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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: How Many?
PostPosted: Wed Mar 14, 2007 6:06 pm Reply with quoteBack to top

I smell fear...
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: How Many?
PostPosted: Wed Mar 14, 2007 6:14 pm Reply with quoteBack to top

If not for the efforts of many of us here, the non-mortgage world would have waited weeks/months to hear about this implosion.

The posters here, with their rumors, 90% of which turned out to be truth, were ahead of the game. This forum was a way to spread the truth of the lending implosion...
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Justin
My head implode


Joined: 17 May 2006
Posts: 493
Location: Atlanta

Re: How Many?
PostPosted: Wed Mar 14, 2007 6:30 pm Reply with quoteBack to top

Just a note to everyone: let's keep it civil.

And on that note, this thread is closed.

_________________
Justin @ Justin Owings dot Com @ The Mortgage Lender Implode-O-Meter
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: How Many?
PostPosted: Wed Mar 14, 2007 6:39 pm Reply with quoteBack to top

My perspective is that malinvestment on a grand scale took place, due to systemic abuses and flaws. Yes it involves scuzzy rank-and-file brokers and LOs, loan company CEOs, and Wall Street investment banks, but it also involves the regulatory complex, right up to the Federal Reserve. The whole rotten system is stacked with incentives towards abuse, starting with the fact that all this borrowing and lending is taking place with play, imaginary "monopoly money".

I could go on and on with that but I'll stop, for now...

I do consider it a shame when good people get caught up in malinvestment, and lose jobs and fortunes (this is not only the workers in the mortgage banking and lending industry but also investors, such as a guy who told me he convinced his in-laws to invest in NovaStar...). That is why I try to get job data and post it; so people can see the displacement that has happened as a result of this malinvestment.

Subprime should never have become a "growth industry". People should have questioned why it was "growing" so much in such a short span of time. Financial bonanzas are usually a sign something is wrong; healthy growth is more gradual.
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