As you all know, the future of MBIA is in the early delinquency figures of 1st and 2nd lien US mortages. And now I tell you that Citi today announced 20% lower first quarter early delinquencies on first liens, and 7% lower on second liens. Even seasonaly adjusted not bad. That's all.
An intelligent post.....unheard of. Thanks for breaking the streak.
Greed & fraud were committed by almost every party involved in the mortgage meltdown. From Congress to the originators, to the investment banks who packaged it, to the default swaps buyers merely speculating (and hoping for a collapse), to the rating agencies who rubber stamped everything to keep getting business, to the insurers who underwrote stuff they didn't even examine purely for the income. Nobody is blameless. This was one giant game of musical chairs and the music finally stopped. Now they want go back and review the tapes.