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BB&T Corporation Message Board

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  • normlasky normlasky Sep 30, 2011 8:01 AM Flag

    Kelly King on CNBC!

    "The cash on BB&T's balance sheet belongs to my grandchildren and I would like BB&T to give it back...now...in the form of loans. "

    Simply a bizarre statement.

    But setting that aside, I do agree that several million homeowners should be able to refinance but are unable to because the foreclosure situation in this country has greatly depressed home values- I think something like 40% of the existing home sales involved either foreclosed properties or short sales. The condition of many of the foreclosed properties are terrible - copper wiring ripped out of the wall, missing ac units, fixtures removed etc. Nevertheless, they are calculated into the home values used by appraisers.

    I think the solution to this problem is a public-private trust which buys up distressed properties from fannie, freddie and the banks at firesale prices and rent them out over say 5 years. Of course, the trust would have to spend some money to fix them up. Their are millions in the US who do not qualify for a mortgage and need to rent. George Bush's goal to increase home ownership to 70% was a major factor which got us into this mess. So was Alan Greenspan encouraging homeowners to take out short term ARMS. Then there was Carl Levin who permitted freddie and fannie to purchase toxic cdo/cdo squared stuff and let folks use their home equity as an atm machine. The housing problem was not created by Wall Street soley. It's primary origin was Washington DC - wall street simply helped carried out the mission. Michael Moore and his cohorts are misguided. Define the problem - then maybe you will come up with a solution.

    Obama finally propose a public-private ownership trust designed to improved home values but I think it has fallen on deaf ears. John Allison I believe, proposed this 3 years ago.

    Kelly King has a responsibility to protect bbt shareholder value. Refinancing homes which have less than 20% equity even if home prices are "artificially depressed" is not responsible banking. Nor is lending money to investors to purchase adc speculator loans or small businesses which are not properly capitalized. America has greatly reduced their indebtedness and is in the process of recovering. Adding more debt is not part of the solution.

 
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