Parsad Posted February 9, 2012 Share Posted February 9, 2012 Looks like California and New York have joined, and this thing will get done soon. Some relief for some homeowners, while the banks put the biggest suit behind them. Cheers! http://www.cnbc.com/id/46319978 Link to comment Share on other sites More sharing options...
tooskinneejs Posted February 9, 2012 Share Posted February 9, 2012 There is even an 'official website': http://www.nationalmortgagesettlement.com/ Link to comment Share on other sites More sharing options...
PLynchJr Posted February 9, 2012 Share Posted February 9, 2012 I'm a little surprised the banks aren't up on the news. Then again they've been on fire leading up to this. Link to comment Share on other sites More sharing options...
racemize Posted February 9, 2012 Share Posted February 9, 2012 There is even an 'official website': http://www.nationalmortgagesettlement.com/ The website says 49 states. Did we lose one? Link to comment Share on other sites More sharing options...
racemize Posted February 9, 2012 Share Posted February 9, 2012 Looks like it was Oklahoma. http://www.nationalmortgagesettlement.com/about Link to comment Share on other sites More sharing options...
merkhet Posted February 9, 2012 Share Posted February 9, 2012 Looks like it was Oklahoma. We're better off without Oklahoma anyway -- Hook 'Em Horns! :P Link to comment Share on other sites More sharing options...
enoch01 Posted February 9, 2012 Share Posted February 9, 2012 JP Morgan and Wells Fargo have already reserved for their share: http://www.marketwatch.com/story/jp-morgan-wells-fargo-reserved-for-settlement-2012-02-09 Don't know about the others yet... Link to comment Share on other sites More sharing options...
PlanMaestro Posted February 9, 2012 Share Posted February 9, 2012 Several BAC settlements today, is anyone taking count and what is remaining? Link to comment Share on other sites More sharing options...
Parsad Posted February 9, 2012 Author Share Posted February 9, 2012 I'm pretty sure BAC has accrued for most, if not all, of that settlement. What they don't tell you about Wells or JPM is exactly how much did they acrue. I can assure you that Wells is going to be able to release some of that reserve over time, because they never under fund a liability. Cheers! Link to comment Share on other sites More sharing options...
Parsad Posted February 9, 2012 Author Share Posted February 9, 2012 Yup, no material cost to BAC for the settlements today. It's all good! ;D Tangible book by Christmas as I said earlier. Cheers! http://finance.yahoo.com/news/Bank-America-Announces-bw-3721419165.html?x=0 Link to comment Share on other sites More sharing options...
ERICOPOLY Posted February 9, 2012 Share Posted February 9, 2012 Yup, no material cost to BAC for the settlements today. It's all good! ;D Tangible book by Christmas as I said earlier. Cheers! http://finance.yahoo.com/news/Bank-America-Announces-bw-3721419165.html?x=0 I figure that tangible book will be $14+ by then. I have lots and lots of $15 strike 2014 and $10 2013 (and 2014). They were just so cheap! My thinking is to wait until this coming January and then write a deep-in-the-money 2014 call for every $15 strike call I have. Then take the cash proceeds from writing the calls and use it to exercise the 2013 strike $10 calls (defer the taxes another year while also holding for more gains). Link to comment Share on other sites More sharing options...
Parsad Posted February 9, 2012 Author Share Posted February 9, 2012 Yup, no material cost to BAC for the settlements today. It's all good! ;D Tangible book by Christmas as I said earlier. Cheers! http://finance.yahoo.com/news/Bank-America-Announces-bw-3721419165.html?x=0 I figure that tangible book will be $14+ by then. I have lots and lots of $15 strike 2014 and $10 2013 (and 2014). They were just so cheap! My thinking is to wait until this coming January and then write a deep-in-the-money 2014 call for every $15 strike call I have. Then take the cash proceeds from writing the calls and use it to exercise the 2013 strike $10 calls (defer the taxes another year while also holding for more gains). Oh my goodness! What a problem to have. ;D Cheers! Link to comment Share on other sites More sharing options...
PlanMaestro Posted February 9, 2012 Share Posted February 9, 2012 Are celebrations accepted in this rational forum? Link to comment Share on other sites More sharing options...
racemize Posted February 9, 2012 Share Posted February 9, 2012 It seems like happiness and celebration can be rational to me! Link to comment Share on other sites More sharing options...
Uccmal Posted February 9, 2012 Share Posted February 9, 2012 Stock should take a good jump tomorrow. My bet is TBV by April 9th. Not willing to bey anyome on it though as we know Mr. Market. Link to comment Share on other sites More sharing options...
Parsad Posted February 9, 2012 Author Share Posted February 9, 2012 Stock should take a good jump tomorrow. My bet is TBV by April 9th. Not willing to bey anyome on it though as we know Mr. Market. Ok Al, I'll bite! Why April 9th? Is that your birthday or something? ;D Cheers! Link to comment Share on other sites More sharing options...
ERICOPOLY Posted February 9, 2012 Share Posted February 9, 2012 Stock should take a good jump tomorrow. My bet is TBV by April 9th. Not willing to bey anyome on it though as we know Mr. Market. Ok Al, I'll bite! Why April 9th? Is that your birthday or something? ;D Cheers! Mine is April 10th. However April 9th in the US is the 10th in Australia. Link to comment Share on other sites More sharing options...
Uccmal Posted February 9, 2012 Share Posted February 9, 2012 2 months from today. On Eric's birthday. Have you moved Eric? Link to comment Share on other sites More sharing options...
ERICOPOLY Posted February 10, 2012 Share Posted February 10, 2012 Not moved yet. We've shelved Australia -- will get back to that adventure when the kids start middle school (oldest is now in kindergarten). We're headed for the LA region until then. My wife won't go to the San Francisco Bay Area (my first choice) because my parents live there, so we're headed for sunny LA. Fine second option! We can travel to Australia for skiing during the too-hot summers (now that the kids are of school age we can't do long ski trips during the school year). This way we can rack up the time in Australia to count towards my two years collective time in the country (at that point I can get citizenship for the kids). Link to comment Share on other sites More sharing options...
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