Posted by guest , Feb 29, 2008 1:44PM

tim sykes is the biggest loser on the planet. he would know how to blow $1bn.

also, "Anal-yst" you must be tim sykes because noone would comment on him otherwise.

Posted by guest , Feb 29, 2008 1:54PM

Timmay is a baller, he's a millionaire bitch!

/sarcasm

Posted by guest , Feb 29, 2008 2:36PM

Anyone seen this scummy website?

http://youwalkaway.com/

Posted by guest , Feb 29, 2008 2:44PM

@ 2:36,

there really should be some additonal sort of retribution for people who just "walk away" from their problems (i.e. mortgages) in addition to the typical stigma that applies to being foreclosed upon. Perhaps not letting them apply for a new one for X amount of years? This is a classic moral hazard situation: "sure, i will buy a house i know i cannot afford, because i'm sure i can just WALK AWAY from it if the going gets tough"...

Posted by guest , Feb 29, 2008 3:19PM

@Anal_yst -

Ah but that is just "consequence" not "retribution"....

Posted by guest , Feb 29, 2008 7:28PM

@2:36,
For now, yes it will. But given that the economy will be passing through a period of high foreclosures, when the credit cycle pickes up again - people will start discarding the impact of a mortgage default. After all, if 30% of the population has defaulted and your default expectations is a growing phase are much lower, you will naturally start discounting these events as one off macro-events and minimize their influence on an individual level measures of risk.

Posted by guest , Mar 01, 2008 1:24PM

Another scummy group

http://biz.yahoo.com/ap/080301/the_shark_hunters.html

And the scummiest company of all - Countrywide. A huge fucking blot on free market capitalism.

First they do all kinds of retarded stuff. Then Mozillo claims that the govt biling out is true 'capitalism'. Now, by giving in to negotiations with semi-criminal groups like these, they are egging these groups to take these tactics forward onto other lenders. Do we not know something about NEVER negotiating with terrorists?