Richard Weed

With Countrwide "Contained," Is Washington Mutual Next?

I love the focus on the 7% delinquency and not on the 93% on time payments coming from CFC's portfolio. Is the sky falling? When delinquencies get closer to 20% then we have something to worry about. If you carry a 1 Trillion dollar servicing portfolio and 93% is currently on time, I don't see where the panic sets in. I think the media has sensationalized the low in the market and caused chaos where it doesn't need to exist yet. I disagree that CFC couldn't weather the storm on it's own. There has been no hard evidence that they were going to file bankruptcy and we'll get a clearer picture when they announce their Q4'07 earnings end of January. Until then, I won't buy into the media hype...