😎 "Get your facts first, then you can distort them as you please."
✅ Anonymous July 15, 2024 at 8:32 PM 7:06 pm fair enough. 2Q came in lower, ...
😎 After "The Longer Version" post this morning [link], the above commenter came back with this:
"Straight lining is a good way to estimate only if the
same result is expected for every quarter. It was correctly pointed out
back then 2Q losses would be lower, because leading indicators (early
term delinquency) had already dropped. So sure enough, net charge-offs
dropped 24% in 2Q."
✅ Here are SECU's official stats as certified by SECU's CFO:
✅ Well, can't argue with the commenter's claim! A one hundredth of one percent drop (from 0.70% to 0.69%) is lower - not exactly a plunge, but "lower" yes, but...
... +157% of June, 2023 levei - is a "little" higher, wouldn't you agree?
Higher losses are not necessarily a bad thing. They can indicate that SECU is providing necessary liquidity in the NC economy (via loans). As long as losses do not move earnings into the negative I’ve for a sustained period, I’m not sure I follow your argument that they are all bad.
ReplyDeleteNow we know why SECU's loan losses are soaring up +157%. Hadn't realized that the "new/new" had gone into "charitable lending" with other peoples' money - the members"! Might consider raising that "strong 2% MMSA" rate as a better alternative.
DeleteWhy is SECU making loans that aren’t repaid? Do local branches need to be involved in the loan origination and collection?
DeleteCan't admit to setting record on losing our members money.
DeleteCan't fix stupid. Wghere is the Board, don't they know about this joker?
Delete3:50pm Ditto
DeleteAn LA idgit. Can't see the forest for the trees
DeleteHow do you know the commenter is from loan administration, much less SECU?
DeleteMight consider charging members 2% to have a MMSA... yep that's the ticket!
DeleteGlad you asked...
DeleteIf you will read the commenters post below:
"Anonymous July 15, 2024 at 8:32 PM7:06 pm fair enough. 2Q came in lower, and leading indicators of losses, like early term delinquency, improved in 1Q, in what's seen on public call reports."
You'll note that he already had the data before July 15th - "...2Q came in lower"! The data is not released to 'the public" by the SECU accounting staff until the end of the month....
"The wizard behind the screen" is once again hoisted on his own petard....
5:58pm & 6:33pm Not to rub it on the "Wizard of LA"... well maybe a little.
DeleteBut, please take note of this phrase in the most recent wizardly comment: "It was correctly pointed out back then 2Q losses would be lower, ..."
Well, think an honest man might have used "will" rather than "would", since he already had the actual data in hand... [comprendez?]
But the wizard likes to get in the weeds, so he likes to distract you... in hopes you might overlook that forest of losses another commenter mentioned.
Just think LA should step up and own it...more importantly stop the hemorrhaging of record losses - $200+ million according to the wizard's own "estimate'"- for the last few years.
losses.
And as to another commenter...Mike Lord hasn't made a loan at SECU in over 40 years! Find another goat...
@3:10pm self-serving crazy talk by a narcissistic fool. Our Leighduhship's "team"?
DeleteWHERE IS THE BOARD!
@6:56, new/new LA is owning it. TBP is working and that's why losses are coming down, which are from all the loans booked before 23. I'll amend your statement from "likes to get in the weeds" to "likes to deal with all the facts and data, and doesn't cherry pick single data points. Does his match correctly "
Delete@6:56... new / new LA is owning it. TBP is working and that's why losses are coming down. The losses taken are on loans booked before TBP went into effect in 2023. When you lend across the full spectrum without the right tier mix, you come off historical pandemic lows, and the savings and liquidity of borrowers evaporates, this is what happens.
Delete10:42 and 10:48 The actual facts and "figures" don't support these statements - as usual!
DeleteSEE: https://www.secujustasking.com/2024/08/mark-twain-figures-dont-lie-but-liars.html
SECU can't provide liquidity without losing more and more money?
ReplyDeleteNow see why LA is held in contempt by branches. An expensive joke Leighduh. Pull the plug.
ReplyDeleteLosses began to explode when Jim Hayes was brought in, Risk Based Lending was implemented, Collections were removed from the branches and centralized in Raleigh, and much loan decision making ability was removed from the branches and centralized in Raleigh.
ReplyDeleteRecipe for disaster pure and simple. Paying the price now with runaway charge-offs.
and no reform in sight? continuing doing loans poorly? these guys can't even implement "everyone else is doing it" . Incompetence is the word that comes to mind. Neglect of fiduciary duty is another, especially if @3:10 is really in LA.
DeleteIf we didn’t have massive investment losses, then we could increase dividends. Loan losses are not the reason for where dividend rate is at. Keep in mind high dividends still have an outsized benefit for the rich, even in the credit union model.
ReplyDeleteIs this always going to be Mike Lord's fault. Why don't they just fire Mr Lord?
ReplyDelete'They' want to Neuter or Spay the Unicorn ... their motto is 'if we can't control it we will destroy it' ....
ReplyDelete"Higher losses are not necessarily a bad thing."
ReplyDeleteWhy am I not surprised by this comment?
Probably because of the insanity displayed daily ...
... at this point it's hard to even keep up with it all!
"Two hundred and six days after reaching $34 trillion, America’s debt pile has reached $35 trillion."
ReplyDeletesee how fast things can start to piling up (losses for instance) ... things can spiral out of control ... need to nip it in the bud partner!
Make more bad loans. We can make it up in volume.
ReplyDelete