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  1. Edwards on the mortage mess | Bankruptcy Topics August 30, 2007 @ 10:38 am

    […] one day before Senator Obama gave his misguided opinion on the mortgage mess another Democratic hopeful had come to the fore with his own opinion. (By the way, you got to love […]

  2. Rimpa December 27, 2015 @ 7:26 pm

    Thank you for your analysis.Your guess is not wrong. However, I would like to mptliuly your figure by 50 times. I estimate the loss is about 20 trillion.It is not so simple where it is defaulting on mortgage. It is buying multilayered premium prices on margin. The best thing is, the value of the underlying asset is zero or near zero. Compounded effect. The financial firms were buying thin air with billions of dollars borrowed on nothing and the very asset they are sitting on is depreciating in value. The whole US and Europe will take at least 5 ~ 6 years to restart afresh properly.(originally I would like it takes 10 years, but based on further analysis, the recovery cycle may be shortened because of growing middle class in Asia)That’s why I have been warning your readers that this is not a simple case of bull or bear or cyclical turns. The very foundation that the current market is built from, is crumbling. As I term it – it is the Great Depression of the 21st Century.You cannot run or hide from this terrible tsunami. Please keep your cash in your saving bank. You will need it for the next 3 to 4 years and also to start bottom fishing then. I am not surprised to see STI sink to below 1500.If you managed to save $200/mth or $300/mth for 3~4 years, you would have about $10,000 and you can start looking for bottom and buy good quality equities at heavily discounted prices. remember to buy in phases.R.

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Obama on the mortgage mess

Uncategorized Comments (4)


Short note today

You can read the full FT article at MSNBC.

I think it’s very brave from a politician to come out and declare that the government should do something because, from his point of view “our government failed to provide the regulatory scrutiny that could have prevented this crisis.”

However, he misses completely the point when he says that (the government needed to) “stop the unlicensed, unregulated, fly-by-night mortgage brokers who are hoodwinking low-income borrowers into loans they can’t afford”.

This crisis was not created by “unlicensed, unregulated mortgage brokers”! This crisis was created by the most important financial institutions of the country. His allegedly proposed solution that “unscrupulous lenders who deceptively sold subprime mortgages to millions of Americans should be fined and the proceeds used to help bail out borrowers facing a wave of foreclosures” is one that may hold water in a court of law as a class action law suite. However, it is not in my opinion a viable political solution because it does not address the core issue: who is responsible for this debacle.

Franklin @ August 29, 2007

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