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Monday, October 01, 2007

More MMBS: What is "Profit"?

by Tanta on 10/01/2007 10:08:00 AM

From the NYT, "The Foreclosure Pickings Are Plentiful but Not Easy," comes this classic quote from an "investor" in foreclosed properties:

“I’ve been good on picking up properties, but I haven’t been good on an exit strategy,” said Mr. Vela, who paid cash. “I’ve had to hold them longer than I originally liked. That’s O.K. That’s part of the game. It’s affected my holding times but not my profit.”
I apparently understand "profit" as little as I understand "loss." No wonder I'm just a blogger.