The Veridian Blog

From Reuters...

Bank of America (BAC) reported earnings of $0.82 per share, which fell $0.24 short of the consensus estimate. Third quarter profits plunged 32%. The company experienced a 93%, or $1.33 billion, decline in earnings in its Global Corporate and Investment Banking segment due to the credit market turmoil.

Washington Mutual's (WM) stock got clipped after it reported a 72% drop in third quarter net income to $210 million or $0.23 per diluted share. The company was downgraded to Sell at several brokerages, including Merrill Lynch and Punk Ziegel.

E*Trade (ETFC) missing earnings estimates by a wide margin and press reports that the SEC has launched an informal investigation into the stock sales of Countrywide's (CFC) CEO also weighed on the sector.

Hmmm...

Veridian Mortgage, a privately-held California company, escaped yet another liquid-less month unscathed by the recent credit turmoil because of its extremely low overhead and amazing 0% default rate.  The 22-year old company is grateful for its super-qualified borrowers and proud of its ongoing effort in originating nothing but quality loans. 

:-)