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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (24876)1/18/2005 9:38:47 PM
From: John Vosilla   of 110194
 
<Golden West gathers deposits and lends the money out as mortgages on modestly priced, single-family homes.>

ARMS with all the new first time buyers with no equity into the overpriced Caifornia and other urban coastal markets will be at great risk of default. And I bet there is going to be some very lax underwriting uncovered and fraud found across the board when the shit hits the fan with no one in the industry immune.
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