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WAMU laying off, closing offices

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Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Looks like someone is nervous & a merger is about to be announced.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
How else are they going to pay for the lawsuits?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
All because they took up house with a bunch of folks opening appraisals just to add a watermark? Nah, couldn't be.

The new ad campaign: Got fleas? With the back of the T-shirt saying "Stop lying with Dogs" emphasis on lying.
 

Amy Perkins

Senior Member
Joined
Jul 20, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
I think a lot of banks are pulling back on their lending side and looking to sell more CDs, business account etc... This means getting rid of loan officers. I am sure there was a fair share of fraud. Some of it was just the market going down. Stated income loans are probably the worst culprit because, people lied about how much they made. Don't forget to add in those teaser rates that change to adjustible rates. This all has a snowballing effect when you have declining property values in most of the U.S. I think that banks with many branches have opportunity for deposits, which can make their balance sheet much more appealing than the ones with few branches.
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
I think there is more to this than meets the eye. Wamu is just the first to exist the subprime market. Others will follow. What this signifies is the entry of the government through the FHA into the mortgage subprime sector as the sole player. Loans with a LTV above 80% have always been subsidy programs for the low income no saver class but the present bust results in taking it to the source. Funding and risk complements of the American tax payer. It all be with public funding. Its the politics killing the economy.

PS. If you think the appraisal business is bad now, just wait to see how the new system will work. I think FHA will do what I have been advocating for a long time for GSE appraising, that is no licensed appraisers required because all they need is someone to fill out the format the government demands.
 

Scott Kibler

Elite Member
Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
I very much doubt that.

Subprime existed before securitization and will be back again. There's just too much market and too much profit potential for the private sector not to go there. Of course the pricing might be a leetle bit higher than what is has been in recent years. So will underwriting. Back in the day, originators and underwriters of this stuff had to care about what they put on the street and they will again in the future.

Wamu is a gonner though. Buh bye.
 

murray stroupe

Senior Member
Joined
Apr 27, 2005
Professional Status
General Public
State
Tennessee
Wm

All because they took up house with a bunch of folks opening appraisals just to add a watermark? Nah, couldn't be.

The new ad campaign: Got fleas? With the back of the T-shirt saying "Stop lying with Dogs" emphasis on lying.
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Look on the bright sunny side, mr Rex,like Workbox hinted, need to cut dividend....;
for legal fees, and for class action lawsuits
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Thought it amusing that WaMu tried to bluff back in July when they RAISED their dividend. They slashed it today. They acted like July it was no biggie, now it bit them in the butt. Nice try chicken poops.
 
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