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

To: Knighty Tin who wrote (15974)	6/29/2004 9:22:38 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 110194

WM clearly didn't intend for this to be a permanent liability. The "Platinum Accounts" were basically checking accounts while they were offering far lower rates on their Term CDs. I think it was just working capital for fixed rate mortgage underwriting prior to collateralization. They would have had a positive spread on that till the point where they dropped the rates. I think their underwriting moved to variable rate loans at that point.