TO RICKEY....I KNOW AAM....CITYSCAPE AIN'T NO AAM.
I agree with you that the reason for the fluctuations in AAM's is
the bad news in BUSINESS WEEK recently on CITYSCAPE, and Cityscapes recent downgrades.
However, I know Aames (AAM). I owned a Mortgage Brokerage business
for 15 years and funded loans thru Aames. AAM has been in business
for 40+ years and is highly regarded in the mortgage industry.
Aames is to the Mortgage Brokerage/Consumer Finance business, what
COUNTRYWIDE is to the Mortgage Banking Industry....TOPS.
1. I have met JUDIS (President, now Chairman). This man and his circle, have been involved in lobbing Congress for the Mortgage,
Consumer Finance industry. You could say Aames had a hand in writing the laws passed by Congress to protect the Consumer and keep the
industry legally correct. They helped create the Legal Loan Documents used in arranging loans for the entire industry. Aames started the Associations that tought all of us how to follow the laws and conduct our business in a legal sound manner. AAMES/JUDIS was a walking Law Book .....They are LEGAL PERFECTIONISTS.
2. The above is why I LAUGH when Aames (AAM) fluctuates with the
bad news on CITYSCAPE....NOT EVEN A COMPARISON. It's nice to have insider (industry) information for once!
3. AAM has been in business for 40+ years and theirs is a highly
regulated business. Aames is the industry MENTOR...legally correct,
very agressive, fast and efficient. A real MONEY MACHINE. When
you gave a loan to AAM, you knew it would get done correctly and fast. However, Aames has strict guidelines and they don't make foolish loans. They cross their T's and dot their I'S. Their first alliance
is to their borrower and investors.
4. Regarding the AAM MEMO warning employees: "No Trading on Insider
Information". This is something Aames would disseminate, knowing how strict they are at adhering to the letter of the law.
5. Have you noticed the ton of Edgar filings lately, indicating
employess exersizing their options. The big rush before the merger??
6. Regarding the buy-out. I believe all events point to a buy-out
in 1-2 weeks at $32-$35. JUDIS is a HANDS ON MAN. He would not have
moved from President to CEO (several weeks ago), if his BABY was not
going to be sold. However, he is getting older and maybe just needs
to slow down (something he is not capable of doing).
TO: 1ST NATINWIDE.....You will be acquiring a great company, highly
regarded as the industry favorite, a real MONEY MACHINE......
Keep it intact.
TO: AAMES/JUDIS.......Thank you for your integrity over the years,
and making the industry what it is today.
A LOYAL EX-BROKER
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