The trouble at banks stems from losses in real-estate, auto and credit card lending that are worsening every day as U.S. job losses mount, inflation rises and income levels shrink amid a widening recession. Realized loan losses at banks nationwide have risen to the stunning level of 1.3% of assets so far, but analyst Whalen's research suggests we're on target for at least a 2% annualized loss rate nationwide -- which was the level in the early 1990s, when more than 800 regional banks and thrifts went under because of bad real-estate loans.
Big institutions such as National City (NCC, news, msgs), based in Cleveland, and Washington Mutual (WM, news, msgs) in Seattle are already at 3% losses, and the examples of greater-than-expected losses continue to pile up. On Tuesday, First Horizon National (FHN, news, msgs) of Tennessee announced that its write-offs would be $100 million, or 20%, larger than the $485 million loss it had previously estimated. The company blamed more-extensive loan reviews and statistical analyses for the difference, as well as deteriorating collateral values of land and lots.
We are now right where I forecasted we we would be. With no certainty of course. Who could say 100% we would be at a certain point? And failure to get this spiral under control will only make it worse. Back to the drawing board.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
What I cant figure out is congress turned us down for $700 billion bailout but they have agreed to lend $620 billion in the foreign markets, here is a quote from the MSN money Page.. ""In Washington, the Federal Reserve said it would make an additional $620 billion available for future lending to nine foreign central banks."" How come we can send that money out of this country but not want to help our own,, Gary
Posts: 1986 | From: Florida | Registered: Mar 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Morning BooDog, I just opened my screener up and saw that,, AIG 2.92 x 2.95 NCC 1.83 x 1.84 Today is going to be interesting to watch,, Any predictions anyone? Not just AIG NCC but across the board?
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
I'm getting all my bounces except for RDN. Still out .03 on that one.
Good luck!
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Look at SOV this morning,,up from a 2.33 close to 3.79 this morning,, I didnt see this one yesterday...
Posts: 1986 | From: Florida | Registered: Mar 2006
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quote:Originally posted by Gary59: Look at SOV this morning,,up from a 2.33 close to 3.79 this morning,, I didnt see this one yesterday...
I wasn't watching that one yesterday! And it was on my watch list like a week ago! sokay.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by Gary59: Look at SOV this morning,,up from a 2.33 close to 3.79 this morning,, I didnt see this one yesterday...
I wasn't watching that one yesterday! And it was on my watch list like a week ago! sokay.
here's my list today and add WAMUQ
On my list for tomorrow. WHO KNOWS!!! DCGN .40 morning star potential but not quite a pincher yet. NURO .96 $1 boogie PSEM on the dip 10.16 QTWW 1.72 trend breaker nice white candle and going in the power zone with pincher status imo. Keep an eye on this one. RGCI .95 showing nice accumulation SOV 2.33 Dead cat bouncer?? yikes Oh yeah, don't leave out NCC and ABK, RDN for potential bounce back - watch pre-market.
Not buy recommendations, just wild picks!
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by Gary59: What I cant figure out is congress turned us down for $700 billion bailout but they have agreed to lend $620 billion in the foreign markets, here is a quote from the MSN money Page.. ""In Washington, the Federal Reserve said it would make an additional $620 billion available for future lending to nine foreign central banks."" How come we can send that money out of this country but not want to help our own,, Gary
it's a different kind of lending...
the "bailout" was to purchase assets outright, whereas the FED makes/made overnight loans against the assets in the past, they have made longer terms in the last few weeks...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
qtww broke its support imo, wanted it to hold above the 200 day ma. now at 1.40 LOD 1.31, need to spend more time with the charts on that one.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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RDN back to 4.78 thought there would be more of a pull back on this one.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
ABK end of day ping pong, what I mentioned before, watch this ping pong ball.
Okay, not as exciting today as I've seen it in the last half hour on other days. 2.15 - 2.44 settling at 2.33. Still like it. Maybe I'm too easily amused?? lol
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Well I just got back a little while ago glad to see everything went good today..AIG and NCC still doing a lot of catch up after hours trading too,,maybe a little gap tommorow as well..
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Check this out on WAMUQ::Posted by Kim Peterson from MSNMoney: Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.
If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:
WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.
Fishman got the best temp gig in history. He gets to keep the bonus and severance pay, though he must stay on the job while JPMorgan Chase completes its purchase of WaMu's banking assets.
To be fair, Fishman wasn't the one that took WaMu down a path lined with toxic mortgages and other bad assets. No, that role belonged to former CEO Kerry Killinger, who received $54 million over five years before leaving earlier this month. He's eligible for around $20 million in severance pay.
Posts: 1986 | From: Florida | Registered: Mar 2006
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quote:Originally posted by Gary59: Check this out on WAMUQ::Posted by Kim Peterson from MSNMoney: Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.
If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:
WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.
Fishman got the best temp gig in history. He gets to keep the bonus and severance pay, though he must stay on the job while JPMorgan Chase completes its purchase of WaMu's banking assets.
To be fair, Fishman wasn't the one that took WaMu down a path lined with toxic mortgages and other bad assets. No, that role belonged to former CEO Kerry Killinger, who received $54 million over five years before leaving earlier this month. He's eligible for around $20 million in severance pay.
haha
well I have a finance background.. maybe I should apply to some banks.
Headlines. retired 31 year old makes money off failing banks.. and those down because of scared public sell off. I will take that one.
Posts: 208 | Registered: Sep 2008
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posted
OK im out of AIG in at 2 out at 3.80 gonna look or a big dip today to get back in or wait and see what will happen before close today.. Still holding NCC . gotta leave the computer for a while today and dont want to take chances with all the boucing going on..
Posts: 1986 | From: Florida | Registered: Mar 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by BooDog: i BAILED ON wamuq BUT ITS STILL GOIN
Okay, it paused. lol
still
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Im am thinking about getting out of NCC now just in case.... AIG hit 4 right after I got out but still made out ok. I averaged own on NCC the other day so Im ok there now to just don want to dump and see it fly as well...
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Well Ncc sold at 2.80 while I was tpying the last message so Im back to cash mode again,,, Problem now is waiting for clear money..
Posts: 1986 | From: Florida | Registered: Mar 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
I see that now seems like I pulled the trigger too fast on both of them today,, I was looking at NCC charts thinking that 2.85 was a double top and was going to head back down a little BUT it didnt do it , my luck it will hit 3.50 today.. But at least I am back up after the last few days and made a little over the last week..
Posts: 1986 | From: Florida | Registered: Mar 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Well unless I can send cash into my account in the morning I am out of settled cash until monday.. That sucks but I am not getting into anything without being able to bail quick, I would hate to get something today and have to hold until monday and watch it hit the dirt....
Posts: 1986 | From: Florida | Registered: Mar 2006
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