Financial Information

    Below are 10-K filings for Golden West (from the SEC’s EDGAR website):

    10-K for period ending December 31, 2005
    10-K for period ending December 31, 2004
    10-K for period ending December 31, 2003

    Below are annual reports from Golden West:

    2005 Annual Report
    2004 Annual Report
    2003 Annual Report

    Below are some analyst reports about Golden West:

    July 21, 2006: Keefe, Bruyette & Woods, Frederick Cannon
    April 20, 2006: Citigroup report, Michael Diana
    January 26, 2006: Merrill Lynch report, Kenneth Bruce
    September 7, 2005: Janney Montgomery Scott report, Albert Savastano
    January 13, 2005: Janney Montgomery Scott report, Albert Savastano

    Below are some quotes from analysts:
    • “Unlike its competitors, Golden West has been making payment option ARM loans for a long time, and has a proprietary data base of past performance to guide its future underwriting. Unlike its competitors, Golden West does not use automated underwriting or rely on single-decision factors such as FICO scores….In addition, Golden West does no mortgages of the types that we consider inherently more risky; sub-prime mortgages, 100% LTV mortgages, mortgages on high-end homes and mortgages for speculators/flippers.”
      Citigroup Analyst
      April, 2006
    • “GDW underwrites each loan with the anticipation of retaining the loan on its balance sheet. It uses its own underwriters and its own appraisers to validate borrower capacity and collateral values. GDW further restricts the types of properties and the maximum loan terms to reduce the risk that negative amortization will present a high risk of loss.”
      Merrill Lynch Analyst
      Jan. 2006