"A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" | |
Anonymous Coward (OP) User ID: 270938 United States 09/06/2007 09:11 PM Report Abusive Post Report Copyright Violation | |
For What It's Worth User ID: 294435 United States 09/06/2007 09:34 PM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" In other housing news, a large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia (WB) could be on the hook for its debt. In the public arena, another homebuilder is unable to renew its credit lines and may face the same fate. Quoting: Anonymous Coward 270938Wow, right on “Q”. Check this out. "Countrywide Financial Corp shares on Thursday fell below the $18 price at which Bank of America Corp may convert its $2 billion investment into common stock." [link to www.earthtimes.org] |
Anonymous Coward User ID: 215191 United States 09/06/2007 09:39 PM Report Abusive Post Report Copyright Violation | |
Grendelmort
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Seadubb
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Anonymous Coward User ID: 183770 Canada 09/06/2007 10:59 PM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" so... it looks like Wachovia aint gonna Watch over ya... Quoting: Anonymous Coward 294309It's a weird name. You say it phonetically, and it sounds like "watch over ya". But on TV they call it Whack-ova-ya. Strange corporate name. Or not, maybe. |
susano
User ID: 284299 United States 09/06/2007 11:14 PM Report Abusive Post Report Copyright Violation | |
jlazarus
User ID: 185585 United States 09/06/2007 11:16 PM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" 10. Back-to-school retail sales are horrible. Lower comp guidance from Wal-Mart (WMT) and others is expected over the next two weeks. Quoting: Anonymous Coward 270938contrasting statement to this article: [link to news.yahoo.com] Retail Sales In Aug. Topped Forecasts On School Bounce Marilyn Much Thu Sep 6, 7:00 PM ET After a so-so July, retailers rang up stronger-than-expected August sales as consumers hit the malls for late back-to-school shopping, ignoring credit market woes for now. Overall, August sales of stores open at least a year rose 3.1% from August 2006, above forecasts of 2.6%, said Ken Perkins, president of Retail Metrics. Overall, 64% of chains topped views, well above the long-term average of 55%. August's showing followed July's 2.9% gain as consumers pulled back spending amid housing woes and tightening credit. Retailers got a nice bump in August from strong back-to-school selling, Perkins says. Later back-to-school starts and a tax holiday shift in Florida and Texas from July to August boosted sales at teen apparel chains. The group posted a 6.8% gain in same-store sales. All topped views except Aeropostale. High-end chains continued to do well. Saks enjoyed an 18.2% same-store sales gain, crushing forecasts. Nordstrom's rose 6.6%, also topping views. Wal-Mart sailed past views with a 3.1% gain in August same-store sales as it reaped the benefits of price cuts on all sorts of school supplies and electronic goods. It was an encouraging month for spending with solid back-to-school sales, said Perkins. Retailers' inventories have remained lean, which led to few markdowns during the month, said Carl Steidtmann, chief economist at Deloitte Research. "That should result in pretty good profitability," he said. Still chains face some challenges in the months ahead. "We would point 15ut that September comparisons are going to be more difficult as looming macro head winds continue to be a drag on consumer spending," Perkins said. "It's likely that September same-store sales will return to the more normal slowing trend of below 3% comp growth." The head winds he refers to are a declining housing market and a deteriorating credit situation in the wake of the subprime crisis. July pending home sales dived to a six-year low, the National Association of Realtors said Wednesday. Tightening credit standards are going to make it more difficult for consumers to get more access to cash, he said. The August showing suggested that so far the financial crisis seemed to have had little impact on consumer spending, added Michael Niemira, chief economist at the International Council of Shopping Centers. "But we're not out of the woods yet. There are new revelations on housing-related problems still unfolding," he said, citing Thursday's report of record home foreclosures. "There may be more stress on the consumer to come." By his calculations, August same-store sales rose 2.9% above last year. That was slightly stronger than July's 2.6% year-over-year rise. But it was weaker than the 3.8% gain in August 2006, he said. Consumer spending is growing at about the same pace since February, he said. February to August same-store sales rose 2.4% vs. February-August 2006. He sees a 2.5% rise in same-store sales in September. Despite housing-related woes, Niemira said, "Don't write off the consumer yet." Personal income growth continues to be strong, he noted. Continued job and wage growth are key. The Labor Department releases the August employment report on Friday. I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein |
Anonymous Coward User ID: 170917 United States 09/06/2007 11:22 PM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" what does this mean if we are a customer of these two banks. Is our money at risk, will they be closing their doors, or is this just a write off for them. I don't want to have to change banks, because where ever I go the same thing could happen to that bank |
Mark In NYC
User ID: 276281 United States 09/06/2007 11:52 PM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" Hmmm. Toll Brothers, Pulte, and US Homes are all (as far as I know) still publicly traded. So that lets them out. If the poster meant "private" as in privately held vs publicly traded. Those are the national boys who's debt could potentially make a major dent on B of A's balance sheet. Remember B of A is HUGE and there is so much money that they have trouble keeping track of where it is and when. So now I'm wondering who in hell the OP is talking about. Any ideas? Life really is a banquet - and truly - most poor sucker are starving! Enjoy the ride baby. |
Anonymous Coward User ID: 293228 United States 09/06/2007 11:53 PM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" |
susano
User ID: 284299 United States 09/07/2007 12:03 AM Report Abusive Post Report Copyright Violation | |
LS
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The Monk User ID: 294483 United States 09/07/2007 12:17 AM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" "Nevertheless, Goldman Sachs (GS) will report a surprisingly healthy quarter as a massive volatility bet paid off." There are two kinds of investors, those who panic and those eat them. |
Anonymous Coward User ID: 226992 United States 09/07/2007 12:49 AM Report Abusive Post Report Copyright Violation | |
in da know User ID: 262023 United States 09/07/2007 01:05 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 270938 United States 09/07/2007 01:37 AM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" I'd love to see Pulte go under Quoting: in da know 262023why? Coz they build crap, for one thing. I've fixed dozens of their shitboxes here in Phx. Yup, I live in one in N. Phx, I agree. |
Redheaded Stepchild
User ID: 293227 United States 09/07/2007 01:39 AM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" contrasting statement to this article: Quoting: jlazarus[link to news.yahoo.com] Retail Sales In Aug. Topped Forecasts On School Bounce (snip) JLAZARUS: Do you get the feeling that they are either leading us around by the nose, or their left hand doesn't know what the right hand is doing. Good grief! "Until you are willing to organize your friends and neighbors and literally shut down cities - drive at 5mph through the streets of major cities on the freeway and stop commerce, refuse to show up for work, refuse to borrow and spend more than you make, show up in Washington DC with a million of your neighbors and literally shut down The Capitol you WILL be bent over the table on a daily basis." Karl Denninger Don't blame me; I voted for Ron Paul. Silence is consent. |
Redheaded Stepchild
User ID: 293227 United States 09/07/2007 01:42 AM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" Okay, I don't know anything about Pulte outside of Texas, but I nearly bought one of their homes here in north Texas, and I am soooooo glad I backed out of the deal (2002). Cracker-box houses in cracker-box subdivisions...they were "the" most affordable new home builder in the area. Five years later, and their subdivision already looks exhausted and worn out. The other possibility is CENTEX. "Until you are willing to organize your friends and neighbors and literally shut down cities - drive at 5mph through the streets of major cities on the freeway and stop commerce, refuse to show up for work, refuse to borrow and spend more than you make, show up in Washington DC with a million of your neighbors and literally shut down The Capitol you WILL be bent over the table on a daily basis." Karl Denninger Don't blame me; I voted for Ron Paul. Silence is consent. |
highstrung
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Anonymous Coward (OP) User ID: 270938 United States 09/07/2007 02:06 AM Report Abusive Post Report Copyright Violation | |
jlazarus
User ID: 185585 United States 09/07/2007 09:51 AM Report Abusive Post Report Copyright Violation | Re: "A large, private homebuilder is about to declare bankruptcy, and Bank of America and/or Wachovia could be on the hook for its debt" JLAZARUS: Quoting: Redheaded StepchildDo you get the feeling that they are either leading us around by the nose, or their left hand doesn't know what the right hand is doing. Good grief! Perhaps Both?!, LOL! Seriously though, glad you saw the irony there as well. I see this type of thing all the time it seems - one day there will be one article saying 'blah, blah, blah' and then (sometimes on the same day), I'll find totally contradicting articles elsewhere. Personally, I think it's just 'spin this, spin that' to serve reporting agendas on a whim. Aggravates me to no end! I will accept any rules that you feel necessary to your freedom. I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do. ~ Robert Heinlein |
For What It's Worth User ID: 294435 United States 09/07/2007 09:58 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 268412 United States 09/07/2007 10:35 AM Report Abusive Post Report Copyright Violation | |