Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (3038)	12/9/2003 1:50:36 PM
From: mishedlo	Read Replies (1) \| Respond to of 110194

WM - From Minyanville Washington Mutual (NYSE: WM) missed forcasts, guided lower, is laying off 2900 people, and will look to cut $1 billion in costs. The CIO attributed the problem to "fewer people took out mortgages... banks competing for market share cut prices." The tax refund and home equity refinancings accounted for a significant portion of final sales in Q2 and Q3 2003. The fact that Washington Mutual's problems do not seem to be company specific indicate potential problems in the booming mortgage business and illustrate the extreme vulnerability to higher interest rates that this level of mortgage activity has. I doubt the Fed will raise interest rates anytime soon, unless the market makes them.