okie, of course the lenders play a role; my point is that we (Americans) also play a major role in this crisis and we need to consider that before starting a bash the establishment rampbling
-----Original Message----- From: oakdorf <[EMAIL PROTECTED]> To: AsburyPark@yahoogroups.com Sent: Thu, 10 Jan 2008 11:39 am Subject: [AsburyPark] Re: Goldman sachs... --- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote: > > Folks, > > As consumers we should all blame ourselves to some extent.? Its easy to scapegoat companies and GW and everyone but ourselves.? Consumers and investors were clearly partially to blame.? The woes have not been caused by America, but by Americans. > > It's called greed. We're all capable of it. AS my grandmother once said (from her unit at 1701 Ocean Ave..) "you're like your grandfather, if he had a dime left in his pocket, he'd figure out how to spend it...." she had never spoken about him much before, but I always intrigured the photos of him. The point - that "dime left" was long before the credit cards most people use today. -------------------------------------- And all the Money lenders do play a role, through variosu j-v's etc. Credit-Based Asset Servicing and Securitization LLC, a subprime mortgage investor written off by its owners, completed the sale of its Litton Loan Servicing business and named Goldman Sachs Group Inc. as the buyer. The sale allowed C-Bass to reach an out-of-court restructuring with its creditors, the New York-based company said in a statement today. Litton deals with homeowners on behalf of mortgage companies if the borrowers don't pay their bills on time. While terms weren't announced today, Radian Group Inc., part owner of C-Bass, said last month the unit would be sold for about $467.9 million to an unnamed acquirer. Goldman, the world's largest securities firm, may be betting it can pick up Litton at a depressed price. C-Bass's owners wrote off their entire equity investment of more than $900 million this year, even while Litton continued to operate. Chief Financial Officer David Viniar said in September that his firm was hunting for "distressed assets." (the article said) The reason why Goldman bought Litton Loan Servicing; Goldman bought the company "because it's a recognized leader in the loan-servicing sector," said Michael DuVally, spokesman for the New York-based securities firm. "Given the stress in the residential mortgage market, a premium is being placed on quality workout- servicing capabilities, for which Litton is very well-known." Yahoo! Groups Links ________________________________________________________________________ More new features than ever. Check out the new AOL Mail ! - http://webmail.aol.com
