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news
Joined: 14 Jul 2007
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Location: Greater Boston
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JCK
Joined: 15 Feb 2007
Posts: 559
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 Posted: Wed Mar 05, 2008 4:10 pm GMT Post subject: |
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Any thoughts on this?
I looked quickly at their criteria (which seems reasonable at first pass), but is this organization, which I've never heard of before, have an agenda? |
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Wed Mar 05, 2008 4:26 pm GMT Post subject: |
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| JCK wrote: | Any thoughts on this?
I looked quickly at their criteria (which seems reasonable at first pass), but is this organization, which I've never heard of before, have an agenda? |
Here's the beginning of the Business Summary section of their profile on Yahoo! Finance (emphasis added):
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National City Corporation, a financial holding company, provides commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management services in the United States. Its retail banking services include deposit gathering and direct lending services, business banking services, education finance, retail brokerage, and lending-related insurance services to consumers and small businesses. The company's consumer lending products include home equity...
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So yes, they have an agenda, and part of that is to sell mortgages.
Regarding their valuation criteria, the concern that I had when I glanced over them earlier was the inclusion of interest rates. We still have historically low interest rates, and that will of course make things look more affordable when you are using other people's money, but it also amplifies risk and doesn't take into account the downside at resale which would result from a reversion to the historical average.
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