mortgage backed securities: Mortgage fun: Merle Hazard's song "In the Hamptons"
- 11/19/07 12:56 AM
Ready for some mortgage-backed securities fun?Meet "Merle Hazard," otherwise known as Jon Shayne, a 46-year old money manager with a philosophy degree from Harvard. In his time off from managing $120 million from his office in Nashville, he's made himself into a country music star and sings about the current state of the bond market.His stage name, "Merle Hazard", evokes the concept of "moral hazard" -- in which bad financial choices are encouraged by transferring the negative consequences of those choices onto others.His latest song is sung to the tune of Elvis' "In the ghetto", and begins:"At Georgica Beach, one windy … (1 comments)
mortgage backed securities: The screeching sound of the mortgage industry, hitting the brakes
- 06/15/07 08:47 AM
That screeching sound you hear is the mortgage industry hitting its brakes as hard as it can. Every week brings the news of yet another mortgage company closing; and I'm not talking about single office brokerage firms -- these are publicly traded lenders whose stock prices have tanked, just like when the dot com bubble burst. I've just finished reading an outstanding article on the subject by Gretchen Morgenson in yesterday's New York Times business section, which reads in part: "On March 1, a Wall Street analyst at Bear Stearns wrote a surprisingly upbeat report on a company … (1 comments)
Ready for some mortgage-backed securities fun?Meet "Merle Hazard," otherwise known as Jon Shayne, a 46-year old money manager with a philosophy degree from Harvard. In his time off from managing $120 million from his office in Nashville, he's made himself into a country music star and sings about the current state of the bond market.His stage name, "Merle Hazard", evokes the concept of "moral hazard" -- in which bad financial choices are encouraged by transferring the negative consequences of those choices onto others.His latest song is sung to the tune of Elvis' "In the ghetto", and begins:"At Georgica Beach, one windy … (1 comments)
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