WaMU REO

[Dan C.]

Now that our local favorite bank has diluted the hell out of its current shareholders and reduced its dividend...the fire sale begins! Many of you may know...but TPG's mantra is buy, downsize, streamline, sell...expect MASSIVE layoffs at WaMu in the coming weeks.

On that note, I bet they are going to be trying to unload REO's at a fast pace. I have found REO sites for all the big bagholders (CFC, BOA, WFC), but not one for WaMu. Does anyone know how they list them? Do they not keep a central depot, but rather just list individually with Hustlers (Realtors)?

Thanks!

[david_mcmanus]

And if you order within the next 10 minutes, you will earn the right to purchase this nifty little toaster oven for the rock-bottom price of 19.99!!! Hurry!!!

[RedHotLama]

3000+ to be layed off.

[mukoh]

Dan, a lot of people are not aware of how WaMu does its REO process is because there is a smart way to keep these off their books.

[Dan C.]

Mukoh,

Agreed...just wanted to check and see if anyone had figured this out yet.

I heard an interesting RUMOR that certain bank executives are setting up shell companies outside of the bank to "purchase and hold" REO properties so that they are not on the bank's direct books and will be returned once this pesky RE downturn is "over"

Of course, no proof of this...but Enron managed to hide millions of dollars in losses in all sorts of shell companies...