Michael Burry was able to figure it out from reading the prospectuses of 
sub-prime mortgage offerings.  He knew the mortgage industry was 
scrapping the bottom of the barrel to keep the housing/building boom 
going; because, he understood how extreme sub-prime mortgages were, (eg 
lending in which interest, and even principle, payments were deferred 
until subsequent periods in order to qualify buyers.).


http://www.vanityfair.com/business/features/2010/04/wall-street-excerpt-201004

or

http://tinyurl.com/yaghph7

Regards,

LelandJ



On 03/19/2010 09:50 AM, Nicholas Geti wrote:
> http://finance.yahoo.com/tech-ticker/greenspan-finally-admits-he-blew-it-yftt_444802.html
>
> He also said that there is no way to detect when a bubble is forming nor how 
> to pop it. I still think that all our problems began when Congress permitted 
> banks and stock firms to merge then guarantee their home mortgage loans that 
> were then sliced, diced and resold.
>
> The personal wealth of all the executives was never at risk. So why not take 
> on mortgages, collect their fees then stick it to the government.
>
>
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