Is WaMu the Next Countrywide?

Countrywide Financial (CFC Quote) isn't the only big bank threatened by the deepening real estate crisis.

An analysis of the largest 20 banks and thrifts by TheStreet.com Ratings shows that four institutions are under-reserved for possible credit losses, a red flag as the economy slows and mortgage defaults rise.

Perhaps more troubling, the numbers show that one of those institutions -- Washington Mutual (WM Quote) -- could join Countrywide in facing serious liquidity problems as worries about the housing and mortgage markets multiply. Meanwhile, another big lender, National City (NCC Quote), could see its earnings and dividend come under pressure as a result of its low reserve levels. ...