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Shoeshine
Joined: 10 Nov 2007 Posts: 38 Location: Greater Lowell MA
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Posted: Sun Nov 18, 2007 2:59 pm GMT Post subject: Creative Loans, Subprime Lender to Belly Up Soon |
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The ability of a home buyer to get their hands on money
that they could not afford to pay back, to me , is the underlying
cause of this Real Estate Bubble that we find ourselves in .
It's too simplistic a statement , and it ignores the part
that real estate investors played in this mess , but
ultimately , without the ability of customers (homebuyers)
to over leverage themselves , the investors would not have
been able to feed into the frenzy .
Someone(s) had to feed Cash into this group .
Here is a NYTimes article of one of the bit players
in this fiasco, that is about to go under .
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http://www.nytimes.com/2007/11/18/business/18gret.html?ref=business
We are far far from seeing the last of this Enronish Mess
THINGS aren’t going very swimmingly for investors in NovaStar Financial, a subprime mortgage originator in Kansas City, Mo. Its stock plummeted last week on news that the company lost $64.05 a share in the third quarter, that it had canceled its preferred stock dividend and that it was no longer able to reap the tax advantages of a real estate investment trust status.
The stock ended the week at $1.72, down from $40 in June.
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