Ferrari Mailing List: Re: Banking Mess - OT NFC

[LarryT (l02turner]

Thx Michael,(& others),
The info provided was very helpful and comforting.  So, now I'm looking for 
opportuities to make a little money perhaps.  Typically this is where I 
actually lose money but what the heck -  With Wachovia a take over target I see 
their share price is around $10./share with BOA,m Wells Fargo and a Spanish 
bank - Banco something.

Typically are take over targets buying opportunities?  Or is this situation 
just too crazy to say definitively?

Thx - BTW - I realize you may be hesitant to offer "advice" - but I know to 
treat any advice with caution --

Take Care,
Larry T
http://youroil.net
http://members.rennlist.org/oil/  - Oil Testing
http://members.rennlist.org/webercarbs/ - Carb & Jet Settings:
  ----- Original Message ----- 
  From: Michael James \
  To: LarryT 
  Cc: The FerrariList 
  Sent: Friday, September 26, 2008 7:47 PM
  Subject: Re: [Ferrari] Banking Mess - OT NFC


        I'll go out on a limb here and state that the 30Bil will go toward 
unloading existing defaults only - unrecoverable debt.  So long as you continue 
to service your own mortgage, there will be someone 'there' to collect your 
money - your loan, and your loan-service, will transfer to whoever becomes 
WaMu's new 'owner'.   They will expect you to pay in-full every month 
regardless of who's name is on the bank's door.  My lender, CountryWide, was 
absorbed by BoA long ago, but my statements still say CountryWide on them - and 
there was ZERO mortgage holiday during the purchase/sale of CountryWide to BoA. 
 

        If your existing funds total less than $100K, and are in accounts 
insured by FDIC, you won't have to worry.  Smart folks who had cash-money 
collecting dust somewhere bought precious metals a year ago, and are now quite 
happy they did.  Mine is in the garage, is black, and has four wheels so 
hey.....

        M J


        --- On Fri, 9/26/08, LarryT <l02turner [at] comcast.net> wrote:

          From: LarryT <l02turner [at] comcast.net>
          Subject: [Ferrari] Banking Mess - OT NFC
          To: "Michael" <Cavallino_Rapante [at] yahoo.com>
          Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
          Date: Friday, September 26, 2008, 7:10 PM


Hi Gang, 
    With all this banking/financial mess going on I am hearing/reading a lot
about the problem at higher levels - but I hope someone can tell me a little bit
about the more personal aspects of the problem.
    1st, I have a high Credit rating but my Home Mortgage is with WaMu which I
hear was bought by JP Morgan and JPM will write off $30 Bil. in mortgage assets.
 I'm assuming that means underperforming ones.
    Next, our primary bank is Wachovia which I see may be the next major bank
to fail. Are my assets safe there?  Should I move them to my credit union?  

    BTW, are Credit Unions being affected the same as traditional banks are? 
Since they are member member owned I wonder if they are in the same target?  

Thx as always - 

Take Care,
Larry T
http://youroil.net
http://members.rennlist.org/oil/  - Oil Testing
http://members.rennlist.org/webercarbs/ - Carb & Jet Settings:
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