waiting for a housing bust to clear out?(mannfm11)

Housing Article	mannfm11	12/26/2007 11:09:37 PM
Blame abounds for housing bust, Washington Times Thisis really laughable. Having been through a local housing bust, thisarticle talks about the tip of the iceberg. 36,000 cases of fraud? Iventure there are entire subdivisions that were double contracted,another term for fraudulent appraisal in every boom market. The gamehasn't gone backwards in 25 years, but instead forward. The playerswere different. The players in this recent market really weren'tmortgage people, but Wall Street people. I really think the mortgagepeople left the scene in the 1980's or should I say were mostly thescene in the 1980's and the sales promoters took over. The idea thisgame is over is nonsense, as now FNMA and FHLMC are taking over the hotpotato from the others. Here we go again, an undercapitalized FNMApiling up sponsorship of mortgages in an illiquid situation with anundercapitalized Mortgage insurance industry backing them up in amarket where prices are collapsing. I am astonished anyonewould be buying into this mess. The Davis guy buying into MBIA musthave a large short position he is covering, as no one in their rightmind would buy a cent worth of that operation, as their future is theirpast. They had the Housing gurus on CNBC, Shiller and a few others andthat grey bearded asshole of a bull was arguing with them. I don'tthink he has a clue and is only there to lie, lie and lie some more.Few realize we are looking at the first inning of a deadly game ofcredit default that is going to permeate the entire world. I'm going tobe watching this time and the first time it appears that I am wrongabout this, I'm getting some investors and credit and buying as manyforeclosures as I can find locally at rock bottom. The point is I don'tthink that is going to occur. I wore out the first 10 years of my postcollege career waiting for a housing bust to clear out and it keptgetting worse in an area that added almost 1 million people in thatperiod. Think how long this is going to take? It should wipe out FNMand FRE and the PMI's and FHA to boot. There seems to bepeople out there that saw their compadres get blown up playing withmatches and explosives and doubt that the fire will start with theirown explosives. The idea that because one group has already fallen in amarket makes the other group immune is nonsense and tomfoolery. Thegroup that fell apart went apart on the way up. Those that remain haveto deal with the trip down and it will be long unless they open thedoor to every illegal alien in Mexico and give them a loan and adownpayment. Of course, the next shoe to drop is going to becredit cards. Then the financial structure in China is merely going toimplode and take the rest of the game with it.