I finally get the irony in the US mortgage market:
1: Here is a low/no doc loan; cheers!
2: easy repayments (until reset)
3: sell the loans into a CDO scheme
4: GS, JPM etc sell them for a fee
5: GS, JPM etc short the CDO schemes as reset time comes along
6: Crash in housing market as resets start to take hold
7: 1 in 4 homes in US are 'underwater' right now; owe more than their worth.
8: GS, JPM etc shame mortgage holders to keep their word and repay regardless
9: what's left will soon be worth less
10: GS, JPM etc with their mark to fantasy accounting need the remaining mortgage holders to keep paying,
11: ???
Basically the banks created it, sold it, shorted it, profited big time (largest profits in history right on the back of near collapse - get real) and now expect the strugglers to prop them up?
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Mark Waller, MD
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