flatman

Credit Market Mayhem and the S&L Crisis: Drawing Parallels

You fail to mention the Real estate run up in the northeast in the 1980's and the subsequent failure of the third largest bank in Boston - Bank of New England in the early 90's. It was also a time when Collateralized Mortgage Obligations were developed. Back then they were almost impossible to value and the models were extremely primitive. Sounds eerily familiar to me.