Sunday, January 27, 2008

60 Minutes - Subprime Story

Wow. They actually placed some of the blame on the borrowers. In particular, I was facinated by the couple that was planning to walk away from their home. Although they could make the payments after the resets, they made a cold blooded decision to walk away from the loan. In their mind, it is the bank’s obligation to make the loan a good deal for them.

Basically, there are no innocents in this mess.

BTW - the agent who invented the RepoBus is brilliant. As the mess sorts itself out, people who are buying properties at a discounts are going to make a killing.

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