bank: LIBOR - The other shoe could be about to fall
- 09/17/08 08:16 AM
The other shoe could be about to fall... the LIBOR rate has spiked in recent weeks. What is the LIBOR and why is something to be concerned about? From a report on Bloomberg this week.."The overnight Libor rate in U.S. dollars soared 3.33 percentage points to 6.44 percent today, its biggest jump in at least seven years, according to the British Bankers' Association. The one-week rate rose by more than a percentage point, to 3.88 percent from 2.49 percent on Monday, and the one-month rate increased to 2.75 percent from 2.5 percent."LIBOR is short for London Bank Inter Offered Rate. It … (2 comments)
bank: WaMu exiting the option arm - it's about time!
- 06/18/08 08:56 PM
Well it's official. Washington Mutual has announced that they are no longer going to offer the option arm.I am amazed that they have continued to offer this product for the last 9-12 months.So to date WaMu has exited the wholesale, and the subprime sectors. It's subprime company, Long Beach Mortgage was acquired in 1999 from Ameriquest (remember them) and now the option arm product. WaMu said the thrift was discontinuing that type of mortgage entirely because it has "significantly decreased in popularity with our customers given current market conditions."Option arms only represented about 6% of total originations during the mortgage boom … (5 comments)
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The other shoe could be about to fall... the LIBOR rate has spiked in recent weeks. What is the LIBOR and why is something to be concerned about?
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