Washington Mutual going under:

dumpandbasher · Mar 28, 2008

So what was up with this bitch holding 10 while the rest of the market was tanking this afternoon?

ByLoSellHi · Mar 28, 2008

Quote from dsq:

http://www.latimes.com/classified/realestate/la-re-auction20mar20.pg,0,5624884.photogallery

'Having won the bidding war, George Sarantos is now obligated to close quickly on 3 Magnolia Drive. The lender that owns the house, however, is under no obligation to sell it to him. Several days later he learned that the bank had rejected his winning bid as too low, and invited him to make a higher bid. "I'm still in limbo, to be honest with you," Sarantos said'

Folks,this is how insane the banks are.The market is tanking and they refuse a bid because they think its too low based on the mania price it was last sold for at 1.2mi....the bank thinks 38% is too frikkin low for that junk...that house is worth 250-300k-it is inland,in suburbia hell far from the ocean...

I promise you that house will be sold for much less by next month if it even sells or doesnt sell this week.The banks are rejecting lo bids all the time only having to accept much lower bids months later.Our family is in the biz here in L.A. and they send the banks bids on properties and the banks act all snobbish and reject the bids.They are nuts and gonna pay from the ass.Bye,bye wamu...

The banks should be doing everything under the sun to keep people in their homes, even if it means cutting their payments.

By being aggressive in this cancerous market, they are only going to increase their defaults, repossessions, and above all else - holding periods on REOs where they have to pay maintenance, insurance, taxes (non-homestead), and all other carrying costs associated with real estate.

Good luck paper holders! Look at us, we're the first mortgagee, and we're going to repossess that asset that lost 40% of it's value, pay 12k in taxes and 3 k in insurance and maintenance costs per year, and then a big, fat juicy commission if we can ever resell the pig!!!

You are witnessing sheer incompetence in its most pure form. Enjoy.

nlimit1 · Mar 29, 2008

hate the wamu tv ads so maybe they will end

pumpanddumper · Apr 4, 2008

Haven't made a play on WM in awhile but look at this POS tank. One of the few red stocks on my board right now.

It's actually getting to my happy range.

I know they report on 4-17. That week one of these regional banks will get slaughtered.

I'm sure this POS will bounce before then. If I see low 9's, I may make a play long.

Keep an eye on her.

ChanTrader · Apr 4, 2008

Any serious theories as to why it's trading against the market so much today?

Put call ratio definitely favors puts.

Insiders dumping before earnings?

flytiger · Apr 4, 2008

Quote from ChanTrader:

Any serious theories as to why it's trading against the market so much today?

They're asking people if they have jobs before they can get mortgages.

Very bad for business.

pumpanddumper · Apr 4, 2008

Man, they are ass raping this right into close.

Curious what the AH news will be.

I should of killed this today on the short end. Damn it! Steady 10% drip down

Westward · Apr 4, 2008

Quote from pumpanddumper:

Man, they are ass raping this right into close.

Curious what the AH news will be.

I should of killed this today on the short end. Damn it! Steady 10% drip down

Watched it hang around 11 all morning, when the market rolled should've maxed out bp and just held..

Right there with ya. P***y

dumpandbasher · Apr 5, 2008

I shorted that bitch around 10.95 before noon. You see that little spike up to 11.08 around 12:20? It went up just enough to take out my stop at 11.08. MOTHERFUCKERS.

pumpanddumper · Apr 5, 2008

Quote from dumpandbasher:

I shorted that bitch around 10.95 before noon. You see that little spike up to 11.08 around 12:20? It went up just enough to take out my stop at 11.08. MOTHERFUCKERS.

Yeah thats happened to me.

I'm keeping a close eye on it. I feel someone wants to make this the poster boy of a regional bank to blow up. The week of April 14th will be VERY interesting with all these regional banks reporting. Someone company is gonna get fucked up.

I feel the market doesn't want another BSC scenario. It's doing its best to keep things green...anyway WM usually mirrors the moving averages. Friday was different though.

Maybe people are just trying to get a head start before they report a dismal quarter. It won't come as a shock though and I won't be surprised this week to see a run to the upside to $11-$12.

I don't like the fact that Cramer is bashing it. Taking the other side of Cramer works about 80% of the time but he may be right about a take under, etc...

I see next week as rumors surface(again) to inflate her like merger, finacing, partner to give her a pulse up again. I am debating a long play dead cat bounce. I've done it on 3 seperate occasions. The best was the Warren Buffet rumor spike

WM is eerily similar to CFC's trading range at these levels. A possible scenario is what happened to CFC one quarter at $12. Every Tom Dick and harry were loading the short bus right before earnings. Everyone knew it would be bad, no shit....well it was but the first of the BAC pump and dump situations occured and the bitch went to $17...well we know that story...

I am almost 100% certain their dividend will be slashed at earnings. I feel bad for true longs stuck in it. I had this short last year way higher and got burned on a quarters earnings. I held the short all Spring just waiting for these bastards to collapse. What happened, the god damn market kept going up, I covered for a loss and paid some asshole an inflated dividend quarter payment. Wasn't until July till these banks an what not came clean on their books...cough CFC... I have since made it up on WM and then some.

I don't know and all I know is most of these finacial stocks are making for good day trades. It's tough to really load the boat in one direction or another cause thats when it usually bites you in the ass.