The economy is pretty bad right now. Yesterday I was putting a foreclosed sign on my house, and while I was doing that, another guy came by and repossessed my car. Did someone mention cars? Stock markets overnight got hammered after the Senate rejected the automaker bailout plan, and our stocks markets are expected to [...]
Posts Tagged ‘Merrill Lynch’
Bank of America’s Merrill Lynch & First Republic Integration Issues
Bank of America’s Kiefer Sutherland-voiced ads make the firm sound smooth and certain. But after more than $100b in acquisitions since 2001 including troubled Countrywide and the Merrill Lynch deal that is set to close in the coming weeks, things might not be as smooth as they sound on TV. Bloomberg reports on the troubles [...]
Metrocities Exits Mortgage Broker Channel, Bank Earnings, LIBOR Down More, CPI/Jobs Data
ANOTHER BLOW TO MORTGAGE BROKERAGE BUSINESS Prospect Mortgage/Metrocities is exiting the wholesale business. Their e-mail stated, “Based on current market conditions, Prospect Mortgage / Metrocities Mortgage, LLC, has elected to exit the Wholesale lending space.” Yesterday they published their last rate sheet, and took their last locks in this business channel. It is debatable whether [...]
CPI for August Down 0.1% As Oil Drops To $91, YOY Up 5.4%, Credit Crisis Overshadows Inflation
The US Consumer Price Index was down 0.1% in August and up 5.4% year over year through August versus being up 0.8% in July and up 5.6% year-over-year through July. Like last month, this was the largest YOY spike since 1991, and is due mostly to the oil price spike we had during early summer. [...]
McCain: I Have An Economic Plan, It’s Good (part 7)
Never seems to go too long before republican presidential hopeful John McCain provides another completely valid reason for us to continue with our series on his economic policy meandering. Here’s what McCain said today …
BofA Acquires Merrill, Lehman Bankrupt, AIG May Fail, and What it All Means For Mortgages
Consider this list of news for the week (even though it’s only Monday): Best Buy Co. agreed to buy Napster (digital downloading of music) for $121 million.
Rates Down With Job Losses Up, Why Different Lenders Price Same Loans Differently
The trouble with some women is that they get all excited about nothing, and then they marry him. Obviously Ms. McCain is not saying that. They have finished up the conventions for the presidential election. We have representatives from Alaska (state motto: “11,623 Eskimos Can’t Be Wrong!”), Arizona (“But It’s A Dry Heat”), Illinois (“Please [...]
Lehman’s Last Legs?, No Bailout For Fannie/Freddie?, and a Capitalist Fable
Investment Banking News A day you’ll always remember? Maybe not, although the folks at Lehman Brothers may. According to a story from the AP, shares of Lehman Brothers are up this morning after a Korean newspaper reported that state-owned Korea Development Bank has made a bid to buy 25% of the “troubled” investment bank. South [...]
Warehouse Line Update, Merrill Writedown, Housing Bill Backlash
A man was telling his neighbor in Sun City Center, “I just bought a new hearing aid. It cost me four thousand dollars, but its state of the art. It’s perfect.”
Financial M&A Preview, Earnings Update, Mortgages After Credit Crunch
Countless ex-mortgage bankers have switched careers and gone into the exciting world of farm-raised sea monkeys. (Not to be confused with wild sea monkeys.) It is comforting to know that not only are they nowhere near extinction, but apparently thriving. Now, if I could only find the phone number for that “Raise minks at home [...]
