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

To: RockyBalboa who wrote (85307)	8/19/2007 10:24:48 AM
From: 10K a day	Read Replies (2) \| Respond to of 110194

First Magnus and CountryWide were pretty much in bed together? NO?

To: RockyBalboa who wrote (85307)	8/19/2007 2:04:07 PM
From: Metacomet	Respond to of 110194

The closure of First Magnus, quite a significant lender* will send some ripples to the market.* A lot of the problem is that firms like First Magnus, and most of the others that have gone belly up really weren't lenders at all. They were actually loan brokers. They lived on the fees generated by creating a deal, exactly like any other stock or real estate broker. The irony is that over the years, rules governing the ethics and business practices have been developed for these other middlemen. The guys who were signing folks up for giant or phony house deals were pretty much left to their own devices.