Photo by Flickr user S x 2 According to today’s Seattle Times, JPMorgan Chase plans to cut around 70% of WaMu’s Seattle-area employees. JPMorgan is handing out layoff notices now and is expected to finish making decisions about all of WaMu’s 43,200 employees nationwide by Dec. 1. As many as 3,000 of WaMu’s 4,200 workers…
Category: News
News, current events, etc.
Washington Banks Hit With More Bad Loans
Kirsten Grind had an interesting piece about local banks in the Puget Sound Business Journal last Friday: Bad loans rising at Washington banks Bad loans are up dramatically at Washington state banks, surpassing the national average and reaching levels that local banking experts say are unprecedented. … Washington banks historically have seen lower levels of…
Are Reluctant Title Insurers Hampering the Market?
I received the following in an email from a reader: In August I found a brand new townhouse in a great location that is selling at about 5 or 10% below recent comps (and 15 to 25% off of what it would have gone for at peak). I still think I am going to end…
Highlights of the FHFA Streamlined Modification Program
Here are the basics of the latest mortgage bailout initiative from Fannie Mae and Freddie Mac that was announced today by the Federal Housing Finance Agency. To qualify, borrowers must: Have a loan owned or guaranteed by Fannie or Freddie. Owe 90% or more than the home is worth. Be 90 days or more behind…
Seattle Bubble: Hindering the Market?
Seattle Bubble scaring away buyers, sellers and refinance consumers? I’m really not convinced Marlow Harris of Coldwell Banker Bain feels that Seattle Bubble is all about fear mongering and scaring the public away from buying a home. I know she mentioned it, but I don’t believe it. Marlow and many other agents and loan officers…