Wall Street Has No Idea What's Happening in This Country

[goldie]

Howie Hubler’s Loan Value Group… Proof That Wall Street Has No Idea What’s Happening on Main Street - Mandelman Matters

"Okay homeowners… want to hear about one of the dumbest ideas I’ve ever heard as related to the housing meltdown? I mean stupid-on-steroids? An idea that’s supposed to stop people from walking away from underwater mortgages, brought to Wall Street by the guy who as a bond trader during the bubble cost Morgan Stanley $9 billion… this one you’re not going to believe.
It’s also proof positive that the guys on Wall Street have lost it… or never had it… but it makes clear that the sum total of what they know about living in America today you could put in a thimble and still have room for your finger tip.
Some guy named, and I am not making this up, “Howie” Hubler, who the Wall Street Journal says is a “former mortgage trader who was blamed for a big Wall Street loss three years ago,” has a new venture that the WSJ says is “placing a new bet on housing”.

[luvmyhorse]

Great article goldie. Really funny.

Howie Hubler’s Loan Value Group… Proof That Wall Street Has No Idea What’s Happening on Main Street - Mandelman Matters

"Okay homeowners… want to hear about one of the dumbest ideas I’ve ever heard as related to the housing meltdown? I mean stupid-on-steroids? An idea that’s supposed to stop people from walking away from underwater mortgages, brought to Wall Street by the guy who as a bond trader during the bubble cost Morgan Stanley $9 billion… this one you’re not going to believe.
It’s also proof positive that the guys on Wall Street have lost it… or never had it… but it makes clear that the sum total of what they know about living in America today you could put in a thimble and still have room for your finger tip.
Some guy named, and I am not making this up, “Howie” Hubler, who the Wall Street Journal says is a “former mortgage trader who was blamed for a big Wall Street loss three years ago,” has a new venture that the WSJ says is “placing a new bet on housing”.

[fightforit]

where is goldie? I havent seen her post for awhile.

[cmass122]

+1
this comment is worth reviewing

google 100 year schiller graph.... graphing-100-years-of-the-roller-coaster-ride-of-u-s-home-values/ and you will see a graph that is worth 1000's of words....we will never see those prices again... EVERYONE that is underwater should do a strategic default right now. Banks will then be forced to do principal reductions down to TODAY'S fair market value. If only half of the 10 million homes that are underwater start doing it it will bring the investors to their knees!!