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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (14325)	4/17/2002 7:12:43 AM
From: 249443	Read Replies (1) \| Respond to of 78704

Thanks Bob re WM: "The thrift said NONPERFORMING ASSETS, OR LOANS WITH POTENTIAL REPAYMENT PROBLEMS, JUMPED $399 MILLION TO $2.78 BILLION." That's a key issue. Thanks for posting the excerpt.

To: Bob Rudd who wrote (14325)	4/17/2002 12:22:06 PM
From: - with a K	Read Replies (1) \| Respond to of 78704

Re: WM - CEO Killinger addressed this adequately, IMO, yesterday at the annual meeting. He said non-performing assets were up but within expectations. He countered that bad news by pointing out WM's great efficiencies, claiming to be a leader in banking. He gave a startling bullish vision of 1 out of 5 home loans originated with WM and mentioned their target of 13% EPS growth. Outsourcing was also up significantly and he explained that they hope to reduce it but there are areas where it made sense. Apparently, some subs were not performing, leading to service levels (i.e., loan servicing) suffering, and ultimately, changes and corrective action. (If I was a sub I would've been doing a "Gulp!" at this point.) Other highlights from my notes: - Margins and net interest income up nicely - Stock up 25% CAGR since March 1990. - Occasio stores rolling out to Denver and NYC. - WM to target middle market consumers. NYC has among the highest dissatisfaction of banking consumers in the U.S., he said. - Re: Enron - We have a "Zero tolerance policy for dishonesty."