{"id":4721,"date":"2008-09-29T15:18:26","date_gmt":"2008-09-29T22:18:26","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=4721"},"modified":"2008-09-29T15:18:26","modified_gmt":"2008-09-29T22:18:26","slug":"wachovia-fails-did-you-notice","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4721\/wachovia-fails-did-you-notice\/","title":{"rendered":"Wachovia Fails… Did You Notice?"},"content":{"rendered":"

Lost in the tsunami of bail-out failure, Wachovia gave up the ghost.\u00a0 Wachovia now joins Countrywide and WaMu as the big three option arm originators now become three of the biggest financial failures of all time.\u00a0 If this looks familiar to any posts you may have read here at BHB, including those on The Mortgage Dance<\/a> and Wachovia Completes the Gang of Three<\/a>, consider it pure coincidence.<\/p>\n

Does it sound like I am gloating a little over the downfall?\u00a0 I am.\u00a0 Option arms were the tool and bribery was the modus operandi<\/em>.\u00a0 Loan originators fed their greed while homeowners lied to get homes they could not afford and Wall Street leveraged the whole thing to apocalyptic proportions.<\/p>\n

I wonder if there is enough blame to go around.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lost in the tsunami of bail-out failure, Wachovia gave up the ghost.\u00a0 Wachovia now joins Countrywide and WaMu as the big three option arm originators now become three of the biggest financial failures of all time.\u00a0 If this looks familiar to any posts you may have read here at BHB, including those on The Mortgage […]<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-4721","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3201,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3201\/and-wachovia-completes-the-gang-of-three\/","url_meta":{"origin":4721,"position":0},"title":"And Wachovia Completes the Gang of Three","author":"Sean Purcell","date":"June 3, 2008","format":false,"excerpt":"Wachovia board members have forced CEO Ken Thompson to retire\u00a0\u00a0and\u00a0Realtors should be popping champagne corks all over the nation.\u00a0\u00a0Why?\u00a0\u00a0Because Wachovia is the final reckoning of the Gang of Three\u00a0and this may very well signal the bottom of the market.\u00a0 Disclaimer #1: I usually write posts and comments backed by statistics.\u00a0\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5804,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5804\/citis-so-nice-i-bought-it-twice-a-tin-foil-hat-production\/","url_meta":{"origin":4721,"position":1},"title":"Citi’s So Nice I Bought It Twice (a Tin Foil Hat production)","author":"Sean Purcell","date":"November 24, 2008","format":false,"excerpt":"Alright, let's see if I got this straight: Less than 4 weeks ago Citi was purchasing Wachovia in a deal brokered by the FDIC. Less than 3 weeks ago the Fed injected $25 billion into Citi Less than 1 week ago Citi's shares tumbled Yesterday the Fed injected ANOTHER $20\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3355,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3355\/the-mortgage-dance-ez-just-follow-the-bouncing-ball\/","url_meta":{"origin":4721,"position":2},"title":"The Mortgage Dance? EZ: Just Follow The Bouncing Ball.","author":"Sean Purcell","date":"July 14, 2008","format":false,"excerpt":"And the beat goes on...\u00a0 but sometimes it helps\u00a0to have that little bouncing ball show us\u00a0exactly what lyric we are singing this week.\u00a0 All together now: Today the Fed suprised no one by\u00a0opening the discount window to ailing siblings: Fannie Mae and Freddie Mac.\u00a0 Together they\u00a0hold more\u00a0than half of all\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4669,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4669\/the-mortgage-dance-continues\/","url_meta":{"origin":4721,"position":3},"title":"The Mortgage Dance Continues","author":"Sean Purcell","date":"September 26, 2008","format":false,"excerpt":"I posted the following back in July and with WaMu going down it seems like a good time to bring it back to the top.\u00a0 If there is any confusion as to who is going down and why, make a point of clicking the link on the \"accounting debacle\".\u00a0 It\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4729,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4729\/toms-top-ten-reasons-he-doesnt-like-the-bailout\/","url_meta":{"origin":4721,"position":4},"title":"Tom’s Top Ten Reasons He Doesn’t Like the Bailout….","author":"Tom Vanderwell","date":"September 30, 2008","format":false,"excerpt":"Because a government intervention the financial systems rarely works well. Because it fails to acknowledge the fundamental shift that is occurring in our society as we move from being \"overleveraged\" to using credit responsibly. Because Nancy Pelosi likes it. Because no one has been able to prove that by buying\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3497,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3497\/mortgage-market-week-in-review-3\/","url_meta":{"origin":4721,"position":5},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"July 25, 2008","format":false,"excerpt":"Well, here we are on Friday again and I\u2019m trying to figure out how to summarize all that\u2019s been happening in the mortgage and financial worlds.\u00a0\u00a0 I could write a book about it, but I won\u2019t (at least not today\u2026.) 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