Comments on: After Massive Financials-Led Rally, WAMU Drops Bomb

By: Lawrence

Lawrence — Tue, 29 Jul 2008 17:02:11 +0000

The poor decisions WAMU has made in loan originations is carried right on through to their loss mitigation. As “Short sale” negotiators we deal with just about every lender out there and WAMU’S loss mitigation policies defy logic. Case in point: WAMU is junior to Countrywide where Countrywide has approved a short sale paying a 6% brokerage commission, and is also allowing WAMU $3,000 out of Countrywide’s net (WAMU only allows $1,000 to junior lien holders). Countrywide is losing about $60,000 on a $255,000 loan, and WAMU holds a $61,000 2nd TD that they would be getting $7,000 on. The $7,000 is broken down as the $3,000 from Countrywide and a $4,000 concession from the real estate brokers out of the 6% commission already approved by Countrywide. WAMU says “no deal” we only allow a 4% commission to brokers. They absolutley do “not get” that they’re in the junior position and any extra money will be going to Countrywide as the senior lien holder. Aditionally, they won’t allow the home warranty or termite repairs to be paid even though both were allowed by Countrywide. Because of WAMU’s incoherent policies this will be another property to become a Countrywide REO wen the trusee’s sale is held on August 15th. How many of those deals is WAMU killing a day or a week? Multiply that by 7,000 and that should fuel a lot of anger from WAMU share holders. WAMU has the crazy idea that nothing is greater then something…that CINA idea must still be stuck in their heads.

By: dees

dees — Mon, 28 Jul 2008 19:34:49 +0000

afterhours stock quoteAfter Massive Financials-Led Rally, WAMU Drops Bomb

By: Mr. Mortgage’s Guide to the TRUTH! » Bank of America Extends Branch Hours - I Wonder Why?

Fri, 25 Jul 2008 23:39:52 +0000

[...] After Massive Financials-Led Rally, WAMU Drops a Bomb [...]

By: Marc Authier

Marc Authier — Wed, 23 Jul 2008 15:48:54 +0000

Stu-pendous !

By: Stu

Stu — Wed, 23 Jul 2008 13:36:32 +0000

Mark, you don’t need a sanity check because your comments prove that you are fine.

The investors are going to get “Bailed Out” in their minds so they keep investing.

Profits and losses don’t matter anymore because the profits are being derived from layoffs and / or dividend cuts. No REAL profits are being made. The losses mean nothing as well because he Fed will step in and help them out.

There is simply no incentive to even try anymore. No incentive to do anything but line their pockets the best they can before they are ousted as a show of strength to the Sheeple and Bib Brother…

Today the President will sign a bill he stated he does not beleive in because the 3.9 Billion provision is aimed at helping the banks and lenders and NOT the American homeowners in trouble. He would rather sign it and avoid a veto fight he says… go figure…

What a lame duck! Here he has a chance to do what is right and cowers to the Dems and rolls over to have his belly rubbed instead!!!

We are soon to all be homeowners of over 5.2 Trillion dollars worth of mortgages. A conservative estimate would place 2% at immediate risk of default. So we are on the hook for that right out of the gate. More will follow, and our taxes will be raised for sure to cover this cost.

By: Bank-Implode! » WaMu second Quarter Psychosis

Bank-Implode! » WaMu second Quarter Psychosis — Wed, 23 Jul 2008 13:35:55 +0000

[...] the visible stress of repeated lying and denying what is plainly undeniable Washington Mutual reported its bruising fiscal second quarter 2008 results as all could hear managements connection to reality [...]

By: Marc Authier

Marc Authier — Wed, 23 Jul 2008 11:06:43 +0000

Wamu Wachovia. Washihgton. We will wash the taxpayers clean ! Woa ! Woa ! Hip ! Hip ! Hourra ! Hip ! Hip ! Hourra !

Our friend Paulson has a blank check from John Doe for us. We are the bankers and we cannot fail. We got our buddies at Goldman Sachs that will fix it all.
Hip! Hip! Hourra ! Good days are finally back !
WE CAN GET DRUNK. PASS THE BOTTLE !

http://www.youtube.com/watch?v=z_FDRjluLJQ

By: Marc Authier

Marc Authier — Wed, 23 Jul 2008 10:59:21 +0000

I am sure the negative amortization loan problems will be contained with the 11,000 people being laid off at Wachovia. The truth is that the stock racket it NOW convinced that anyways, by hook and by crook, the bankers will be bailed out by YOU the taxpayers. YOU and only YOU, will be paying for the whole mess. That’s the real message sent by the irrationnal monster rallye. Investors are convinced that Wachovia won’t fail because will have a blank check to plunder and rape the citizens.

By: Art Vandeley

Art Vandeley — Wed, 23 Jul 2008 03:00:22 +0000

This is not surprising that the stuff hitting the fan is starting to accelerate for Wamu. Coming from the lender that kicked back 25 BPS to my brokerage for each Option ARM and Alt-A loan, since we qualified for their Premier Broker Program.

To kick back that money Wamu must have been making an absolute killing on those loans selling into the secondary market. Probably not the best idea.

By: MORTGAGEMESS

MORTGAGEMESS — Wed, 23 Jul 2008 02:48:31 +0000

Please ladies and gentlemen..the problem with subprime is CONTAINED, the problem with Neg Am loans is CONTAINED, the liquidty of the banks is CONTAINED..can someone please turn that off!