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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (28010)3/7/2005 1:23:39 PM
From: John Vosilla  Read Replies (1) of 110194
 
So who picks up the tab this time when that ranch home in LA that is now worth $800K with a $760K ARM gets cut in half? Almost no chance of getting any of that deficiency judgment from the prior owner or does Fannie Mae com up with some creative accounting? Wasn't the bailout almost a trillion dollars last time? Any guesses on what it will be this time. Perhaps up to $3 trillion is my guess. Perhaps we won't be able to afford any wars for a while which is a good thing. In any case banks tighten underwriting, borrowing costs rise due to credit risks and government interference, people hate real estate again and life goes on. Imagine the scandals and fraud that get uncovered when the shit hits the fan. Will make Worldcon, Enron and Centrust Savings look like a walk in the part.
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