I don't care about predictions from a model in florida, what I care about is whether or not the apology from a board member in charge of acquisitions holds any fruit? What I care about is whether or not this Board is going to put the value of the NOL's to work in the sector that WAMU was in. Bank of Marin looks like a good target for many reasons, one is obvious. IT IS A BANK! You have to start somewhere and we have the $$$ and M&A material to get this deal done. What is important, is that we get started in the financial sector and start creating wealth for shareholders by smart M&A. The Board seemed to reiterate this fact, I guess we can say if this prediction holds true, we would have taken the first step in moving back into the banking sector.
Wishes from Don! Now if we could only get our hands on the WMMRC run-off funds we would be in much better financial shape! "Pipe Dream" I've never seen a FDIC accurate accounting of the expenses associated with the taking/stealing/selling of WAMU 1 and 2 to JPM. I would like to see that, we could be owed some serious dough if they would be willing to give it up. "Pipe Dream" GS to settle with WMILT showing all the others that this is the correct thing to do now that the dust has settled.
Not a Pipe Dream Write new business in the Mortgage Insurance market through WMMRC and Get into the Mortgage Servicing Market as a sub. Because the mortgage market bottomed and prices are starting to rebound, it means the odds of new loans defaulting without homes selling on the open-market has largely decreased in most sections of the country. Open WMMRC up for business and use a subset for Mortgage Servicing. Look at the numbers for this company in this industry. It is ripe for us to enter it.
Grab a bank and write loans and mortgages through the bank. As part of the TARP act, the government made it mandatory that all mortgages written with a government guarantee have mortgage insurance protection for a minimum of 5 years even if they beat the 80/20 LTV. That means all loans that are through Fannie-Freddie-VA etc must have MPI on them. Someone has to provide the insurance, someone has to collect the fees and someone has to write the mortgage. BINGO! We can do it all, if we acquire the right company, i.e Long Beach Mortgage w/o the subprimes and low LTV's. A Bank will allow us to write the loans with a funnel to WMMRC to write the mortgage insurance and do the loan servicing. If the loans are sold, so be it, we still hold the loan servicing and insurance rights. We also collect the origination fees through our mortgage unit, along with new customer application.
P.S. I do agree that this Board will make a solid acquisition within 90 days. California is west-coast and great place to start. Although I would prefer the Pacific Northwest to put the foothold in place.
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