This is priceless, from NPR:
“Finally, we find a beautiful, totally toxic asset at what Solberg thinks is a good price: $36,000. Back in the bubble, somebody paid $2.7 million for this thing. We buy a piece from Solberg for $1,000. It’s going to be our encyclopedia of the financial crisis.
What Our Toxic Asset Looks Like
Our toxic asset has 2,000 mortgages, many of them in hard-hit states like California, Arizona and Florida. A lot of the people in our bond are really struggling. Almost half are behind on their mortgage payments, and 15 percent of the homes are already in foreclosure.”
The subtext here is that we are still screwed in many ways and will be very lucky if anybody but the government will ever buy or guarantee home loans by the time the mortgage finance system is done detoxing.
· We Bought a Toxic Asset; You Can Watch it Die [NPR]
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