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Politics : Welcome to Slider's Dugout
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To: ecrire who wrote (4701)3/13/2007 9:35:32 AM
From: RonMerks  Read Replies (1) of 50725
 
Subprime Meltdown accelerates!

Yo Slido- your 'go to zero' call on subprimes has come to fruition. Accredited Home Lenders- LEND is collapsing. NEW is dead and I'm guessing one of your other picks- Nova Star NFI is soon to follow. I see Angelo Mozilo of Countrywide is dumping his stock- over $140 Million.

My question is this- its probably too late to short many of the pureplay subprimes, but how about Countrywide, GM- because of GMAC and DiTech (how about subprime auto's?) and especially Fannie Mae and Freddie Mac?

I bought some puts on FNM here thinking there sitting on a whole lot of stinky paper- that taxpayers will get stuck paying for- just like the S&L crisis.

Bill Siedman must be having some deja vu dreams at night here.

Here's some hi-lights- or, low-lites,

fdic.gov

The subprime guys that originate the paper drive convertible Ferrari's.

The Investment Bankers that bundle and resell the paper make $10 Million Dollar bonuses and buy Maybach's.

The Customers who signed the paper and took out 120% of their homes value bought and drive new Suburbans & Escalades.

And the scmuck taxpayers like me- who will get stuck bailing them all out - drive 1998 Ford F250's.

I only ask that they use a little vaseline this time <vbg>

Bend over taxpayers- it's coming.

Ron
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