john haskell

JPM, Citadel Tag Teaming Thornburg Mortgage?

Yesterday's trivial $28 million margin call is today's $600 million margin call. They are working in a "fairly safe area of the mortgage market" like the Gaza Strip is fairly safe. Alt-A, or otherwise known as "pre-default" mortages, never existed before the current debt bubble was inflated. Now they are returning to well deserved oblivion.

Back to the future and 20% downpayments with income verification and self amortizing loans. Goodbye to TMA and their ilk who sold free puts to homedebtors.