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From The Tip Bag: C-BASS Involved In SEC Request
From the tip-bag:
c-bass was a subject of the SEC request. i don't have any knowledge of what turned up in the search for material on it.
This is getting interesting.
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Is this the same c-bass that will 'kick yer ass'?
No I think they are a mortgage insecurity agency. Giving warm fuzzy false securitization perhaps.
--thanks for the laugh orange juice! My kids bring up that character all the time.
long time no see !
IMHO the value of a mortgage insurance entity lies in the ability to influence which claims are paid in full and which are not.
Of course in any rational economy insolvent insurers would be under administration and writing no new policies but don't get me started on that one.
Here is something I saw on HuffPo other day that I didnt see turn up here.
http://www.huffingtonpost.com/vicky-ward/senior-goldman-exec-is-ma_b_542...
wait, so two counterparties had spouses in gs?!?!?!
Spouses colluding to make mega bucks? Say it ain't so!
... I would have to assume plenty more would pop up if anyone digs deeper, apparently independence wasnt a key pillar of the FS industry.
The problem with this kind of revelation is that it allows the institution off the hook by blaming the actions on a few "bad apples" as opposed to the fact that the "bad apples" were doing exactly what the institution wanted them to do.
delete
Why do you thik they were put there?
I know you;re not going to tell me that Phucknut got where he is because he was the most imminently qualified to run the Treasury of the United States.
Get a rope...
and some soap
smoke some dope
Vote for HOPE.
because the market is a rising slope?
Nope
Soon that bull won't be able to cope
Could be... PIIGs debt won't float
Maybe the pope on a rope
Or too many people in the same leaky boat
But don't mope
Use your cantaloupe
Identify that sanctuary to which you will elope
I think this posting could just have been Tweeted to us.
/:
I wonder if there is an DSM-IV for fear of left handed emotocons. It makes me feel uneasy, similar to how TYPING IN ALL CAPS makes me cringe.
Credit-Based Asset Servicing and Securitization LLC, a New York-based firm that collects mortgage payments and buys troubled home loans, offered about $259 million to buy subprime lender Fieldstone Investment Corp.
``It's a signal that there are some pockets of value'' among subprime mortgage companies, said Bose George, an analyst at Keefe Bruyette & Woods in New York who covers home lenders and doesn't have a rating on Fieldstone. ``They're not all going to liquidate to zero.''
Funny, they were buying shitty subprime companies, as was Goldman, so they could sell shitty mortgages to their clients and short the subprime market.
They named it "Asset Servicing."
Think about it.
"Dr. Evil: You know, I have one simple request. And that is to have sharks with frickin' laser beams attached to their heads! Now evidently my cycloptic colleague informs me that that cannot be done. Ah, would you remind me what I pay you people for, honestly? Throw me a bone here! What do we have?
Number Two: C-BASS.
Dr. Evil: [pause] Right.
Number Two: They're mutated C-BASS.
Dr. Evil: Are they ill tempered?
Number Two: Absolutely.
Dr. Evil: Oh well, that's a start."
EURO continues to get a lot of support ...
But USD index chart continues to give bullish warnings.
Euro chart:
http://www.zerohedge.com/forum/latest-market-outlook-0
Some background info:
http://www.blackstone.com/cps/rde/xchg/bxcom/hs/5806.htm
Also I believe it was C-Bass coming apart at the seams that was the canary in the coalmine. C-Bass was a Radian and MGIC JV, the two were set to merge after their successful collaboration. Then C-Bass started to implode and the merger was off as both companies went into emergency mode.
Remember that merger proposal very well.....
was short both RDN and MTG and BOTH opened up 6 points!