FDIC & Pennymac make sweet deal

 
While many on the street will be talking about jobs reports and Alcoa’s plans to slash 13 percent of its global workforce, my ears perked up when CNBC broke the news minutes ago that the FDIC has made a deal with Pennymac to buy loans at a discount, then turn around and modify them for borrowers.
 
This is outrageous!
 
As most of us realize, many of the heads at Pennymac came from Countrywide, which played a hefty hand in the mortgage meltdown and the ensuing crisis on Wall Street to Main Street.
 
Here’s the part that really got me — Pennymac is getting these loans for a pathetic 30 to 50 cents on the dollar.
 
You’ve got to be kidding me — here goes another round of the fed saying “We’ve got to give the money to the ones who got us into this mess — because they know where the bodies are buried.”
 
Does anyone buy that?
 
There really are those who have clean hands — and they should be the ones to be given the sweet deals from the fed to help clean up the mess.
 
Added to my due diligence list this morning — Verizon.
The usual disclaimer: Do not base any of your investment decisions on anything you read in this forum. Do your own due diligence — or at least enough homework to select the right professional to do it for you.
Advertisements

2 Responses

  1. […] FDIC & Pennymac make sweet deal « This ain’t your daddy’s market … (cathleen222.wordpress.com) – January 07, 2009While many on the street will be talking about jobs reports and Alcoa’s plans to slash 13 percent of its global workforce, my ears perked up when CNBC broke the news minutes ago that the FDIC has made… […]

  2. You’re awesome!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: