Comments

    I believe the purchase of actual loans is also subsidized.  Which, as BooMan points out, is a good thing, and…
  •  View post
    • The more we sell mortgages at a discount and allow them to be rehabilitated, the more rehabilitated the securities will…
  •  View post
    • I think one problem we have in this discussion is that "inherent value" and "natural price" don't mean anything to…
  •  View post
    • You are ignoring that the securities are based on the underlying mortgages, no matter how convoluted the details may be.…
  •  View post
    • First of all, you're talking about the actual loans, which are a total red herring.  The things being overpriced are…
  •  View post
    • It's no more sinister or irrational than anything else banks do. It's just that it's not likely to accomplish the…
  •  View post
    • That last comment was before I ran across this little gem, via NC: One Wall Street trader told The Post…
  •  View post
    • derivatives are only part of the shitpile. So what?  The "legacy loans" are only a problem if they're genuinely worthless.…
  •  View post
    • these loans are not much different from a mortgage, as far as I can tell. Different collateral.  Mortgages involve real…
  •  View post
    • You put your money down, the government matches it. First of all, my understanding is that when you put your…
  •  View post
    • what Slacker said -- a fascinating question, and I've already gone back and forth on it a couple of times…
  •  View post
    • weird.  I feel sorta guilty recommending this, on account of being attached to the project.  but we really are going…
  •  View post
    • dammit, I had a feeling we were going to wind up agreeing 😉  I didn't think you were really harshing…
  •  View post
    • excellent diary, but I think you're missing what NVR is good for.  not that pacifism is really the same thing…
  •  View post
    • amen!  working in our favor is the fact that damn near nobody really trusts the mainstream outlets any more.  even…
  •  View post
    • Karl is pretty obvious but at the same time it just seems sort of right...  Timrek (as in Kermit's evil…
  •  View post
    • checking in from south bay SF.   this is cool, BooMan.  lookin' forward to more of the same.  
  •  View post