Wells Fargo says no to more tarp money

Wells Fargo Reports Loss, Won’t Ask for More U.S. Aid Isn't that what Bank of America said before they visited the fed and left with a huge suitcase full of 100's?????? Maybe Wells Fargo only needed 25 Billion to keep above water. Sure glad they get to keep paying that dividend with tax payer funds.

Good loans????

The banks keep saying that they are lending and the politicians keep saying they want banks to lend and they both say they should only take good loans now. Excuse me. Can someone tell me what the "good loans" would be right now?.....I don't think any loan regardless of buyer credit and down payment could be considered a good loan when the asset is in major depreciation mode......The banks might have plenty of loans to stellar credit borrowers that never miss payments..... but guess what????? The house is now worth less the mortgage if they didn't put 30% down in the past 3 years. Credit worthiness on underwater mortgages doesn't mean a lot. Underwater = toxic when it is seen on the books. Banks are not insurers and don't use actuaries to assess risk. They give loans based on collateral value, everything else matters little when the real estate falls significantly below the loan value. It doesn't matter if the borrower has an 800 plus credit score. When values drop as much as they have recently all loans become high risk. This is not about borrowers it is about asset value. The banks got the forecast way wrong and now the taxpayer is going to pay for it.

Wells Fargo Smoke and Mirrors

no doubt, more smoke and mirrors bs from the banks.....reserves are still to low and everyday getting lower as home prices fall....equity lines of credit are underwater on devalued real estate, and they already took 25 billion from the government and they still have to play games with the numbers....I don't think we have heard the end of the wachovia deal and the options arms it took over from world savings......oh by the way who are they going to lend to even if they con the government into paying for their toxic assets????mortgage applications down 30%......even if the bad bank is started it will take months before they even figure out pricing and then they will be worth even less.......

Harry Reid telling stories

Reid is on television saying how much he cares about people and how hard he is working on foreclosures all while real estate in his home state of Nevada is crumpling. The deterioration since the tarp failures has been catastrophic for a number of people trusting the fed would start to pull the "toxic" assets off the books of the bankrupt banks. However, since they had to play games and vie for face time instead of thinking through what they were doing with the "terrible asinine re-deployment of taxpayer capital Program, " TARP for short, they increased the likelihood of a much more forceful free fall in housing prices this spring. As for today Harry is on the tube lying again, and again since they are doing nothing to address the massive collapse that has started in housing. They keep saying there are numerous programs that are out there but if you talk to anyone interested in exploring the programs you will find out they are all just PR stunts with no real teeth. The banks are now in the driver seat and can not wait to foreclose on the properties because they just got the massive billion dollar bailouts.......they now can write down all mortgages and sell them off or foreclose and write off the loss and use fed funds to shore up there books. It is a disaster that is starting to snowball. The past 6 months rhetoric regarding housing has made any solution to the issue next to impossible now. The government is lying to and misleading homeowners into thinking that they should pay for an over valued asset because relief is on the way. There is no relief coming people.