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Presenting David Tepper's Holdings Bloodbath, As S&P Takes BAC Home Loan Servicing To The Woodshed
It seems like yesterday that David Tepper uttered the famous last words: "What will go up? EVERYTHING." Too bad, then, that one look at Mr. Appaloosa's holdings today shows a complete bloodbath (yes, don't adjust your monitor, that IS an 11 handle on BAC). Unless, of course, between June 30, and just after his now legendary CNBC interview, the Chatham, NJ-based hedge fun manager was actually selling his positions to the creme of the crop of CNBC viewer gullibility. But that would of course never happen. That said, we can't wait for his Q3 13F to be proven right. Oh, and John Paulson's recovery fund is fast approaching 2010 P&L lows.
Presenting, for your gloating enjoyment, Tepper's top 25 holdings. Note holdings #1, #2, #4 and #5. As a reminder, CapitalIQ has Tepper's equity holdings at $2.5 billion.
Source: CapitalIQ
And for all those wondering why BofA will soon revisit Mr. Paulson's cost basis of $9, here it is, fresh from the S&P printers:
Standard & Poor's
Ratings Services today placed its ABOVE AVERAGE residential prime,
subprime, special servicer, and subordinate-lien servicer rankings on
BAC Home Loans Servicing L.P. (BACHL) on CreditWatch with negative
implications. We have consolidated our rankings on Bank of America N.A.
and Countrywide Home Loans Servicing L.P., the predecessor companies
that merged to form BAC Home Loans Servicing L.P., to reflect their
post-integration status. Prior to the CreditWatch placements, our
outlooks on the servicers were stable. BACHL is a subsidiary of Bank of
America N.A. The CreditWatch placements follow a statement from Bank of
America announcing that it is delaying foreclosures in 23 states while
it investigates all related foreclosure affidavits for possible
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Look at the volume in JPM ..... "It's on like Donkey Kong".
David you are overlooking AIG and GM in your first class portfolio! Please correct ASAP.
For these secured mortgages, I estimate the cost per mortgage to correctly research and record title to be between $5000 to $15000 per home, with maybe 10% costing less than $5000 in legal and filing fees, and 10% costing more than $15,000 in legal and filing fees.
There is no amount of research that is going to solve the problem.
How may the loan servicer move a proof of claim or a motion to lift the automatic stay in BK court, when the promissory notes sits elsewhere, beyond said servicer’s statutory reach, in a separate legalistic formed entity, statutorily defined as the Real Estate Mortgage Investment Conduit without recourse?
When the defendant is lost in equity for which has no standing in Law.
i love it. fuckin cockey-ass moral hazard dickhead.
It's not like you to hold back.
banks are dumb. has that been said here before?
banksters are the city idiots.
He is probably dialing up Big Ben right now trying to assess the possibility and size of another bailout package.
It might jot be so easy this time around. More eyeballs watching, and more understanding of what a load of crap we were dealt.
Not Too Big To Jail
"FIGHTING FORECLOUSRE FRAUD"
The banks have gone wild.
Over the last three months, I've been bombarded with stories of banks committing foreclosure fraud to take people's homes. Foreclosure fraud happens when a bank decides that it wants to take someone's house, but it doesn't have legal title to do so. So it forges paperwork to show the court that it can take a home. Judges often agree to a foreclosure, because most of them can't believe a bank would simply falsify paperwork. Since the foreclosure fraud story was exposed, however, Bank of America and JP Morgan-Chase have suspended foreclosures in 23 states, including Florida. Judges are getting more skeptical and demanding paperwork.
But this isn't stopping the problem fast enough. JP Morgan Chase was just caught hiring a contractor to break into a woman's home and change the locks, while she cowered in a bathroom and called 911. Then the bank claimed it was a simple mistake, as she wasn't even in foreclosure.
Last month, I called for the Florida Supreme Court to halt these illegal foreclosures. The Florida Supreme Court declined, saying it had no authority to do so. I also asked Fannie Mae to stop working with law firms under investigation for falsifying paperwork. They have not responded. I recently sent a letter to the Treasury Secretary and our national bank regulators asking for a national moratorium on foreclosures while authorities assess the scope of the problem. I have also taped a 7-minute YouTube video explaining the whole situation.
But that's not enough. We need to stop these "banks gone wild."
I need your help. I'm sending a letter to the Director of the FBI and to Central Florida's U.S. Attorney asking them to prosecute banks that foreclose illegally on homeowners.
Will you add your name to this letter? I will send this letter, along with all of the cosigners and your comments, to law enforcement officials.
You can sign it here, at NotTooBigtoJail.com.
Courage,
Congressman Alan Grayson
The law is a severe, severable, separable and prejudicial force.
What may have enabled one party to win a foreclosure issue, is not a boiler plate remedy that will enable another to win. Why are lazy people always looking for boiler plates instead of learning?
People are trying to blame others for their own problems, your chains lie in your own hand.
"The Florida Supreme Court declined, saying it had no authority to do so."
Duh. The court can start sancitoning companies for trying to commit fraud upon the court but no court has authority to tell someone they can't have access to the court to seek remedy.
Instead of stupid homeowners complaining to their Congressman, maybe they should consider going to the law library and learning. Oh, but it's so easy to blame others for their own mistakes.
BAC a 13%+ component? OUCHIEWAWA!
Where else but CNBC could you get such a lame sales pitch. As a last resort, just say buy everything. Pathetic.
That crashing noise you hear , is David Tepper's animal spirits being unleashed.
That crashing noise you hear , is David Tepper's animal spirits being unleashed.
You mean, his dick just hit the dirt?
Trading places ....?
http://www.youtube.com/watch?v=_gekaEzqj5g&feature=related
Tells me there are less and less suckers out there, so these "super traders" have no where to unload their crap, and I like it that way, man I wish to see these leeches bleed, HARD!
I may buy JPM on the dip just for the divi, NOT!
After years of angst and struggle, and having seen Tepper's greed driven, destructive comment...played over and over again until I thought I would die of a stroke...
...I can now say that I am entirely happy, content, and at peace...just from gazing upon that top holdings list.
Thank you, Tyler. You have saved my life.
sorry bro that guy probably got out of those positions right after his interview...
forgive me ZHers, i'll be posting this one a lil more than usual so i'll not do the usual trying to be at the top with it and throw in a throwback or 2 later today to make up for it :)
today's selection comes courtesy of my little sister's itunes. she has impeccable taste in music and it is certainly worth sharing. however, this is not the EDM you are looking for. rather an eclectic collection of bump. i did not include her favorite country songs. as far afield as this playlist is i thought that would be a bridge too far.
coisas da irmã (a playlist):
http://www.youtube.com/view_play_list?p=B66475A34C59B734
"sun is shining' remix - like it. let's hear the country.
we'll start out with Georgia's finest:
http://www.youtube.com/watch?v=OVA9eEPkhvM
Well I was raised up beneath the shade of a Georgia pine
And thats home you know
Sweet tea pecan pie and homemade wine
Where the peaches grow
And my house its not much to talk about
But its filled with love thats grown in southern ground
And a little bit of chicken fried
cold beer on a friday night - now we're talkin'. thanks.
I prefer cold beer on a friday morning.
Viva el bistec!
Interesting, in the middle of the biggist commodity bull market in years, he is actually short commodities. His only position of size in the sector, is short crude by nature.
Banks, Healthcare & Tech... what a wreck...
Aren't these banks all insolvent ?
Lack of Humility meet Karma.
"Everything" will go up indeed ...
~40% of his holdings are the big banks.
LOL
BACHL is loan servicer, loan servicers are a "Debt Collector" as defined in the FDCPA. A "debt collector" lacks "standing" to foreclose or collect a "debt" in the forum known by most as a court of Law. Robo-signing gate is the smoke screen to cover up the real problem. There is nobody that can foreclose unless the stupid homeowner fails to sustain the Law.
Loan servicers are going the way of the dinosaur because lemmings have FINALLY started to open their eyes.
If only he had let it ride on Apple. No quitting there. Come to think of it, what kind of moron wouldn't have that in his top holdings if he were so bullish?
Harry,
these leeches live of scamming the little guy, they actually have no brain, just criminal energy en mass they sometimes get what they deserve, in my opinion, too little of it!
And POMO is doing God's Work!
Don't worry, he took my advice and went short banks, long solars! :)
Helllooooooo concentration risk.
Risk ON bitchez!
[crashing sound]
..Oops.
Majority of his holdings are banks and airline stocks??
I guarantee this leech sold most of his positions right after his "sales pitch" on CNBC to the gullible, Jim Cramer crowd of stock pickers.
2 and 20 to hold 42% Banks -WTF?
David Tepper = IQ (170-169)...
Well if he dumped his holdings by Tuesday, then he is a very smart man, otherwise...well banks and airlines...yeah.
Tepper is a mean, arrogant ass.
no matter.... deleted.
Here is where the fraudclosure rubber meets the road:
http://opinionator.blogs.nytimes.com/2010/10/14/how-wall-street-hid-its-mortgage-mess/?hp
The sponsor lenders knew EXACTLY how bad the portfolios were at the time of securitization and hid the information from RMBS investors. 10b-5, anyone?
Jamie Diamonds Coveted Washington Mutual is going to sink him.
Would love to be a fly on the wall at David Teppers Office today. Wonder how much he has lost just today.
I betcha he's got no stocks in the portfolio since the day (or the day after) he gave the interview. Otherwise I'm sure he's fully hedged.
Tepper has a lot of garbage if that is indeed his portfolio. A lot of b.s. airline stocks and crappy banks.
Nothing to be jealous about what he's holding.
No, just be jealous he's long and most on this thing are short...er' that is were short until they had a maintenance call.
What's Tepper's short book look like? Oh, he doesn't have to file those...oh. What's his hedge book look like? You know, options and CDS and stuff. Oh, that's not disclosed either? Well, then I'm certain you've captured his current portfolio exposure profile exactly by looking at 107 day-old longs...
Hi, I'm Earth. Have we met?
Surely "Everything" going up will help the Hypocrite Capital hedge book.
Tepper's the topper alright.
he doesn't have one gold company? am i smarter but poorer than him?
This guy is a totally inept stock picker. Top tech holdings are Yahoo and MSFT, lol. He totally missed the greatest tech rally since 1999.
Thus the reason he was talking his book on national TeeVee?
I thought he was a bright guy???
Why no big energy, big metal, big commodity stuff at the top of his fortpolio?
My portfolio is KICKING HIS ASS!!!! wooooo, go little guy.
When will POMO step in to bid up the XLF and FIRE? Soon
GOLD updated chart showing parabolic move.
http://stockmarket618.wordpress.com
Really this is a great post from an expert and thank you very much for sharing this valuable information with us.
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