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

To: C.N.S. who wrote (7320)	2/8/2004 6:00:58 PM
From: Ramsey Su	Respond to of 110194

C.N.S. Thanks for the response. I am somewhat familiar with the process but unclear about LEND and NCEN. Southern California is subprime haven and I don't have enough fingers and toes to count those who had gone to subprime heaven. Recently, I had lunch with the brokers of a SD mortgage broker. They told me that all the big boys, specifically mentioning Citi that I remembered, gladly take every subprime loan they originate. If they are playing the carry trade game, the profit margin must be so huge that they can afford to buy junk, counting on a high default ratio. I suppose if I am interested enough, I can dig through NCEN and LEND's 10Qs and Ks to see how they actually do it.