You’ll show up one day and there’ll be a notice that this bank has been taken over the FTIC and if you have money there, it’ll take a couple of days to get it.
Or Bank of America buys them out for $2 a share.
If you deposit a $100 in a bank, they only have to hold a couple of bucks and lend the rest. They may give some home boy in Riverside a $95 loan. They put it on their books as a $95 asset. They get 7% from this bloke and they pay you 2%.
Downey, First Federal, Washington Mutual, Fremont. I doubt their reserves are enough to absorb their losses. They have a ton of negative amortization on their books.
According to Wikipedia: "In finance, negative amortization, also known as NegAm, occurs whenever the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases. As an amortization method the shorted amount (difference between interest and repayment) is then added to the total amount owed to the lender. Such a practice would have to be agreed upon before shorting the payment so as to avoid default on payment. Also known as deferred interest or Graduated Payment Mortgage (GPM). This method is generally used in an introductory period before loan payments exceed interest and the loan becomes self-amortizing."
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guest94: I love the hovel 🙂
Welshdragon: what religon is that?
YourMoralLeader: bring back memories?
guest94: LOL yah
guest88: wipe your hands!
guest94: you’re an animal
guest94: love the beard
Welshdragon: 94’s a bit of fun
guest94: are you on live all day?
guest94: very interesting
YourMoralLeader: on and off
guest94: quite voyeuristic
YourMoralLeader: how do I monetize my cam?
guest94: good question
YourMoralLeader: even sleep with it on, cam has night vision
guest94: I’ll give it some thought
Welshdragon: he was cracking one off a short while back 94
guest94: no way are you serious?
guest94: cracking one off?
Welshdragon: ask 88
guest88: 🙂
guest94: hello 88
guest88: thanks to emma
guest94: LOL
guest88: hey
guest94: so are these all of your buddies?
YourMoralLeader: that was misinterpreted
YourMoralLeader: yeah
Welshdragon: pants on floor and everything
guest94: LOL yeah that’s Luke
guest88: nice boxers though
guest94: 🙂
guest94: God bless him
YourMoralLeader: 94 bought me those boxers
guest94: sing it Luke!
Welshdragon: knob out for the viewers
guest94: You’re such a good Jew
guest94: I can only aspire to be as moral as you are LOL
guest94: how many instant messages do you have going at once Mr. Ford?
guest94: Great smile
guest94: whiskey?
guest88: yasa shalom!
guest94: do you pay attention to watch your watchers are typing?
Welshdragon: 88,les,94,95, and the big man it’s time for me to go, big man keep it in ya pants mate…
guest94: Big man LOL
guest94: HUGE MAN
guest88: Ta ta WD
guest94: I know!
guest94: 🙂
Welshdragon: see u guys soon
Welshdragon: 88 u were great fun
Welshdragon: byeeeeeeeeee
guest94: why am I suddenly feeling "tingly"?
guest88: stick to the day kiddush…that was great!
guest88: NCSY
guest88: Rabbi Lanner’s bencher?
guest88: adjust yourself will ya?
guest88: pls.. I need my twirl fix….
les: yourmoralleader your webcam is of centre
PontifexMaximus: Blessings be upon all of you.
les: at the ceiling
guest88: Luke aims high
PontifexMaximus: May the Gods look with favor upon Lukes camera.
YourMoralLeader: http://camtowork.com/
les: telling me phoaw
YourMoralLeader: all i need is a skill that people would pay for
PontifexMaximus: By Jove, I think he’s got it.
User guest98 left the room.
PontifexMaximus: Too low.
PontifexMaximus: aim it a bit higher
PontifexMaximus: We cannot see your eyes.
User guest99 left the room.
PontifexMaximus: yes, that is it.
guest88: thanks now I won’t need batteries
PontifexMaximus: I know why LA has the men, NY the women.
PontifexMaximus: Military bases are mostly out west.
PontifexMaximus: NY has none.
PontifexMaximus: Hence, gender imbalance.
PontifexMaximus: Also, there is more high tech industry out west, again more men.
YourMoralLeader: ahh
PontifexMaximus: NY has female centric businesses like gossip and publishing and feminism.
User guest94 left the room.
PontifexMaximus: This is why you are still a lone unattached male
les: breed more
PontifexMaximus: It is because of all those Marines in Camp Pendalton
PontifexMaximus: The problem was far more dire in the old West, where men were men and sheep ran scared.
PontifexMaximus: On the other hand, many a lass ended up in a convent back east for want of a proper man.
guest88: Luke any Tam Tams?
guest88: I’ll bring the spread
PontifexMaximus: What sort of sacrifice is a Tam Tam?
guest88: shortage just like good men
PontifexMaximus: One strategy to follow to avoid this gender imbalance is to seek out employment in a female-centric industry
PontifexMaximus: In your geographic case, that would be adult cinema.
guest88: or….
guest88: just eat Tam tams
PontifexMaximus: Adult cinema contains many more females than males.
PontifexMaximus: Also, consider working at a strip club.
PontifexMaximus: Or attending a Jewish temple that is heavy on the feminist critical theory, as these temples will have few real men as members
guest88: you need to start passover cleaning the hovel
guest88: very soon
Downey Savings, and then not far behind them, First Federal and Washington Mutual are going to have all the "capital" in junk loans. No one should have any faith in the banking system and should move their money out of banks and into the brokerages like schwab where there has been no lending. If your money is at Downey, it was used to make a loan to some homeboy in riverside and said homeboy has left the shizzle and the keys with Downey.
NEW YORK (AP) — The rapid pace of asset quality deterioration may force some banks to raise capital fast, or face regulatory review, a Friedman, Billings, Ramsey analyst said Wednesday.
Banks with a rapidly increasing non-performing asset to risk-based capital ratio will likely experience the scrutiny of regulators, FBR analyst Paul Miller wrote in a research note. A ratio approaching 100 percent could trigger sanctions or penalties, but any rapidly increasing ratio could spark a review.
At the end of 2006, no bank’s ratio of non-performing assets to risk-based capital was above 19 percent, Miller wrote in the note. At the end of the fourth quarter, both Downey Financial Corp. and IndyMac Bancorp Inc.’s ratios exceeded 50 percent. Both ratios were below 8 percent at the end of 2006.
Those with ratios above 20 percent include Washington Mutual Inc. at 21.8 percent and the nation’s largest mortgage lender, Countrywide Financial Corp., at 29.2 percent. Earlier this year, Bank of America Corp. agreed to acquire Countrywide for about $4 billion in stock. Bank of America’s ratio stood at 4.2 percent at the end of 2007.
Miller said many banks ratios could rise above 100 percent within the next year.
Non-performing assets have increased rapidly as more types of loans default. Banks’ definition of non-performing assets can vary with more conservative banks categorizing a loan as non-performing when it is 90 days past due.
Miller said he expects non-performing assets to continue to increase, meaning the only way banks can avoid potential regulatory problems and sapping their current reserves is to raise cash to shore up their capital base.
Potential regulatory actions could range from memorandums of understanding that outline corrective actions to improve the bank to cease and desist orders, Miller said. And, at any time, the regulatory actions could include a requirement to increase capital levels, he added.
Well, today Allen filed a $10-million suit against the L.A.-based clothier, claiming the notoriously edgy advertiser used his image without permission. Either that or he just didn’t want to be "Jewish hustler" Dov Charney’s spiritual guide.
Firms, Once Hemmed In,
Are Freed for Bigger Role
In Aiding Mortgage Market
We’re constrained as to our market movements
Federal regulators, in an effort to contain financial turmoil, are handing government-sponsored companies an even bigger role in propping up the mortgage market.
Officials affirmed yesterday that government-sponsored mortgage investors Fannie Mae and Freddie Mac will enjoy loosened capital requirements, allowing them to pile more mortgage securities onto their balance sheets.
Fannie and Freddie could purchase an additional $200 billion of mortgage securities, equivalent to about 10% of expected U.S. home-mortgage lending this year. The two also plan to raise new capital.
I believe, as do many others, that this was an explicit quid pro quo negotiated by Secretary Paulson, with the GSEs being given the latitude to make a lot more money by boosting their balance sheets, but at the price of raising more equity capital.
Regulators in the past few years have required Fannie and Freddie to hold 30% more capital than their usual minimum while they fixed problems with their accounting and risk controls, a process now viewed as virtually complete. That capital surcharge is now falling to 20%.
Under the lower surcharge, Fannie and Freddie must hold capital equivalent to 3% of the mortgages they own, down from 3.25%. That, plus additional adjustments on the capital required for loans guaranteed by the companies, frees up about $6 billion in capital that can support $200 billion in additional mortgage holdings.
Meanwhile, the companies have indicated they intend to raise similar amounts in new capital, probably by selling preferred shares. Details haven’t been determined.
That last fragment is a clue about who promised what to whom.
Promises?Who makes promises?
As I posted in Banking on value, the Administration’s domestic policy makers — Fed chair Bernanke, Treasury secretary Paulson, and their counterparts – have been comprehensively adding liquidity to the system, by opening all the financing valves they can reach:
Get those secondary loan markets moving!
The Feds aren’t just opening the bank petcocks, they’re turning on all the liquidity taps:
More liquidity where that came from
The government will also accept mortgage-backed securities issued by government-sponsored companies like Fannie Mae and Freddie Mac.
Macro-economically, as I said last Monday, it’s the right thing to do:
The moves could help keep interest rates low for home buyers. Rates on mortgages rise when investors in securities backed by such loans demand a premium to compensate for what they see as growing risks. Aggravating that problem, some financial institutions that hold mortgage securities have been dumping them to raise cash.
That mortgages are sold has created a truly paradoxical consequence: because they could be sold, they were being sold, simply to raise cash to cover less liquid objects.With all the banks facing the same problem, the rush of sellers of perfectly good products was depressing their price.
David Smith says scandal-scarred Fannie Mae and other "government sponsored enterprises" (GSEs) have successfully dodged the threat of stronger government oversight, thanks to the mortgage crisis–and the 2006 election. This appears to be a case where Republicans are more amenable to stricter regulation than Democrats:
You have to click on Smith’s links to find out what the regulation (which he supported) would have entailed. Cheap visual devices are employed, as usual.
Before he leaves his position as Shalhevet’s boss, Dr. Friedman is not renewing teaching contracts for a couple of rabbis who’ve opposed him over the years: Ron Jawari and David Rue.
David Rue has been particularly scathing about the state of Shalhevet’s education.
Both rabbis are respected. Rabbi Jawari is widely liked.
Rabbi Jawahari has been at Shalhevet more than a decade. Before that, he was at YULA for a few years. It was not a good fit for either side. He didn’t click with the kids. When you get branded as a bad rav, you’re usually screwed, but Rabbi Jawari made a success of things at Shalhevet.
Has anyone ever seen the paper Jerry wrote to get his EDD from Harvard or is this degree bogus?
If this document exists, I’d like to post it as an example of a seminal moment in not just Jewish education and all education but as humanity’s 20th Century great leap forward in moral thinking.
I hear Jerry has a couple of honorary degrees he bought for himself and for his wife. He displays them in his living room. All the rich guys who show up to the Book of the Month meetings probably don’t know the difference.
I’m answering shailos and issuing teshuvos and bestowing semicha (rabbinic ordination) and converting goyim to Orthodox Judaism. All on my cam!
All my decisions are honored by the RCC and the Chief Rabbinate of Israel.
our latest disciple seeking to see how you’re going to Watch me wrap tefillin, study Torah and engineer sweeping moral change?
YourMoralLeader: yes
FarFromTheTruth: Not bad……you’re offering personal tutorials……!
InnocentHottie: Is this how guys live?
InnocentHottie: Looks depressing.
User InnocentHottie changed their name to JudgeCrater.
JudgeCrater: A day in the life of . . .
JudgeCrater: Are you writing any new books?
JudgeCrater: I just dropped a hundred bucks on Amazon
JudgeCrater: I wanted to buy some new Luke Ford books, but there weren’t any to be purchased.
YourMoralLeader: no
JudgeCrater: I thought Jews serious about their faith declined to hear women sing.
JudgeCrater: Does not the sound of this woman’s voice inflame your male essence?
JudgeCrater: And if it does, how can you have holy thoughts?
cavaliera: i just like to see him smiling
RussianDragon: it’s like waiting for prince charming and only gettin luke ford
cavaliera: he looks like he has a good time in front of the cam
guest49: hiluke you look better without the beard!!!!
RussianDragon: i think it’s his fetish
guest49: shave please!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RussianDragon: the more people tuning in the more aroused he gets
guest49: LUKE willyou shave for fri then you can grow it back!!!!
guest49: im mee
User guest49 changed their name to mee.
RussianDragon: i’m me 2
mee: will you??
RussianDragon: 32 years of being me
mee: PLEASE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
cavaliera: you are keen mee!
mee: am i ??
RussianDragon: a compromise could be shaving his nether regions
cavaliera: lol
mee: NO!!!!!!!!!!!!!
RussianDragon: lol
FEELtheFORCEluke: yeah a good razor wouldnt go a miss lol
RussianDragon: no risk at cutting of something big
FEELtheFORCEluke: tis the time of year where birds are looking for nests lol
mee: how do you know FEEL?
FEELtheFORCEluke: know wot
YourMoralLeader: yo
cavaliera: i like luke as he is!
FEELtheFORCEluke: yo yml
FEELtheFORCEluke: blimey he spoke
FEELtheFORCEluke: hehhe
RussianDragon: mm i think he looks more jewish with his beard
mee: cutting something big FEEL
FEELtheFORCEluke: i wish mee lol
cavaliera: true russian
FEELtheFORCEluke: rap??? blimey
FEELtheFORCEluke: prefer the opera I think
mee: MORAL!!!! are you going to shave?????
FEELtheFORCEluke: yeah YML, about time you shaved that beard off
mee: xxxxxx
mee: please
FEELtheFORCEluke: get ya dinner caught in it
cavaliera: why is it so important to you mee?
cavaliera: he taking the beard?
mee: LUKE mee talking to you!!
cavaliera: MEE!!!!!!!
cavaliera: me talking to you!
mee: cause he looks better without
FEELtheFORCEluke: i think so too
mee: good
mee: haha
cavaliera: he is his own master
FEELtheFORCEluke: arnt we all
cavaliera: lol
FEELtheFORCEluke: lol
cavaliera: yes we are
mee: HE hasnt replyed to mee
FEELtheFORCEluke: he rarely speaks to anyone
cavaliera: more christmas -songs?
FEELtheFORCEluke: omg he spoke again
cavaliera: there you got your answer mee!
FEELtheFORCEluke: y is it against the torah
guest51: who me?
mee: can anyone hear him
FEELtheFORCEluke: yup
guest51: me or mee
FEELtheFORCEluke: lol
cavaliera: he just talked to you mee!
guest51: no to me
FEELtheFORCEluke: and me
FEELtheFORCEluke: or mee
guest51: i heard him say it
FEELtheFORCEluke: which me
FEELtheFORCEluke: lol
cavaliera: lol
cavaliera: meeeeeee
Emma: lol
guest51: there is only one me
guest51: and that’s me
FEELtheFORCEluke: i am me too
guest51: no you are you
FEELtheFORCEluke: well I was until me showed up
cavaliera: aren`t we all?
guest51: i am me
cavaliera: hahaha
YourMoralLeader: confess, you sinners!
YourMoralLeader: come to g-d right now!
Welshdragon: so when do u plan to shave leader?
Welshdragon: whats that on ya head leader?
Welshdragon: 89 meet emma she’s a little slow but a heart of gold!!!
guest88: what did I miss?
guest88: any juicy gossip?
Welshdragon: where do i start the leader was just stood on his hands floating u missed it mate sorry!!
guest88: I’m waiting for another pants change….
Welshdragon: emmas waiting for that lol
guest88: emma has to get over there and pick them up off the floor!
Welshdragon: now we’re going
guest88: oh yeah baby
Welshdragon: the rooms moving finally!!!
Emma: now look what you made him do
Welshdragon: 89 choked to much for him
YourMoralLeader: ur fault
Emma: lol
Emma: hardly
Welshdragon: you put em on backwards mate
guest88: thanks.. that answers the boxer / bvd question
guest88: speedo next?
Welshdragon: i think u had a lazy on there leader could you confirm?
YourMoralLeader: true
guest88: thank emma
Welshdragon: you had a lazy is that correct?
Welshdragon: a lazy lob-on
guest88: matzah doesn’t rise
Welshdragon: u do this ever night?
Welshdragon: every
guest88: he doesn’t always change his pants
YourMoralLeader: what would you like me to do to you on shabbat 88?
guest88: make lots of kiddush
YourMoralLeader: after kiddush
guest88: herring
YourMoralLeader: where did you hide the afikomen?
guest88: too fishy…
guest88: with the rabbit
guest90: trying to find my piggy bank
guest88: its in the temple mount
YourMoralLeader: kadosh kadoshim
guest88: saying kiddush gets you in
Welshdragon: is he cracking one off?
guest88: havdalah is good too
Welshdragon: one off the wrist 90
guest88: in the kiddush cup
Welshdragon: can’t stop laughing
guest88: his cup runneth over
Welshdragon: lololol
Welshdragon: ain’t laughed like this for ages
Welshdragon: u hurting that bunny
Welshdragon: the leader cracking one off the wrist right now show please keep the noise down
guest88: Emma is the queen
Welshdragon: cupping the bunny
guest88: bunny went to sleep
guest88: with emma
DoooDaaa: our fealess leader is having a seizer
Welshdragon: off the wrist again,what stamina
guest88: energizer bunny
Welshdragon: eveready!!!!
guest88: show us your grape juice
Welshdragon: here we are wanting to talk to the big man and he’s on the phone??
guest92: was that moonshine?
Welshdragon: wow i’ve been here the longest
Welshdragon: i’m at the summit
guest88: peaking?
guest92: you should get a prize
Welshdragon: i’m going to send the leader a razor u think he’ll use it?
Welshdragon: before we start me an 88 want to check the bunny’s OK?
Welshdragon: is he singing grand old duke of york??
Welshdragon: and when they were up they were up!!!
"This guy knows all the gossip, the ins and outs, the lashon hara of the Orthodox world. He’s an [expert] in... all the inner workings of the Orthodox world." (Rabbi Aaron Rakeffet-Rothkoff)
