Buy WM

[Bicycles_Biatch]

Trust me.

[Jimbo]

[ QUOTE ]
Trust me.

[/ QUOTE ]

Why? At what price and when do we sell it?

Buy bananas, trust me.

Jimbo

[Bicycles_Biatch]

OK...

WAMU is experiencing a 20% down-swing SOLELY because of sector issues.

The dropped from the low 40's to $33 a share for NO good reason.

I just shifted 1/3rd of my 401K over and I'm buying some in my investment account.

I work for WAMU in our mortgage department and know FOR A FACT that we have never done the type of Low-doc, 100% financing that is destroying the secondary wholesale market.

Companies like Countrywide and the soon to be defunct American Home Mortgages did a lot of speculative lending.

NOT WAMU... our CEO just didn't have the risk tolerance. At the time , as a loan agent, I was pissed off cause I thought I was losing a lot of business. However, now I'm glad that my company made good - prudent business decisions.

Are credit ratings are solid, we sold most of our sub-prime positions in 2006, and have COMPLETELY eliminated low-doc loans in our sub-prime devision.

Furthermore, WAMU has a strongly diversified portfolio of mortgages, credit cards, investments, and consumer banking.

[Bicycles_Biatch]

I would sell once it hits $40... the realistically at it's lower trading range.

[bluef0x]

Full proof.

[Bicycles_Biatch]

my last pick was a winner... and I brought it to 2+2 exclusively. 10% in 2 days... check it out

[Jimbo]

Thank you, sounds like good information with solid reasoning. What do you think about my bananas recommendation? [img]/images/graemlins/smile.gif[/img]

Jimbo

[Uglyowl]

I sold on May 23rd because Specifically, subprime comprises roughly 9% of the company's loan portfolio. Source: Standard and Poor's

Once this mess sorts itself out I will revisit. WM has one of the most innovate branch structures around. Good company, the subprime market makes me nervous though.

[donfairplay]

[ QUOTE ]
I work for WAMU in our mortgage department and know FOR A FACT that we have never done the type of Low-doc, 100% financing that is destroying the secondary wholesale market.

[/ QUOTE ]
And I worked for Ameriquest. WAMU was first in line buying Ameriquest/Argent mortgages, stated income loans included.
[ QUOTE ]
Are credit ratings are solid, we sold most of our sub-prime positions in 2006, and have COMPLETELY eliminated low-doc loans in our sub-prime devision.

[/ QUOTE ]
They still have subprime assets, check the recent 10-Q. Notably, they adjusted the value of the subprime assets downward. They're a good bank (I've banked with them for 7+ years without a problem). But they bought a decent amount of subprime loans, before Ameriquest/Argent became nearly extinct.

"Noninterest income totaled $1.54 billion in the first quarter of 2007, compared with $1.64 billion in the first quarter of 2006. The decline was primarily the result of an industry-wide decline in subprime mortgage secondary market performance, which led to much lower gain on sale results and a decline in the fair value of trading assets retained from subprime mortgage securitizations. As the market environment for subprime mortgage loans continued to deteriorate during the quarter, credit spreads widened significantly. Accordingly, the values of the Company's subprime assets were adjusted downward to account for the much-higher yields required by the secondary market."

[Jimbo]

OK, I took your tout and just pulled the trigger on 500 shares at 32.92 Good luck to us both

Jimbo