14 replies to this topic

[endisnear]

OGM, in the interests of full disclosure, were you thrown off the CapitalStool board and asked not to return?
If so, what were the reasons?
Could that be affecting your negative comments about that site?

Yes, the reasons were ... I didn't like Gold as an investment, and I suggested that subprime problems may not be as severe as the public thinks. No kidding.

My negative comments come not from that though. Stool is a hack. his analysys is crap. I read his reports. "We'll either go up or down".. thats basicaly it. Some disgruntled former real estate agent who's selling doom and gloom crap to his subsrcibers at inflated prices.

I only had a couple posts on that board, though I was reading it for quite a while. I read a lot of boards. Just for sentiment and general info.

Wndy is the smartest guy on the CS board. How the heck did he end up with that crowd.

subprime not as bad as public thinks?

Son, you have no idea. I used to be a mortgage officer and at least a dozen of the cos i repped are BK now. Ameriquest, New Cen, among the largest.

I saw what went on. Its nowhere near as bad as the masses can imagine. Sold loans in TX, CA, and FL.
I repeat, its nowhere near as bad as anyone can imagine. Unless you worked in the subprime industry you haven't a clue of the fraud that was perpetrated from everyone including mortgage brokers, loan officers, title, appraisers. its bad bad bad bad bad.

[ogm]

subprime not as bad as public thinks?

Son, you have no idea. I used to be a mortgage officer and at least a dozen of the cos i repped are BK now. Ameriquest, New Cen, among the largest.

I saw what went on. Its nowhere near as bad as the masses can imagine. Sold loans in TX, CA, and FL.
I repeat, its nowhere near as bad as anyone can imagine. Unless you worked in the subprime industry you haven't a clue of the fraud that was perpetrated from everyone including mortgage brokers, loan officers, title, appraisers. its bad bad bad bad bad.

I have a very good idea. But thats not the point. The market has already been discounting it for weeks. Take a look at ABX indexes.

As I said, the 100% rise in foreclosures sounds bad. But take California for example. What does it mean in absolute numbers... it means that it went up from 0.15% to 0.3%.... well within normal risk parameters.

With all that hoopla, there is actually only 0.3% of the loans in default......

Edited by ogm, 05 September 2007 - 07:53 PM.

[Rogerdodger]

Looks like that good old "1490ish" is back.

Edited by Rogerdodger, 05 September 2007 - 08:54 PM.

[try2win]

subprime not as bad as public thinks?

Son, you have no idea. I used to be a mortgage officer and at least a dozen of the cos i repped are BK now. Ameriquest, New Cen, among the largest.

I saw what went on. Its nowhere near as bad as the masses can imagine. Sold loans in TX, CA, and FL.
I repeat, its nowhere near as bad as anyone can imagine. Unless you worked in the subprime industry you haven't a clue of the fraud that was perpetrated from everyone including mortgage brokers, loan officers, title, appraisers. its bad bad bad bad bad.

I have a very good idea. But thats not the point. The market has already been discounting it for weeks. Take a look at ABX indexes.

As I said, the 100% rise in foreclosures sounds bad. But take California for example. What does it mean in absolute numbers... it means that it went up from 0.15% to 0.3%.... well within normal risk parameters.

With all that hoopla, there is actually only 0.3% of the loans in default......

thank you ... that is what i had tried to explain on many forums.

wndy is a shining star on CS.

[ogm]

I have a very good idea. But thats not the point. The market has already been discounting it for weeks. Take a look at ABX indexes.

As I said, the 100% rise in foreclosures sounds bad. But take California for example. What does it mean in absolute numbers... it means that it went up from 0.15% to 0.3%.... well within normal risk parameters.

With all that hoopla, there is actually only 0.3% of the loans in default......

thank you ... that is what i had tried to explain on many forums.

Remember dotcoms ? Those 1000% increase in revenue announcements that used to send stocks to the moon.
"We posted 1000% increase in revenues" -- woohoo... jam the stock up 20 points. But when you look at the numbers the revenue was 1 dollar and now its 10 dollars. 1000% sounds better then it is.

This is looking like the same thing, only in reverse.

The biggest problem aren't the loans themselves. But the 10 to 1 leveraged hedgefunds that had to unwind when those loans dropped 5 cents on the dollar. Thats where the pressure is coming from. And of course those that actually provided them leverage might've got hurt. Once the unwind stops, its not that bad.

Edited by ogm, 05 September 2007 - 09:40 PM.