Tuesday, April 10, 2007
Subprime? It’s all subprime
Another reminder to any folks who think that this is an isolated occurence in some faraway market, in some exotiuc asset class. Lending at multiples above 2.5 "income" will get you into this mess. In the US less than 30% of mortgages were ARM ("Interest Only") and at lower multiples than here. It's OVER, Ladies and Gentlemen. Completely Over. The wars being fought are indicative of our impending economic collapse.