Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Yeah, I read that article yesterday. kind of paints a mixed picture for New Jersey, could be negative in the short term, or could be positive. Arms up in the air by that author.
I will say, Willimington Delaware is going to be hit really hard (Almost all banking and AIG in that town). Lower Manhattan will be hurt bad, The New Jersey towns accross the river from Manhattan will be hurt in the short term. I read in a similar article on finance.yahoo.com that 20% of the population of Summit NJ works in the finance industry so Summit could get hurt, but there is likely enough demand there to keep it from getting hurt to much.
The question that is still out there is where does this credit crisis go from here. Does Wachovia fall next, what about PNC, Wells Fargo,... If Wachovia falls North Carolina takes a very big hit.
Where do we go from here, Depends on where you are, I think the areas around Chatham, Madison, Morristown, Harding, Parsippany are going to go sideways. Yes there is a lot of inventory on the market, but a good share of that inventory is with home sellers who are not living in reality when it comes to pricing.
I totally agree about Charlotte. Used to work for First Union down there and the heavy concentration in banking was always a risk. I think Charlotte is going to get crushed if Wachovia gets taken over, especially by Citigroup. New Jersey is going to be heavily impacted, too many financial employees at Merrill, BAC, Wachovia, the NYC investment banks, etc. I work in the industry as well but work for a traditional investment manager, not a bank or investment bank. I thank the Lord everyday because I spent much of my career at the banks but was smart enough to get out a couple years ago. Now we have clients moving their money to us from the banks and Merrill.
Yeah, I read that article yesterday. kind of paints a mixed picture for New Jersey, could be negative in the short term, or could be positive. Arms up in the air by that author.
I will say, Willimington Delaware is going to be hit really hard (Almost all banking and AIG in that town). Lower Manhattan will be hurt bad, The New Jersey towns accross the river from Manhattan will be hurt in the short term. I read in a similar article on finance.yahoo.com that 20% of the population of Summit NJ works in the finance industry so Summit could get hurt, but there is likely enough demand there to keep it from getting hurt to much.
The question that is still out there is where does this credit crisis go from here. Does Wachovia fall next, what about PNC, Wells Fargo,... If Wachovia falls North Carolina takes a very big hit.
Where do we go from here, Depends on where you are, I think the areas around Chatham, Madison, Morristown, Harding, Parsippany are going to go sideways. Yes there is a lot of inventory on the market, but a good share of that inventory is with home sellers who are not living in reality when it comes to pricing.
James Boyer
i haven't heard anything about them ready to fall - has that been in the news or is it speculation? just curious...
Wachovia is up for sale, talking to several bidders including Wells, Citigroup. PNC might survive based on its regional focus in conservative markets - Pittsburgh, PA, Philly, NJ etc - and lack of exotic mortgages. WB different because of Golden West acquisition which was a time bomb.
I just went to Wachovia this morning to increase our FDIC insurance from $200,000 to $600,000 so that all our CD's are coverred. How?
For individual, FDIC only gives $100,000 insurance, and husband and wife join account gets $200,000. So, when you have more than that, you can have each join account POD (pass on death) to a child, and get extra $200,000 insurance.
So, with two CD's each have POD on each child, I got each CD coverred by FDIC with $200,000 insurance.
Why I did not get out the money from Wachovia? because there is no need, and with 5 years CD's, if you cancel the contract, there are penalties, which does not worth anyway.
So, if any of you have over $100,000 or over $200,000 husband and wife join account at Wachovia, the easiest and safest to get all insurred by FDIC is add POD.
It is very simple, only 5 minutes, and all you need to bring is child's name, birth day and social security number. Your children do not even need to go. You can POD on husband, wife, parent, grantchildren, ...etc. lots of combination.
Even if you have $1.5 million to $50 million, there is a legal and quick way to get them all insurred by FDIC. If you want, I can share with you too, or check with your financial advisor.
Wachovia is up for sale, talking to several bidders including Wells, Citigroup. PNC might survive based on its regional focus in conservative markets - Pittsburgh, PA, Philly, NJ etc - and lack of exotic mortgages. WB different because of Golden West acquisition which was a time bomb.
Do you know all accounts of Washington Mutual Bank lost NOTHING? after it failed and sold to JP Morgan Chase? whether it is under FDIC insurred of $100,000 or over, and it cost NOTHING to FDIC's $45B reserve. That is to say nothing to worry about, but if you want extra insurance. You just make sure your accounts over $100,000 or $200,000 husband and wife join account to add POD's. Each POD added double the insurance.
For example, husband got $100,000, and husband got another account of $80,000 exceed FDIC $100,000, it can be added wife to husband POD wife account in 5 minutes and get another $100,000 FDIC insurance.
My friend had $1.5 million CD's at Wachovia with ladder strategy of all 5 years CD (why? highest rate), and matured different year with each about $100,000. That is to say, she got $100,000 CD matured every 3 or 4 months.
She and her husband join account got $200,000 FDIC insurred, and then She had one CD with POD to husband, and another one POD to son, and yet another one POD to daughter, so she got another $300,000 FDIC insurred, i.e. $100,000 with each POD account. Then, the husband also had 3 accounts each POD on spouse, son and daughter. So another $300,000 FDIC insurance. Then they have join accounts POD on son to get another $200,000, same thing POD on daughter for yet another $200,000 insurance.
Finally, they have a join account with POD to both son and daughter to get $400,000 extra FDIC insurance.
So, all her $1.5 millions CD at Wachovia are now all FDIC insurred.
This could be true for any one of 8,500+ FDIC insurred banks.
And, now you know how her $5 million CD's are arranged, she got accounts on all major banks such as JP Morgan Chase, Citibanks, Bank of America, PNC banks, ...etc.
i haven't heard anything about them ready to fall - has that been in the news or is it speculation? just curious...
Wachovia is desperate to sell out, they lost over 9 Billion in just the second quarter, and CNBC guy was hinting at a 14 Billion loss in the 3rd quarter. On top of that, they have been experencing a run on the bank deposits.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Wachovia will be fine!
