Lehman Brothers Holdings Inc. (fka LEHMQ)

[martingale]

I am familiar with Washington Mutual having seen their rate sheets on a daily basis for years. I would be cautious about the high LTV (loan to value) loans they have been offering on home mortgages. Those are yet to come home to roost totally.
As I recall they were offering 95% cash out to refi's and 100% LTV's on purchase deals. Those people are walking now and more will follow.

I am watching WM but I think there Q3 report is going to be a doozy to the downside and then Q4 and so on into 2009.

I doubt Lehmans bought any of that kind of paper but they might have and hence the steep discounts suitors are giving to their MBS securities. Reported to be $33B in marked value but who knows what the street would offer today? If we knew that question we would know what the big players are discussing today in NYC.