Subprime
Today's Linkage on fresh cash for Not-A-Banks, Mike Pence vs. the Fed, and Charlie Munger's favorite pastime
"Subprime" deservedly became a bad word post-crisis, but making credit available to borrowers who are subprime is national policy, and it's untrue to call it a scourge.
Better to be jarred by overt subprime marketing now than leveled by a stealth subprime financial system later.
Infographic. Plus a word from the trenches on loan approvals.
Infographic. Plus a word from the trenches on loan approvals.
A sober reminder of the dark side of fast growth.
[Editors Note: Rob Chrisman is on a cycling vacation this week so he’s asked some guest writers to step in on DailyBasis. Today, we start with mortgage banking vet Steve Emory.] The press still talks about how loans with stated income or 100% financing were the root of our problems. But subprime has been gone
The mortgage industry melted down August 2007, then whole financial world melted down September 2008. The Subprime Primer, a hilarious powerpoint chronicle of the crisis, made the rounds back then. I just stumbled across it, and I’ll repeat what I said at the time: Of all the deep analysis of the subprime crisis, this is
The mortgage industry melted down August 2007, then whole financial world melted down September 2008. The Subprime Primer, a hilarious powerpoint chronicle of the crisis, made the rounds back then. I just stumbled across it, and I’ll repeat what I said at the time: Of all the deep analysis of the subprime crisis, this is
A few weeks before the darkest days of the financial crisis in September 2008, economist Nouriel Roubini said: “we have a subprime financial system, not a subprime mortgage market.” Then the wheels came off: Fannie and Freddie overtaken by Treasury, Lehman failed, Merrill overtaken by BofA, WAMU overtaken by Chase, Wachovia overtaken by Wells, AIG
Load More