"NEW YORK (CNNMoney.com) -- Bear Stearns swung to a quarterly loss Thursday and said it was taking a $1.9 billion writedown due to bad bets made on risky home loans, becoming the latest Wall Street firm to deliver disappointing quarterly results." Posted on CNN.com 12/20/2007.Not good news. Merril Lynch has had an even tougher time. WaMu has closed its "subprime" division. Wells closed its Wholesale 2nd's division. Citi, Chase, Wachovia/World, ALS, IndyMac and Countrywide have all reigned in their underwriting criteria. It's going to be tough times to get your next home loan. Those who ARE able to get into the market will do very well. It's a case of "the rich getting richer." We are seeing the early, but bold, warning signs of economic Depression. Time to buckle down and tighten up. If you're in an adjustable loan now, it's time to take advantage of the current low rates and lock in a long-term loan before prices make underwriting impossible. Pat Townsley: Solution Guy. http://www.ptre.net/. 415-485-1776
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