prescient11

Bigger is Not Better in Banking

Chris, this analysis does fail to appreciate the $300B housing bailout that was passed. What is the consideration of that? Always liked your work.

More on HELOCs, Second Liens and Rose Colored Glasses

Reggie, I would be interested in your analysis of Etrade's home equity/HELOC portfolio.

Just for your information, it's about a $11.5B portfolio, $1.5B are first liens and Etrade has prepared itself for chargeoffs totaling $1-1.5B, or roughly 10-15% of all the second lien loans.

Best regards and thanks for all the great information. If I take one thing away from your analyses, short the hell out of WaMu.