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Bank of America...7500 jobs on the block after the CW merger...gross! - 06/27/08 11:55 AM
KEY PHRASE: AFTER THE MERGER! All along, I have said that the only thing that BofA is interested in is their servicing portfolio and access to current accounts for their own marketing purposes. 75% of these job cuts will be from the CW side, which is comparable to other buyout/bailout acquisitions. … (2 comments)
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It's the price, Stupid! Case-Shiller home price index points to the promised land! - 06/24/08 11:05 AM
WASHINGTON (MarketWatch) -- Home prices across 20 major U.S. cities have dropped a record 15.3% in the past year and are now back to where they were in the summer of 2004, according to the Case-Shiller home price index released Tuesday by Standard & Poor's. Prices in the 20 cities are … (4 comments)
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Surviving the cycle...the Stockdale Paradox - 06/23/08 04:22 PM
"You must never confuse faith that you will prevail in the end - which you can never afford to lose - with the discipline to confront the most brutal facts of your current reality, whatever they might be." The Stockdale Paradox. James Stockdale (google it.)
Here is where I struggle with … (0 comments)
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July 2007 Redux...deja vu all over again...the credit "deep freeze" - 06/20/08 02:14 PM
What is it about July? Well, coming to grips with horific 2nd quarter performance numbers, a new round of write downs (both residential and commercial MBS's/CDO's), AND more importantly...NO, and I mean NO arrows left in Uncle Ben's quiver that can stave off a further massive deterioration in the credit markets. … (2 comments)
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What's Your Home in Snohomish County Worth??? - 06/19/08 12:36 PM
I love asking prospective clients who have to sell their home to buy another this question; "So, what do you think your house is 'worth?'" Their first response is usually, well, a year ago our neighbor with a home a little (700sqft) larger than ours sold for $X.
Then comes some … (0 comments)
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Retail Sales up??? Really? Not quite the whole story! - 06/12/08 02:35 PM
From Bloomberg:
June 12 (Bloomberg) -- Retail sales in the U.S. rose twice as much as forecast in May as Americans snapped up electronics, clothes and furniture, evidence that they aren't hoarding their tax-rebate checks or using them just to pay for gasoline. (DUH, do people ever do anything else except … (2 comments)
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Zillow L.O. Police...vigilante justice is needed! - 06/10/08 02:30 PM
If Zillow doesn't raise the bar on loan quote requestors OR allow LO's to contact them directly, then each state should have 5-10 "zillow police" loan officers who can flag irresponsible LO's, get quicker responses from Zillow to remove crazy comments and fraudulent ratings.
Time and time again, I see obvious … (4 comments)
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Updated Neg AM Recast Timeline...welcome to 2008! - 06/10/08 01:16 PM
The previous charts had a more concentrated bubble of neg am loan recasts in 2010-2011. Credit Suisse has done some more research and found that because "so many" people have been making the bare minimum payment on these loans, we are going to be seeing more and more of the WAMU … (0 comments)
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Home Price Limbo...how low can they go??? - 06/05/08 01:16 PM
Don't worry, I'm not putting on a grass skirt!
Back in the 80's, home prices were around 2.2 to 2.5 times household annual income (depending on what sources you believe) Interest rates were BRUTAL, financing options limited, and supply was pretty scant.
Today, home prices nationally are 3.8 to 4.2 times … (3 comments)
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Fannie DU 7.0 compared to LP... 7/2/2008 - 06/02/08 04:37 PM
We all knew that DU 7.0 was going to be a tighter, but just to give you a little comparison in findings on a file that was exactly the same, run on both engines:
My Community 97, 5/1 ARM, 704 fico, 42% back end ratio, condo... REFER / EA IV...yea, as … (6 comments)
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Rich Sweum
Everett, WA
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Homestead Mortgage
Office Phone: (425) 297-4242
Cell Phone: (425) 737-0092
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