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Downey Financial Corp. |
I don't know, If you have risk tolerance and know what your doing It's
up to you. I have never shorted a stock, it seems contrary to buy and
sell later at a higher price. I like to buy value under $10 for the
leverage it gives and hold for at least one year for the better cap
gains rate. The trouble is I don't have level II instant info, no
close broker friends, just me and the internet, I don't even have a
TV, yet I pay for cable every month. I am very frugle, I eat only
frozen dinners in the microwave.
My house that my mom owned was stolen from me back in 2000, after she
got ill suddenly and passed away, I learned then just how cruel the
world really was when you have nothing. I then entered into physical
labor, painting houses, in newly developed gated communities that had
previously been wetlands and wildlife preserves, working for the very
rich at a low wage long hours. I knew there was a better way and saved
enough to open an account, first few trades were good buys, but I
didn't have the nerve or stamina to hold and traded down getting eaten
by commisions. I took more time reading all about markets, saved what
I could, even forgoing the dentist for a while. I never applied for
any public assistance, my family would be embarrased from their
graves, I worked, I made a gamble on a small part time business, that
has been ok, but down this summer because of high fuel costs cut into
my customers spending. I kept inventory low, unplugged any lights or
electrical not needed, saved as much as I could, still some costs
increased. I managed to add some again to my account, was up a few
days and very optimistic, since I have realized nearly 200% gains on
some of my positions a couple years ago, until Katrina, and sold, at
least I wasn't dead like a lot of poor souls, news then was bubonic
plaque from bodies floating, kinda shut stocks down for the most part.
And just today I saw too much bad news all at once and remember last
summers end, stocks fall before the new year, offset selling or
whatever, this year looks a lot worse. So many sell down, I don't want
to do that, I'll wait and buy low when it looks like a good time. My
income is stalled for about a month or two as I transition to winters
season work so just can't afford the risk. One day I hope to buy my
own house, It's ironic that my house was taken illegally and nothing
was done in courts over 6 years waiting (florida where they lost
voting records) to save it even with leas pendens, and then I had to
work, doing good work that I was proud of making homes look beautiful
for others, suddenly everyone was a painter, people with no
experience, doing crappy work, licsensed or not, whole teams of
immigrants suddenly on job sites, Discover had a show, flip this
house, it seemed like everyone speculated nationwide flipping houses
to bring us here to an economic crisis. I didn't, I didn't have the
money, so I thought, i never tried to get a loan, didn't know how easy
it was apparently. But I'm not a quitter, and I will have a home of my
own one day, I just can't be sure how long it will take. I don't like
debt. I don't have any, I pay my bills as they come as soon as
possible and wanted to make enough in the market to buy with cash,
then just have the taxes every year, no payments, but first need to
grow my account, not the right time now. too much bad news in the
market. If everyone was just honest we wouldn't be in this mess, I've
seen a lot in my lifetime, enough to know what's right, and shorting
some poor stock into the ground because it's easier than finding a
good company to buy is what the bulk of the market seems to be doing,
it's all ok by the media guys, they tell people how to do it for
cripes, but It's killing this nations economy, among other things. The
playing field is not safe for anyone anymore, even the big banks and
brokers are viciously lashing at each other, it's ridiculus. But I
still for some stupid reason have a patriotic nerve resounding deep
within that tells me I can somehow live the American dream and make
it. It's just harder and harder since the game changes faster and
faster, enough to make your head spin, too erratic and risky it looks
to me for now. especially with no family, just on my own, I hate
bothering friends for a place to live, spare room or couch, they all
have kids and dogs that would ravish my tax records I have been saving
for when I walk into the bank and ask for a loan. Good luck though.
Don't spend it all at once.
> tac wrote:
> > I found the story too in Scottrade. Yes, its a paid site, but if you
> > searched Scottrade news you get a tad more of the story which I copied
> > and pasted below. I am watching DSL, leaning towards going long ahead
> > of the short squeeze. Any comments? Am I an idiot to do so with
> > these lawsuits? They have 14 days from 9-5 to report back to OTC that
> > they have raised minimum capital. Thats 9-19. What say you,
> > anyone??
> > Investor Lawsuits Surge Against Lenders
> > Tuesday 09/09/2008 7:00 AM ET - Pr Newswire
> > Related Companies
> > Symbol Last %Chg
> > DSL 1.84 -14.42%
> > IDMC 0.06 -4.76%
> > As of 3:54 PM ET 9/9/08
> > An analysis of mortgage-related litigation and legal actions in the
> > second quarter indicates active lawsuits filed by shareholders against
> > mortgage firms jumped more than 50 percent from the prior quarter,
> > according to the Second Quarter Mortgage Litigation Report released by
> > http://www.MortgageDaily.com. The report, based on cases covered by
> > MortgageDaily.com, was prepared in conjunction with the law firm of
> > Weiner Brodsky Sidman Kider PC, which is known as a leader for its
> > work in mortgage banking litigation.
> > During the second quarter, the number of investor lawsuits tracked by
> > MortgageDaily.com that were filed against mortgage companies totaled
> > 14. Four investor class-actions against IndyMac Bancorp Inc. were
> > tracked, while three investor lawsuits against Downey Financial Corp.
> > were covered. Franklin Bank Corp. faced at least two shareholder
> > lawsuits.
> > The report was based on 45 lawsuits and other legal actions covered by
> > MortgageDaily.com that saw some activity during the second-quarter
> > 2008.
> > Cases tied to individual bankruptcies and foreclosures are generally
> > excluded from the report.
> > New actions on active mortgage-related cases tied to bankruptcy,
> > employment, secondary marketing and servicing all eased from the first
> > quarter.
> > Among other significant case types were compliance, foreclosure
> > and
> > mortgage fraud.
> > Category Q2 # of Cases Q1 # of Cases
> > Advertising 2 1
> > Bankruptcy Consumer 2 8
> > Bankruptcy Corporate 3 0
> > Compliance 3 1
> > Credit 2 3
> > Discrimination 3 2
> > Employment 2 6
> > Fees 1 2
> > Foreclosures 6 9
> > Fraud 7 3
> > Investor 14 9
> > Licenses 2 1
> > Predatory Lending 3 0
> > Secondary Marketing 3 9
> > Servicing 2 6
> > Technology 1 1
> > Read the full First Quarter 2008 Mortgage Litigation Report at:
> > http://www.mortgagedaily.com/LitigationQ208Report090908.asp?spcode=pr
> > About MortgageDaily.com
> > Founded in 1998, MortgageDaily.com is a dominant mortgage industry
> > news source. Around one million mortgage business news pages are
> > viewed monthly at MortgageDaily.com and its affiliate publications.
> > About Weiner Brodsky Sidman Kider PC
> > Weiner Brodsky Sidman Kider PC has a nationwide residential mortgage
> > banking and financial services practice that offers full-service legal
> > representation and counseling for clients, with teams devoted to
> > federal and state licensing and regulatory compliance, transactions,
> > representation before government agencies and litigation, including
> > the defense of nationwide class action lawsuits against financial
> > institutions and settlement service providers. Read more about Weiner
> > Brodsky at http://www.wbsk.com.
> > CONTACT:
> > Sam Garcia
> > 214.521.1300
> > 3811-700 Turtle Creek Blvd.
> > Dallas, TX 75219
> > SOURCE MortgageDaily.com
> > Search Stock News
> > Headlines
> > Symbol
> > Exact Phrase
> > Advanced Search
> > Search ResultsBack to Headlines
> > Investor Lawsuits Surge Against Lenders
> > Tuesday 09/09/2008 7:00 AM ET - Pr Newswire
> > oceanartscas...@yahoo.com wrote:
> > > I couldn't find anything about it on the web. MortgageDaily.com is a
> > > paid site so I couldn't look there. My account would notify me if I
> > > held shares during any class action that was being filed. I really
> > > hoped to buy and hold for a fair gain but given the overwhelmingly bad
> > > outlook for the near term economy that has been reported over the last
> > > few days I sold. only had a few shares anyway. As an individual
> > > investor with less than the capitol requirements to daytrade it's hard
> > > to stay long in this market. I have hope, but very shallow pockets.
> > > I've made some good gains in the past, haven't had much to invest of
> > > late, and just can't risk for now. After the new year I expect things
> > > to pick up, maybe after the election. Staying on the sidelines til
> > > then, let the big players have the market all to themselves.