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Sub-prime Meltdown Hits Thailand With Force


george

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Cclub, with a reckless and unsubstantiated statement like that I think that I will have to reconsider the fact that at one time I found you to be a fairly informed individual. I know a great deal about what went on with Enron and I see no similarity to Countrywide at all.

Not yet.

If you are aware of some outright fraud in accounting practices or shell companies at Countrywide I would be more than happy to listen to what you have found, but aside from that I must assume that you are clueless as to what is going on with Countrywide currently!

The first fraud starts with the manipulation of information.

You can't deny that, every day passing, we receive other small pieces of information, statements that contradict other made before.

You can't deny that BoA putting 2 billions in this shithole, is nothing but suspicious.

However, if you don't feel manipulated, like you were probably with Enron like everybody else, fair enough.

Last point : Enron was not only a fraud. But also an amazing example of a company vanishing in a big blast, that was once a very powerfull and large one.

Therefore, it's just common sense to make the comparison with Countrywide. Another large company that is just about to hit the dust too. And will make a lot of noise. Like Enron did.

;)

Just as I thought, you don't have the first clue as to what you are talking about! :o By the way there is nothing suspicious about B of A "putting 2 billions into this shithole" as you so diplomatically put it, B of A has made it very clear that they would like to own Countrywide. Personally I hope that Bloomberg and the other news outlets just bash CFC to death, then I may have a chance to buy some up under $15/sh (or $10/sh if Lao Po is correct). Oh just FYI, the last time I looked Goldman Sachs, JP Morgan Chase and CITI were not chairitable organizations, nor have they ever been, quite the contrary they are the three top investment banks on Wall Street. Pay atention here and you just might have an opportunity to make some nice coin!

Vegas this is your point about the same pont only a few weeks ago...

Martin, First of all the name of the company is Countrywide not Countryside, secondly it is a mortgage company not a major bank, thirdy it is in no danger of going under as a matter of fact it is fully funded and capitalized through 2008 n

no matter what happens in the real estate market, and finally even if the current situation gets worse by an exponential factor Countrywide would be bought out by a major bank, it would not go out of business. Now that the facts of this situation have been made clear to you, I expect that the next time you read some of those far left wing rags that are so prevelant in G.B. you might want to check your facts before you post. For years I thought that the U.S. media (both print and electronic) was extremely liberal and slanted to the left, that is until I visited G.B. and then I really found out what the meaning of left wing lunatic fringe meant it makes the U.S. media seem almost mainstream by comparison. The current situation is a market correction and a liquidity crisis (that is currently being adressed by the FED), it bears no resemblence to the great depression of the 1930's what so ever, so any comparison does indeed make you look like a doomster as you put it. I realize that you live in a rather gloomy world over there, but do youself a favor and try and have a nice day

how are is the prediction business over there in Arizona....

Bloomberg says they are in trouble.

the CEO says they are in trouble.

the stock market says they are in trouble ....

and only Vegas Vic says its all ok.... :D

on the other hand you

maybe its the lack of street lights in sedona that alllowes you to see the stars better that has you convinced that this is not a crisis situation

Lets see now, I bought CFC when it bottomed back in the middle of August, and during that same trading day when someone here posted that Warren Buffet might be interested in parts of CFC, I responded and told that particular poster that while Buffett might want parts of CFC that I had heard from a good source that B of A wanted the whole company and low and behold a few hours later when the market closed B of A announced the $2 billion investment in CFC. Even though I could have flipped that CFC in the low twenties the next day, I held onto CFC in case B of A announced a takeover and posted to Lao Po that I had put a stop in at $19/sh feeling that if it drifted back down to that level then any takeover was not imminent and CFC would be heading lower. Then a couple weeks later I posted that I got sold out at $19/sh, leaving me with a profit in excess of 18% for a 3 week trade. At this time I conjectured that CFC would likely drift down to $15/sh and possibily lower, and Lao Po posted that "you might even see $10/sh". Now from these prior posts that can be easily accessed it does appear that I can indeed read the stars :D, as for the post in which I stated that CFC was capitalized through 2008, that was a direct quote from Mr. Mozillo! There is still at least one more good trade left in CFC, so anyone out there who actually has some money to invest is interested in making some easy cash then just pay attention, so far my predictions on CFC in both directions have been spot on! By the way how is that booming real estate market in Thailand treating you highdiver :D

since you seem to forget quickly here it is again what you wrote and not quted mozilo. actually you were very surpeised by Mozilos post... :D so any manipulation of the text now os not going to help.

Martin, First of all the name of the company is Countrywide not Countryside, secondly it is a mortgage company not a major bank, thirdy it is in no danger of going under as a matter of fact it is fully funded and capitalized through 2008 n

no matter what happens in the real estate market, and finally even if the current situation gets worse by an exponential factor Countrywide would be bought out by a major bank, it would not go out of business.

by the latest head lines it looks like your prediction business is out... :bah:

as for your stock profit... selling at 19 when it had reached 22 ( $22.02 on Aug. 23) wow you must understand the stock market realy well. :bah:

so when shell we buy more stocks of CFC?? any predictions... :o

As for realestae in thailand and in Samui.. realty property value in Samui has risen over the last 4 years by nearly 400%.

condoes are being sold in BKK for more and with the apreciation of the baht its even more expensive.

so all in all Realestate in thailand is doing very well.

but since you are self proclaimed expert lets see what the situation is in Sedona???

the realty median is down 2.3%. Inventories of homes and land are, way up. And, they stay on the market longer. Overall numbers of sales are off by nearly 35%. In short, we have a Buyer's Market for the moment. and sellers backing off their list prices and bargaining more earnestly.

looks like your home in Sedona is worth less then it did 2 years ago. and now with the dollar value down and realestate in Sedona expecting another bow it will be probebly be worth less.

A Troll is a Troll is a troll... :D

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From a Pattaya perspective ...has anyone bothered counting the amount of space that real estate agents are booking for ads? It must be about a quarter of what it used to be - investment or not no-one's buying property in Pattaya.

ther have been many investmets in huge projects in pattya. the reason you dont see ads is because they are not effecttive.

news papers and magazines with 100s of real ads are out. direct marketing and market segmentation in..

developers are now advertising and promoting out side trying to capture brand awareness before they potential client reaches thailand.

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OK - compare the space used now and a few months ago - it's dwindled to nothing - can you actually find anyone who's bought a house or condo in Pattaya over the last few months??? a real person that is?

Edited by wilko
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OK - compare the space used now and a few months ago - it's dwindled to nothing - can you actually find anyone who's bought a house or condo in Pattaya over the last few months??? a real person that is?

I am invested in a company that is one of the owners of a large new complex built in pataya. the sales are beyond expectations. the main sales office is in London with subsideries in Moscow and hong kong.. it seems that advertising in a magazine along with another 400 developers is a waist of time. from what i know the large developers are marketing out side thailand.

but as this has nothing to do with this thread you may want to adress this or move it to the real estate thread..

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From a Pattaya perspective ...has anyone bothered counting the amount of space that real estate agents are booking for ads? It must be about a quarter of what it used to be - investment or not no-one's buying property in Pattaya.

ther have been many investmets in huge projects in pattya. the reason you dont see ads is because they are not effecttive.

news papers and magazines with 100s of real ads are out. direct marketing and market segmentation in..

developers are now advertising and promoting out side trying to capture brand awareness before they potential client reaches thailand.

And by that you mean they are trying to get the poor suckers before they get to Pattaya and realise its got more empty apartments than there are fleas on a camel.

:o

Edited by roamer
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Come on whats going on here? :D The DOW is up over 100 points already this morning and Countrywide is back above $18/sh, now how am I going to buy CFC back in the 15's or lower if you guys can't keep posting those obscrue articles that the U.S. is heading into a recession and Countrywide is headed for Bankruptcy :o As for highdiver, it appears he is still as clueless as ever, no need to even reply anymore just like his buddy palm, what a sad pair! Next week could be a real volitile one, with the FOMC meeting on tuesday, triple witching options expiration on friday and financial guidance throughout the week, it looks like a good week to head off to the rockies and enjoy that cool fresh mountain air and some good trout streams. Everyone have a good weekend!

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From a Pattaya perspective ...has anyone bothered counting the amount of space that real estate agents are booking for ads? It must be about a quarter of what it used to be - investment or not no-one's buying property in Pattaya.

ther have been many investmets in huge projects in pattya. the reason you dont see ads is because they are not effecttive.

news papers and magazines with 100s of real ads are out. direct marketing and market segmentation in..

developers are now advertising and promoting out side trying to capture brand awareness before they potential client reaches thailand.

And by that you mean they are trying to get the poor suckers before they get to Pattaya and realise its got more empty apartments than there are fleas on a camel.

:o

They could always go to Samui where I have it on good account that real estate is booming :D:D:D

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From a Pattaya perspective ...has anyone bothered counting the amount of space that real estate agents are booking for ads? It must be about a quarter of what it used to be - investment or not no-one's buying property in Pattaya.

ther have been many investmets in huge projects in pattya. the reason you dont see ads is because they are not effecttive.

news papers and magazines with 100s of real ads are out. direct marketing and market segmentation in..

developers are now advertising and promoting out side trying to capture brand awareness before they potential client reaches thailand.

And by that you mean they are trying to get the poor suckers before they get to Pattaya and realise its got more empty apartments than there are fleas on a camel.

:o

They could always go to Samui where I have it on good account that real estate is booming :D:D:D

well at leat its better then Sedona :D:bah::bah:

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Countrywide secures $12 bln in borrowing capacity

Thu Sep 13, 2007 9:37am ET162

NEW YORK, Sept 13 (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile , Research) said on Thursday it recently arranged for $12 billion in additional secured borrowing capacity.

The No. 1 U.S. mortgage lender said the additional borrowing capacity came through new or existing credit lines.

Note:

That message sent the Countrywide share up this morning in NY at $ 17,88 or +7.40% (still trading of course).

I have to add though:

Countrywide August mortgage fundings slide 17 pct

NEW YORK, Sept 13 (Reuters) - Countrywide Financial Corp, the largest U.S. mortgage lender, said on Thursday its mortgage fundings slid 17 percent in August from a year earlier to $34 billion on the housing slowdown and "credit tightening in the mortgage market."

Countrywide said average daily mortgage loan application volume for the month fell 12 percent from a year before to $2.3 billion.

Shares of Countrywide are down some 60 percent this year amid a meltdown in the market for risky subprime mortgages. Countrywide plans to cut as many as 12,000 jobs, and analysts say there could be more cuts on top of that figure, given that the lender hired some 7,000 people this year.

Countrywide's mortgage loan pipeline was $52 billion at the end of August, compared to $64 billion for the same period last year.

http://www.reuters.com/article/bondsNews/i...333568920070913

LaoPo

Edited by LaoPo
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Come on whats going on here? :D The DOW is up over 100 points already this morning and Countrywide is back above $18/sh, now how am I going to buy CFC back in the 15's or lower if you guys can't keep posting those obscrue articles that the U.S. is heading into a recession and Countrywide is headed for Bankruptcy :oAs for highdiver, it appears he is still as clueless as ever, no need to even reply anymore just like his buddy palm, what a sad pair! Next week could be a real volitile one, with the FOMC meeting on tuesday, triple witching options expiration on friday and financial guidance throughout the week, it looks like a good week to head off to the rockies and enjoy that cool fresh mountain air and some good trout streams. Everyone have a good weekend!

so insted of debating the issue you find the resort of personal insults and running away to the Rockies :D

When you begin to insult your opponent, you have lost the argument.

Often people who run out of evidence feel threatened and prideful. They refuse to acknowledge the weakness or fallacy of their position and must defend with things that are not Germain to the debate. Insults of a personal nature are common once that happens.

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Countrywide secures $12 bln in borrowing capacity

Thu Sep 13, 2007 9:37am ET162

NEW YORK, Sept 13 (Reuters) - Countrywide Financial Corp (CFC.N: Quote, Profile , Research) said on Thursday it recently arranged for $12 billion in additional secured borrowing capacity.

The No. 1 U.S. mortgage lender said the additional borrowing capacity came through new or existing credit lines.

Note:

That message sent the Countrywide share up this morning in NY at $ 17,88 or +7.40% (still trading of course).

I have to add though:

Countrywide August mortgage fundings slide 17 pct

NEW YORK, Sept 13 (Reuters) - Countrywide Financial Corp, the largest U.S. mortgage lender, said on Thursday its mortgage fundings slid 17 percent in August from a year earlier to $34 billion on the housing slowdown and "credit tightening in the mortgage market."

Countrywide said average daily mortgage loan application volume for the month fell 12 percent from a year before to $2.3 billion.

Shares of Countrywide are down some 60 percent this year amid a meltdown in the market for risky subprime mortgages. Countrywide plans to cut as many as 12,000 jobs, and analysts say there could be more cuts on top of that figure, given that the lender hired some 7,000 people this year.

Countrywide's mortgage loan pipeline was $52 billion at the end of August, compared to $64 billion for the same period last year.

http://www.reuters.com/article/bondsNews/i...333568920070913

LaoPo

yes they are doing fantastic....Vegas vic said so... :o:D

you should realy listen to Vegas vic and get some of those stocks... that already lost a half in the value this year.

the housing crisis in america will not effect countrywide at all. infact its just a rumour spread by those politicly left wing liberals.. :D

At the same time pop over to Sedona and buy an house there its realy lovely. 17,000 population, no street lights.. (they like to see the stars) no parking on main street and the prices of realestate are falling... great bargins.

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Come on whats going on here? :D The DOW is up over 100 points already this morning and Countrywide is back above $18/sh, now how am I going to buy CFC back in the 15's or lower if you guys can't keep posting those obscrue articles that the U.S. is heading into a recession and Countrywide is headed for Bankruptcy :DAs for highdiver, it appears he is still as clueless as ever, no need to even reply anymore just like his buddy palm, what a sad pair! Next week could be a real volitile one, with the FOMC meeting on tuesday, triple witching options expiration on friday and financial guidance throughout the week, it looks like a good week to head off to the rockies and enjoy that cool fresh mountain air and some good trout streams. Everyone have a good weekend!

so insted of debating the issue you find the resort of personal insults and running away to the Rockies :D

When you begin to insult your opponent, you have lost the argument.

Often people who run out of evidence feel threatened and prideful. They refuse to acknowledge the weakness or fallacy of their position and must defend with things that are not Germain to the debate. Insults of a personal nature are common once that happens.

A real debate with VegasVic is difficult, if not impossible, whether he's right or wrong doesn't really matter.

As far as CFC -Countrywide- is concerned: I have a bad taste in my mouth about the CEO, Mr. Angelo R. Mozilo, the co-founder of Countrywide back in 1969 if I'm correct. This man is a charismatic chap who achieved something big, very big.

What makes it so sour tasty is that this chap has been selling, selling and selling shares and options on a very large scale, PROMOTING to buy the same shares of his own company to his staff.... :o

I really don't understand a (extremely wealthy already) man that created a huge company from a baby into a Giant and does NOT back his own company in bad times.

Like some investment guru said somewhere today:

"Hey, Angelo, BUY shares, ASAP and do it big time"

If he doesn't he's an @sshole in my view... :D

LaoPo

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I am amazed at the number of employees who were employees in these mortgage companies.

Maybe that is what is at the root of the problem---too many shuffling the paper of wheeling-and-dealing and not enough doing plain, honest, down-to-earth work like digging footings.

"Houses of cards" come to mind.

I am told that, with their love for smooth euphemisms, Americans prefer to call foreclosed-on properties: 'bank-owned'.

The logical result is that that could soon mean 'China owned', as the Chinese central bank looks to get some tangible assets for its dollar holdings.

I am not one who watches the detail of the happenings in Russia. I just accept that, when it gets a good chance, Russia will screw over the West, in retaliation for what Reagan, egged on by Thatcher, did in getting the Saudis to pump, pump, and pump again, and keep the price of oil down till Russia, led by Gorbachev, had to give in.

And the Chinese don't like the Western nations, who forced the then-Chinese-Government to let them make a lot of their ancestors into druggies.

Fortunately, Thai rice is universally popular, so the sub-prime meltdown and other geopolitical happenings shouldn't hit Thailand with much force, provided the older and wiser are in place to steer things despite the younger and dafter (such as MPs).

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Special inscription for our friend, the Countrywide lover and Enron hater.

First fraud, first lawsuits.

:o

What ? You're about to say that Countrywide took 8 % today ? Sure my friend. Just because they managed... to get a new greasy.... loan (12 billions, small player). ! More debt and the stock is going up. That's the recipe for the real winners.

Anyway. Keep the pace, watch your step. And buy all thoses nice little liabilities that will pop in your face, in the coming month.

And don't forget : stay tuned for the next bad news.

Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles.

The lawsuit, filed in U.S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs.

He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company's financial health.

But those overseeing the plan failed to warn workers or intentionally concealed key information, the lawsuit claims.

"Most of these employees weren't risk-takers, rather claims processors and line staff who go to work every morning, putting a little away every month for retirement, or to finance a child's education," Berman said in a statement.

"With Countrywide's demise, they've seen their retirement funds decimated," he said. The lawsuit claims Countrywide employees lost millions of dollars in retirement savings. It seeks unspecified compensatory damages.

A call to Berman seeking further comment was not returned.

A call to Calabasas-based Countrywide was also not returned.

Edited by cclub75
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Sept. 13, 2007

Countrywide Financial Corp (CFC.N), the largest U.S. mortgage lender, said on Thursday it has lined up $12 billion of financing to help weather a housing slowdown that has reduced loan demand and will lead to widespread layoffs.

Shares of Countrywide rose as much as 9.8 percent.

The company said it recently lined up the secured financing through new or existing credit facilities. On August 16, it had drawn down $11.5 billion from credit lines because it was unable to sell short-term debt to fund regular operations.

Calabasas, California-based Countrywide also said it had funded $34.4 billion of mortgage loans in August, the fewest this year and down 17.3 percent from a year earlier, as it tightened lending standards. Daily applications fell 11.8 percent to $2.33 billion. Countrywide's pipeline of mortgages being processed fell 16.8 percent from July to $51.8 billion.

Countrywide's success in finding new sources of capital "should substantially address funding concerns," Credit Suisse analyst Moshe Orenbuch wrote. "As origination volumes and mortgage pipeline decline over the coming months, we expect the stress on its funding needs should subside significantly."

Representatives of Countrywide did not immediately return requests for further details on the new financing.

Countrywide shares were up $1.39, or 8.4 percent, at $18.01 in afternoon trading on the New York Stock Exchange, after rising as high as $18.25.

Through Wednesday, the stock had fallen 60.8 percent this year as defaults rose, home prices stopped increasing and investors grew unwilling to buy many kinds of home loans.

On Friday, Countrywide said it would fire up to 12,000 employees, or about 20 percent, by December. Analysts said deeper cuts are possible. Staffing in August fell to 60,867 from July's 61,586, the year's first monthly decline.

Companies have announced well over 50,000 mortgage-related job cuts this year. On Wednesday, Memphis, Tennessee-based First Horizon National Corp (FHN.N) announced 1,500 layoffs, mainly in mortgages, while Seattle-based Washington Mutual Inc (WM.N) announced 1,000 mortgage-related job losses.

FEWER LOANS

Countrywide this summer stopped making home loans that don't meet its own banking unit's investment criteria, or which aren't eligible to be securitized by such entities as Fannie Mae (FNM.N) and Freddie Mac (FRE.N).

Less than 4 percent of Countrywide's home loans in August were subprime, or intended for people with weak credit.

Last month, Countrywide received a $2 billion infusion from Bank of America Corp (BAC.N), which could eventually give the second-largest U.S. bank a one-sixth stake in the lender.

On Wednesday, U.S. Treasury Secretary Henry Paulson urged Countrywide Chief Executive Angelo Mozilo and other mortgage officials to help borrowers who took out adjustable-rate loans whose rates are resetting to higher levels.

Mozilo co-founded Countrywide in 1969, and his employment contract runs through 2009, when he will be 71. Critics have faulted him for taking too much lending risk and for cashing in tens of millions of dollars of stock options in 2006 and 2007 through a prearranged trading plan.

On Tuesday, employees sued Countrywide and Mozilo, saying the company's failure to warn of its deteriorating financial health cost them millions of dollars of retirement savings.

Chief Operating Officer David Sambol said in a statement on Thursday that Countrywide was confident it will be a "long-term beneficiary" of current market conditions.

(Additional reporting by Tim McLaughlin and Christian Plumb)

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Special inscription for our friend, the Countrywide lover and Enron hater.

First fraud, first lawsuits.

:D

The lawsuit was already mentioned in post #356, page 24, with all respect, cclub75 :D

Note:

In the meantime the Countrywide share CFC closed in NY at $ 18,93 with a +13.9% (...no comment).

A staggering number of more than 72 Million shares were traded with a turnover of $ 750 Million+...

I don't know if Mr. Mozilo bought some shares back after his sell out during the whole of 2007... :o

LaoPo

Edited by LaoPo
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GOOD NEWS

For a change, since we all need it, there's good news:

Giant General Motors closed at a spectacular +10.05%, after the DJIA closed, up from $ 31.74 to $ 33,29. This after Citigroup gave a 'buy' signal.

A staggering 50 Million shares were traded and that's the highest number in over 10 months since November 30, 2006 (mostly sell off with 84 Million shares).

A figure of $ 1,184,870,895,10 changed hands....(yes, 1 Billion, 184 Million and something)

DJIA: up +1,00% at 13,424

S&P500 up +0,8% at 1,483

NASDAQ up +0,3% at 2,601

I think that's good news for the 'normal' US economy, outside the plagued subprime mess, and a promising signal that the economy isn't infected too much from the subprime crisis; let's hope so anyway!

Laopo

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Off topic I guess but it is related to the Thai/world economy - It would seem that people are buying on figures made buy people who want to sell rather than grass roots experience. A walk around Samui or Pattaya would sober up a lot of investors, I think.

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Special inscription for our friend, the Countrywide lover and Enron hater.

First fraud, first lawsuits.

:D

The lawsuit was already mentioned in post #356, page 24, with all respect, cclub75 :D

Note:

In the meantime the Countrywide share CFC closed in NY at $ 18,93 with a +13.9% (...no comment).

A staggering number of more than 72 Million shares were traded with a turnover of $ 750 Million+...

I don't know if Mr. Mozilo bought some shares back after his sell out during the whole of 2007... :o

LaoPo

Wasn't just the $12 billion that brought some life to the stock. Here's the 8K they filed yesterday which shows August loan results. They had a better month than most people would think.

The press release that news stories referenced is on page 4. Numbers start on page 7 of the .pdf. 192,000 loan fundings representing $34 billion. September may not be so great but a $51.8 billion loan pipeline should last them a couple months, and there's a lot less competitors now.

form8k_20Aug_07ops_pr.pdf

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Wasn't just the $12 billion that brought some life to the stock. Here's the 8K they filed yesterday which shows August loan results. They had a better month than most people would think.

The press release that news stories referenced is on page 4. Numbers start on page 7 of the .pdf. 192,000 loan fundings representing $34 billion. September may not be so great but a $51.8 billion loan pipeline should last them a couple months, and there's a lot less competitors now.

Sure... and.... less cutomers most certainly.

What a wonderfull "opportunity". I'm impatient to see september figures.

Ah, wait, something coming on the telex : Northern Rock is falling 20 % in London.

That's really too bad.

And what is asthonishing : last night, a paper wrote by some "analyst" put the fire on financial stocks in NY... Bloomberg was writing : "credit crunch ease..." The crisis was over. A miracle. A sign of the Mighty One.

And boum, less than 24 h after, another big blow, another "bad news that really no one was expecting". ;-) It's hilarious.

The comedy shall continue.

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Wasn't just the $12 billion that brought some life to the stock. Here's the 8K they filed yesterday which shows August loan results. They had a better month than most people would think.

The press release that news stories referenced is on page 4. Numbers start on page 7 of the .pdf. 192,000 loan fundings representing $34 billion. September may not be so great but a $51.8 billion loan pipeline should last them a couple months, and there's a lot less competitors now.

Sure... and.... less cutomers most certainly.

What a wonderfull "opportunity". I'm impatient to see september figures.

Ah, wait, something coming on the telex : Northern Rock is falling 20 % in London.

That's really too bad.

And what is asthonishing : last night, a paper wrote by some "analyst" put the fire on financial stocks in NY... Bloomberg was writing : "credit crunch ease..." The crisis was over. A miracle. A sign of the Mighty One.

And boum, less than 24 h after, another big blow, another "bad news that really no one was expecting". ;-) It's hilarious.

The comedy shall continue.

And as you may know by now Northern Rock, which earlier this year handled 1 in 5 UK mortgages, has had to be bailed out by the Bank of England in an unprecedented move. Don't try to start a thread on it though as I did, the mods will strike it as not Thailand related.....yet Countrywide is ? As perverse as those who say, crisis, what crisis ?

:o

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And what is asthonishing : last night, a paper wrote by some "analyst" put the fire on financial stocks in NY... Bloomberg was writing : "credit crunch ease..." The crisis was over. A miracle. A sign of the Mighty One.

And boum, less than 24 h after, another big blow, another "bad news that really no one was expecting". ;-) It's hilarious.

The comedy shall continue.

I share your amazement at how the market sentiment to this " problem "

changes on a 24 hour basis :o The DJIA Futures are currently in RED

again by 80 points so today they are having an off day after the euphoria

yesterday - :D

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[

so insted of debating the issue you find the resort of personal insults and running away to the Rockies :o

When you begin to insult your opponent, you have lost the argument.

Often people who run out of evidence feel threatened and prideful. They refuse to acknowledge the weakness or fallacy of their position and must defend with things that are not Germain to the debate. Insults of a personal nature are common once that happens.

Seems to me you are just as guilty of insults and personal slams and flames. Wished you would all grow up and have a mature debate.

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Panic mode at Northern Rock, in the UK.

Customers queue for cash...

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/14/bcnnorth414.xml ://http://www.telegraph.co.uk/money/ma...cnnorth414.xml ://http://www.telegraph.co.uk/money/ma...cnnorth414.xml ://http://www.telegraph.co.uk/money/ma...cnnorth414.xml

And a very nice picture.

Now that things start to be more "graphical"... people will wake up I hope.

An ocean between US and UK. But the same problems. The same coverup. The same pathetic bailouts.

It's not "subprime" anymore. It's a confidence crisis. And that's probably the worst... for banks and other financials companies.

Next target : mutual funds.

This is why they try to keep the stock markets index afloat. Can you imagine, when millions of soon-to-be-retired americans will realize that their saving... are vanishing ? Sorry : have vanished. :o

Once, here, we were talking about Sufficiency Economy in Thailand. Someone said that, ultimately Thailand could be more protected from the turmoils of globalization.

It sounded ridiculous.

But I start to change a bit my mind... Better to be unemployed in Thailand (weather, food, easy shelter) than unemployed in the US or Europe...

Edited by cclub75
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And as you may know by now Northern Rock, which earlier this year handled 1 in 5 UK mortgages, has had to be bailed out by the Bank of England in an unprecedented move. Don't try to start a thread on it though as I did, the mods will strike it as not Thailand related.....yet Countrywide is ? As perverse as those who say, crisis, what crisis ?

:o

There's a thread about Northern Rock: http://www.thaivisa.com/forum/index.php?sh...t=0&start=0

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