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WAMU closing Wholesale Mortgages

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WAMU closing Wholesale Mortgages

Old 04-08-2008, 08:33 AM
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Default WAMU closing Wholesale Mortgages

I received a email from a mortgage broker friend saying that Wamu is closing their Wholesale mortgage division and they are going to sell mortgages only by retail.
Could this be a sign of a troublesome bank getting ready to be "transferred" to a new management????

What is your opinion on this matter??? have you guys heard anything about this????

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Old 04-08-2008, 08:43 AM
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Default Re: WAMU closing Wholesale Mortgages

i heard they were about to get a 5 Billion bail out.
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Old 04-08-2008, 08:44 AM
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Default Re: WAMU closing Wholesale Mortgages

7 billion
http://biz.yahoo.com/rb/080408/washi...tual.html?.v=9
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Old 04-08-2008, 08:46 AM
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Default Re: WAMU closing Wholesale Mortgages

so it could be true.... it may be the first big bank going down...
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Old 04-08-2008, 08:47 AM
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Default Re: WAMU closing Wholesale Mortgages

ok whats a few Billion? lol
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Old 04-08-2008, 09:03 AM
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Default Re: WAMU closing Wholesale Mortgages

Wamu has been in trouble for a while now. They received 5 billion in capital yesterday and then closed the wholesale division. The thing that is killing the big banks is the cost of underwriting a loan and imprudent lending decisions based on the securitized loans that were bundled and sold. The investors were paying big bucks for securitized loans that contained less than great credit. Now many of them are facing margin calls and facing huge write downs due to non-performance of some of these loans. Now with the lending guidelines being as restrictive as they are, many of these borrowers who purchased or refinanced with an arm can no longer get a loan. Couple this with an over supply of houses on the market, this has had led to erosion of property values and the home is no longer a cash cow, homeowners can no longer keep expanding their debt and using their home to bail them out. A credit and value correction is in place, I don't think we will ever see the market where it was few years ago. It will recover, these corrections happen usually every 10 to 12 years. Now if the FED will only stay out of it and let the market sort itself out, we would see a real recovery and capitalism will take over rather than government interference placing a Band-Aid on the wound.
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Old 04-08-2008, 09:10 AM
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Default Re: WAMU closing Wholesale Mortgages

....yeah but yet I just read the government is going to give a tax break or building incentives, to home builders, to build MORE homes???? How is that going to help a saturated housing market? or the economy?
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Old 04-08-2008, 10:05 AM
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Default Re: WAMU closing Wholesale Mortgages

The Federal Reserve has been protecting themselves from a debt collapse since mid-November 2007. It's in the Open Market Operations Annual Report on the NY Fed website.
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Old 04-08-2008, 10:13 AM
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Default Re: WAMU closing Wholesale Mortgages

So what happens if you have a Wash. Mut. mortgage?
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Old 04-08-2008, 10:14 AM
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Default Re: WAMU closing Wholesale Mortgages

emudryj - 4/8/2008 11:46 AM

so it could be true.... it may be the first big bank going down...
Good grief...would you mind showing us how you connected the dots to create the rather bizarre picture you just painted? An outside investor just put $7b in the company to watch it go under....are you serious or do you watch CNN for your news coverage?
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Old 04-08-2008, 06:10 PM
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Default Re: WAMU closing Wholesale Mortgages

Tireless - 4/8/2008 1:14 PM

emudryj - 4/8/2008 11:46 AM

so it could be true.... it may be the first big bank going down...
Good grief...would you mind showing us how you connected the dots to create the rather bizarre picture you just painted? An outside investor just put $7b in the company to watch it go under....are you serious or do you watch CNN for your news coverage?
not really worth to reply back...
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Old 04-08-2008, 07:13 PM
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Default Re: WAMU closing Wholesale Mortgages

as I recall some smuck invested over 1 billion in an open market buy of stock in Bear Sterns last year? He could have cashed out many times but held out of greed or being a dumbass. What makes you think the outside investor is any smarter then the other guy? lol
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Old 04-08-2008, 08:39 PM
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Default Re: WAMU closing Wholesale Mortgages

Heard that Citigroup is near a deal to sell 12 billion of it's leveraged debt to a group of privates. Maybe this is a sign that this mess is nearing it's bottom.
http://cartoonbox.slate.com/hottopic...27&topicid=155
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Old 04-08-2008, 09:28 PM
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Default Re: WAMU closing Wholesale Mortgages

Bayslayer - 4/8/2008 8:39 PM

Heard that Citigroup is near a deal to sell 12 billion of it's leveraged debt to a group of privates. Maybe this is a sign that this mess is nearing it's bottom.
http://cartoonbox.slate.com/hottopic...27&topicid=155
Or maybe they're flat broke.

That's kind of like when you go to Advance America for a payday loan, knowing you're going to take a loss (around $1.2 billion if it goes for 90/100) but you needed the cash YESTERDAY!
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Old 04-08-2008, 09:55 PM
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Default RE: WAMU closing Wholesale Mortgages

WM is not going anywhere. The next 6 months will be interesting but long term it will be a good investment from where it is today. Closing the outside mortgage divisions is them learning a lesson to stick with banking and listening to those that just invested 7 billion in their company. WM is a strong retail bank and if they get back to basics they will be able to slowly climb out of this mess. For those banks that have the capital to weather this storm and write down their "losses" can you imagine what earnings will look like in 2-3 years.

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Old 04-09-2008, 03:23 AM
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Default Re: WAMU closing Wholesale Mortgages

True story.. in April 05 I had a two family dwelling for sale, listed it on my own without a broker, my asking price was $350K which I purchased for $105k in '99 .. within a day I put the for sale sign on the front lawn I get a call from prospective buyer, I meet Mr. Pedro and his wife at the house he does a walk through with his wife and within minutes says he'll take it, tells me "only one thing", he is prequalified for $355k and that he would request $5k cash back on closing.. I accept the offer on the spot, a month later he closed on the dwelling... he not only bought the house with no money out of pocket but got $5k cash on top..

now did you guys want take a wild guess which bank financed Pedro..?















































WAAAAAAAAAAAAAAAAAMUUUUUUUUUUUUUUUUUUUUUUUUUUUUU

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Old 04-09-2008, 05:39 AM
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Default Re: WAMU closing Wholesale Mortgages

emudryj - 4/8/2008 9:10 PM

Tireless - 4/8/2008 1:14 PM

emudryj - 4/8/2008 11:46 AM

so it could be true.... it may be the first big bank going down...
Good grief...would you mind showing us how you connected the dots to create the rather bizarre picture you just painted? An outside investor just put $7b in the company to watch it go under....are you serious or do you watch CNN for your news coverage?
not really worth to reply back...
Good choice since there is no way you could explain that ridiculous statement.
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Old 04-09-2008, 06:01 AM
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Default RE: WAMU closing Wholesale Mortgages

PSW - 4/8/2008 9:55 PM

WM is not going anywhere. The next 6 months will be interesting but long term it will be a good investment from where it is today. Closing the outside mortgage divisions is them learning a lesson to stick with banking and listening to those that just invested 7 billion in their company. WM is a strong retail bank and if they get back to basics they will be able to slowly climb out of this mess. For those banks that have the capital to weather this storm and write down their "losses" can you imagine what earnings will look like in 2-3 years.

OK boss man.

They have holes the size of Texas in their balance sheet right now.

They can't dump mortgage backed securities unless they do it for a SERIOUS loss.
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Old 04-09-2008, 07:52 PM
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Default Re: WAMU closing Wholesale Mortgages

Tireless - 4/9/2008 8:39 AM

emudryj - 4/8/2008 9:10 PM

Tireless - 4/8/2008 1:14 PM

emudryj - 4/8/2008 11:46 AM

so it could be true.... it may be the first big bank going down...
Good grief...would you mind showing us how you connected the dots to create the rather bizarre picture you just painted? An outside investor just put $7b in the company to watch it go under....are you serious or do you watch CNN for your news coverage?
not really worth to reply back...
Good choice since there is no way you could explain that ridiculous statement.
I hardly doubt that you have ever seen in your small life what it really means and how it really looks a bank run.

I doubt you lived thru one, I doubt you have ever seen your whole life saving being seized by the government due to the banks lack founds to pay to their custumers, I doubt you know what it means the WHOLE financial and banking system being shutdown for more than 3 weeks, I doubt you've ever got your savings back from the bank after being close for 3 weeks but only wort 1/3 of the orginal amount, and I also doubt you know what you are talking about...

So please, STFU, and keep your stupid " I know it all" attitude for yourself until you go thru any of the situations mentioned above.

If you did... it means that you were...let say 15 on 1930 so you are at least 95 years old which I also doubt.... but if that's the case, my most sincere apologizes...
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Old 04-09-2008, 09:48 PM
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Default RE: WAMU closing Wholesale Mortgages

I am not going to debate the future of any company with someone on a boating forum. Rather if I feel a company is a good long term investment I buy a few thousand shares of their stock and let others debate while I move on. Lets check back on this thread in say 12 months and see if "the first big bank" has gone down or was it just a good opportunity for investment at $11 bucks.
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