Thursday, October 30, 2008

Please Pass the Panic

So a number of sources have compiled dramatic charts that show looming rate-resets and the doom of negative home equity.

With all the resources at the disposal of some new organizations, why hasn't anyone published a cross-reference of who were the mortgage brokers and the lenders who were active, in places like Texas and Florida and California and Michigan?

It's not that the debt-load isn't worrisome, it's that the frame of reference is that the whole thing is like an abstract happening, a great exogenous shock, a Case-Shiller index.

It wasn't, altogether. It was fed. There were companies set up and 'top producers' given garlands.

It's amazing how quickly the mortgage companies have disappeared, taking with them almost all public face of who was active in the industry and what they did, where and when.

If you want self-regulating markets, don't you have to make it plain that people cannot disappear, at least?

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