Friday, June 08, 2007

Where are the Fires?

Where there's smoke there's fire. Right?

It occurs to me that there are at least a dozen loan portfolios that were purchased, assembled, sliced prepped and resold many times last year containing CaseyLoans™. The CaseyLoans™ themselves don't bother me. They won't sink these porfolios or subsequent tranches or hedges or other forms of insurance backing and risk mitigation. Losses are built into rates and swap terms. Don't ask me WTF a credit default swap is, this ain't no Calculated Risk ask them. No, what concerns me is the sustainability of entire MBS financial structure if a dozen CaseyLoans™ can get through then how many others got in under the radar?

It occurs to me that no matter how thin you slice it, it is still amounts to a sh!t sandwich and we are all going to be told to take a bite.

19 comments:

Bohica said...

What the.....?
6:45 AM ????????????
First ??

FlyingMonkeyWarrior said...

Murst, I might add that that Kasey is the Face of that shitaki sandwich!

Rob Dawg said...

bohica,
"6:45 AM" Just to make sure there weren't any 'bots left lurking. ;-)

FlyingMonkeyWarrior said...

Bots do not work with the new rule, read the topic, then include your claim of first or Murst in a full sentence related to the thread, right.
Just need to know the rules.
I do have pretty good timing today.
(:

Benoit™ said...

Mortgage brokers like Mr. Swaby are the flies that are attracted to the shit-stain that is Casey Serin.

Nigel's Guest Blogger said...

On the housingbubbleblog, I saw something that mentioned in my area from 2004-2006 30-40% of all sales were to folks who listed the property as a 2nd home (vacation or investment)... not being anywhere near a beach, I'm assuming alot of Casey's got pumped up in seminars and Flip this House shows and they were clearly the cause of the silly appreciation and they'll be many Casey's out there... those who have the sense not to post the details of their frauds.

king friday the 13th said...

Take a look at your money market accounts. These MBSs are often used to back these.

Kenerd said...

Hell'o is anybody here?

Did everyone go to IAFF?

Besides the 5 rob dog'ers?

Lurker Fantasy said...

OT, but how crazy is it right now to consider buying a new, to us, house to live in and selling our old house?

It seems like we have an amazing opportunity, no not a Casey opportunity a real one, but we're still nervous about it.

Murses said...

Hey, its Friday! (sorry, I'm a little slow this week). Is there a fraudcast tonight?

More importantly, where is the $1,000 for Casey's kitchen table?

Does anyone think he earned it last week?

Anonymous said...

Hmm, Casey deleting posts? I thought there were 91 in the latest thread but now are 84. Silly Casey.

Rob Dawg said...

Hell'o is anybody here?
Did everyone go to IAFF?
Besides the 5 rob dog'ers?


Yep, nope, wow, 5? As many as that?

Lurker fantasy,
Tough call without more info. Nearly everyplace in the US currently is sitting at historic high housing prices. While the odds say small chance the odds also say there is a chance.

Lurker Fantasy said...

Where we are housing prices are high, but some sellers, on our street for instance, haven't yet figured out that their houses aren't selling yet because they're overpriced. They priced them over what similar houses last sold for and I think they are/were anticipating the market increasing instead of turning down.

There is a huge government facility opening near us so the hype is that there will be a huge influx of people looking for housing so that the area's housing prices shouldn't dip too much.

The house we're looking at is being offered with many renovations, to our spec, done by the seller, and then sold to us at the seller's mortgage cost only.

It seems like a win-...good deal, but we need to be able to sell our house to afford it.

Proctor_O said...

@Lurker Fantasy

those sellers on your street need a reality shot in the arm. The economy can sustain these inflated prices. i've been saying that for 3-4 years. Prices will continue to trend downward for the next 2-3 years before levelling off.
But this huge government facility sounds like a may have a big impact, or maybe not. What city is this in? I am looking to divest myself of some underperforming equities. maybe the time is right to get back into real estate.

Sweet Cashback said...

Just to make sure there weren't any 'bots left lurking. ;-)

Hey I am taking that personal !!!

Oh and by the way, I don't know how that would identify or prevent any bots *grin*. A bot by default (and mine in particular) would do whatever everybody else is doing to become first. It would not get fooled bu the time stamp :-)

Proctor said...

Oops I mean economy CAN'T sustain

Sharky said...

Wow...all those posts, Casey's valyooable blog-property, deleted...gone like they were never there.

That there LossMitPro must be some kinda magical mystical wizard!

mejustme said...

I posted this on IAFF:

So now that you've found a way to wiggle out of the $1,000 challenge, do you still have to come up with $1,000 each week? That was today, right? Did you plunk ten Benjamins on the kitchen table? Since giving up the blog isn't an option, what will be your penance if you didn't?

BelowTheCrowd said...

More on this at:

We Are HERE Redux

-btc