The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: ridingycurve who wrote (71000)	10/4/2006 7:53:21 PM
From: Clarksterh	of 110194

Don't take this to the bank but I've heard a lot of these loans were originated by mortgage companies that tweaked the numbers to make the loans work. The loans were then presented for sale to banks that were so busy they did not perform proper underwriting. Just given the sheer raw numbers of ARMs and particularly IO ARMs etc I fully believe that Ramsey is correct that the banks did get looser. But it is possible (even probable given Ramsey's reported WS view) that WS doesn't view indirect evidence such as number of ARMs as compelling. Odd? Yes. But ...

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