Too True.
For others, talk about trying to catching falling knives...or pianos..
Not a healthy looking chart for a company supposedly underpinning the system is it?
NEW YORK (CNNMoney.com) -- The worst housing financial crisis in decades is only going to get worse, a Merrill Lynch report said Wednesday.
The investment bank forecasted a 15 percent drop in housing prices in 2008 and a further 10 percent drop in 2009, with even more depreciation likely in 2010.
Had a look at his other videos.... interesting guy. I like him.this looks like an interesting comparison from previous crashes.
http://www.youtube.com/watch?v=xKBM8Q_w0wg
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/11/bcnpara111.xmlFolks, keep an eye out for this name in the news - Paragon Mortgages.
It may become Paragone.
Paragon shares crash on funding plan
By Emma Thelwell
Last Updated: 1:05am GMT 12/01/2008
Specialist buy-to-let mortgage lender Paragon plans to tap shareholders for £287m, a move which sent its shares plunging more than 40pc in morning trading.
Paragon sign
Paragon has been a victim of the credit crunch
# Get the latest news on the financial services sector
Britain’s third largest buy-to-let lender warned in November that it may have to sell shares to raise capital as the credit crisis shuts off much of its usual source of funding.
Paragon plans to offer investors 25 new shares for each existing one they own, representing a 90pc discount to the closing price yesterday.
This morning the shares crashed as much as 52pc and were trading down more than 40pc at 59p by noon.
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Investment bank UBS has agreed to underwrite the issue.
Paragon’s chairman Robert Dench said “The rights issue announced today provides Paragon with financial stability and secures the value inherent in the group today for its shareholders.”
Mr Dench said it would allow Paragon to “pursue further funding, so the company can return to writing significant volumes of profitable business when credit markets reopen.”
In November, Paragon’s shares crashed after it axed its dividend and unveiled plans for an emergency rights issue.
Not looking healthy, but no code blue thus far.Hi wayne..
any word on Alliance & Leicester over there..??
Cheers
..........Kauri
Not looking healthy, but no code blue thus far.
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article3269448.ece
The bank said that chief executive David Bennett had taken temporary leave of absence with an abdominal illness
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/11/bcnpara111.xml
Fighting them on the beaches....
..we shall fight them on the landing grounds..
the slump in stocks and pullback in bond yields from the morning highs are being linked to rumors of a US banks $4 bln loss on European derivatives. It hit European bonds but appears to have been shrugged off by the market. Probably more spin by the punters to work thier positions..
Cheers
..........Kauri
NEW YORK (CNNMoney.com) -- The number of foreclosures soared in 2007, with 405,000 households losing their home, according to a report released Tuesday. That's up 51 percent from the 268,532 homes that were repossessed in 2006.
Total foreclosure filings soared 97% in December alone compared with December of 2006, according to RealtyTrac, an online seller of foreclosure properties. For the year, total filings - which include default notices, auction sale notices and bank repossessions - grew 75%.
Just read about a CNBC report by a "T.V analyst" that came out late in the US session saying CNBC have learned that Wall Street bond rating agencies are poised to downgrade both Ambac Financial Group and MBIA even though NY state regulators would like to get a hold until they can fully develop a bailout package. According to the CNBC report, barring some last minute agreement on a bailout package, the downgrades could come as early as Wednesday US time.
Other analysts analysing the analysts analysis say that the CNBC talking head covering the story has been very busy pushing his barrow very hard being extremely negative towards the prospect of a bail-out saving the bond insurers from down-grades and say that their analysis indicates it is unlikely that a down-grade will occur while the NY state regulator is still trying to negotiate a package.
Meanwhile, Ambac shares blithely rose over 25% yesterday, ...
Cheers
.........Kauri
So Kauri how did you end up with your analysts analyzing the other analysts who were analyzing the analysis... did I get them all.
Sorry couldn't help it
Time for some innovative ideas ...........
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