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April 13, 2008


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Just saw this over at Calculated Risk...

Wachovia to Receive Big Infusion of Capital

Wachovia Corp., which barreled into adjustable-rate mortgages with the huge acquisition of Golden West Financial Corp. near the peak of the housing market, could announce as soon as Monday that it is getting a capital infusion of several billion dollars from outside investors, according to people familiar with the matter.

Final terms of the deal were being hammered out Sunday night, but it appeared likely the fifth-largest U.S. bank in stock-market value would receive $6 billion to $7 billion. In return, the investor group would get shares priced roughly $23 to $24 apiece -- a 15% discount to Wachovia's share price Friday.

freaking awesome site man.

one very important question: you said heloc's are going for pennies on the dollar, what is your basis for this comment?

i think i remember you said in one of your videos you had contacts that gave you this info, but after quickly researching this i didnt find any other postings or sources about this premise, aside from your quotes.

there are certainly some aspects about heloc's that makes the "pennies on the dollar" value of these assets probable (like that a large portion of them that are likely to be behind 1st mortgages) but are there any other supporting 10-k's, articles or additional sources for this pennies on the dollar premise?

once again, freaking awesome site man! love the videos! love the whole freaking site!

Hey Mr. Mortgage,

Thanks for the pingback to my article. Want to swap links? Give me a shout and we'll see if we can work out something.

Ryan Freund

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