August 11, 2007
Before the REIC spun out of control, you used to have to have private mortgage insurance if you didn't put 20% down. And now? Anarchy and collapse.
What great thinking! Who needs stinking insurance! A relic of the past!
Tell that to the hedge funds, pension funds, foreign countries and everyone else that will get killed during the mortgage meltdown. With PMI in place, investors would have been protected against default.
World - you're on your own. We figured out a way to game the system and make you the bag holders. Countrywide, IndyMac, American Home Mortgage and the rest of the mortgage conmen on commission found a way to enrich themselves short term, and leave you holding the bag.
You ain't gettin' paid back. Now deal with it.