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April 21, 2008

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Those delinquency numbers are scary. Can the FED take HELOCs at the auction windows in exchange for treasury bills?
You're the greatest Mr. Mortgage. Thanks for shining the light into the dark corners.

How can the Fed take these as collateral? Look at the performance of these HELOCs. Cash flows for these will end up being nil.

Did you note the BOE is now taking crappy mortgages in exchange for good pound sterling gummint backed paper?

Of course they're claiming the collateral "swap" is "quality mortgatges" although I don't know why a bank would want to get rid of it's good mortgages?

They're starting "small" -- only $100 billion pounds to begin! LOL!

collateral swap - just like shit the Fed is swapping for t's over here. 'Investment grade' is down to BBB-. They are likely worth 10 cents on the dollar.

Massive put positions on WFC, BAC and C.

Pathway to serious riches.

I'd gladly pay 10 cents on the dollar for my mortgage, but I already offered 85 cents and they wouldn't take that. Nonetheless, they're willing to short sell it for 60 cents and that goes down weekly.

I'd gladly pay 10 cents on the dollar for my mortgage, but I already offered 85 cents and they wouldn't take that. Nonetheless, they're willing to short sell it for 60 cents and that goes down weekly.

http://www2.tbo.com/content/2008/apr/19/na-forced-to-give-up-condos/

In Florida, condos are going back to apartments. We sold our place and then moved into an apartment in the Tampa Area because we knew what was coming, than they converted the apartment we were in to condos... wanted us to buy and they were pushing interest only loans. We laughed the whole time, we moved out... they said they were going to give us a deal since we were already in the unit. Well, the units are already going for 20% less. Now you could be forced to sell at a loss even though you are not in foreclosure.

Actually it looks like the condos were in are selling(asking) for 25-30% less than the DEAL? they were going to give us just 18 months ago. What a deal.

I would suspect they are still very much overpriced, plenty of units available. Quite sad you could be forced to loss money, how would that work with a mortgage??

Short WFC BAC C are great plays in my opinion. Condo's in FL are not. haha.

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