Man, if the financial world just read the bubble blogs, they wouldn't have all these little "surprises"
Gee, what a shock! The liar's loans ain't gettin' paid back! Who knew! Oh my!
They called them "Liar's Loans" for a reason. One more time - they called them "Liar's Loans" for a reason.
Not only will Liar's Loan King IndyMac go out of business eventually, after getting sued to the moon by the bagholders who bought their garbage, but I hope to see their mortgage-fraud-enabling stock-pumping CEO Michael Perry frog-marched at the FBI's earliest convenience.
Alt-A Mortgage Securities Tumble, Signaling Losses
Securities backed by Alt-A mortgages and other home loans to borrowers with better-than-subprime credit tumbled this month, causing investment funds to unwind or meet margin calls and signaling larger losses for Wall Street.
About $950 billion of Alt-A mortgage securities are outstanding, compared with about $650 billion of subprime securities and $500 billion of prime-jumbo securities