Saturday, August 18, 2007

Neutron Loans: 'Kill people, Leave Vacant Houses'

by Bill McBride on 8/18/2007 06:38:00 PM

From the NYTimes: How Missed Signs Contributed to a Mortgage Meltdown. Here is the quote of the day:

“All of the old-timers knew that subprime mortgages were what we called neutron loans — they killed the people and left the houses,” said Louis S. Barnes, 58, a partner at Boulder West, a mortgage banking firm in Lafayette, Colo.