Detailed Causes of the Crisis and Post-Crisis (1)
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dearjohnthain (2)
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Dear John Thain (2)
1 week, 5 days
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Since this is a political season, and with the economic crisis, I think everyone in finance understands there is a sort of “silly season” that ensues. We certainly noted the sort of irrational behavior that would immediately make an economist question their beliefs. To me, though, the most offensive form of this stupidity comes from those who believe the Community Reinvestment Act and Fannie and Freddie sparked the whole crisis. Mr. Ritholtz rails against this ...
New Prius photo leaked (1)
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Don't blame the quants: Fannie edition (1)
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Steve Hsu (8)
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Information Processing (8)
1 month, 2 weeks
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This article in the Times gives some details about the collapse of Fannie Mae. It's pretty clear that the quants at Fannie knew they were undercharging for risky loans, and that senior management knowingly pushed the firm into dangerous territory.Fannie's business: repackaging mortgages into collateralized securities. But it operated under political pressure to help low-income buyers achieve home ownership and under financial pressure to compete with investment banks getting aggressively into the mortgage securitization business.NYTimes: ...
Some Much Needed Perspective (1)
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Jim Duncan (7)
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national real estate opinion column - agentgenius.com (2)
2 months, 1 week
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Tell a friend to subscribe to the RSS feed and we *might* tell Santa to not leave coal in your stocking this year! Reality Check? In reading the multitudinous stories about the Fannie/Freddie bailout/debacle/needed reform/callitwhatyouwill, one of the more stalwart voices in the economic world demonstrated the need for perspective. In Monday’s Wall Street Journal story titled Plan Skirts Housing’s Biggest Troubles, this sentence was striking and bewildering: The most immediate change could come in ...
Boing Boing Gadgets (1222) permalink
As Nilay Patel aptly puts it, "yep, looks like a shoe." 2010 Prius Photos posted on PriusChat First! Confirmed real! [Prius Chat via Engadget]Shared by Mike (12)Contribute comment
