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
Showing posts with label Capital One and Chevy Chase Bank. Show all posts
Showing posts with label Capital One and Chevy Chase Bank. Show all posts
Thursday, March 05, 2009
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
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