Monday, December 10, 2007
wamu follows ubs and citi
more from housing wire.
WaMu’s take on near-term industry performance was unabashedly bleak, with the thrift saying it expects national mortgage originations to shrink to $1.5 trillion in 2008, down about 40 percent from an estimated $2.4 trillion this year.
... I’m sure I don’t need to tell HW readers that these are huge changes at a very large bank; but perhaps the largest news here lies in the old adage that “actions speak louder than words.”
Closing retail loan centers and shuttering processing centers isn’t typically something that’s done unless you are certain you’re facing a protracted downward cycle; pulling back on retail, precisely when everyone in this industry is focused on retail origination, should speak volumes regarding WaMu’s expectations.