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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (5794)	1/22/2004 12:51:55 PM
From: Ramsey Su	Read Replies (1) \| Respond to of 110194

I listened to the conference call. Frankly, even though I believe I understand the mortgage insurance business, I cannot come to any conclusions. The problem appears to be very specific to RDN. What I really did not hear is a broad based deteriorating of the mortgage quality, which is surprising to me. Time is on the side of these companies. While I agree that we are heading for a wreck, this train can still go a long way. I was talking about the "old times" with a friend, about how naz has now doubled off its lows. However, we are still just at 2000 when the high was over 5000. Being short against this mania could be very costly.