Very erie
- Thread starter JBZ4
- Start date
WaZZZZman said:A friend of mine who works in Banking Regulation, told me months ago to get my money out and bury it in my backyard. Sad Sad:x
The wife is in the same field and had the same advice, it is just pretty amazing (we are making history) the rate of decline of assests in the American banking industry.
ovrkll said:I'm safe,,,,,I have no money! :?
One of our banks was swallowed up this week too, payback for all the irresponsible lending they carried out over the last ten years.
Shipkiller
Veteran
What is really weird is that FreddyMac and SallyMae are in much better shape financially in regards to sub-prime and mortgage loans than the other lenders that have been take over by the fed...
Freddie Mac and Fannie Mae have lost as much as 60% value in the last 9 months. They can no longer cover all the loans they back, and the tricky part that can not be put on paper is that the mortgages they hold have depreciated values. How much, I do not think anyone wants to go there. When you have Bank of America and Wachovia with 50-60% loss's watch out. The 70's were no where near as far reaching and the Savings and Loan bailouts were insignificant compared to what the Fed is looking at now. Not to worry though, I still have enough money set aside to buy a few rounds at homecoming. 
Shipkiller
Veteran
My travel account is In Wachovia, (the account I am traveling on now) and my personal is in a Credit Union... I have to keep the two separate. Too confusing otherwise...