Golden West Financial "peer perform"

09/11/03 - Bear Stearns

NEW YORK, September 11 (New Ratings) – Analyst David Hochstim of Bear Stearns reiterates his "peer perform" rating on Golden West Financial (GDW).

In a research note published this morning, the analyst mentions that the company’s stock declined considerably on September 10, along with the stocks of several other residential lenders. The company is unlike other lenders, as it focuses on ARMs and minimal fixed rate lending and not as much on mortgage banking, the analyst adds. The company is well positioned as a key ARM lender in the current environment that is characterized by high rates on fixed rate loans, Bear Stearns believes.