Another day and another bank is failing.
Those of us in the mortgage banking industry saw this coming from a mile away. Lehman invested in some of the riskiest subprime, and non-prime mortgages in the business.
Far worse than countrywide.
Wamu is next. They are into about the same exposure, although not as deep in non-prime as lehman. They are far better capitalized but they are on the run.
The winners here will be B of A; assuming they weather the Countrywide storm, Wells Fargo, Citi Bank and Chase Manhatten Bank. They do not have NEAR the exposure of these other lenders and i predict they will emerge stronger and with more market share and investor confidence. I would get into those at the bargain pricing that they are in right now.
From a green perspective Countrywide B of A and Wells ALL offer Green Mortgages.
And as we all know green stocks have outperformed the S and P over the last 10 years.
Any thoughts?
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