Developing Affordable Housing Ecosystems World Wide
By: David A. Smith
If no one wants your pile of booty, perhaps you should try shaking things up At first blush, that appears to be the strategy behind the proposed remixing of Real Estate Mortgage Investment Conduits (REMICs), as presented in a recent Wall Street Journal article:
I’m gonna shake it up
Once upon a time, [...]
[Continued from the previous Part 2 and Part 1.]
So far, in exploring how failure to report leads to reporting failure, we’ve used this New York Times article about now-bankrupt New Century, its unlucky auditor, and its troubled but unmoving directors. By the end of 2006, when new CFO Tajvinder S. Bindra was quizzing his [...]
[Continued from yesterday's Part 1.]
In yesterday’s Part 1 on whether auditors in the subprime mess, in addition to the rating agencies, are culpable for bad information prepared by their clients the subprime loan originators, we looked at this New York Times article about unlucky auditor KMPG and its now-bankrupt client New Century:
At the [...]
If you can’t report the news on time, the news you eventually report is almost always bad. I formulated this theory in 1977, and it’s served me well ever since.
It was a time of tight jeans and floppy hair
As the subprime mess reaches saturation of troubled borrowers and dissipates into tardy omnibus rescue legislation [...]
[Continued from the previous Part 1 and Part 2.]
For the previous two days, we’ve been delving into whether, as implied by a Wall Street Journal article on the rating agencies, Moody’s got so cozy with the issuers it was rating, and who were paying its fees, that it succumbed to grade inflation.
[For background on the [...]
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