Coming from the mortgage industry, (I got OUT in 4th quarter 2004 when I saw the ridiculous deals getting done knowing it was only the beginning of the end) I have always admired Peter's honesty and bravery in the face of the moronic "analysts" who were touting WAMU as a "must buy" on national television in 2007!
My question is, Peter I was in the trenches (SVP of a huge Mortgage Bank in Texas) and saw the dirty deals getting done with the worthless appraisals and the utter LACK of underwriting criteria so I had a unique vantage point that I assume you did not. How in the world did you discover all you did back in 2006? Did you have an insider telling you the truth?
Thanks for coming on our program and thanks for helping all who would listen and get OUT of the market back in 2007, avoid the total loss of their investments.
mark...
[edit on 12-1-2008 by Springer]




