would be great but lets be realistic. There will be profit taking so Ill settle for a close of 15 and hope for 20 in a couple of months.
Your a pretty good example of what is wrong with people these days. You probably need to get a life if this is what drives you and what you love.
If he can't manage and run his basketball team competently then why would anyone think he can run his other business' well. NY is the biggest market in the free world and Dolan is a billionaire yet the Knicks have not won a championship in a generation and are still a generation away from winning.
These stated loans at high LTV's is what has brought mortgage lending to its knees. Worse then subprime if you ask me. Subprime borrowers by definition refers to the credit status of the borrower (being less than ideal) but at least you are verifying their income and asset information to get a feel for their capacity to repay. Stated/Stated is qualifying someone on bogus income and asset information. I've seen bank tellers, telephone repairmen, postal workers etc. "state" that they earn well over 100k/yr and "state" that they have in excess of over 200K in the bank when anyone in their right mind knows their not making anywhere close or have that much saved at 28 years old. Now I say c'mon, what the hell were these lenders thinking. Just because they have 680+ credit scores that consisted of a mastercard, gas card and Macy's card they were given loans of 300K, 400K, 500K and even more, at a teaser rate no less. Disaster waiting to happen....and it did. If these stated loans do make a comeback it should be stated income only and only for self employed borrowers who like to screw the government and don't report what they really make.
Someone mentioned on this board that Kanas put a middle management guy in charge when the prior president of GPM left and I didn't think it was a bad decision. I think his name is Steve Abreu. How wrong I was. I was told that Mr Abreu sent an e-mail company wide mentioning how things are looking up in the mortgage business and better times lay ahead etc. This was sent out 1/2 hour before the conference call announcing the layoff of 200 or so GP Mortgage employees. How fu***** stupid is this guy or is it just me missing something. One of the guys laid off was so excited when he read the e-mail because he thought the conference call was to announce layoffs but how could it be after that e-mail. How wrong he was.
I wish you well and I hope the rumors are just results of the �Big Daddy Effect�. This is named after an Ex GreenPoint Mortgage Employee whose unofficial job function was to report and disseminate on all rumors. This duty made Big Daddy feel important and respected and he built a vast network of contacts ranging from the security guards, maintenance personnel and the executives limo driver among others. But what would happen when things were quiet??? Big Daddy�s self-worth was diminished and he felt compelled to create or greatly exaggerate and alter the rumors at hand�hence the �Big Daddy Effect�. Please don�t underestimate this affect because these rumors spread faster than wild fire and have a life of there own. It can have a negative impact on morale and production and all the while it was something greatly exaggerated or made up to begin with. I�m not sure who the torch was passed to now that Big Daddy has moved on to another firm to create havoc but all companies have a Big Daddy.
I�m not sure why Kanas gets the bad rap for the way GP mortgage is run (blame him for the acquisition if you wish). He realized he had little/no national wholesale mortgage experience and left everything pretty much alone. Before he could get his arms around it, COF took over.
As far as rumors, they are just those rumors, nothing more. I�ve heard so many rumors in the past and honestly most were far from the truth and never came to be. I admit that some did come to pass but very few. It would be foolish to take a lax approach to your job and risk getting FIRED (no package) when all it is is a silly RUMOR. Should management hold a meeting and address these rumors, I think not. It would just lend credence to those rumors. And what if the rumors are true, do you really think they will give honest answers to employees questions at this time�not!
If you look back I started this thread and never answered where I heard the rumor from. I�ll answer it now� I heard it from a co-worker in the mailroom who thought he overheard an executive mention something about GP mortgage and then something a few seconds later about selling. I love all the folks in the mailroom but if you look at any companies mailroom staff� I do not have to say more.
Rumor has it that COF is looking to sell the mortgage division that was part of the North Fork aquisition (GreenPoint). Does anybody out there know anything about this?
It went from 60's back in September to 112 in less than 5 months. Why can't or won't it ride up like that again? But this time 80's to 130's.
I bought these 5 Cramer recommendations back in July/August about 2-3 weeks after his mention and after doing my own DD.
CSCO up 24%
DYN up 24%
COST up 19%
NBR down 12%
XMSR down 6%
I didn't buy in equal quantities and bought over a few week period and not over a few month period as I probably should have. I also don't look to see when he trades out but maybe I should start looking at this more closley. I sold out of NBR when I was down 18% and out of XMSR even but if I bought in equal quantities and held I'd be up around 10%. Not 23% but still not bad for 6 months.
Do you know this due to psychic abilities or do you have some credible information you can provide to back up your claim. If your opinion is due to the former please let us know who is going to win the Super Bowl and what the final score is going to be.
I don't see much downside to this stock unless they cut the dividend which is always a possibility but unlikley. I think at these prices it's a good opportunity to load up. Earn your 6 % and once we get back to a more traditional yield curve you will see some appreciation. Throw in the potential for a buyout and I can't see why you wouldn't want to add shares if you can or at the very least hold what you have.
No big deal if the stock doesn't move upwards as fast as we would like, we are still earning 6% which is better than any CD rate plus we have a chance for a possible take over which will give the stock a nice pop. Hang in there and buy more if possible, the stock is at low point so take advantage.