{"id":59507,"date":"2009-12-02T10:21:47","date_gmt":"2009-12-02T15:21:47","guid":{"rendered":"http:\/\/mortgagenewsclips.com\/2009\/12\/02\/the-garrett-watts-report-the-party-after-you-left-dec-2009\/"},"modified":"2009-12-02T10:21:47","modified_gmt":"2009-12-02T15:21:47","slug":"the-garrett-watts-report-the-party-after-you-left-dec-2009","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/59507","title":{"rendered":"The Garrett, Watts Report (The party, after you left, Dec. 2009)"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><a href=\"http:\/\/garrettwatts.com\/\"><img loading=\"lazy\" decoding=\"async\" style=\"border-bottom: 0px; border-left: 0px; border-top: 0px; border-right: 0px\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2009\/12\/garrett-watts1.png\" border=\"0\" alt=\"garrett-watts1\" width=\"310\" height=\"68\" \/><\/a><\/p>\n<p>To Our Clients, Colleagues and Friends,\u00a0<\/p>\n<ul>\n<li>We just picked the first ten technology companies that came to mind, and looked up how many jobs they\u2019ve created and what their revenues are. None of these ten companies below existed 25 years ago, and many didn\u2019t exist even 15 years ago.\u00a0 For those who despair over America \u2019s economic future, think about the companies that don\u2019t exist now but which will be huge winners and sources of jobs in twenty years!\u00a0 Here\u2019s the number of employees they have.<\/li>\n<\/ul>\n<table class=\"MsoNormalTable\" style=\"background-color: #ffff99; border-collapse: collapse; margin-left: 1.45in; -webkit-background-clip: initial; -webkit-background-origin: initial\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">\u00a0 8,000\u00a0\u00a0 Yahoo<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 129.2pt; padding-right: 5.4pt; border-left-style: none; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"172\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">66,000\u00a0\u00a0 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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">16,000\u00a0\u00a0 E-Bay<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 129.2pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"172\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">76,000\u00a0\u00a0 Dell<\/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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">20,000\u00a0\u00a0 Amazon<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 129.2pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"172\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">82,000\u00a0\u00a0 Intel<\/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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">20,000\u00a0\u00a0 Google<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 129.2pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"172\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">87,000\u00a0\u00a0 Oracle<\/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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">32,000\u00a0\u00a0 Apple<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 129.2pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"172\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">91,000\u00a0\u00a0 Microsoft<\/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\">We probably missed some big companies, but these ten names, all start-ups in our lifetime, currently employ 498,000 people!!<br \/>\nHere\u2019s how much revenue these companies generated last year.<em><\/em><\/p>\n<table class=\"MsoNormalTable\" style=\"background-color: #ffff99; border-collapse: collapse; margin-left: 1.45in; -webkit-background-clip: initial; -webkit-background-origin: initial\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$\u00a0 7 billion\u00a0\u00a0\u00a0 Yahoo<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.75in; padding-right: 5.4pt; border-left-style: none; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"168\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$32 billion\u00a0\u00a0\u00a0 Apple<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$\u00a0 8 billion\u00a0\u00a0\u00a0 E-Bay<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.75in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"168\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$38 billion\u00a0\u00a0\u00a0 Intel<\/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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$19 billion\u00a0\u00a0\u00a0 Amazon<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.75in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"168\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$39 billion\u00a0\u00a0\u00a0 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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$22 billion\u00a0\u00a0\u00a0 Google<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.75in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"168\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$60 Billion\u00a0\u00a0\u00a0 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: 117pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"156\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$22 billion\u00a0\u00a0\u00a0 Oracle<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.75in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"168\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$61 billion\u00a0\u00a0\u00a0 Dell\u00a0\u00a0 <\/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\">This adds up to $308 billion in revenue, more than the GDP of most nations!!\u00a0 And again, these are companies that didn\u2019t exist 25 years ago.\u00a0 How can you look at thee two graphs and <em>not<\/em> believe in the future of America ?<\/p>\n<ul>\n<li>We mentioned Ownit as the first of the sub-prime companies to fail in 2006, and a few of you reminded us that Acoustic blew up in 2005!\u00a0 We should know.\u00a0 Our own Corky Watts was doing Due Diligence on them, and he came back pretty shaken.\u00a0\u00a0 \u201cThere is one huge firestorm about to happen in Alt-A and subprime, and it\u2019s going to be unbelievably ugly.\u201d\u00a0<\/li>\n<li>China just issued 50 year bonds for its first time, and the issue was over subscribed by a factor of two!\u00a0 China hardly needs the money, but it clearly establishes the country as being in a very exclusive club of nations strong enough to issue such long-term paper.\u00a0 Ultimately, issues that go out this far are a test of investors\u2019 confidence, and China passed with flying colors. The yield? 4.3%.<\/li>\n<li>And how about that 12-0 Boise State football team?\u00a0 They\u2019re 73-4 this decade.<\/li>\n<\/ul>\n<ul>\n<li>We recently reviewed a 2005 valuation on an Alt-A wholesale shop in the mid-Atlantic area.\u00a0 They did about $600 million a year, and ignoring their earnings, which were very healthy, they were valued at about $51 million.\u00a0 The valuation report was beautifully done, and the people who prepared it did a near-perfect job.\u00a0 But the missing element was that their business was doing Alt-A loans, and Alt-A crashed, burned, and vanished.\u00a0\u00a0 The company which had been valued at about $51 million doesn\u2019t exist today.\u00a0 You can draw your own conclusions, but there are a few lessons here for everyone to learn from.<\/li>\n<\/ul>\n<ul>\n<li>We were going to finish the list of books we want to read, and then we realized, who the heck would even care?\u00a0 Maybe we\u2019ll run the rest of them when we\u2019re really desperate to fill some space.\u00a0 Maybe 5-6 people sent in their suggestions, all quite good, and we thank them.<\/li>\n<li>We\u2019re still getting lots of e-mails on manners, and the #1 irritant seems to be people looking at their Blackberry or i-Phone while you\u2019re talking to them.\u00a0 One person wrote \u201cI feel like grabbing their Blackberry and throwing it out the window.\u201d<\/li>\n<li>We were sitting in a meeting with some very sober commercial bankers in the mid-West recently.\u00a0 They got an MOU and are having their share of problems with Commercial Real Estate loans.\u00a0 The Bank President quoted Yitzak Rabin that \u201cIf a problem has no solution, it is not a problem, but a fact, not to be solved but to be coped with.\u201d\u00a0 The CFO added the old clich\u00e9 that \u201cIf you&#8217;re not part of the solution, you&#8217;re part of the problem\u201d, but that really didn\u2019t apply to this situation and was completely unhelpful.\u00a0\u00a0 Finally, someone more junior, presumably a chemistry major in college, added, \u201cWell, if you&#8217;re not part of the solution, you&#8217;re part of the precipitate.\u201d\u00a0 It\u2019s not all that funny, but it loosened everyone up in an otherwise pretty grim meeting.<\/li>\n<li>We were vaguely curious, and mostly bored, so we looked up Time Shares on the internet.\u00a0 Remember when everyone was so hot-to-trot on these, and people were paying $15-20,000 or more for a single week? It was kind of shocking to see how many of them are now selling for under $1,000!\u00a0<\/li>\n<li>Yes, we think most mortgage bankers doing over $20 million a month should sell on a mandatory basis, but not <em>all<\/em> of them.\u00a0 A lot depends on the corporate culture and how it defines the role of the loan officer.\u00a0 As just one example, if you don\u2019t have tight rules over loan officer behavior regarding locks, extensions and investor selection, then you should not go mandatory, regardless of your loan volume.<\/li>\n<li>We get asked a lot for a job description for someone to head up secondary, especially for companies just transitioning into mandatory selling.\u00a0 We don\u2019t have room for the whole thing here, but (1) we firmly believe most companies should use one of the known, national hedging advisory services, and (2) if you\u2019re using one of these advisors, your secondary marketing person\u2019s <em>main<\/em> job is to manage the rate lock function and ensure the integrity of the data in the pipeline.\u00a0 The right person will do much more, but nothing really matters if you don\u2019t have 100% accuracy in your pipeline.<\/li>\n<li>And you think you\u2019ve got problems?\u00a0 Here are the five banks with the highest ratios of non-performing loans:<\/li>\n<\/ul>\n<table class=\"MsoNormalTable\" style=\"background-color: #ffff99; border-collapse: collapse; margin-left: 113.4pt; -webkit-background-clip: initial; -webkit-background-origin: initial\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 207pt; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"276\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">68%\u00a0\u00a0\u00a0 Eastern Savings\u00a0 Bank ( Maryland )<\/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: 207pt; padding-right: 5.4pt; border-top-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: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">50%\u00a0\u00a0\u00a0 H&amp;R Block Bank\u00a0 ( Missouri )<\/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: 207pt; padding-right: 5.4pt; border-top-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: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">49%\u00a0\u00a0\u00a0 Community Bank\u00a0 ( Illinois )<\/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: 207pt; padding-right: 5.4pt; border-top-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: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">43%\u00a0\u00a0\u00a0 City Bank\u00a0 (Washington)<\/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: 207pt; padding-right: 5.4pt; border-top-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: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">38%\u00a0\u00a0\u00a0 Wilton Bank ( Connecticut )<\/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\">We recognized a few others, among them #7 Amtrust with 32% non-performers, Towne Bank in Arizona at 30%, and First Fed in Santa Monica with 22%.\u00a0 We can guaranty you that the senior officers at these banks are hating life these days.<\/p>\n<ul>\n<li>By the way, picking the right hedging advisory service is not always as easy as you might think.\u00a0 Each has its own strengths and its own twists, and even if they all appear to do the same thing and do it at about the same price, you want to rely heavily on talking to people who\u2019ve used these services and do some very serious due diligence on what the relationship will look like and what you can expect.<\/li>\n<li>All you new Windows 7.0 users, what do you think?\u00a0 Is it worth switching from Vista ?<\/li>\n<li>We once did a project for an Islamic oriented bank in Southern California .\u00a0 Their Chairman has published book on Ju<em><em>deo-<\/em><\/em><em><em>Christian-Islamic <\/em><\/em><em><em><\/em><\/em>values in Banking. We\u2019re pretty swamped with books to read, but we\u2019re going to try to get to this one: <a href=\"http:\/\/www.amazon.com\/Art-Islamic-Banking-Finance-Community-Based\/dp\/0470449934\/ref=sr_1_1?ie=UTF8&amp;s=books&amp;qid=1259574611&amp;sr=1-1\"><em>The Art of Islamic Banking and Finance: Tools and Techniques for Community-Based Banking<\/em> (Wiley Finance)<\/a> by Dr. <a href=\"http:\/\/www.amazon.com\/Yahia-Abdul-Rahman\/e\/B002LFQWGS\/ref=sr_ntt_srch_lnk_1?_encoding=UTF8&amp;qid=1259574611&amp;sr=1-1\">Yahia Abdul-Rahman<\/a>.\u00a0 We know him and respect him greatly.<\/li>\n<li>Do you like HELOCs? If you\u2019re the Bank of America, you\u2019d <em>better<\/em> like them. The BofA owns $151 billion of them, followed by Wells Fargo with $127 billion and JP Morgan Chase with $235 billion.<\/li>\n<\/ul>\n<p>Take care, stay warm, read good literature, go easy on yourself, always have a kind word for others, be loyal to friends and family, and enjoy life!\u00a0<em>.<\/em> <a href=\"http:\/\/garrettwatts.com\/\">Garrett, Watts &amp; Co.<\/a>\u00a0\u00a0<em>Helping mortgage lenders increase revenues, control costs, and better manage risk.<\/em>\u00b7Corky Watts (<a href=\"mailto:CWatts@GarrettWatts.com\">CWatts@GarrettWatts.com<\/a>)Joe Garrett (<a href=\"mailto:JGarrett@GarrettWatts.com\">JGarrett@GarrettWatts.com<\/a>)Mike McAuley\u00a0\u00a0\u00a0 (<a href=\"mailto:MMcauley@GarrettWatts.com\">MMcauley@GarrettWatts.com<\/a> )<\/p>\n<p><\/span><\/span><\/p>\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=Z6LirthTMA8:FsmeOGRZ0eg: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=Z6LirthTMA8:FsmeOGRZ0eg:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=Z6LirthTMA8:FsmeOGRZ0eg:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=Z6LirthTMA8:FsmeOGRZ0eg:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=Z6LirthTMA8:FsmeOGRZ0eg:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=Z6LirthTMA8:FsmeOGRZ0eg:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=Z6LirthTMA8:FsmeOGRZ0eg:V_sGLiPBpWU\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/mortgagenewsclips\/qTBe\/~4\/Z6LirthTMA8\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 To Our Clients, Colleagues and Friends,\u00a0 We just picked the first ten technology companies that came to mind, and looked up how many jobs they\u2019ve created and what their revenues are. None of these ten companies below existed 25 years ago, and many didn\u2019t exist even 15 years ago.\u00a0 For those who despair over [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-59507","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/59507","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=59507"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/59507\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=59507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=59507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=59507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}