HowardThe Mortgage on the Yellow Submarine
October 6th 2007 14:17
We can't pay the big Mortgage anymore
the mortgage anymore, the mortgage anymore (2x)
When they sold me the new mortgage
Thought it perfect for the Submarine
Now I'm yellow and yellower
When I think of the sea of Green.
Arms and IOs kicking in
After 3 years, pay twice as much
It is really, a sea of green;
For our yellow Submarine;
It seems everything got mortgaged, and re-mortgaged, even the Yellow Submarine. Isn't time to go with LaRouche's Homeowner and Bank Protection Act? Otherwise, the situation just gets worse and worse and the chain reaction goes around the world.
And one more hint for you all.
The Walrus was Paul.
picture at : Really Long Link
http://members.aol.com/ beatlefreak87/images /beatles%20-%20yellow%20submarine%20(characters).jpg
But a lot of other things are going on under the sea, soon to surface:
Merrill Lynch announced it will report a quarterly loss, after writing off $5 billion in mortgages, mortgage backed securities (MBS) and collateralized debt obligations (CDO). This compares with a UBS write-off of $3.4 billion, and Citibank of almost $6 billion, announced earlier this week.
Washington Mutual, the largest U.S. Savings and Loan, wrote off $1.39 billion.
With more than 100 mortgage companies closed or sold off this year, Bloomberg quotes Mark Adelson, a mortgage consultant in NY City, saying that the trouble in mortgages has just begun. "The alarm is going off from the detector on the ocean floor, but the tsunami hasn't hit the shore yet."
The LBO market collapse is also rolling ahead: Barclays withdrew its bid for ABN Amro - leaving it to Royal Bank of Scotland and Bank Santander, whose joint bid of 70 billion euro, 93% of it in cash, may be a wee bit trickier to come up with than originally planned.
Finally, KKR, claims it will begin selling loans to finance its $32 billion buyout of the Texas energy utility TXU next week, sources told Bloomberg. KKR says it sold $9.4 billion last week to cover a part of their First Data buyout, but still have $3 billion in loans and $9 billion in bonds to sell for that deal.
the mortgage anymore, the mortgage anymore (2x)
When they sold me the new mortgage
Thought it perfect for the Submarine
Now I'm yellow and yellower
When I think of the sea of Green.
Beatles mortgage Yellow Submarine
Arms and IOs kicking in
After 3 years, pay twice as much
It is really, a sea of green;
For our yellow Submarine;
It seems everything got mortgaged, and re-mortgaged, even the Yellow Submarine. Isn't time to go with LaRouche's Homeowner and Bank Protection Act? Otherwise, the situation just gets worse and worse and the chain reaction goes around the world.
And one more hint for you all.
The Walrus was Paul.
picture at : Really Long Link
http://members.aol.com/ beatlefreak87/images /beatles%20-%20yellow%20submarine%20(characters).jpg
But a lot of other things are going on under the sea, soon to surface:
Merrill Lynch announced it will report a quarterly loss, after writing off $5 billion in mortgages, mortgage backed securities (MBS) and collateralized debt obligations (CDO). This compares with a UBS write-off of $3.4 billion, and Citibank of almost $6 billion, announced earlier this week.
Washington Mutual, the largest U.S. Savings and Loan, wrote off $1.39 billion.
With more than 100 mortgage companies closed or sold off this year, Bloomberg quotes Mark Adelson, a mortgage consultant in NY City, saying that the trouble in mortgages has just begun. "The alarm is going off from the detector on the ocean floor, but the tsunami hasn't hit the shore yet."
The LBO market collapse is also rolling ahead: Barclays withdrew its bid for ABN Amro - leaving it to Royal Bank of Scotland and Bank Santander, whose joint bid of 70 billion euro, 93% of it in cash, may be a wee bit trickier to come up with than originally planned.
Finally, KKR, claims it will begin selling loans to finance its $32 billion buyout of the Texas energy utility TXU next week, sources told Bloomberg. KKR says it sold $9.4 billion last week to cover a part of their First Data buyout, but still have $3 billion in loans and $9 billion in bonds to sell for that deal.
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Comment by S.L.
The Political Brief
Comment by Howard
Real Crash
The caveat is this assumes a world of several companies, like the former British East India Company, running the world, and killing the "excess" population.
In the best case, in an American system type of reorganization, ie. like larouchepac.com advocates, real estate, and stocks in power companies and other utilities, will again become dependable, if not spectacular investments.