We Need More Like This

You know just when I think all hope is lost for people and there is no good left on this earth I read something like this. If only we had more people like the woman in this story there would be no need for an abused welfare system.

DALLAS — A Texas woman went to a housing auction distraught about the prospect of watching strangers bid on her foreclosed home.

Then one of those strangers bought it back for her.

Now Tracy Orr can return to her Pottsboro home, making payments to the woman who unexpectedly and impulsively bought it for her.

"It means so much to all of us," Orr told Dallas television station WFAA. "It's not just a house."

Marilyn Mock said she was acting on instinct on Saturday when she decided to buy a house she had never seen for a woman she had never met. Mock was at the foreclosure auction to help her 27-year-old son bid on a house when she struck up a conversation with Orr, who was crying about losing her home.

Orr had bought the house for $80,000 in 2004 but fell behind on the payments. She lost her job a month after taking out the loan, and earlier this year she lost the house. On the spot, Mock decided to buy it, eventually bidding $30,000.

"She didn't even know if I had a job or was a nut case," Orr said in a story for Wednesday's online edition of The Dallas Morning News. "She didn't even see a picture of the house."

Mock told a crying Orr she could stay in the house, making payments to her instead of a bank.

"She needed help. That was it," Mock told the newspaper. "I just happened to be there and anybody else would have done the same thing."

Orr said she hopes others will do as Mock did.

"More than my house, she gave me something inside, and that's more important than material or financial things," she said.

The two are waiting on final approval from Fannie Mae before visiting the home.

Mock's son also got a home at the auction.

The woman in this story saw something in the other person. You see I believe that you can tell when someone is trying to take you for a ride. The woman knew she needed to help and she did. You can tell when its not all smoke and mirrors. I hope everyone reads this story and will get something out of it!

"anybody else would have done the same thing."

And no that's the issue not just anyone would have done the same thing even if that had the money to do it!

Wells Fargo To Buy Wachovia With Out FDIC Help

I saw this story this morning I have my bank accounts with Wachovia so needless to say I have been keeping an eye on what happens with them. This story in and of itself makes me think that just MAYBE we don't need the government to put their hands into everything we don't need them to come in and save the economy . The first deal of Citi to over take Wachovia included the FDIC's help in that Citi wanted the FDIC to take on some of Wachovia's massive outstanding debt. The new deal between Wells Fargo WILL NOT COST THE FDIC OR THE GOVERNMENT A DIME! And thats how it should be I say kudos to Wells Fargo for stepping in and saving the day with out the FDIC's help.

Of course Wells maybe thinking that this bail out bill will pass and they will be able to pass off some of the massive debt they have picked up I don't know. We will see how things pan out

Credit Foxnews:

Wells Fargo one-upped Citigroup on Friday by unveiling a $15.1 billion deal to acquire all of Wachovia.

The Wells Fargo offer (WFC: 35.16, -1.54, -4.19%) supersedes Citigroup’s (C: 22.50, -0.50, -2.17%) offer to acquire Wachovia’s (WB: 3.91, +0.36, +10.14%) banking operations with help from the government.

If approved by regulators and Wachovia shareholders, the all-stock deal will give Wachovia shareholders 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia.

Wells Fargo said it will acquire all of Wachovia’s businesses and obligations, including its preferred equity, indebtedness and banking deposits. Boards of both Wells Fargo and Wachovia signed off on the deal.

Wells Fargo, which has managed the credit crisis better than many of its rivals, said it expects to incur $10 billion in merger and integration charges from the deal.

To help pay for the deal, Wells Fargo said it plans to raise $20 billion in a common stock offering.

“We at Wachovia have great admiration and respect for the people and businesses at Wells Fargo and we are extremely pleased to join forces with this outstanding company,” Robert K. Steel, president and CEO of Wachovia, said in a statement.

The Wells Fargo offer is a big setback for Citi, which had agreed to swallow Wachovia’s banking operations in a government-assisted deal worth $2.1 billion of Citi stock.

At the time, the Federal Deposit Insurance Corp. said Wachovia “did not fail.” The FDIC said its assistance was needed to avoid serious adverse effects no the economy and came after consultation with President Bush and Treasury Secretary Henry Paulson.

Citi’s shares had soared since it announced its bid as the combined banking operations would have created a U.S. retail bank with $1.3 trillion in deposits or 9.8% of the U.S. market.

It was a sweetheart deal for Citi as the government agreed to share in losses on Wachovia’s loans. At the same time, Citi announced a $10 billion common share capital raise and plans to slash its dividend to 16 cents.

Prior to Citi’s rescue of Wachovia on Monday, reports swirled that Wells Fargo was very much in the hunt to acquire Wachovia.

“This agreement represents a compelling value for Wachovia shareholders,” said Wells Fargo Chairman Dick Kovacevich. “It provides superior value compared to the previous offer to acquire only the banking operations of the company and because Wachovia shareholders will have a meaningful opportunity to participate in the growth and success of a combined Wachovia-Wells Fargo that will be one of the world’s great financial services companies.”

Kovacevich added, “And, of course, this agreement won’t require even a penny from the FDIC.”

Wells Fargo said Wachovia Securities will keep its headquarters in St. Louis, Missouri. Also, three members of Wachovia’s board will join Wells Fargo’s board.

The Wachovia-Wells Fargo merger comes after a month of extreme turbulence on Wall Street that saw the demise of countless banks and shot-gun marriages of almost as many.

Amid a worsened credit crisis, the government allowed Lehman Brothers (LEH) to file for bankruptcy, gave an emergency $85 billion loan to insurer American International Group (AIG: 4.00, +0.05, +1.26%) and nationalized mortgage giants Fannie Mae (FNM: 1.56, -0.10, -6.02%) and Freddie Mac (FRE: 1.80, -0.09, -4.76%).

At the same time, Merrill Lynch (MER: 27.40, +0.70, +2.62%) sold itself to Bank of America (BAC: 36.37, -1.76, -4.61%) and JPMorgan Chase (JPM: 49.85, +0.60, +1.21%) acquired the deposits of Washington Mutual (WM: 0.16, +0.00, +0.00%) after the savings-and-loan became the nation’s largest banking failure ever.