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Monday, December 21, 2015

Bloomberg: "How One Woman Tried To Warn Everyone About The Housing Crash"

by Calculated Risk on 12/21/2015 03:45:00 PM

CR Note: One of the criticisms of "The Big Short" is there are no women lead characters. That is a huge oversight, especially since Tanta was a key source for understanding the mortgage industry for many hedge fund managers!

From Joe Weisenthal at Bloomberg Odd Lots: How One Woman Tried To Warn Everyone About The Housing Crash

In the middle of the last decade, a blog called Calculated Risk became a must-read for its obsessive coverage of the economy and its warnings about the overheating housing market. During the 2006-08 period, Calculated Risk had two authors: One was the blog's founder, Bill McBride, and the other was "Tanta," a pseudonymous mortgage industry professional who was trying to blow the whistle on the problems she saw emanating from her industry.

Tanta's posts, which were extraordinarily detailed, good humored, and prescient, became must-reads for a host of bloggers, traditional journalists, and Wall Street professionals trying to get a handle on the crisis. Sadly, the world found out her name only in December 2008, when she died of cancer. But her influence remained enormous. And the world was fortunate that in the final two years of her life, she produced such an extraordinary wealth of information detailing exactly how the mortgage industry worked and produced the mess that was the housing bubble.

In the latest edition of Odd Lots, we spoke with Bill McBride, who still writes Calculated Risk, about her work.