is this the beginning of the down?

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    Sat Aug 16, 2003
    One Billion Down USD$ 150 Trillion to Go: Derivative Mismatch Explodes
    Author: Jim Sinclair/Seattle Times

    The following story, which appeared in the Seattle Times, is disturbing to say the least. This is only the tip of the mismatch iceberg. The problem for this company is in my opinion a derivative problem.

    By Bradley Meacham and Peter Lewis
    Seattle Times staff reporters

    A national mortgage company with operations in Washington abruptly closed its doors yesterday, potentially leaving thousands of homebuyers without loans. Capitol Commerce Mortgage, a Sacramento, Calif.-based company that buys loans and sells them to investors, closed after it likely failed to adjust for rising rates for home loans.

    The company had an office in Bellevue and total loans of more than $1 billion in Washington, said Chuck Cross, acting director of consumer services for the state Department of Financial Institutions (DFI).

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