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Monday, January 15, 2007

Fleck: Home-loan house of cards ready to fall

by Calculated Risk on 1/15/2007 01:05:00 AM

Bill Fleckenstein writes at MSN Money: Home-loan house of cards ready to fall

... a former top executive at a subprime lender (whose chronicling of the unwind has been amazingly accurate and timely), told me that serious issues are developing, and that large companies like New Century Financial (NEW, news, msgs), Accredited Home Lenders (LEND, news, msgs) and NovaStar Financial (NFI, news, msgs) will, in his words, "hit the wall" very soon.
This is a rumor, Fleck has been bearish for some time, and he is short New Century Financial. But it is still interesting.