{"id":442130,"date":"2010-03-18T08:05:11","date_gmt":"2010-03-18T12:05:11","guid":{"rendered":"http:\/\/mortgagenewsclips.com\/2010\/03\/18\/the-garrett-watts-report-march-19-2010\/"},"modified":"2010-03-18T08:05:11","modified_gmt":"2010-03-18T12:05:11","slug":"the-garrett-watts-report-march-19-2010","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/442130","title":{"rendered":"The Garrett, Watts Report (March 19, 2010)"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><a href=\"http:\/\/garrettwatts.com\/\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: inline; border-top: 0px; border-right: 0px\" title=\"garrettwatts\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/garrettwatts6.jpg\" border=\"0\" alt=\"garrettwatts\" width=\"438\" height=\"69\" \/><\/a><\/p>\n<p>To Our Clients, Colleagues and Friends<strong>,<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<ul>\n<li>With Congress trying to figure out what to with Regulatory bodies, we have an idea.\u00a0 Instead of the OCC, OTS, FDIC, and Federal Reserve, we\u2019d set things up like this:\u00a0\u00a0 (a) One regulator for banks over $50 billion in assets, (b) another for banks $1 billion to $50 billion in size, and (c) one for all banks under $1 billion in size. Why should the OCC regulate $2 trillion BofA along with a $50 million community bank that just happens to have a national bank charter?\u00a0 Size should be the determinant of who regulates which bank, not the charter they have.<\/li>\n<li>A recent Wall Street Journal showed just how much cash the big technology companies had on December 31, 2009.<\/li>\n<\/ul>\n<table class=\"MsoNormalTable\" style=\"background-color: #ffff99; border-collapse: collapse; margin-left: 1.45in; background-origin: initial; background-clip: initial\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">$39.6 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 94.8pt; padding-right: 5.4pt; border-left-style: none; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"126\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Cisco<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">$36.1 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 94.8pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"126\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Microsoft<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">$24.8 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 94.8pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"126\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Apple<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">$24.5 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 94.8pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"126\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Google<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">$20.8 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 94.8pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"126\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Oracle<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"Apple-style-span\" style=\"widows: 2; text-transform: none; text-indent: 0px; border-collapse: separate; font: medium 'Times New Roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px\"><span class=\"Apple-style-span\" style=\"font-family: 'times new roman', 'new york', times, serif; font-size: 16px\">These tech companies have been using their cash on acquisitions and to develop new products.\u00a0 Mortgage bankers increased their liquidity in big ways last year, but we see very little of that cash being used on acquisitions.<\/p>\n<ul>\n<li>We finally got an appropriate logo up on top.\u00a0 On of these days we\u2019ll figure out how to make it less blurry.<\/li>\n<li>We have a Beverly Hills client looking for someone to run their Rate Lock Desk. The main requirement besides experience is to have one of those personalities that\u2019s really obsessive about the accuracy and integrity of all the data within the pipeline. After lunch and after the market closes, you can hang out on Rodeo Drive . Maybe you can meet Lindsay Lohan while shopping.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j51.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: block; float: none; margin-left: auto; border-top: 0px; margin-right: auto; border-right: 0px\" title=\"j5\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j5_thumb1.jpg\" border=\"0\" alt=\"j5\" width=\"204\" height=\"204\" \/><\/a><br \/>\nEven if you don\u2019t apply for the job, you should rent Down and Out in Beverly Hills .\u00a0 It\u2019s one of the funniest movies ever made.\u00a0 <a href=\"http:\/\/www.youtube.com\/watch?v=D3tApItjnKI\">Here\u2019s a short clip.<\/a><\/li>\n<li>If you use a Hedging Advisor, we have a new job title in lieu of Head of Secondary Marketing or VP Capital Markets.\u00a0 After all, your Hedging Advisor is really doing the Capital Markets stuff, so our idea for a more accurate title is <em>Rate Lock Desk Manager and Pipeline Czar.\u00a0 <\/em>Below is Czar Nicholas, who was fired (and then shot) for allowing excessive leakage in the pipeline.<br \/>\n<em><br \/>\n<\/em><br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j43.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: block; float: none; margin-left: auto; border-top: 0px; margin-right: auto; border-right: 0px\" title=\"j4\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j4_thumb3.jpg\" border=\"0\" alt=\"j4\" width=\"244\" height=\"184\" \/><\/a><\/li>\n<\/ul>\n<ul>\n<li>Remember when baseball players were fiercely loyal to their team?\u00a0 When he was 37, Jackie Robinson was traded by the Dodgers to the New York Giants, and he decided to retire rather than play for the arch-rival Giants.\u00a0 And Maury Wills of the Dodgers once said that &#8220;One of the first things I learned as a Dodger is that I&#8217;m not supposed to like those guys, the Giants.\u00a0 And as much as I respect Willie Mays, if his car was broken down on a Los Angeles freeway, I&#8217;d say, &#8216;Willie, I&#8217;m sorry, but you&#8217;ll have to call Triple-A\u201d.\u00a0 This is a photo of the great Jackie Robinson when he was in the minors, playing for the Dodgers affiliate in Canada .<br \/>\nBy the way, fraternizing with players from the opposition is still an offense that can lead to a player being fined by the Commissioner\u2019s office.\u00a0 It\u2019s almost never enforced, however.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j33.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: block; float: none; margin-left: auto; border-top: 0px; margin-right: auto; border-right: 0px\" title=\"j3\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j3_thumb3.jpg\" border=\"0\" alt=\"j3\" width=\"189\" height=\"236\" \/><\/a><\/li>\n<\/ul>\n<ul>\n<li>If you\u2019re thinking of cheating on your taxes, think twice. We went through a Total Compliance Audit on our 1981 returns, and one small example of how deep the IRS can dig had to do with a 4-plex we owned. We had expensed some patching done on the leaky roof, and the IRS agent got a ladder and literally climbed up on the roof to see if it really had been patched.\u00a0 In a real audit, the receipts aren\u2019t enough.\u00a0 They wanted to look at the roof with their own eyes.\u00a0 If they want to get you, they will.<\/li>\n<\/ul>\n<ul>\n<li>We\u2019re reading Paul Johnson\u2019s massive and dense <em>History of Christianity, <\/em>and the early days of the Church are quite fascinating. We\u2019re also re-reading a biography of Woodrow Wilson, probably the first psycho-history ever written.\u00a0 Who wrote it?\u00a0 None other than Sigmund Freud himself.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j25.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: block; float: none; margin-left: auto; border-top: 0px; margin-right: auto; border-right: 0px\" title=\"j2\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j2_thumb5.jpg\" border=\"0\" alt=\"j2\" width=\"186\" height=\"186\" \/><\/a><\/li>\n<li>We see way too many audited financial statements where all revenue is dumped into one category of loan origination fee or some variation but where that includes loans fees, administrative fees, SRP\u2019s and gain-on-sale. When we suggest to clients that they break it down and show these individual categories, we usually hear \u201cThat\u2019s how our auditors do it\u201d People, these are <em>your<\/em> financials, and it\u2019s <em>your<\/em> choice what you choose to present.\u00a0 Your auditor\u2019s role is to <em>audit<\/em> the numbers.\u00a0 Given that your major audience is your investors and\/or warehouse lenders, we\u2019d think you want to show them more detail on how you generate revenue, not less.<\/li>\n<li>We always knew this about how to present financials, but we wanted to double check, so we asked CPA Jeff Spiegel who confirmed it. No one knows the mortgage industry like Jeff, and if we were in the business, we\u2019d choose his firms as our auditors.\u00a0 You can reach him at 925-977-4000.<\/li>\n<li>What\u2019s your ratio of Account Execs + loan officers to full-time employees? If you read page six of Flagstar\u2019s latest prospectus, they have 3,411 full-time equivalent employees and 336 AE\u2019s and LO\u2019s for a 10.1-to-1 ratio.\u00a0 It\u2019s probably not a meaningful metric to compare yourself to unless you\u2019re in the servicing business like Flagstar, but we find all ratios to be of interest. By the way, Flagstar\u2019s prospectus is for their new capital raise of $250 million.<\/li>\n<li>On each of the two Boards of Directors of banks where\u2019ve been CEO, we instituted a policy of no loans to insiders.\u00a0 No as in zero! Aside from conflict issues, it\u2019s just makes life easier at Safety &amp; Soundness Exam time. Anyway,<em>American Banker<\/em> had an interesting article that showed insider lending off 99.5% at the BofA, off 95.1% at Wells, and off 68.8% at Citi. A tip of the hat to these three banks.<\/li>\n<li>We think very highly of Flagstar\u2019s people and believe, absolutely, that they\u2019re a survivor, but their last three years have been really tough.\u00a0 Losses were $39 million in 2007, $275 million in 2008. and $513 million in 2009. The Board has adopted a five-part strategy to return the bank to profitability, and we <em>completely<\/em> agree with the focus and goals of this strategy.<\/li>\n<li>Here\u2019s an idea to get people in Congress to work together instead of always demonizing the other side: Get some Foundation to give out ten awards of $1 million each year to the ten members of Congress who are the most bi-partisan and able to work with the other side.\u00a0\u00a0 It just might motivate the members of Congress, greedy little buggers that they are<\/li>\n<li>Would you invest in a company laden with huge amounts of debt and moderate growth or a company with high growth and no debt?\u00a0 What if the choice were between <em>countries<\/em> with those profiles, one with tons of debt and one with no debt.\u00a0 You\u2019re given a choice to (a) put all your money into 10-year U.S. Treasuries or (b) 10-year Chinese government bonds.\u00a0 Which would you invest in? The mere fact that you probably paused for a few seconds says a lot about our economies and its interrelatedness to the out-of-control federal deficit.<\/li>\n<li>Fiscal irresponsibility abounds not just at the federal level but at the state level as well. The Illinois Pension Fund is only 54% funded with a deficit of $54 billion. Considering how crappy things are in California , it\u2019s a surprise that that State Pension fund is 87% funded.\u00a0 A stunning 46 states are underfunded, but Washington State and Wisconsin are fully funded and Florida and New York are slightly <em>over<\/em> funded.<\/li>\n<li>San Francisco\u2019s Mayor Gavin Newsom warned the labor unions that they needed to agree to pay cuts to deal with a large deficit. When they refused to negotiate and demanded pay raises, the Mayor exercised his legal authority and sent layoff notices to 17,000 city workers. Those who get re-hired will automatically be given a 6.25% pay cut.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j17.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; display: inline; border-top: 0px; border-right: 0px\" title=\"j1\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/03\/j1_thumb6.jpg\" border=\"0\" alt=\"j1\" width=\"318\" height=\"215\" \/><\/a><\/li>\n<\/ul>\n<ul>\n<li>We asked all you over-50\u2019s to send in your nominations for best albums, and we were flooded with great memories.\u00a0 To get on the final list you needed at least two nominations.\u00a0 Number one was Pink Floyd\u2019s <em>Dark Side of the Moon <\/em>with 13 votes, followed by<em> Let It Be, the White Album<\/em> and <em>Abbey Road<\/em> by the Beatles with 7 votes each. We voted for albums by Leonard Cohen, Elvis and Country and the Fish.\u00a0 All told, well over 60 people responded.<\/li>\n<\/ul>\n<table class=\"MsoNormalTable\" style=\"background-color: #ffff99; border-collapse: collapse; margin-left: 80.6pt; background-origin: initial; background-clip: initial\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Dark Side of the Moon \u2013 Pink Floyd<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-left-style: none; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Greatest Hits \u2013 Neil Diamond<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Abby Road \u2013 the Beatles<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Goodbye Yellow Brick Road \u2013 Elton John<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">The White Album \u2013 the Beatles<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Anything by Bob Marley<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Let it Be \u2013 the Beatles<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Wired \u2013 Jeff Beck<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">In-A-Gadda-Davita \u2013 Iron Butterfly<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Blond on Blond \u2013 Bob Dylan<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Graceland<\/span><\/span><span class=\"Apple-converted-space\">\u00a0<\/span>\u2013 Paul Simon<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Greatest Hits \u2013 the Temptations<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Moondance \u2013 Van Morrison\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">IV \u2013 Led Zeppelin<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">The Who \u2013 Who\u2019s Next<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Get Ready \u2013 Rare Earth<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Tommy\u00a0 &#8211; The Who<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Let it\u00a0 Bleed &#8211; The Rolling Stones<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Are You Experienced \u2013 Jimi Hendrix<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Last Waltz \u2013 The Band<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Crosby, Still &amp; Nash<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">12 x 5 \u2013 The Rolling Stones<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 2.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"264\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Come Fly With Me \u2013 Frank Sinatra<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Comic Sans MS'; font-size: 10pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-size: 10pt\">Surrealistic Pillow \u2013 Jefferson Airplane<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"Apple-style-span\" style=\"widows: 2; text-transform: none; text-indent: 0px; border-collapse: separate; font: medium 'Times New Roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px\"><span class=\"Apple-style-span\" style=\"font-family: 'times new roman', 'new york', times, serif; font-size: 16px\">No Four Seasons or Beach Boys? No Grateful Dead or Country Joe, and how could this be a complete list with out the sweetness of Sam Cooke?\u00a0 We were surprised at few voted were received by Credence Clearwater, Neil Young and Fred Neil, the Velvet Underground, the Ramones and Bruce Springsteen. You\u2019d need a list three times longer to remember all the albums, and each one has its memories.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 *<\/p>\n<p>Here\u2019s Branch Rickey, the Dodgers General Manager who signed Jackie Robinson.\u00a0 \u201cA baseball box score is a democratic thing. It doesn\u2019t tell how big you are, what church you attend, what color you are, or how your father voted in the last election.\u00a0 It just tells what kind what baseball player you were on that particular day.\u201d<\/p>\n<p><a href=\"http:\/\/www.bizjournals.com\/sanfrancisco\/stories\/2010\/03\/15\/daily35.html\">We\u2019ve attached an article on a client we advised on buying a bank, and he\u2019s now bought his second bank.<\/a>\u00a0 Congratulations to mortgage banker Rob Hirt owner of RPM Mortgage.<\/p>\n<p>Cheers!<\/p>\n<p><a href=\"http:\/\/garrettwatts.com\/\">Garrett, Watts &amp; Co.<\/a>\u00a0<\/p>\n<p><em>Helping <\/em><em>lenders increase revenues, control costs, and better manage risk.<\/em><\/p>\n<ul>\n<li>Mike McAuley\u00a0\u00a0 (<a href=\"mailto:McAuly@GarrettWatts.com\">McAuly@GarrettWatts.com<\/a> )<em><\/em><\/li>\n<li>Corky Watts\u00a0\u00a0\u00a0\u00a0\u00a0 (<a href=\"mailto:CWatts@GarrettWatts.com\">CWatts@GarrettWatts.com<\/a>)\u00a0<\/li>\n<li>Joe Garrett\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (<a href=\"mailto:JGarrett@GarrettWatts.com\">JGarrett@GarrettWatts.com<\/a> )<\/li>\n<\/ul>\n<p><\/span><\/span><\/p>\n<p><\/span><\/span><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=_1UzLbjNM1o:NxSTmOD4fCY:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=_1UzLbjNM1o:NxSTmOD4fCY:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=_1UzLbjNM1o:NxSTmOD4fCY:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=_1UzLbjNM1o:NxSTmOD4fCY:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=_1UzLbjNM1o:NxSTmOD4fCY:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=_1UzLbjNM1o:NxSTmOD4fCY:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=_1UzLbjNM1o:NxSTmOD4fCY:V_sGLiPBpWU\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/mortgagenewsclips\/qTBe\/~4\/_1UzLbjNM1o\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 To Our Clients, Colleagues and Friends, \u00a0 With Congress trying to figure out what to with Regulatory bodies, we have an idea.\u00a0 Instead of the OCC, OTS, FDIC, and Federal Reserve, we\u2019d set things up like this:\u00a0\u00a0 (a) One regulator for banks over $50 billion in assets, (b) another for banks $1 billion to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-442130","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/442130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=442130"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/442130\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=442130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=442130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=442130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}