not remember that in college we were a "master debater"...
{or something like that}
=======================
JGBHimself Mesa, Az July 28th, 2010 2:10 pm
Rather that take an "argumentative" position, what our dear Prof/Mr. Ed, aka The Glaseser, has shown U.S. is that he is an even handed economist. Having participated in espousing both sides, he assumes that both have some, if not equal, merit. MOG, would would we DO without "on the other hand" economists like him. (and, no, that is not a question)
What Prof/Mr Ed forgot to mention - why we do not know - was/is the established fact that Wall Street's securitization machine, prior to 04 when they were getting started packaged almost exclusively prime RE mortgages, and AFTER 04 through 07 when they imploded packaged their RE mortgages consisting of almost 75% subprime & ARM loans. The packages prior to 04 were rated exactly the same as the packages AFTER 04. Why? Who did that? How much DID they make off U.S. in those sweetheart deals?
Mr Ed..., talk to U.S., and tell U.S. for once The Truth about what did, and should not have, happened.
Prof Ed, you remind me of a law school prof, an obnoxious immigrant from Texas - yes, we do know that is redundant - who announced that we were "Flat Out Wrong", but when we pointed out to him that HIS assumed facts were not in fact the facts of the case; and that IF we applied The Law of the case to The Facts of the real case presented we appeared to be correct, replied: "You have a good point." Like you?, he went on to rape & pillage someone else.
Oh, and Mr Ed, on balance, your article was a lot better than most. You're welcome.
-----------
JGBHimself Mesa, Az July 28th, 2010 2:50 pm
Prof Ed, please let me clarify something.
When we pointed out the fact that The Securitization Machine switched from prime to subprime & ARM loans, we did not mention for your benefit: a) those were the "dead" years, aka the "underwater years", 02 to 07; b) most were made in the sand states = Cal, Nev, Fla & AZ; c) most were made by Countrywide/BoA, WAMU/Chase, Wichovia/Wells and New Century/BK; d) the largest "servicers" banks of both non-agency securitized packages AND FMae&FMac RE loans are those same three Big Bailed Out Banks; e) as in a failing grade, almost 80% of those same bad RE loans are now in default status = multi-months behind in payments, strategic defaults and/or foreclosures - completed & pending.
In the last two years more than 50% of ALL foreclosures of U.S., AND more than 50% of all "underwater" RE loans, have been/are in those same sand states, and of those same bad RE loans.
During those "dead years", Wall Street issued over 50% of ALL of the RE loans made to U.S. as "private" securitiztion packages. When they collapsed in Jan 08, FMae&FMac then issued 85+% of all RE loans to U.S. In July 08 your President - W, The (aka, your) Republican - "nationalized" both FMae&FMac. What's up with that?
Today, FHA, not be confused with FMaeOrFMac, issued over 80% of RE loans to the first time home buyers under the Buyers Tax Credit programS - as low down payment Federally insured loans.
What you actually got, is not what you think you see. (or something like that)
Debating the Securitization of Mortgages
http://economix.blogs.nytimes.
=========
No comments:
Post a Comment