Thread: There's just nothing quite like capitalism
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Reginald P. Smithers III[_9_] Reginald P. Smithers III[_9_] is offline
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First recorded activity by BoatBanter: Dec 2007
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Default There's just nothing quite like capitalism
wrote:
On Wed, 30 Jan 2008 09:30:17 -0500, JimH wrote:


He promptly blamed the lender as he said he did not know what an ARM
was. Doh!

Summary of sub-prime write-downs in Q4
UBS $13.7 bln
Citigroup $13.7 bln
Morgan Stanley $10.3 bln
Merrill Lynch $8.4 bln
HSBC $3.4 bln
Bank of America $3.3 bln
Deutsche Bank $3.1 bln
Barclays $2.7 bln
Royal Bank of Scotland $2.6 bln
Credit Agricole $2.3 bln
Bear Stearns $1.9 bln
Credit Suisse $1.9 bln
JP Morgan Chase $1.6 bln
Goldman Sachs $1.5 bln
Wachovia Bank $1.1 bln
Lehman Brothers $0.8 bln
SunTrust Bank $0.6 bln
Total: $72,900,000,000 and counting!

I guess the lender didn't know what an ARM was either.

I am very familiar with the real estate industry. Originators make
their money by getting loans approved. They were fudging info on
applications, builders where over pricing the homes so they could
finance the sub-prime rates and rebates etc, knowing the homeowner would
be in deep **** when the rates went up.
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