Capital One buys Chevy Chase

Over the past decade, one of my favorite mortgage lenders was Chevy Chase Bank. I always envisioned Chevy Chase with a loan file tripping into chairs and papers flying, or Ty Webb with Danny on the golf course at Bushwood. But Chevy Chase Bank was a serious player; They basically had their own money, had some nicely priced ARM products, a great local rep (Amy, I hope you're doing well), and decent, sensible underwriting. But like so many, Capital One recently acquired Chevy Chase. Another lender in the Implode-o-meter. Perhaps Capital One wants some access to Government "TARP" funds so adding additional banking to their portfolio will help get some. Washington Business Journal stated "Capital One Financial (NYSE: COF), one of the nation’s largest credit card issuers, only recently entered the retail banking industry with bank acquisitions in New York, New Jersey, Texas and Louisiana. It posted a $1.42 billion fourth quarter loss after boosting reserves to cover bad loans. It's a mad mad mad mad world. With High Risk can come High Returns if the notes are good. Need good advice on where to take you real estate financing: Come to daddy: Pat Townsley, Mortgage Broker. 415-485-1776. King of research. www.PTRE.net