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2008-10-01, 02:12 PM | #51 |
That'll teach you to leave your sister unattended.....
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I really wanted to add something useful here - but I think I need to shit..........
Shit in - shit out! |
2008-10-01, 02:32 PM | #52 |
You can now put whatever you want in this space :)
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Yes. Essentially, the mortgage (which has been changed into a security) is swapped (with a paper contract). If the mortgage is defaulted then the holder of the swap contract would enforce it on the third party holding it.
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2008-10-01, 02:38 PM | #53 |
That'll teach you to leave your sister unattended.....
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OK - so I only slept three hours last night and my brian cells are all dead - but this is what I do know:
1. Almost half of the scheduled rebills this month were returned with this message: "Rebill Failed Notice" 2. I've received three emails like this one in the last 7 days: "Hi my name is Ruth and I just wanted to see what ur company is all about. I am currently unemployed and all the bills are due and I'm kinda at my whits-end and need cash quick. So if you could email me back w some details about how u work I'd appreciate it greatly or you can call : 719-555-5555 Thanx for ur time!! PEACE&LOVE" Oh - and I'm closing the tipi shop as of Friday so my once-stable income of just over $200K has dwindled to a few memberships a month. With any luck, I'll be able to continue to pay the mortgage on this over-priced $152,000.00 home - which was very modest at the time I bought it and feels like a fucking boat anchor right now. But look on the bright side - the cost of a good blowjob is falling as more and more people are driven to their knees. |
2008-10-01, 03:01 PM | #54 | |
You can now put whatever you want in this space :)
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The whole swap market can be used as either a bet or a hedge (to reduce risk). Here is an example:
Bank A has one loan and one deposit to simplify things. The loan (asset) matures in 5 years. The deposit (liability) matures in 1 year. Bank A would like to better match the two so it can lock in its spread (income from loan - amount paid to depositor). It goes out to the swap market and finds another Bank (Bank B). Bank B also has one loan and one deposit to simplify things. The loan (asset) matures in 2 years. The deposit (liability) matures in 5 years. The two banks create a contract on paper to swap their deposits. This is an off balance sheet or contingent item with only the net difference ever being paid out. The customers holding the deposits never know and get their money from the Banks where they deposited their money. As a result of the swap, Bank A has achieved the goal of matching the terms of its assets and liabilities and locked in its spread. The act of doing this, however, creates counterparty risk because the swap party (Bank B) has to follow through on his contract (with Bank A). Swaps can be used for many, many types of transactions (interest rates, foreign exchange, lengths of contracts, etc.). They are not risky unless they are done naked (also called unhedged). The real fear here is, with trillions of dollars of contingent liabilities, there is no way of knowing what will happen if large sums of them default. Quote:
Last edited by ArtWilliams; 2008-10-01 at 03:06 PM.. |
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2008-10-01, 04:07 PM | #55 |
Aw, Dad, you've done a lot of great things, but you're a very old man, and old people are useless
Join Date: Apr 2008
Posts: 22
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I wish someone would bail me out
No one comes to my aid when I'm broke! |
2008-10-01, 06:14 PM | #56 | |
Banned
Join Date: Aug 2003
Location: Mohawk, New York
Posts: 19,477
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Quote:
Something has to be done to release credit again. I have spoken to a few friends that own businesses and they are hurting more than any of us. One, a car dealer, can't seem to get anyone a loan. Another, the owner of a large office furniture manufacturer, could not get this weeks payroll and...their building loan went from 1.3% to over 3 percent. The increase of the loan is about $8k/week. |
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2008-10-01, 11:18 PM | #57 | |
Jim? I heard he's a dirty pornographer.
Join Date: Aug 2003
Location: Washington, DC
Posts: 2,706
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Quote:
Oh yeah, the people that get to run it are the people in the local communities. Some will be fucking crooks and some won't but none of them will have enough money for Wall Street to make them crooked. |
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2008-10-02, 03:22 PM | #58 |
With $10,000, we'd be millionaires! We could buy all kinds of useful things like ... love!
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The money will go to the largest financial firms in the world. Watch them all swarm to DC looking for a handout: http://www.nytimes.com/2008/09/22/bu...er&oref=slogin
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2008-10-02, 04:01 PM | #59 |
Banned
Join Date: Apr 2007
Location: Hell
Posts: 817
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They'll be like vultures now that money has been approved.
They'll make their usual large salaries and continue to fuck up in ways that the entire $700 billion might aswell of been flushed down the shitter. |
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