The Oil Drum | DrumBeat: November 27, 2006

210 comments on DrumBeat: November 27, 2006

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phineas gage on November 27, 2006 - 12:17pm

Alan, yea that makes sense. It also makes it all the more perverse. They avoid the anti-predatory lending laws by selling as a "for sale by owner" then immediately dump the loans into the secondary market. Brilliant! I should have been a banker! (not really, I wouldn't be able to sleep at night if I made a living doing crap like that.)

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tate423 on November 27, 2006 - 2:29pm

Oh and they don't securitize these packaged loans every few months. There is a market out there that satsifies this demand every single day. This is how Fannie Mae/Mac are now on the hook for something like over 40% of the total market and over 60% of the sub prime market. I would love to get updates on those numbers though as they are about 6 mos old and from memory.

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210 comments on DrumBeat: November 27, 2006

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