- Sep 12, 2008
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- 185
Its not just BOA. Wells also started to pass out termination notices.
Wells and BOA are heavily invested in the most hard hit areas for the Mortgage crisis: California and Florida. Wells also has some of the lamest mortgages because they merged with Wachovia when Wachovia was threatened with closure. Wachovia has lots of mortgages that have a pick a pay feature. When Wells merged, they also made Wachovia write down all its equity and goodwill.
New home permits are down 8% from last years already low levels.
Plasmaballs is right to protest that there is causation between Obama's speech and the layoffs. It does go to show that there is no real faith out there that the jobs bill will be considered, let alone passed, and even less faith that it wil do any good.
Wells and BOA are heavily invested in the most hard hit areas for the Mortgage crisis: California and Florida. Wells also has some of the lamest mortgages because they merged with Wachovia when Wachovia was threatened with closure. Wachovia has lots of mortgages that have a pick a pay feature. When Wells merged, they also made Wachovia write down all its equity and goodwill.
New home permits are down 8% from last years already low levels.
Plasmaballs is right to protest that there is causation between Obama's speech and the layoffs. It does go to show that there is no real faith out there that the jobs bill will be considered, let alone passed, and even less faith that it wil do any good.