House of Paine

no burst but plenty of blood letting

okay so i mock bubble -icious 
     creepy creeps  
when they turn their ferocious 
  the worse the better 
  lefty wolf eyes
         toward  
  the  greatmid section
       of the   amerikan homestead 

 but  just 'cause there will be 
                  no  'lot pop' like
                            the dot pop
don't mean
              real pleb dubber  blood won't flow ....

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


 
take this  ominous passage 

  its from a pro file 
        of Countrywide
the nation's biggest mortgage originator
(  ~ 400 billion in originations
                     last year
                 a 15 % market share)
 

 during this past binge ....

"Soaring home prices 
  led consumers to stray 
in huge numbers
 from 30-year fixed-rate mortgages
 to adjustable-rate loans
 interest-only loans 
and more recently
 "pay-option" loans 
that allow payments 
for a period of time 
that don't even cover
     the owed interest "

 negative amortization ????

  nice set of Pungee sticks under that 
                                            eh ??

  and needless to add

 These  newer 
higher  flying type mortgages

" tend to be more profitable
 than old-style loans"

no doubt  no doubt

and their use
   is 
" market driven"

  of course

all that   fierce competition
has  margins gettin the old  squeeez a roo

that why the  new fangling

and also the deeper plunging 

as in 

how about  high risk diving ??

well its happenin'
                 sis

  and regardezthis :

  if one takes on more default  risk 

 up front its more rewarding 

" Nonprime loans,
 those made to less-creditworthy borrowers
 fetch  nearly four times as big 
                             a mark up   
        3.7  percent 
              of the loan amount 
    compared with under 1  percent 
         for  prime mortgages "


and once you've shoveled all this junk
 in  to fred and fanny's  moby- acious   maws..... 
 
its strictly
  
"next please "


of course you may think
the system  
can make up for 
 too much risk
with  too much volume

but junks junk 

-----------------------------------
 but even  so  
the originators aren't gomnna hold the bag

so  grab it today 
         and 
   'let  fred and fanny  bleed 'tomorrow 

                 take uncles guarantees
                          right the fuck 
                   up on the rocks 
                              mini rangers 
its all part of the hustle 
but as to the homers out ther
taking the pass thru
 well...
  as  that old sportsman gore vidal
                once wrote :

"in these petty jones vs smith 
           neighborly 
                   tract house 
                one up  
                     competitions
in the end 
 not only must smith 
             feel he's won
            he needs to know 
                  jones has lost

           lost and lost big
                and is 
  off some where on a trash heep
              hurting like a run over coon "