Relevant:
- Goldman: California home prices to weaken further - Countrywide could be hurt by exposure to Golden State
- EMI: Wachovia Kinda Retreats on Option ARMs
- ALERT! Wachovia Cries ‘UNCLE’ on the Pay Option ARM
- Revisiting option-ARM data
- Countrywide's New Scare - 'Option ARM' Delinquencies Bleed Into Profitable Prime Mortgages
2008-04-16 — blogspot.com
``Just two banks, Washington Mutual and Countrywide, wrote more than $300 billion worth of option ARMs in the three years from 2005 to 2007, concentrated in California. Others—IndyMac, Golden West (the creator of the option ARM, and now a part of Wachovia)—wrote many billions more. The really amazing thing is that the meltdown in California is already happening and virtually none of these loans have yet reset.''
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