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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (51389)	4/4/2006 6:12:11 PM
From: Elroy Jetson	Respond to of 306849

Centex merely sold their in-house sub-prime mortgage company to an outside investment group - as I previously posted two weeks ago on March 20. Message 22311572 Centex dumps their Sub-Prime lending subsidiary. Centex signed an agreement to sell Centex Home Equity Company (CHEC), their sub-prime home equity mortgage lender to a New York based investment management firm, Fortress Investment Group LLC. Fortress Investment Group, founded in 1998, has more than $20 billion in equity capital under management. If Fortress were owned by the Centex CFO under an agreement with Centex - then that would be like Enron. .