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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: rdkflorida2 who wrote (622)	2/5/2014 9:45:57 AM
From: Kirk ©	Read Replies (1) \| Respond to of 26796

Yes, I agree. I too have a very high credit score from never missing a mortgage payment and paying off credit card debt every month. I banked at World Savings for depositing newsletter checks and using that account to link to online payments. I kept a very small amount in that bank, usually $10K or so, just to get all the free services. I figured if the linked accounts were ever hacked from online payment sites when they were new things, it would limit the maximum I could lose and usually most of it was in a savings account but for cash flow to pay bills. Anyway, World Savings kept trying to push home loans on me or anyone who could fog a mirror. The once very conservative bank was making "name your payment" and "build up negative equity" loans for the fees. I was so upset I SOLD my "Fidelity Select Regional Bank" fund to lock in a nice gain in I think it was 1996 after buying it in 2000 to diversify from tech. Later we learned World was driving up revenue to cook the books to sell to Wachovia, clueless bankers in the East (North Carolina if I recall.) Wachovia kept this profit center going and they eventually failed and Wells Fargo bought them. I'd taken profits in large banks (Citi and XLF) in my newsletter to be on house money for Citi, but thought the big banks knew what was going on and would be OK. Remember Clinton's guy Ruben took over Citi... I figured for sure he knew what was going on since he was behind letting investment banks risk taxpayer/FDIC capital. Big mistake... Ruben was in it for the money and left with a huge golden Frack U parachute when Citi collapsed on his watch. So, you think it will happen again? Does that mean you don't think the rules from Dodd/Frank to keep skin in the game will prevent crap loan originations?