it did give WB the 'ole' goose, if you know what I mean.
WHAT HAPPENS NOW? WHAT WILL HAPPEN TO THE SHAREHOLDERS?