As I've been saying over the last couple of days - lenders are in Teflon mode. Everything is fine and dandy. WM just posted earnings of 86 cents a share vs estimates of 84 cents. The stock is up about 2%. Says the company...
"Our Home Loans business was challenged during the first quarter by difficult market conditions," he added. "Over the past 12 months, we have taken a number of prudent actions to reduce our exposure to the subprime mortgage industry. These actions, along with a diversified business mix, limited our exposure to the mortgage market's downturn and position us well to expand and grow as market conditions improve."
Fascinating. The conference call is tonight at 6:30.
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