DSL - got puts?
#1
Posted 22 January 2007 - 11:13 PM
89% of our real estate loans were concentrated and secured by properties located in California, principally in Los Angeles, San Diego, Orange, Santa Clara and Riverside counties; 79% of our residential one-to-four unit loans were underwritten based on borrower stated income and asset verification and an additional 10% were underwritten with no verification of either borrower income or assets; and loans that are relatively new and unseasoned, as 25% of our residential one-to-four unit loans were originated in 2006, with an additional 38% originated in 2005."
Form 10-Q
Okay, I admit I was a little chagrined to see Ohio and Kentucky take an early lead in the foreclosure derby, but -- now that I've had chance to peruse the above-referenced beauty -- I am totally confident in CA's ability to make a run for the roses.
BTW, Greenie, I appreciate the update on Calcutta, but honestly believe you guys are not in the same league with the Golden State when it comes to mindless, manic speculation.
P.S. FL, NV and AZ: eat your heart out.
#2
Posted 22 January 2007 - 11:16 PM
U.F.O.
Edited by U.F.O., 22 January 2007 - 11:22 PM.
~Benjamin Franklin~
#3
Posted 22 January 2007 - 11:37 PM
U.F.O.
~Benjamin Franklin~
#4
Posted 22 January 2007 - 11:41 PM
Who is DOWNEY FINANCIAL CORP? A small third party lender? I just checked their financials. I could buy these guys and sell them into a white slavery ring! Why are you using them as some kind of convoluted example of the current state of the U.S. real estate market?
U.F.O.
Downey Financial Corp. is the parent company of Downey Savings and Loan Association, F.A., with assets of $16.5 billion and 169 branches throughout California and four in Arizona.
Large enough to constitute a significant sample of mortgage lending in the world's seventh largest economy (CA).
You wouldn't, by any chance, happen to be a licensed realtwhore, would you?
#5
Posted 22 January 2007 - 11:48 PM
~Benjamin Franklin~
#6
Posted 23 January 2007 - 12:00 AM
How about:LOL! Nada. I don't sell real estate. But I do a ton a business with actual players in CA like Countrywide. 16BB is a fart to wind like that. Exactly what was it in Downey's financials that drove you over the edge?
U.F.O.
"During the current quarter, approximately 29% of loan interest income represented negative amortization, up from both 28% in the third quarter of 2006 and 21% in the year-ago fourth quarter."
So what kind of business are you doing with Countrywide -- helping them counsel recently laid-off employees or squirm out leases for closed branches?
#7
Posted 23 January 2007 - 12:12 AM
U.F.O.
Edited by U.F.O., 23 January 2007 - 12:12 AM.
~Benjamin Franklin~
#8
Posted 23 January 2007 - 12:25 AM
It's the illiquidity, stupid !
#9
Posted 23 January 2007 - 12:29 AM
~Benjamin Franklin~