Another large pending BK in the mortgage space

[davelj]

Despite recent protestations to the contrary from management, I’m told that NovaStar will seek bankruptcy protection within the next week or so.

[lindismith]

omg. this is going to be never-ending.

[lindismith]

omg. this is going to be never-ending.

[lindismith]

omg. this is going to be never-ending.

[one_muggle]

Yup.
I heard from my father’s brother’s nephew’s cousin’s former roommate (aka Dark Helmet) that Wachovia is taking it in the shorts for the American Home Mortgage BK. I guess they got left holding the flaming dookie bag when the music stopped.

(story true, source fake–in case yer pondering)
I heard them yellin “Run from your Bills, Run from your Bills” all the way from Charlotte.

-one muggle

[one_muggle]

Yup.
I heard from my father’s brother’s nephew’s cousin’s former roommate (aka Dark Helmet) that Wachovia is taking it in the shorts for the American Home Mortgage BK. I guess they got left holding the flaming dookie bag when the music stopped.

(story true, source fake–in case yer pondering)
I heard them yellin “Run from your Bills, Run from your Bills” all the way from Charlotte.

-one muggle

[one_muggle]

Yup.
I heard from my father’s brother’s nephew’s cousin’s former roommate (aka Dark Helmet) that Wachovia is taking it in the shorts for the American Home Mortgage BK. I guess they got left holding the flaming dookie bag when the music stopped.

(story true, source fake–in case yer pondering)
I heard them yellin “Run from your Bills, Run from your Bills” all the way from Charlotte.

-one muggle

[davelj]

I read this earlier today and chuckled:

“Thornburg Mortgage President Larry Goldstone says ‘there is no possible way’ the company can lose $3.5 billion worth of long-term capital in a portfolio filled with highly rated mortgage assets.”

Is that so, Larry? Clearly, Larry’s either (a) lying, or (b) stupid. Larry’s not stupid, so see (a). At least he displays an aptitude for playing a confidence game.

The problem, of course, is that when your highly-leveraged funding structure exists largely at the whim of lenders who will cover their asses at all costs when problems crop up, eventually you’re going to pay the piper.

[davelj]

I read this earlier today and chuckled:

“Thornburg Mortgage President Larry Goldstone says ‘there is no possible way’ the company can lose $3.5 billion worth of long-term capital in a portfolio filled with highly rated mortgage assets.”

Is that so, Larry? Clearly, Larry’s either (a) lying, or (b) stupid. Larry’s not stupid, so see (a). At least he displays an aptitude for playing a confidence game.

The problem, of course, is that when your highly-leveraged funding structure exists largely at the whim of lenders who will cover their asses at all costs when problems crop up, eventually you’re going to pay the piper.

[davelj]

I read this earlier today and chuckled:

“Thornburg Mortgage President Larry Goldstone says ‘there is no possible way’ the company can lose $3.5 billion worth of long-term capital in a portfolio filled with highly rated mortgage assets.”

Is that so, Larry? Clearly, Larry’s either (a) lying, or (b) stupid. Larry’s not stupid, so see (a). At least he displays an aptitude for playing a confidence game.

The problem, of course, is that when your highly-leveraged funding structure exists largely at the whim of lenders who will cover their asses at all costs when problems crop up, eventually you’re going to pay the piper.

[kewp]

Is that so, Larry? Clearly, Larry’s either (a) lying, or (b) stupid. Larry’s not stupid, so see (a). At least he displays an aptitude for playing a confidence game.

Why am I reminded of a quote from “The Big Lebowski”?

[kewp]

Is that so, Larry? Clearly, Larry’s either (a) lying, or (b) stupid. Larry’s not stupid, so see (a). At least he displays an aptitude for playing a confidence game.

Why am I reminded of a quote from “The Big Lebowski”?

[kewp]

Is that so, Larry? Clearly, Larry’s either (a) lying, or (b) stupid. Larry’s not stupid, so see (a). At least he displays an aptitude for playing a confidence game.

Why am I reminded of a quote from “The Big Lebowski”?

[Author]

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