[lbo-talk] move your money campaign

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Tue Dec 20 11:51:00 PST 2011

Doug writes:

>>> They'll put the influx into Ginnie and Fannie.
>> And that's bad exactly how?
> Not from my point of view. But all these people who think that
> by putting their money in a CU they're keeping it local, they ain't.

Since the GSEs are now 90+% of the residential mortgage market, giving it to them is in some sense keeping it local as opposed to where BofA is using their capital.

Besides, I didn't see anyone saying "put it in a credit union, keep it local!" ... I saw it more as "put it in a credit union, don't reward the bastards who almost completely fucked us" ...

Also: perhaps the biggest impact on banks like BofA in this has been perceptions that have helped drive their stock price down to historic lows. BofA trades at less than 25% of book value! Woo!


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