Bottom Testing in Mortgage Land
(nakedcapitalism.com)Search
2008-05-12
"The Financial Times has a long analysis, "Value to Unlock," on how various financial players are starting to pick and choose among distressed mortgage assets. This may prove to be premature (recall how Wall Street firms eagerly bought subprime brokers through January 2007) and the housing market itself appears unlikely to hit its floor before 2010, but even at this stage, there may be pockets that are so cheap that the downside is (or appears) modest."
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