flatman

Wall Street Breakfast: Must-Know News

On the Citi deal - its 90 cents to the dollar but its leveraged. Anyone know what the discount on that is?

Financials Likely in Dead Cat Bounce, But Fed's Now a Wildcard

To me the big difference this time is that so many mortgages were interest only or no down payment. A down payment of 20% basically makes it pretty tough to walk out on your house. Even a 10% or 15% decline in house values leaves you with skin in the game. That may be why 'this time things are different'.

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.