Roy K.

I suspect the last ones standing will be Bank of America, Wells Fargo, Chase, and possibly Citigroup.

Kathy

I spent a little less than a year with the organization. It is sad but not entirely unexpected...they gave me great ammunition for my book.

Lynda

The more things change, the more they stay the same. I'm starting to become immune to the changes.

Cindy

The days of easy money are gone. The money is plentiful but these days you have to prove youre deserving of it.

Tracey

It shouldnt effect pipeline deals as long as the originator doesnt jump ship and let the lock expire. If that occurs, that is typically when I'm called. :)

Mike

EXACTLY what I thought.....they were willing to infuse the cash, but in a very safe way.

Lenn

Imagine how walking into a branch dealing with a generalist that is there to open your cd, help with your safety deposit box, and the mortgage is going to work. What a trainwreck!

Erica

Being local may provide someone to touch and talk to, but will not help liquidity. Time to stick with reputable lenders, local or not. I'm so competitive I can run circles around a lender in my back yard, or clear across the country.

Unknown

your day to day environment just got a lot tougher......

Mike J.

Always great to hear from you...it is very true that brokers are in a world of hurt, some deservedly so, but most is not. It is going to be an even uglier battle with all of the constant changes and regulations that allegedly help the consumer.

Sharon

It takes a lot more patience today than it ever has, even for us battle hardened pros, but you are very correct that buyers are out there, they seem to be more aggressive, and have a higher quality than I've seen in years past. Seems like all the conservative ones that were previously priced out, are now benefitting from lower prices.

Matthew

I have a LOT of friends that work for Wamu, and their primary Southern California campus is 3 blocks from my office. It is sad to see a 'for lease' sign (it went up the day after the announcement) right next to their corporate sign. It is even sadder to know that so many people's livelihood sits in the balance while that idiot of a CEO collected a $14 million salary last year, on the pretense that the current lending situation, and losses that were taken, are not expected to continue and are temporary. WTF?

Clint

Oh, don't even get me started on the airlines. When I started in finance 21 years ago, I financed hotels, and know how the airlines operate. contrary to their claims, their profit margins are not razor thin, but they're being strangled by their union contracts. They are running record occupancy loads close to 80 percent, but cant seem to handle swings in fuel costs, no matter how drastic? Frankly, I could care less if we're heading to a rescession or not...I know I've learned to adjust my expenses drastically, to be able to survive a protacted downturn, yet I'm still having record months. My business is thriving in this environment, so I guess I've learned to make lemonade out of the lemons I've been handed.

Doug

It is very sad news indeed. It is not a good message for the consumer to have to hear, but in this specific case, I completely blame the lack of leadership for the company.

Mike

By him giving that speech, it is tantamount to the pot calling the kettle black. I know of Bill Dallas, and at the very least, he is very much a straight shooter as long as he is not in the path of the bullet. :) Seriously though, everyone was complicit in what has occurred. If I were to start assigning blame, I would however point to anyone that compounded the layers of risk on top of prepayment penalties, and 4 to 5 points for compensation. They should be hung!

Don

Sad, isn't it?

Thanks for stopping by.

Great....now I'm even sounding like him.....just flipping great!! LOL.

Esko

I spent a little bit of time there....a little under a year, so I know and understand their marketing strategy, and they believed they could simply keep selling the Option Arm as it was so profitable that they ignored the needs of their very customer base. There is a lot of uncertainty with their staff right now.

Thanks for stopping by.....

Dave

Tragic is probably a better word. I am a firm believer that the good ones will land on their feet. I wish my best to your friend, and all of those at Wamu that have or are about to go through a very difficult time.

Chadd

I don't think it will become quite that extreme....the secondary market has provided far too much liquidity, but there is a definite flight to quality in underwriting.

Thanks for stopping by.

Mina

Unlike Countrywide which has a very diversified portfolio, Wamu hinged their entire portfolio on the Option Arm, (deferred interest negative amortization loan) that just doesnt make sense in todays environment. Their portfolio is NOT performing, which means its at least 60 days behind, their equity lines are not being paid on time, and they've always failed to have fixed rate or interest only products that make much sense......sooooooo, sadly, I can't see anyone buying them anytime soon.

Karen

You will still see a select amount of brokers, whom you'll come to recognize as the best at what they do, as they will have weathered the storm. As well, you will see Bank of America, Wells Fargo, Citibank, and JPMorgan Chase as the leaders who will remain in banking. In a sense, I don't think it is a bad thing getting rid of all the people who got in the business as 'brokers' who never should've been in it to begin with.

Just hang in there and align yourself with those that have experience.

Thanks for stopping by.....

Jim

Always a pleasure...one of these days, I will have really great news to report!!! :)

Kirstin

Crazy times is the understatement of the week!

Tina

Aside from poor customer service, it is a prime example of failed corporate leadership. I spent about 1 year inside of the company, and it was the most poorly run company in terms of management. Great marketing organization, but very poor at strategic planning.

Jon

This company became irrelevant when they continued marketing, selling, and promoting the 'neg am' loan when the market was clearly moving in a downward direction. There are enough responsible lenders remaining that it shouldnt be much of an issue. Sadly, ANY other product out there today will increase the monthly payment to the homeowner, since their minimum payment previously was less than the required interest.....it is UGLY!!!

Thanks for stopping by as always....

Rita

Doing well....dont hang around here much these days.....working on way too many projects, etc. :)