{"id":3497,"date":"2008-07-25T11:47:02","date_gmt":"2008-07-25T18:47:02","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3497"},"modified":"2008-07-25T11:47:02","modified_gmt":"2008-07-25T18:47:02","slug":"mortgage-market-week-in-review-3","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3497\/mortgage-market-week-in-review-3\/","title":{"rendered":"Mortgage Market Week in Review"},"content":{"rendered":"
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Well, here we are on Friday again and I\u2019m trying to figure out how to summarize all that\u2019s been happening in the mortgage and financial worlds.\u00a0\u00a0 I could write a book about it, but I won\u2019t (at least not today\u2026.)<\/span><\/div>\n
So, here goes:<\/span><\/div>\n
The week started out with Wachovia<\/strong> (the 4th largest bank in the country) announcing that they were getting out of wholesale lending.\u00a0\u00a0 That started a lot of people wondering how bad things were at Wachovia because Indymac announced that on a Monday and by Friday they were shut down.\u00a0\u00a0\u00a0 On Tuesday, Wachovia announced that they lost a LOT of money ($8.9 billion to be exact) in the 2nd quarter.\u00a0\u00a0 But guess what, their CEO stood up and said, \u201cI\u2019m confident that we\u2019re going to be fine,\u201d and their stock went up. <\/span><\/div>\n
Then we move on to our dear friends at Washington Mutual<\/strong> and they only announced a loss of $5.9 billion and announced that they were going to initiate cost cutting measures that will save them $1 billion.\u00a0 Oh and their CEO stood up and said, \u201cWe aren\u2019t going to need to raise any more money.\u201d\u00a0\u00a0 And their stock went up. <\/span><\/div>\n
In the interest of full disclosure, Fifth Third<\/strong> announced our earnings (losses) for the quarter.\u00a0\u00a0 Compared to these two, we did quite well, but we didn\u2019t do as good as we\u2019d like.\u00a0\u00a0 We came in down $202 million for the quarter.\u00a0\u00a0 But our CEO stood up and said, \u201cWe\u2019ve made adjustments, we\u2019ve raised additional money and we\u2019ll be fine.\u201d\u00a0\u00a0 Guess what our stock did?\u00a0 Yep, it went up. <\/span><\/div>\n
Existing Home Sales<\/strong> came in lower than expectations.\u00a0\u00a0 If you\u2019ve been reading this for a while, you know my feelings on the year over year comparisons.\u00a0\u00a0 We\u2019ve moved into a new market and comparing last year to this year is like comparing me to Tiger Woods.\u00a0\u00a0 There is no comparison because we aren\u2019t even on the same playing field. <\/span><\/div>\n
Weekly unemployment claims<\/strong> came in higher than expected.<\/p>\n

<\/span><\/div>\n

National City<\/strong> came out and announced a huge loss for the 2nd quarter – $1.78 billion.\u00a0\u00a0 Their CEO stood up and said (Well, Read more<\/a><\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Well, here we are on Friday again and I\u2019m trying to figure out how to summarize all that\u2019s been happening in the mortgage and financial worlds.\u00a0\u00a0 I could write a book about it, but I won\u2019t (at least not today\u2026.) So, here goes: The week started out with Wachovia (the 4th largest bank in the […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-3497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4721,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4721\/wachovia-fails-did-you-notice\/","url_meta":{"origin":3497,"position":0},"title":"Wachovia Fails… Did You Notice?","author":"Sean Purcell","date":"September 29, 2008","format":false,"excerpt":"Lost in the tsunami of bail-out failure, Wachovia gave up the ghost.\u00a0 Wachovia now joins Countrywide and WaMu as the big three option arm originators now become three of the biggest financial failures of all time.\u00a0 If this looks familiar to any posts you may have read here at BHB,\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5804,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5804\/citis-so-nice-i-bought-it-twice-a-tin-foil-hat-production\/","url_meta":{"origin":3497,"position":1},"title":"Citi’s So Nice I Bought It Twice (a Tin Foil Hat production)","author":"Sean Purcell","date":"November 24, 2008","format":false,"excerpt":"Alright, let's see if I got this straight: Less than 4 weeks ago Citi was purchasing Wachovia in a deal brokered by the FDIC. Less than 3 weeks ago the Fed injected $25 billion into Citi Less than 1 week ago Citi's shares tumbled Yesterday the Fed injected ANOTHER $20\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3201,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3201\/and-wachovia-completes-the-gang-of-three\/","url_meta":{"origin":3497,"position":2},"title":"And Wachovia Completes the Gang of Three","author":"Sean Purcell","date":"June 3, 2008","format":false,"excerpt":"Wachovia board members have forced CEO Ken Thompson to retire\u00a0\u00a0and\u00a0Realtors should be popping champagne corks all over the nation.\u00a0\u00a0Why?\u00a0\u00a0Because Wachovia is the final reckoning of the Gang of Three\u00a0and this may very well signal the bottom of the market.\u00a0 Disclaimer #1: I usually write posts and comments backed by statistics.\u00a0\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5161,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5161\/mortgage-market-week-in-review-13\/","url_meta":{"origin":3497,"position":3},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"October 24, 2008","format":false,"excerpt":"Here we are on Friday again.\u00a0 That means that it\u2019s time to try to summarize what\u2019s going on in the mortgage and finance world.\u00a0\u00a0 I\u2019m going to talk about a couple of main things:\u00a0 the economic fundamentals, some earnings reports\u00a0and the \u201cmargin calls\u201d that are going on in the equity\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4669,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4669\/the-mortgage-dance-continues\/","url_meta":{"origin":3497,"position":4},"title":"The Mortgage Dance Continues","author":"Sean Purcell","date":"September 26, 2008","format":false,"excerpt":"I posted the following back in July and with WaMu going down it seems like a good time to bring it back to the top.\u00a0 If there is any confusion as to who is going down and why, make a point of clicking the link on the \"accounting debacle\".\u00a0 It\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3355,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3355\/the-mortgage-dance-ez-just-follow-the-bouncing-ball\/","url_meta":{"origin":3497,"position":5},"title":"The Mortgage Dance? EZ: Just Follow The Bouncing Ball.","author":"Sean Purcell","date":"July 14, 2008","format":false,"excerpt":"And the beat goes on...\u00a0 but sometimes it helps\u00a0to have that little bouncing ball show us\u00a0exactly what lyric we are singing this week.\u00a0 All together now: Today the Fed suprised no one by\u00a0opening the discount window to ailing siblings: Fannie Mae and Freddie Mac.\u00a0 Together they\u00a0hold more\u00a0than half of all\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3497"}],"version-history":[{"count":3,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3497\/revisions"}],"predecessor-version":[{"id":3500,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3497\/revisions\/3500"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}