Sunday :: Aug 19, 2007

Open Thread


by Mary

Surprise: that there were problems in the housing market were not a surprise to those who dealt in reality.

“All of the old-timers knew that subprime mortgages were what we called neutron loans — they killed the people and left the houses,” said Louis S. Barnes, 58, a partner at Boulder West, a mortgage banking firm in Lafayette, Colo. “The deals made in 2005 and 2006 were going to run into trouble because the credit pendulum at the time was stuck at easy.”

Duh.

This thread is now open for business.

Mary :: 12:01 AM :: Comments (17) :: Digg It!