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To: Bill/WA who wrote (180695)	7/17/2002 11:20:18 AM
From: reaper	Read Replies (1) \| Respond to of 436258

<<is this what's happening to COF>> COF (i) revealed that a lot more of their business is sub-prime than people thought; and (ii) some news that regulators are looking a lot more closely at their lending practices. also, i think Fitch was out today saying they might cut COF's credit rating. that would be BAAAAD news. i don't know what J6P is going to do for credit going forward. money is being withdrawn from the sub-prime area. it's slowly potentially getting taken away in the more prime area (i.e. COF). my bank, which gave me a nice home equity line for 4.25%, is trading at new lows (nice of them to loan me money at 425 bps so i could short their stock and make 1500 bps <g>) so i can't imagine how they are going to keep giving money away. NLY trading down indicates that spreads are widening in the mortgage market, which makes money more expensive. credit markets are NOT signalling that we should be seeing any equity rebound. Cheers