Mortgage implosion
2007-08-10 02:15:07.335143+02 by Dan Lyke 0 comments
Just noting a moment: Luminent mortgage REIT in trouble:
Luminent also thought it would be protected because it holds higher-quality loans, with almost no exposure to the imploding subprime market.
As of June 30, its loan portfolio had a weighted-average FICO credit score of 715 (on a scale of 300 to 850) and an average loan-to-value ratio of 71 percent.
Dow down 378 on sub-prime concerns. George W. Bush promises no cash bailouts to strapped homebuyers, a statement which I wholeheartedly endorse, but note that his careful wording doesn't preclude bailouts to the loan sharks who participated on the other side of this debacle.