NO chance in hell it goes green. And tomorrow it will be interesting who wants to be long into the weekend....Ugly.
never say never my friend, well dow still slightly red but S&P gonna be green at close i think hehe volitility insane
time to flush some bearishness outta the market before the next plunge. We'll see how asia holds up tonight yen starting to get beat down in preparation.
:monsters-
WTF? Here I go off at 2 pm to get my permanent fixed bridge seated (told him last week to make at least one of the 3 pure gold) and the market goes from -270 to damn near even?
Lemme guess, the some of the fukkers who caused this are cashing in now buying up the "discounted" financials?
Well the good news is the sumbitch didn't drop another 2% I reckon.
Bad news may be that sticking a finger in the damn only prolongs the inevitable?
Countrywide and all those others handing out the "liar" loans need to have their asses handed to em.
WTF? Here I go off at 2 pm to get my permanent fixed bridge seated (told him last week to make at least one of the 3 pure gold) and the market goes from -270 to damn near even?
Lemme guess, the some of the fukkers who caused this are cashing in now buying up the "discounted" financials?
Well the good news is the sumbitch didn't drop another 2% I reckon.
Bad news may be that sticking a finger in the damn only prolongs the inevitable?
Countrywide and all those others handing out the "liar" loans need to have their asses handed to em.
Erin Burnett : Walmart needs you to be poisoned and like it
http://ie.youtube.com/watch?v=-3J1I-AaA7A&mode=related&search=
Kinda off topic but i had to post this somewhere i'm on the floor
http://ie.youtube.com/watch?v=-3J1I-AaA7A&mode=related&search=
Kinda off topic but i had to post this somewhere i'm on the floor
Nother one bites the dust...buy the dip bully all is A-OK. 5500 jobs go poof.
-------------------------------------------------------------
First Magnus to Stop New Loan Funding
Thursday August 16, 6:49 pm ET
By Bob Christie, Associated Press Writer
National Mortgage Lender First Magnus Stops New Loan Funding, Is Closing Its Doors
PHOENIX (AP) -- First Magnus Financial Corp., a national mortgage lender that was on track to fund $36 billion in loans this year, stopped originating new loans Thursday and said it was suspending operations.
Company officials said the Tucson-based lender was caught in the credit liquidity crunch now causing a meltdown in the mortgage industry, even though it was not engaged in selling "sub-prime" mortgages that sparked the crisis in recent months.
"We're not funding loans right now and we're not certain what the future holds at this juncture," said Gary Baraff, the company's senior vice president for marketing.
First Magnus, which calls itself one of the largest privately held mortgage banking operations in the country, funded more than $30 billion in loans in 2006 and has more than 300 offices and 5,500 employees. It had operations in all 50 states.
The company's retail outlets include Great Southwest Mortgage and Charter Funding, recently renamed First Magnus Home Loans.
The majority of the company's workers were sent home Thursday after clearing out their offices, and although Baraff said they technically were not laid off, "what it means practically is that for a lot of them this was their last day at the company."
Bertha Wicker, a loan officer in Aiea, Hawaii, who joined First Magnus subsidiary Charter Financial about two months ago, said the announcement came completely out of the blue.
Employees were assuming their jobs were permanently gone now, she said.
"The job was very, very important and it's just something that came with no warning for us," Wicker said of the closure. "I guess we'll all have to find new jobs now."
First Magnus originated home loans and then sold bundled loans into the secondary loan market.
"The line of credit available to us became sparse, and also we had issues selling loans that we had already funded on the secondary market," Baraff said. "So it's the liquidity issue that you've been reading about. Ironically we do no subprimes, so it's not that."
A bankruptcy filing was possible, Baraff said.
First Magnus was founded in 1996 by Tom Sullivan Sr., Tom Sullivan Jr. and G.S. Jaggi and is one of the largest national companies based in Tucson. The senior Sullivan is the current chairman of the board and personally put about $10 million into the company in recent weeks to try to keep it afloat.
The company's troubles are the latest in a series of meltdowns in the nation's mortgage industry which are blamed on delinquencies and other problems in the subprime lending market.
American Home Mortgage quit writing home loans Aug. 3 and filed for bankruptcy protection three days later, blaming its troubles on margin calls from banks that had provided it with the cash necessary to write mortgages. Last week, regional mortgage lender HomeBanc Corp. filed for bankruptcy protection in U.S. Bankruptcy Court in Delaware.
Leading lender Countrywide Financial Corp. said Thursday it had borrowed $11.5 billion from a group of 40 banks to fund loans, a move that shows just how deep the lending crisis has become.
First Magnus is still trying to determine what it will tell customers who have pending loan applications with the firm. The only notice for applicants Thursday was a message on the company's telephone line and Web site.
"In light of the collapse of the secondary mortgage market, First Magnus will not fund any mortgage loans after Wednesday, Aug. 15, 2007," the message said. "Additionally, we are no longer accepting any mortgage applications or funding any mortgage loans previously originated but not yet funded."
Baraff said executives are also trying to determine the status of employees' pay and benefit issues.
-------------------------------------------------------------
First Magnus to Stop New Loan Funding
Thursday August 16, 6:49 pm ET
By Bob Christie, Associated Press Writer
National Mortgage Lender First Magnus Stops New Loan Funding, Is Closing Its Doors
PHOENIX (AP) -- First Magnus Financial Corp., a national mortgage lender that was on track to fund $36 billion in loans this year, stopped originating new loans Thursday and said it was suspending operations.
Company officials said the Tucson-based lender was caught in the credit liquidity crunch now causing a meltdown in the mortgage industry, even though it was not engaged in selling "sub-prime" mortgages that sparked the crisis in recent months.
"We're not funding loans right now and we're not certain what the future holds at this juncture," said Gary Baraff, the company's senior vice president for marketing.
First Magnus, which calls itself one of the largest privately held mortgage banking operations in the country, funded more than $30 billion in loans in 2006 and has more than 300 offices and 5,500 employees. It had operations in all 50 states.
The company's retail outlets include Great Southwest Mortgage and Charter Funding, recently renamed First Magnus Home Loans.
The majority of the company's workers were sent home Thursday after clearing out their offices, and although Baraff said they technically were not laid off, "what it means practically is that for a lot of them this was their last day at the company."
Bertha Wicker, a loan officer in Aiea, Hawaii, who joined First Magnus subsidiary Charter Financial about two months ago, said the announcement came completely out of the blue.
Employees were assuming their jobs were permanently gone now, she said.
"The job was very, very important and it's just something that came with no warning for us," Wicker said of the closure. "I guess we'll all have to find new jobs now."
First Magnus originated home loans and then sold bundled loans into the secondary loan market.
"The line of credit available to us became sparse, and also we had issues selling loans that we had already funded on the secondary market," Baraff said. "So it's the liquidity issue that you've been reading about. Ironically we do no subprimes, so it's not that."
A bankruptcy filing was possible, Baraff said.
First Magnus was founded in 1996 by Tom Sullivan Sr., Tom Sullivan Jr. and G.S. Jaggi and is one of the largest national companies based in Tucson. The senior Sullivan is the current chairman of the board and personally put about $10 million into the company in recent weeks to try to keep it afloat.
The company's troubles are the latest in a series of meltdowns in the nation's mortgage industry which are blamed on delinquencies and other problems in the subprime lending market.
American Home Mortgage quit writing home loans Aug. 3 and filed for bankruptcy protection three days later, blaming its troubles on margin calls from banks that had provided it with the cash necessary to write mortgages. Last week, regional mortgage lender HomeBanc Corp. filed for bankruptcy protection in U.S. Bankruptcy Court in Delaware.
Leading lender Countrywide Financial Corp. said Thursday it had borrowed $11.5 billion from a group of 40 banks to fund loans, a move that shows just how deep the lending crisis has become.
First Magnus is still trying to determine what it will tell customers who have pending loan applications with the firm. The only notice for applicants Thursday was a message on the company's telephone line and Web site.
"In light of the collapse of the secondary mortgage market, First Magnus will not fund any mortgage loans after Wednesday, Aug. 15, 2007," the message said. "Additionally, we are no longer accepting any mortgage applications or funding any mortgage loans previously originated but not yet funded."
Baraff said executives are also trying to determine the status of employees' pay and benefit issues.
Tiz, are you David Tice?
I was a big time poster at Bearchat from the prudent bear website. And then I got booted for calling Maria B. from CNBC, pinhead that she is, an inappropriate name. People say much worse, but for some reason I wasn't allowed back. Rx is a better place for free speech.
I was a big time poster at Bearchat from the prudent bear website. And then I got booted for calling Maria B. from CNBC, pinhead that she is, an inappropriate name. People say much worse, but for some reason I wasn't allowed back. Rx is a better place for free speech.
i lurk prubear but don't post there, great forum lots of comedy. so some of the articles I post here comes from there
Honestly I can't believe I got booted. Her husband must work there b/c people drop F bombs and they don't get shit. But whatever. Some of those people are excellent, and some don't have a clue and just wish the market lower.
