Like everyone else, i’m trying to figure out what the hell [[MER]] has actually reported today. They had some hedges to slightly offset the write-offs, but the best I can figure it’s around 6+ billion in write-offs (4.5 after the offsets).
The headline from the WSJ is funny to me “Merrill Lynch Swings to a [...]

After the market closed Friday, AP released this little gem:
Fannie Working on Mortgage Plan
Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages in a gambit that could hit the mortgage finance company with upfront losses but stave off massive hemorrhage from foreclosures.
Sounds good, so far! [...]

Perez Hilton just emailed Jake this video (Jake swings with that crowd apparently), so i’ll post the video confirming the rumors of Fly’s lil’ bundle of joy:

Want to know why every financial stock will go to $8? They’ve been lending to these type of people:
While tighter lending standards have cut off all but the most credit-worthy borrowers from auto loans and home loans, many people are turning to credit cards and tapping more of their home-equity lines of credit to dig [...]

Welcome to the subprime nation.
Bankruptcy is no easy out for Jefferson County’s sewer bond crisis, but county must be prepared for it.
It should surprise no one that Jefferson County officials have looked into what declaring Chapter 9 bankruptcy would mean to the county, or that they have even begun laying the groundwork to prepare for [...]