Subprime Mortgage Lenders: Who Will Survive/Disappear? Message Board

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Non-Tech : Subprime Mortgage Lenders: Who Will Survive/Disappear?

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To: LPasko who wrote ()	10/5/1998 4:41:00 PM
From: Paul Berliner	Read Replies (1) of 10

I took a significant loss on CRIIMI, one of my few LT holdings, all within the last few days, and of course you've probably heard the bad news today - they've filed Chapter 11 because they can't meet their margin calls. And just days after they assured us all was well.... In retaliation against these fiends, I purchased put options on NDE (IndyMac Mtge. REIT) today, as the entire industry fell on its face amid the news that the bellweather Co. had thrown in the towel. IndyMac is one of the few in the industry w/options and one of the few remaining over $10. They've screwed me with leverage - I'll fight fire with fire! Had CRIIMI just been truthful to us last week I wouldn't have this attitude. Their constant cry was always 'were no Capstead'. I'd always read all their filing & releases and never knew they were so leveraged - thus there's no difference to the investor between CMOs and CMBSs; not in this rate environment.

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