Reply With QuoteReading is fundamental.
Yes you are wright.
The truth about the 40 Banks lending CW money is not accurate.....CW pulled that money from existing credit lines.
Wrong! What do you think those existing credit lines where from? They are part of a syndication line/loan comprised of numerous banks. Do you think one bank out there wants to have an exposure that large?
Reading is fundamental.
Reading is fundamental.
Yes you are wright.
Yes you are wright.
The reverse mortgage guy across the hall is very good friends with a VP at CW...who happened to visit him today and I got invited over to meet him. I got to hear a LOT of inside stuff. This guy is bailing out of CW. He was talking about the spin that CW put on their pulling from their credit lines. The execs are pretty panicked right now. If their banking division will cooperate...some in upper mgt think they can survive by basically shutting down all wholesale and correspondent channels and funding loans only thru the banking division. They have more credit lines that could be accessed thru the banking division, but they are basically saying "oh hail no!" at this point.
Wrong! What do you think those existing credit lines where from? They are part of a syndication line/loan comprised of numerous banks. Do you think one bank out there wants to have an exposure that large?
I heard Mozilo took equity lines out on all his houses
Well i work at Nova and i can tell you we are fine. We are closing loans as normal. Who do you work for?
And even if shit did happened Id just send em somewhere else.
Just heard the Feds are injecting 16 billion to help keep money available for lending. I know it is a drop in the bucket but it may help.
Also, IF the Feds drop interest rates to help, how many people will lock their loans and really try not to lose what they have?
My bet is the Lazy suckers will Still sit on their ARMs and Still lose their house. They should have locked LONG AGO... It should have been used as a tool to excel and not just to lower a mortgage so you can buy a house or toys you couldn't afford anyway.
some in upper mgt think they can survive by basically shutting down all wholesale and correspondent channels and funding loans only thru the banking division.
That is exactly what the company wide email said they were planning on doing by the end of Sept. hence my post of moving from wholesale lender to a "Bank".
Reading is fundemental. (Touche)
Yikes....the deeper you read into the markets, the uglier the picture gets. There is a lot of very nasty writing on the wall, things really could get slow for a while.
That is exactly what the company wide email said they were planning on doing by the end of Sept. hence my post of moving from wholesale lender to a "Bank".
Reading is fundemental. (Touche)
I read that...but I read it as if you didn't know they had a "bank" already in existence because you talked about getting picked up by BofA or similar. And their lending division is both wholesale and portfolio. So, if that is what you meant...cool.
I read that...but I read it as if you didn't know they had a "bank" already in existence because you talked about getting picked up by BofA or similar. And their lending division is both wholesale and portfolio. So, if that is what you meant...cool.
No, I am aware of their multiple arms including Landsafe Title, insurance services etc. They been talking about becoming a traditional bank for a long time. BofA I believe in the past had many attempts to merge or takeover CW in the past.
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