Random Feed wrote an interesting post today on
Here’s a quick excerpt
The Banker Who Said No Bernard Condon and Nathan Vardi While the nation’s lenders ran amok during the boom, Andy Beal hoarded his money. Now he’s cleaning up–with scant help from Uncle Sam. Standing outside the glass-domed headquarters of his Plano, Texas, bank in March, D. Andrew Beal presses a cellphone to his ear. He’s discussing a deal to buy mortgage securities. In just a few minutes, the deal’s done: His Beal Bank will buy $15 million of face value for $5 million. A

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Random Feed wrote an interesting post today on
Here’s a quick excerpt
This article tentatively accepts the proposition that the default of sub prime mortgages and the subsequent decline of housing prices have been the cause of critical problems in the banking system and collapse of credit markets world wide. Letís do some housing math. Last fall there were about one million delinquent mortgages. Let us presume the current figure is now fifty percent worse ñ i.e. one point five million homes. Assume that the average delinquent loan has a face value of about $

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