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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (28344)10/15/2000 9:24:52 PM
From: Earlie  Read Replies (1) of 436258
 
Patron:

Well done in posting this. I wish it could be made into some form of "required reading".

"The market is used mainly by banks and finance companies looking to take debt off their balance sheets"

This whole business of securitizing the debts and wiping the balance sheet clean has been perfected to almost a science by the banks. Of course, it means that the risk has been passed on to "greater fools".

There have already been some failures in this securitized trash. We watched it to see what would happen. The crazy banks made good on them, which of course kept the game going, but it also set up some "precedents" which I think will come back to crater them.

Best, Earlie
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