(8pm - promoted by Edger)

I have been asked some interesting questions in my series A Diary A Day. Like is it possible a single home mortgage is represented in multiple bundles, or has trigger multiple insurance payments.

Let explore the possibilities below the fold.

*******

           Read more... 

(5pm - promoted by Edger)

Yesterday I diaried about my understanding of how the meltdown happened, here. But there is part of the diary worthy of a diary on it's own. The very important part played by Wall Street's three biggest arbiters of credit. We will look at their part combined with how these instruments were allowed to be traded that may be the largest fraud ever perpetrated against the American people. We will discuss the illegal actions that can and MUST be pursued below the fold.

*********
Years ago, in the 70's my "was-band" worked as a commodities broker for Merrill Lynch. In those days Merrill's biggest issue was their unwillingness to promote women to positions on the trading floor. It was during the time Nelson "Bunkie" Hunt and his brother tried to corner the silver market. Known as Silver Thursday, the very idea one person could come so close to cornering a global metals market, set Wall Street and much of the world back on their heels.

           Read more... 

(8pm - promoted by Edger)

In researching my Sunday diary I ran across some interesting facts and figures I thought I would share with you. Grab a pencil and paper, your pocket calculator and pop some pop corn because this is going to be entertaining in a sick and disgusting sort of way. Follow me below the fold for a trip to the house of cards where our dreams live, located at the intersection of greed and larceny with a little betrayal along for the ride.

between 2001 and 2006, the number of terminated subprime purchase-money loans — those used to purchase rather than refinance a house – outweighed the estimated number of first-time-homebuyers with subprime mortgages. According to the analysis, many subprime borrowers may have intended to make a quick exit from subprime loans — using the loans as “bridge financing” to speculate on house prices and then sell for a profit after values increased.

The study also found that subprime lending did not increase homeownership, as subprime activists believed it could. The number of defaults in a sample of subprime purchase-money mortgages within two years of origination is almost equal to the estimated number of first-time homebuyers who held subprime mortgages, the analysis found.

           Read more...