[QUOTE=host][QUOTE=aceventura3]
ace....your WSJ article is wrapped around the same conflict of interest as this
is:
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ace....the markets are "rigged"....the "tell" is that the "largest underwriter of mortgage bonds is the same firm whose anal-ysts are "talking up" the stock price of one of the "top three" sub-prime lenders, "NEW", a company that fed Bear Stearns the crappy loans that it put lipstick on, and sold as "securitized" bonds.
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People who invest in mortgage backed bonds don't invest in subprime lenders. Often when a subprime lender packages and sells the loans they originate, they either guarnatee or buy insurance against defaults. The subprime loans are often packaged with prime loans, dispersing the risk to the mortgage backed security investor. No matter how you slice it the mortgage backed securities are backed up by real-estate. I believe mortgage backed securities are a relatively safe investment.
Saying the market is rigged for the reason stated assumes people investing billions of dollars are fools.
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Your WSJ article is more or that "happy talk", BS propaganda from the big investment banks....because if they told the truth, the housing market would crash from a liquidity crunch, and the "bottom lines" of these "big boy" thieves, would be negatively impacted.
This "scam" came with the, at least "tacit" approval of federal regulators, and Fannie and Freddie management. The losers....the bagholders, will be every J6P who works in a home or mortgage related industry....and later....by sometime in 2008, most of the rest of us...
ace....when the "BS" anal-ysts upgrade "NEW", eleven days ago....the stock's price was above $15. Trading is halted now by NYSE...."NEW" closed friday at $3.21 per share.... my Level II screen (real time stock quotes)....shows, when and if trading in "NEW" resumes, the bid is $1.65 and the ask is $1.68....why don't the Bear Stearns shills who claimed it would be worth...worse case....above $10 per share, just ten days ago, buy "NEW" for their investment bank.....
ace.....I can lead you to it, but I can't make you see. All of the signs are there....and the thieves who run Wall Street, and the FED/Fannie/Freddie, and every real estate agent and mortgage banker who gets in front of a mic, or in print, will soft peddle this decline to depression, all the way to the bottom.....down, down, down....on a wall of (misguided) hope!
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My article is "happy talk" or bullshit, and yours is o.k. since its from the New York Times. This is how you want to have a serious discussion?