Comments on: WA State wants to throw Countrywide out? http://soundbiteblog.com/2008/06/25/wa-state-wants-to-throw-countrywide-out/ Bite Me! Sat, 22 Nov 2008 05:58:06 +0000 http://wordpress.org/?v=2.6 By: Jim Johnson CRS http://soundbiteblog.com/2008/06/25/wa-state-wants-to-throw-countrywide-out/#comment-12106 Jim Johnson CRS Sun, 06 Jul 2008 00:49:05 +0000 http://soundbiteblog.com/?p=742#comment-12106 Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work! Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work!

]]> By: Official SBB Devil's Advocate http://soundbiteblog.com/2008/06/25/wa-state-wants-to-throw-countrywide-out/#comment-12041 Official SBB Devil's Advocate Tue, 01 Jul 2008 07:23:55 +0000 http://soundbiteblog.com/?p=742#comment-12041 WaMu is dealing with "what will kill me first?" "Cash flow" apparently is the gator that is closest to the boat. Bad credit risk assessment got them into this mess, but taking on more of it only tells me that credit risk is being trumped by something. They obviously need the cash. That $7B is going pretty quick. Is anyone going to give them a refill? If you go read their press releases and 10-Qs from 2007, you will see that Killinger will be hanging out with Mozillo in Paraguay before long. How anyone could release that information with the knowledge they had of their own institution is just plain criminal (or should be). I also don't buy that he didn't see it coming. If an airline pilot with an engineering background can see it, the CEO should be able to. If not, then where was the BOD? What kind of monkey is running the nation's largest S&L? Collateralized interest. The practice should be banned from accounting. WaMu is dealing with “what will kill me first?”

“Cash flow” apparently is the gator that is closest to the boat. Bad credit risk assessment got them into this mess, but taking on more of it only tells me that credit risk is being trumped by something.

They obviously need the cash. That $7B is going pretty quick. Is anyone going to give them a refill?

If you go read their press releases and 10-Qs from 2007, you will see that Killinger will be hanging out with Mozillo in Paraguay before long. How anyone could release that information with the knowledge they had of their own institution is just plain criminal (or should be).

I also don’t buy that he didn’t see it coming. If an airline pilot with an engineering background can see it, the CEO should be able to. If not, then where was the BOD? What kind of monkey is running the nation’s largest S&L?

Collateralized interest. The practice should be banned from accounting.

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