Perhaps if you’re in foreclosure, you might take heart that two guys from Bear Stearns who wildly traded your mortgage for profit were arrested today in New York. (Photo of Ralph Cioffi courtesy of the NY Times.) The two funds had names as obtuse as the complex subprime securities in their portfolios — High Grade Structured Credit [...]
Filed under: Foreclosure Fever, Mortgage Mania | Tagged: Bear Stearns, finance, hedge fund, Wall Street | 3 Comments »
The Wall Street Journal did some specious journalism today about the “buy and bail” phenomenon, based largely on anecdotal evidence (razors in Halloween candy, anyone?) that people who have a home are claiming they are going to rent it and buying another. The plan all along? To abandon the first house. Read on: While buy-and-bail [...]
Filed under: House Hunt, Mortgage Mania, The Market | Tagged: buy and bail, fannie mae, fraud, mortgage, walking away, Wall Street | 3 Comments »
Leatherface or former Countrywide CEO Angelo Mozilo? Seriously, he’s looking more like a haggard hobo bag with each passing day (maybe because he’s no longer making $336,986.30 every 24 hours.) Anyway, he’s in the news today defending making at least $123 million last year while everybody else in the world besides CEOs lost money and [...]
Filed under: Foreclosure Fever, Mortgage Mania, The Market | Tagged: Angelo Mozilo, CEO, foreclosure, hobo bag, mortgage, Proxy, Toll Bros., Wall Street | 1 Comment »
