House of Paine

lending on self created lot bubbles in slump time

have the right siders 
stumbled
   on a new form of keynesian demand management 


lend to credit constrained households
to  boost  demand 
while jobs are in recession 


better then the old Rx
                  gub borrowing

cause it ups
  the long run peon debt ratchet
which in turn
  ups the supply of buyable wage hours 

nice two banker

=======================================


 greenscam's
    let it rip
laissez faire 
on the lot value bubble
set off 
 by the boundless availability 
     of mortgage money 

has allowed another circular virtue to be uncovered

here an induced ersatz wealth effect
is converted directly into
spending
by desperate householders 

" allowing a borrowing frenzy
 against 
this house lot equity mirage
  is
   like throwing fish at
  a  pack of ally cats "



---------------------------
on a related note :

leave it to the market fry
       to innovate 
dig for 
 deeper rip offery  

yes indeed

no down payment 

no  principle payments

no check on income

just a variable periodic  rate
 
and 
prince-pay terms to be named later 

----------------------------------------

its all beneath the reach of blue suit bankers 


but for
   hole in the wall  mortgage outfits?

    a cake walk 

they'll try anything 
if they can convince 
their money source
               to go along 

its about volume these days 

let quality take the hind most 


and thats  locally sensible
as stands

cause
 as their   flimsy loans
 spill up into bigger and bigger pools

the risk gets spread 

maybe till it's so thin 
it looks like

"shit no risk at all "

-------------------------

call it 
ponzi risk

as each time unit's new crop appears 
and starts clean 
   still years from  the default zones up ahead....


yes if the new crop 
 keeps  getting bigger and bigger 


alls well...  for today.....

(a huge new generation of loans
  no matter how bad in the long run
are today  too new  to sour the whole brew
in fact 
if they are larger and larger each month
         they'll  make the spotdefault  experience
                                look better and better 

 no matter how bad they are
they're now all still 
   too young to default much
   be for the arm moves

so there they go  getting worse and worse
  but still pulling  up todays 
over all  D -rate 

hey 
  
eat  
dessert first guys

              and 
               leave the turf grass 
                       for later    

--------------------------

cartoon history lesson


the banks got out of the  nickel and dime
                        screening and jewing down biz
over the last 20 years or so



 they
          gave it to cheap jack "percenters "
                                   points wrestlers

guys and gals 
ready to beat each other to death
             and thus
cutting their  cost to banks per loan 
                  

and i mean
             dramatically

-------------------------------------------

" its not like the old days
where some cub loan officer
on salary 
wasted an hour 
holding some 
old cunts pen for her...
nope 
these fuckers write loans 
like bees make honey
 and almost like it's 
             just for the sadistic pleasure 
                                    it gives em "

and yup
while at it
   these grifters
          found  a new set
           of  lower end  lending scams

while above their heads

up in  the high towers 

it was strictly

can you say

"securitization"
ie bundle them all up
homogenize em
   and sell em in slices
         the size of  mom's meat loaf 

this high level innovation
of the reagan years 
has created 
          a way 
     that  front line lenders 
        can free up
 their capital and go back for 
   more and more and more

-----------------------------
so eve 
is it biblical ?

specifically old testement 

some day soon
will we hear :

 " maggets
    thou  hast sown farts
            let you now  reap 
                       the shit storm  " ?

jesus i hope not

its the little fucks wagons
gettin pulled around here

if these  crazed  fuckers 
          canter  en masse
                right out  over the cliff's edge ......

there'll be


lots and lots a hell ahead