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To: reaper who wrote (198649)	10/18/2002 8:33:49 PM
From: ild	Read Replies (1) \| Respond to of 436258

From NCEN board messages.yahoo.com

To: reaper who wrote (198649)	10/18/2002 11:16:35 PM
From: mishedlo	Respond to of 436258

Any thoughts on MMM Thanks M

To: reaper who wrote (198649)	10/19/2002 9:42:21 AM
From: mishedlo	Respond to of 436258

Posted on my board on the FOOL Local Ford dealer in Denver is offering 72 months 0% vs Ford's 60 month 0%.

To: reaper who wrote (198649)	10/19/2002 9:53:22 AM
From: mishedlo	Read Replies (1) \| Respond to of 436258

mortgageservicingnews.com Earnings Drop Doesn't Faze Fannie Investors Investors and analysts generally shrugged off Fannie Mae's announcement that net income dropped by 19% in the third quarter, focusing instead on a 22% jump in operating income. Fannie Mae reported operating net income of $1.631 billion in the third quarter, up 22% on a year-over-year basis. However, that excludes the "variability in earnings that results from including unrealized gains and losses from the change in the time value of purchased options" under new accounting rules, Fannie Mae noted. Once the impact of purchased options is taken into account, Fannie Mae's net income under generally accepted accounting procedures was $994.3 million, a drop of 19.1% on a year-over-year-basis. Just before noon Oct. 15, Fannie Mae's stock price was up 4% on the day. BB&T, Doral Report Servicing Writedowns BB&T Corp., Winston-Salem, N.C., has reported a $130.8 million writedown in its capitalized mortgage servicing rights in the third quarter. However, BB&T said the servicing writedown was offset by gains from the sale of securities held for sale, and the company reported record third-quarter earnings of $336 million, up 18.5% from a year earlier. Separately, Doral Financial Corp., San Juan, Puerto Rico, reported a servicing impairment of $7.5 million in the third quarter. Doral also said its decrease in servicing income was "more than offset by increases in gain on mortgage loan sales and fees, gain on sale of securities, and other sources of revenue" that benefited from lower interest rates. Doral reported record net income for the third quarter totaling $58.3 million. Beacon Hill Confirms Hedge Fund Loss Beacon Hill Asset Management LLC has confirmed Wall Street Journal and investor reports indicating that one of its hedge funds has suffered a short-term loss related to unusually wide mortgage-backed security vs. Treasury spreads in September. "As a result of extraordinary fixed-income market conditions last month and particularly in the final days of September, Beacon Hill Asset Management's Bristol Fund realized a loss," Beacon Hill said. "This situation was primarily the result of unprecedented, accelerated mortgage prepayments triggered by historically low interest rates, while U.S. Treasury securities prices rose in reaction to heightened global market and political uncertainty." The mortgage-backed bond market participant said that "no portfolio liquidation or significant investor redemptions have been experienced" since it announced the loss, and added that it does not expect any to occur.

To: reaper who wrote (198649)	10/19/2002 12:10:28 PM
From: mishedlo	Read Replies (2) \| Respond to of 436258

Is GM GTZ (Good till Zero)? My Analysis I proposed that it is but several on the FOOL have told me: "No Way". The only reason offered was the gov't will not let them go under. I asked how the gov't could prevent it? Just "no way" was about the only answer I could get. Well here was my response: I say "way". Here is the GTZ case (corrections please if I have something wrong) Strictly financial, chart reading not required. biz.yahoo.com Long term debt is rising every quarter. Long Term Debt $175,490,000,000 $164,879,000,000 $163,912,000,000 $154,166,000,000 Short Term And Current Long Term Debt $2,183,000,000 Net Income $1,292,000,000 $228,000,000 $255,000,000 ($368,000,000) Cash Flows From Operating Activities $969,000,000 $7,257,000,000 $4,308,000,000 $125,000,000 - Not even enough to service short term and current debt. Cash Flows From Investing Activities ($8,174,000,000) ($6,950,000,000) ($15,345,000,000) ($2,142,000,000) - More money going down the rat hole every quarter to maintain operations - This looks like one huge rat hole. Net Tangible Assets $6,928,000,000 $9,372,000,000 $9,701,000,000 $21,149,000,000 - Dropping like a rock Auto boom has peaked. Auto loans at 0% is losing them money even if the boom has not peaked and continues indefinately. They are $20B in the hole on pension fund funding. I ask any proponents of "the gov't will not let them go under" to explain what the gov't can do to prevent GM from going under. Even if the Gov't was to ban imports (or tax the heck out of them), can GM sell cars at increased rates if they have to give them away now with zero% financing deals. Most likley not. Most likely this administration (as stupid as it is) is not stupid enough to start a trade war this extreme. Who supplies to GM? Are they GTZ as well. Name some someone. GT perhaps? Long Term Debt $2,940,200,000 $2,883,900,000 $3,203,600,000 $3,202,000,000 Short Term And Current Long Term Debt $426,900,000 $407,400,000 $364,700,000 $210,000,000 (going up every quarter) Net Income $28,900,000 ($63,200,000) ($174,000,000) $9,300,000 Cash Flows From Operating Activities $263,700,000 ($203,100,000) $837,900,000 $318,800,000 - not enough to fund current debt Pension fund enormously underfunded This entire sector stinks. Is there a sector bet here that I am not aware of? GM F GT all likely headed to or near Zero. M

To: reaper who wrote (198649)	10/20/2002 2:35:43 AM
From: Bill/WA	Read Replies (1) \| Respond to of 436258

reaper, excerpt from Sandspring posted by Les; Sears did of course announce Thursday that it has a credit card accounting problem suddenly rearing its ugly head. Presumably credit card receivables, previously booked to the profit column of the P&L ledger and carried as an asset on the balance sheet, had insufficient delinquency reserves and now represent the nasty culprit. Subsequent to our article, we had actually heard additional rumors that this credit card accounting problem was lingering at Sears. *Many smart folks with solid forensic accounting abilities actually saw this coming. Congratulations are truly due them.* As they say in the marines, "UH RAH" to you!